Sherwin-Williams management check
SHW · Materials · Specialty Chemicals · CEO Heidi G. Petz
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $138, against $129 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.78 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.6% of net income$14.9m of reported pay in fiscal 2025, against $2.6bn of net income.
- Watch
Do they own the stock?
Insiders are selling2 insiders sold $7.7m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.5% a year over the last three fiscal years. Stock-based pay was 0.5% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: John G. Morikis, Heidi G. Petz. 3 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Materials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 59 | 40 | |
| Pay for performance | 89 | 77 | |
| CEO cost | 70 | 40 | |
| Skin in the game | — | — | 38 |
| Dilution | 69 | 71 | |
| Stable leadership | 60 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Specialty Chemicals, by management score. Sherwin-Williams is 6th of 24 in its sector.
Pay versus performance
From the proxy statement filed March 11, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Heidi G. Petz | $14.9m | $9.3m | $4.5m | $138 | $129 | $2.6bn |
| 2024 | Heidi G. Petz | $13.0m | $18.1m | $6.3m | $144 | $137 | $2.7bn |
| 2023 | John G. Morikis | $19.3m | $38.4m | $7.0m | $131 | $127 | $2.4bn |
| 2022 | John G. Morikis | $12.7m | −$19.7m | $3.5m | $99 | $112 | $2.0bn |
| 2021 | John G. Morikis | $15.8m | $48.1m | $3.6m | $145 | $144 | $1.9bn |
The board says pay is tied most to Adjusted EPS. Its other key measures: SHW Net Sales, GA Sales, GI Sales, SHW Adjusted EPS, GA PBT, GI PBT, SHW Adjusted FCF, GA RONAE, GI RONAE, SHW Adjusted RONAE.
Insiders and the CEO's stake
2 insiders sold $7.7m in the last six months and none bought.
- SoldJustin T BinnsPresident, Glob. Architectural$4.8mAug 17, 2026
- SoldKarl J JorgenrudPresident, Glob. Industrial$2.9mAug 7, 2026
Leadership and governance on file
- Nov 3, 2025Leadership change8-K 5.02
- Apr 21, 2025Leadership change8-K 5.02
- Nov 14, 2024Leadership change8-K 5.02
- Oct 11, 2023Leadership change8-K 5.02
- Jul 20, 2023Leadership change8-K 5.02
- Feb 17, 2022Leadership change8-K 5.02
Latest shareholder vote results: Apr 24, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $3.3bn returned to owners in buybacks and dividends, 29% of net income, and $574.9m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $19.9bn | $22.1bn | $23.1bn | $23.1bn | $23.6bn |
| Net income | $1.9bn | $2.0bn | $2.4bn | $2.7bn | $2.6bn |
| Stock-based pay | $97.7m | $99.7m | $115.9m | $138.1m | $123.5m |
| Buybacks | — | — | — | — | — |
| Dividends | $587.1m | $618.5m | $623.7m | $723.4m | $789.8m |
| Diluted shares | 267m | 262m | 258m | 254m | 250m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.