• Sherwin-Williams average debt/equity ratio for 2023 was 2.51, a 30.66% decline from 2022.
• Sherwin-Williams average debt/equity ratio for 2022 was 3.62, a 24.83% decline from 2021.
• Sherwin-Williams average debt/equity ratio for 2021 was 2.9, a 30.04% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.