Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
This is one of the finest distribution businesses in America hiding inside a can of paint. We have said for decades that we like businesses selling a repeat-purchase consumable where the person choosing the product is not the person paying for it — and Sherwin-Williams is close to the platonic ideal. The professional painter picks the paint; the homeowner pays the bill; and the paint is perhaps 10-15% of the total job cost while the painter's labor is the rest. Nobody risks a $6,000 labor job to save $40 on paint. That arithmetic is the moat, and Sherwin-Williams has spent 160 years building the only store network in the country that serves it properly.
Recent filings analysed: 8-K (2026-07-28), 10-Q (2026-07-28), 8-K (2026-06-09), 8-K (2026-04-28).
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