The Sherwin-Williams Company (SHW) 10-Year Financial Performance & Capital Metrics

SHW • • Industrial / General

Basic MaterialsSpecialty ChemicalsPerformance Coatings & PaintsArchitectural & Consumer Paints

AboutThe Sherwin-Williams Company develops, manufactures, distributes, and sells paints, coatings, and related products to professional, industrial, commercial, and retail customers. It operates through three segments: The Americas Group, Consumer Brands Group, and Performance Coatings Group. The Americas Group segment offers architectural paints and coatings, and protective and marine products, as well as OEM product finishes and related products for architectural and industrial paint contractors, and do-it-yourself homeowners. The Consumer Brands Group segment supplies a portfolio of branded and private-label architectural paints, stains, varnishes, industrial products, wood finishes products, wood preservatives, applicators, corrosion inhibitors, aerosols, caulks, and adhesives to retailers and distributors. The Performance Coatings Group segment develops and sells industrial coatings for wood finishing and general industrial applications, automotive refinish products, protective and marine coatings, coil coatings, packaging coatings, and performance-based resins and colorants. It serves retailers, dealers, jobbers, licensees, and other third-party distributors through its branches and direct sales staff, as well as through outside sales representatives. The company has operations primarily in the North and South America, the Caribbean, Europe, Asia, and Australia. As of February 17, 2022, it operated approximately 5,000 company-operated stores and facilities. The Sherwin-Williams Company was founded in 1866 and is headquartered in Cleveland, Ohio.Show more

Revenue $23.1B +0.2%
EBITDA $4.39B +3.7%
Net Income $2.68B +12.2%
EPS (Diluted) 10.55 +14.1%
Gross Margin 48.47% +3.9%
EBITDA Margin 18.99% +3.5%
Operating Margin 16.29% +4.1%
Net Margin 11.61% +12.0%
ROE 69.05% -1.5%
ROIC 18.2% +3.2%
Debt/Equity 2.94 -7.5%
Interest Coverage 8.72 +4.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 36 years of consecutive increases
✓Excellent 3Y average ROE of 70.7%
✓Strong Piotroski F-Score: 7/9
✓Healthy 5Y average net margin of 10.3%

✗Weaknesses

✗High debt to equity ratio of 2.9x
✗Expensive at 22.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.57%

5Y5.23%

3Y5.02%

TTM0.96%

Profit (Net Income) CAGR

10Y11.97%

5Y11.71%

3Y12.88%

TTM0.56%

EPS CAGR

10Y13.67%

5Y13.91%

3Y14.76%

TTM2.09%

ROCE

10Y Avg24.43%

5Y Avg20.23%

3Y Avg21.19%

Latest22.7%

Peer Comparison

Architectural & Consumer Paints

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SHWThe Sherwin-Williams Company	88.28B	356.13	33.76	0.2%	11.05%	58.12%	2.36%	2.94
PPGPPG Industries, Inc.	24.7B	110.07	23.17	-2.44%	7.05%	12.52%	2.83%	0.92
RPMRPM International Inc.	14.39B	112.37	21.00	0.51%	8.79%	21.29%	3.74%	1.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	11.34B	11.86B	14.98B	17.53B	17.9B	18.36B	19.94B	22.15B	23.05B	23.1B
Revenue Growth %	0.02%	0.05%	0.26%	0.17%	0.02%	0.03%	0.09%	0.11%	0.04%	0%
Cost of Goods Sold+	5.78B	5.93B	8.27B	10.12B	9.86B	9.68B	11.4B	12.82B	12.29B	11.9B
COGS % of Revenue	0.51%	0.5%	0.55%	0.58%	0.55%	0.53%	0.57%	0.58%	0.53%	0.52%
Gross Profit+	5.56B	5.92B	6.72B	7.42B	8.04B	8.68B	8.54B	9.33B	10.76B	11.2B
Gross Margin %	0.49%	0.5%	0.45%	0.42%	0.45%	0.47%	0.43%	0.42%	0.47%	0.48%
Gross Profit Growth %	0.08%	0.07%	0.13%	0.1%	0.08%	0.08%	-0.02%	0.09%	0.15%	0.04%
Operating Expenses+	3.94B	4.21B	5.02B	5.53B	5.61B	8.68B	5.88B	6.32B	7.15B	7.43B
OpEx % of Revenue	0.35%	0.35%	0.34%	0.32%	0.31%	0.47%	0.29%	0.29%	0.31%	0.32%
Selling, General & Admin	3.89B	4.14B	4.8B	5.03B	5.27B	5.48B	5.88B	6.33B	7.07B	7.43B
SG&A % of Revenue	0.34%	0.35%	0.32%	0.29%	0.29%	0.3%	0.29%	0.29%	0.31%	0.32%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	59.31M	68.34M	222.2M	494.4M	335.8M	3.2B	-4M	-7.1M	80.7M	-1.3M
Operating Income+	1.61B	1.71B	1.7B	1.89B	2.43B	0	2.66B	3B	3.61B	3.76B
Operating Margin %	0.14%	0.14%	0.11%	0.11%	0.14%	-	0.13%	0.14%	0.16%	0.16%
Operating Income Growth %	0.24%	0.06%	-0.01%	0.11%	0.28%	-1%	-	0.13%	0.2%	0.04%
EBITDA+	1.81B	1.91B	2.19B	2.49B	3B	3.44B	3.24B	3.58B	4.23B	4.39B
EBITDA Margin %	0.16%	0.16%	0.15%	0.14%	0.17%	0.19%	0.16%	0.16%	0.18%	0.19%
EBITDA Growth %	0.21%	0.05%	0.15%	0.14%	0.21%	0.15%	-0.06%	0.11%	0.18%	0.04%
D&A (Non-Cash Add-back)	198.56M	197.48M	491.8M	596.3M	574.9M	581.4M	572.6M	581.1M	622.5M	624M
EBIT	1.61B	1.75B	1.73B	1.73B	2.33B	2.86B	2.58B	2.96B	3.53B	3.87B
Net Interest Income+	-71.48M	-157.79M	-264.7M	-371.2M	-334.1M	-347.2M	-340.1M	-395M	-407.3M	-420.4M
Interest Income	1.4M	4.96M	16.22M	9.56M	25.9M	3.6M	4.9M	8M	25.2M	11M
Interest Expense	72.88M	89.91M	273.31M	376.39M	360M	350.8M	345M	403M	432.5M	431.4M
Other Income/Expense	-65.67M	-117.43M	-229.7M	-530.7M	-443.6M	2.52B	-416.1M	-427.5M	-496.5M	-310.1M
Pretax Income+	1.55B	1.6B	1.53B	1.36B	1.98B	2.52B	2.25B	2.57B	3.11B	3.45B
Pretax Margin %	0.14%	0.13%	0.1%	0.08%	0.11%	0.14%	0.11%	0.12%	0.13%	0.15%
Income Tax+	495.12M	462.53M	-285.58M	250.9M	440.5M	488.8M	384.2M	553M	721.1M	770.4M
Effective Tax Rate %	0.68%	0.71%	1.16%	0.82%	0.78%	0.81%	0.83%	0.79%	0.77%	0.78%
Net Income+	1.05B	1.13B	1.77B	1.11B	1.54B	2.03B	1.86B	2.02B	2.39B	2.68B
Net Margin %	0.09%	0.1%	0.12%	0.06%	0.09%	0.11%	0.09%	0.09%	0.1%	0.12%
Net Income Growth %	0.22%	0.07%	0.56%	-0.37%	0.39%	0.32%	-0.08%	0.08%	0.18%	0.12%
Net Income (Continuing)	1.05B	1.13B	1.77B	1.11B	1.54B	2.03B	1.86B	2.02B	2.39B	2.68B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	3.72	4.00	6.22	3.89	5.50	7.36	6.98	7.72	9.25	10.55
EPS Growth %	0.27%	0.08%	0.56%	-0.37%	0.41%	0.34%	-0.05%	0.11%	0.2%	0.14%
EPS (Basic)	3.79	4.11	6.36	3.97	5.60	7.48	7.10	7.83	9.35	10.68
Diluted Shares Outstanding	282.07M	283.46M	284.78M	284.96M	280.34M	275.83M	267.1M	261.8M	258.3M	254.1M
Basic Shares Outstanding	276.59M	275.52M	278.73M	278.98M	275.41M	271.28M	262.5M	258M	255.4M	254.1M
Dividend Payout Ratio	0.24%	0.28%	0.18%	0.29%	0.27%	0.24%	0.31%	0.31%	0.26%	0.27%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.66B	3.63B	4.41B	4.34B	4.63B	4.59B	5.05B	5.91B	5.51B	5.4B
Cash & Short-Term Investments	205.74M	889.79M	204.2M	155.5M	161.8M	226.6M	165.7M	198.8M	276.8M	210.4M
Cash Only	205.74M	889.79M	204.2M	155.5M	161.8M	226.6M	165.7M	198.8M	276.8M	210.4M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.11B	1.23B	2.1B	2.02B	2.09B	2.08B	2.35B	2.56B	2.47B	2.39B
Days Sales Outstanding	35.87	37.9	51.27	42.02	42.59	41.31	43.05	42.25	39.08	37.75
Inventory	1.02B	1.07B	1.74B	1.82B	1.89B	1.8B	1.93B	2.63B	2.33B	2.29B
Days Inventory Outstanding	64.32	65.71	76.95	65.5	69.92	68.03	61.69	74.76	69.17	70.16
Other Current Assets	318.63M	438.19M	355.7M	354.9M	491.4M	482.6M	608.4M	518.8M	438.4M	513.5M
Total Non-Current Assets+	3.12B	3.13B	15.49B	14.79B	15.86B	15.81B	15.61B	16.69B	17.44B	18.23B
Property, Plant & Equipment	1.04B	1.1B	1.88B	1.78B	3.52B	3.6B	3.69B	4.07B	4.72B	5.49B
Fixed Asset Turnover	10.88x	10.82x	7.98x	9.87x	5.08x	5.11x	5.41x	5.44x	4.88x	4.21x
Goodwill	1.14B	1.13B	6.81B	6.96B	7B	7.05B	7.13B	7.58B	7.63B	7.58B
Intangible Assets	255.37M	255.01M	6B	5.2B	4.73B	4.47B	4B	4B	3.88B	3.53B
Long-Term Investments	0	0	0	0	0	0	0	0	0	1.01B
Other Non-Current Assets	681.19M	647.43M	798.7M	854.7M	604.4M	694.3M	789M	1.03B	1.21B	617M
Total Assets+	5.78B	6.75B	19.9B	19.13B	20.5B	20.4B	20.67B	22.59B	22.95B	23.63B
Asset Turnover	1.96x	1.76x	0.75x	0.92x	0.87x	0.90x	0.97x	0.98x	1.00x	0.98x
Asset Growth %	0.01%	0.17%	1.95%	-0.04%	0.07%	-0%	0.01%	0.09%	0.02%	0.03%
Total Current Liabilities+	2.14B	2.83B	3.99B	4.3B	4.52B	4.59B	5.72B	5.96B	6.63B	6.81B
Accounts Payable	1.16B	1.03B	1.79B	1.8B	1.88B	2.12B	2.4B	2.44B	2.31B	2.25B
Days Payables Outstanding	73.1	63.63	79.12	64.93	69.42	79.86	76.93	69.35	68.73	69.09
Short-Term Debt	42.62M	741.21M	634.9M	635.6M	634.5M	25.2M	1.02B	978.7M	1.47B	1.71B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	1.24x	1.28x	1.11x	1.01x	1.02x	1.00x	0.88x	0.99x	0.83x	0.79x
Quick Ratio	0.77x	0.90x	0.67x	0.59x	0.61x	0.61x	0.55x	0.55x	0.48x	0.46x
Cash Conversion Cycle	27.09	39.97	49.1	42.6	43.09	29.48	27.82	47.65	39.52	38.82
Total Non-Current Liabilities+	2.77B	2.04B	12.26B	11.11B	11.85B	12.2B	12.51B	13.53B	12.61B	12.77B
Long-Term Debt	1.91B	1.21B	9.89B	8.71B	8.05B	8.27B	8.59B	9.59B	8.38B	8.18B
Capital Lease Obligations	0	0	0	0	1.37B	1.43B	1.47B	1.51B	1.51B	1.56B
Deferred Tax Liabilities	138.71M	73.83M	1.42B	1.13B	969.9M	846.1M	768.2M	681.6M	683.1M	607.5M
Other Non-Current Liabilities	723.18M	759.74M	959.1M	1.27B	1.46B	1.65B	1.68B	1.75B	2.04B	2.43B
Total Liabilities	4.91B	4.87B	16.25B	15.4B	16.37B	16.79B	18.23B	19.49B	19.24B	19.58B
Total Debt+	1.95B	1.95B	10.52B	9.34B	10.43B	10.11B	11.5B	12.51B	11.81B	11.91B
Net Debt	1.74B	1.06B	10.32B	9.19B	10.27B	9.89B	11.33B	12.31B	11.53B	11.7B
Debt / Equity	2.25x	1.04x	2.88x	2.50x	2.53x	2.80x	4.72x	4.03x	3.18x	2.94x
Debt / EBITDA	1.08x	1.02x	4.80x	3.76x	3.48x	2.94x	3.55x	3.49x	2.79x	2.72x
Net Debt / EBITDA	0.96x	0.56x	4.71x	3.69x	3.42x	2.87x	3.50x	3.44x	2.73x	2.67x
Interest Coverage	22.15x	19.05x	6.22x	5.02x	6.74x	-	7.72x	7.45x	8.34x	8.72x
Total Equity+	867.91M	1.88B	3.65B	3.73B	4.12B	3.61B	2.44B	3.1B	3.72B	4.05B
Equity Growth %	-0.13%	1.16%	0.94%	0.02%	0.11%	-0.12%	-0.33%	0.27%	0.2%	0.09%
Book Value per Share	3.08	6.63	12.81	13.09	14.71	13.09	9.12	11.85	14.39	15.94
Total Shareholders' Equity	867.91M	1.88B	3.65B	3.73B	4.12B	3.61B	2.44B	3.1B	3.72B	4.05B
Common Stock	115.76M	116.56M	117.6M	118.4M	119.4M	89.9M	90.8M	91.2M	91.8M	92.5M
Retained Earnings	3.23B	4.05B	5.46B	6.25B	7.37B	844.3M	2.12B	3.52B	5.29B	7.25B
Treasury Stock	-4.22B	-4.24B	-4.27B	-4.9B	-5.84B	-96.5M	-2.87B	-3.78B	-5.23B	-6.99B
Accumulated OCI	-587.1M	-540.35M	-384.9M	-629.9M	-679.5M	-718.3M	-698.4M	-700.6M	-624.3M	-875.2M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.45B	1.31B	1.88B	1.94B	2.32B	3.41B	2.24B	1.92B	3.52B	3.15B
Operating CF Margin %	0.13%	0.11%	0.13%	0.11%	0.13%	0.19%	0.11%	0.09%	0.15%	0.14%
Operating CF Growth %	0.34%	-0.1%	0.44%	0.03%	0.19%	0.47%	-0.34%	-0.14%	0.83%	-0.1%
Net Income	1.05B	1.13B	1.77B	1.11B	1.54B	2.03B	1.86B	2.02B	2.39B	2.68B
Depreciation & Amortization	198.56M	197.48M	491.8M	596.3M	574.9M	581.4M	572.6M	581.1M	622.5M	624M
Stock-Based Compensation	72.34M	72.11M	90.3M	82.6M	101.7M	95.9M	97.7M	99.7M	115.9M	138.1M
Deferred Taxes	4.98M	-68.24M	-620.7M	-143.4M	-131.1M	-145.3M	-80.3M	-144.8M	-88.9M	-74.9M
Other Non-Cash Items	44.52M	202.72M	169.3M	123.1M	708.5M	558.2M	443.5M	514.1M	676.5M	288.5M
Working Capital Changes	73.21M	-228.19M	-16.2M	176.4M	-474M	288M	-653.3M	-1.15B	-192.9M	-503.9M
Change in Receivables	-37.64M	-115.2M	-65.4M	38.5M	-121M	50.9M	-326.3M	-152.6M	111.4M	-9.9M
Change in Inventory	-40.73M	-52.58M	-90M	-119.5M	-75.5M	84.4M	-228.1M	-666.7M	323.4M	-32.9M
Change in Payables	160.11M	-118.89M	166.7M	113.8M	36.2M	227.2M	346.1M	46.6M	-241.1M	21.8M
Cash from Investing+	-288.63M	-303.77M	-9.05B	-251.6M	-462.6M	-322.4M	-476.4M	-1.61B	-1.04B	-1.2B
Capital Expenditures	-234.34M	-239.03M	-222.8M	-251M	-328.9M	-303.8M	-372M	-644.5M	-888.4M	-1.07B
CapEx % of Revenue	0.02%	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%	0.03%	0.04%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	11.3M	38.43M	47.2M	38.4M	6.9M	60.7M	-16M	40M	10.1M	-47.4M
Cash from Financing+	-980.35M	-307.35M	6.51B	-1.75B	-1.85B	-3.02B	-1.83B	-282.4M	-2.42B	-2.02B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-249.65M	-312.08M	-319M	-322.9M	-420.8M	-488M	-587.1M	-618.5M	-623.7M	-723.4M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	137.3M	71.36M	103.8M	122.9M	32.6M	152.1M	169.4M	43.5M	64.9M	172.2M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.21B	1.07B	1.66B	1.69B	1.99B	3.1B	1.87B	1.28B	2.63B	2.08B
FCF Margin %	0.11%	0.09%	0.11%	0.1%	0.11%	0.17%	0.09%	0.06%	0.11%	0.09%
FCF Growth %	0.38%	-0.12%	0.55%	0.02%	0.18%	0.56%	-0.4%	-0.32%	1.06%	-0.21%
FCF per Share	4.30	3.77	5.83	5.94	7.11	11.26	7.01	4.87	10.20	8.20
FCF Conversion (FCF/Net Income)	1.37x	1.16x	1.06x	1.75x	1.51x	1.68x	1.20x	0.95x	1.47x	1.18x
Interest Paid	48.64M	153.85M	220.6M	368M	336.1M	340.8M	338.8M	371.1M	416.5M	406.9M
Taxes Paid	335.12M	477.79M	419.7M	292.2M	407.5M	437.2M	466.3M	580.1M	816.7M	779.8M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	113.05%	82.49%	64.14%	30.05%	39.25%	52.51%	61.65%	72.94%	70.07%	69.05%
Return on Invested Capital (ROIC)	45.13%	46.26%	15.07%	10.55%	13.32%	-	14.66%	15.43%	17.64%	18.2%
Gross Margin	49.03%	49.94%	44.84%	42.31%	44.89%	47.29%	42.83%	42.1%	46.67%	48.47%
Net Margin	9.29%	9.55%	11.83%	6.32%	8.61%	11.06%	9.35%	9.12%	10.36%	11.61%
Debt / Equity	2.25x	1.04x	2.88x	2.50x	2.53x	2.80x	4.72x	4.03x	3.18x	2.94x
Interest Coverage	22.15x	19.05x	6.22x	5.02x	6.74x	-	7.72x	7.45x	8.34x	8.72x
FCF Conversion	1.37x	1.16x	1.06x	1.75x	1.51x	1.68x	1.20x	0.95x	1.47x	1.18x
Revenue Growth	1.88%	4.55%	26.39%	17.02%	2.09%	2.57%	8.62%	11.05%	4.08%	0.2%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Paint Stores Group	7.21B	7.79B	-	-	-	-	-	-	12.84B	13.19B
Paint Stores Group Growth	-	8.06%	-	-	-	-	-	-	-	2.71%
Consumer Group	4.31B	4.36B	5.32B	6.2B	6.28B	6.74B	7.13B	8.2B	8.6B	8.41B
Consumer Group Growth	-	1.07%	21.95%	16.59%	1.37%	7.29%	5.81%	14.94%	4.88%	-2.18%
Global Finishes Group	1.92B	1.9B	3.73B	5.19B	5.17B	5.06B	6.15B	7B	7.04B	6.85B
Global Finishes Group Growth	-	-0.88%	95.80%	39.16%	-0.44%	-2.05%	21.62%	13.71%	0.62%	-2.65%
Corporate And Eliminations	-	-	-	-	-	-3.82B	-4.56B	-5.71B	-5.43B	-5.36B
Corporate And Eliminations Growth	-	-	-	-	-	-	-19.27%	-25.21%	4.92%	1.33%
The Americas Group	-	-	9.12B	9.63B	10.17B	10.38B	11.22B	12.66B	-	-
The Americas Group Growth	-	-	-	5.51%	5.67%	2.08%	8.03%	12.87%	-	-
Segment Reconciling Items	-	-	-	-	-3.72B	-	-	-	-	-
Segment Reconciling Items Growth	-	-	-	-	-	-	-	-	-	-
Corporate	-	-	-3.18B	-3.48B	-	-	-	-	-	-
Corporate Growth	-	-	-	-9.27%	-	-	-	-	-	-
Latin America Coatings Group	671M	626M	-	-	-	-	-	-	-	-
Latin America Coatings Group Growth	-	-6.71%	-	-	-	-	-	-	-	-
Corporate And Reconciling Items	-	-2.82B	-	-	-	-	-	-	-	-
Corporate And Reconciling Items Growth	-	-	-	-	-	-	-	-	-	-
Corporate, Non-Segment And Intersegment Eliminations	-2.78B	-	-	-	-	-	-	-	-	-
Corporate, Non-Segment And Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

The Sherwin-Williams Company (SHW) has a price-to-earnings (P/E) ratio of 33.8x. This suggests investors expect higher future growth.

Growth & Financials

The Sherwin-Williams Company (SHW) reported $23.28B in revenue for fiscal year 2024. This represents a 166% increase from $8.77B in 2011.

The Sherwin-Williams Company (SHW) grew revenue by 0.2% over the past year. Growth has been modest.

Yes, The Sherwin-Williams Company (SHW) is profitable, generating $2.57B in net income for fiscal year 2024 (11.6% net margin).

Dividend & Returns

Yes, The Sherwin-Williams Company (SHW) pays a dividend with a yield of 0.80%. This makes it attractive for income-focused investors.

The Sherwin-Williams Company (SHW) has a return on equity (ROE) of 69.0%. This is excellent, indicating efficient use of shareholder capital.

The Sherwin-Williams Company (SHW) generated $2.43B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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