| Metric | Details |
|---|---|
| Entity / Legal Name | The Sherwin-Williams Company |
| Stock Ticker | NYSE: SHW |
| S&P / Moody‑s Rating | BBB / Baa2 |
| Rating Outlook | Stable |
| Investment Grade Status | Investment Grade |
| Sector | Retail / Specialty (Paint & Coatings) |
| Headquarters | Cleveland, Ohio |
| US Location Count | ~4,700+ company-owned stores |
| Annual Revenue | ~$23 billion (FY 2024) |
| Cap Rate Range | 5.50% – 6.75% |
| Typical Lease Term | 10 – 15 years (NNN) |
| Guarantee Type | Corporate (The Sherwin-Williams Company) |
| Typical Building Size | 4,000 – 7,000 SF |
| Typical Price Range | $1,500,000 – $5,000,000 |
Bond vs NNN Comparison: See how Sherwin Williams corporate bond yields compare to Sherwin Williams NNN cap rates, with after tax math, depreciation impact, and 1031 exchange treatment. Sherwin Williams Bonds vs NNN →
Sherwin-Williams Business Overview & NNN Investment Profile
Sherwin-Williams is the largest paint and coatings company in the world, operating approximately 4,700 company-owned retail stores across the United States through its Paint Stores Group. Founded in 1866 in Cleveland, Ohio, the company generates approximately $23 billion in annual revenue and has a market capitalization exceeding $80 billion. Sherwin-Williams’ acquisition of Valspar in 2017 for $11.3 billion cemented its position as the global leader in architectural and industrial coatings, with brands including Sherwin-Williams, Valspar, HGTV HOME, Minwax, and Krylon.
For NNN investors, Sherwin-Williams occupies a unique niche in the retail NNN market. Unlike most retail tenants that depend on consumer foot traffic, Sherwin-Williams stores primarily serve professional painters, contractors, and property managers who purchase in volume and on a recurring basis. This professional customer base creates remarkably stable, recession-resistant revenue: buildings always need painting, regardless of economic conditions. The company-owned store model means every Sherwin-Williams NNN lease carries a direct corporate guarantee from a $23 billion BBB/Baa2 investment grade entity, making these among the most creditworthy retail NNN investments available.
Sherwin-Williams’ BBB/Baa2 credit rating reflects the company’s dominant market position, diversified revenue streams (retail, industrial, and automotive coatings), and consistent cash flow generation. The professional-contractor customer base provides predictability that consumer-discretionary retailers cannot match. With $23 billion in revenue and 60,000+ employees worldwide, Sherwin-Williams provides one of the strongest corporate guarantees in the small-format retail NNN market.
Why Sherwin-Williams Matters for NNN Investors
Sherwin-Williams properties offer a compelling combination of investment grade credit, small-format accessibility, and recession-resistant fundamentals. The typical store occupies 4,000 to 7,000 square feet in a freestanding building or inline retail strip, with modest build-out requirements and minimal tenant improvement costs. These properties trade at price points of $1.5 million to $5 million, making them accessible to individual NNN investors. The B2B customer base means Sherwin-Williams stores are less vulnerable to e-commerce disruption than consumer retail: professional painters need to physically visit the store for color matching, product consultation, and same-day supply needs. This creates an enduring brick-and-mortar advantage.
Cap Rate Analysis & Pricing
Sherwin-Williams NNN properties trade in the 5.50% to 6.75% cap rate range as of Q1 2026. Locations with 12+ year remaining terms in primary markets trade at the tighter end. Shorter-term leases or secondary locations approach the wider end. The investment grade corporate guarantee commands pricing comparable to Dollar General (BBB/Baa2) at similar lease terms.
| Comparable Retail NNN Tenant | S&P / Moody‑s | Cap Rate Range |
|---|---|---|
| Dollar General | BBB / Baa2 | 6.75% – 7.75% |
| AutoZone | BBB / Baa1 | 5.75% – 6.75% |
| O’Reilly Auto Parts | BBB / Baa1 | 5.75% – 6.75% |
Yes. Sherwin-Williams carries S&P BBB and Moody‑s Baa2 credit ratings with stable outlooks. All 4,700+ company-owned stores carry direct corporate guarantees from the world’s largest paint company.
5.50% to 6.75% as of Q1 2026, reflecting the investment grade corporate guarantee and recession-resistant business model.
Yes. Professional painters and contractors require in-person color matching, product consultation, and same-day supply access. The B2B customer base makes Sherwin-Williams one of the most e-commerce-resistant retail NNN tenants.
Sherwin-Williams offers investment grade credit (BBB/Baa2) in a small-format (4,000 to 7,000 SF) at accessible price points ($1.5M to $5M). Comparable credits in this size range include AutoZone and O’Reilly Auto Parts.
The Only Sherwin-Williams NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker typically pays a cooperating commission to the buyer’s broker. On the majority of transactions, this means there is no separate fee to you as the buyer. Where a cooperating commission is not available, our compensation is agreed upon with you in advance so there are never surprises.
Find It — Sherwin-Williams NNN properties sourced with corporate guarantee confirmation, contractor trade area analysis, and remaining term evaluation before you commit.
Fund It — BBB/Baa2 investment grade credit attracts aggressive life company and CMBS pricing. We have 150+ lender relationships to find best execution.
Exit It — Selling a Sherwin-Williams property? Investment grade small-format retail NNN commands premium pricing from both institutional and private buyers.
Get Your Free Sherwin-Williams NNN Consultation →
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Related NNN Tenants
Own a Sherwin-Williams Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Sherwin-Williams NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Sherwin-Williams NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Sherwin-Williams properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Sherwin-Williams portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Sherwin-Williams buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
