SHW
Sherwin-Williams Co.
Is SHW Halal?
Paint and coatings — permissible consumer/industrial products.
What You Should Know
Sherwin-Williams develops and sells paints, coatings and related building products. Its March 31, 2026 filing reports debt/assets of 44.35%, liquidity/assets of 0.82%, receivables plus cash/assets of 12.92% and $2.8 million of interest income (0.05% of quarterly net sales). The debt ratio exceeds the examined asset-based limits; the filing does not allocate a universal prohibited-revenue numerator.
⚠️ Concerns
- •Debt/assets is 44.35% and fails the examined FTSE, MSCI and Malaysia asset-based debt limits
- •Interest expense was $131.6 million for the quarter versus $2.8 million of interest income
- •Paint chemicals, environmental matters, supply-chain financing and customer end uses require qualitative review
- •The filing does not quantify any prohibited-revenue category
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
11,699.8 / 26,378.7
216.9 / 26,378.7
3,409 / 26,378.7
2.8 / 5,666.9
- Financial
- Fails
- Overall
- Fails
Debt/assets is 44.35%, above the 33.333% limit; liquidity/assets is 0.82%, receivables plus cash/assets is 12.92% and interest income is 0.05%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 44.35%, above the examined 33.33% limit; liquidity and receivables-plus-cash remain below their limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 44.35%, above the examined Malaysia SAC limit; identifiable liquidity/assets is below its limit. This is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
No licensed historical market-cap series is stored; the asset-based screens fail on debt/assets.
Business-activity disclosure
Sherwin-Williams develops and sells paints, coatings and related building products. The core product activity is generally permissible, while chemical inputs, environmental matters, supply-chain financing and customer end uses require qualitative diligence.
Limitation: The filing does not quantify a universal prohibited-revenue numerator by product, ingredient, customer or end use, so no percentage is invented.
Purification
Interest income is 0.05% of quarterly net sales, but no fixed scholar-approved purification percentage is prescribed and business-category revenue remains incomplete.
Inputs, assumptions and primary sources
- Amounts are USD millions from Sherwin-Williams' March 31, 2026 Form 10-Q and rounded to one decimal where the filing reports decimals.
- Debt is short-term borrowings of $2,376.6 million, current long-term debt of $0.1 million and long-term debt of $9,323.1 million; operating lease liabilities are excluded.
- Cash is $216.9 million and no separate interest-bearing securities balance is identified at the period end.
- Accounts receivable is $3,192.1 million and quarterly net sales are $5,666.9 million.
- Interest income is $2.8 million for the quarter; supply-chain-finance liabilities are recorded in accounts payable and are not added to debt without a screening-specific rule.
- The filing does not allocate a universal prohibited-revenue numerator for paint, coatings or building-product activity.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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