Valspar is the fourth largest global manufacturer and distributor of paints and coatings. Since 1806, Valspar has provided customers and consumers with industry-leading innovation, high quality products and superior customer service. The company manufactures and distributes industrial coatings used in a variety of applications including automotive, general metals, consumer packaging and wood. In addition, Valspar's paints and stains are sold to consumers and professional painters under recognized global brands including the flagship Valspar brand, Cabot wood stains, Huarun paints in China and Wattyl paints in Australia. Valspar supports the mission of Habitat for Humanity, a charitable organization committed to helping eliminate poverty and improving people's lives with housing for individuals and families in need. As the national paint sponsor for their operations in the United States, our commitment as an organization extends well beyond financial support. In 2015, Valspar donated more than $6 million in paint and $350,000 to support Habitat’s affordable housing work, and anticipates maintaining this level of support through 2019. For more than 200 years, Valspar’s leadership in technology and innovation has enhanced the beauty of homes, improved the durability of industrial products and protected what we eat and drink. It's why we say, "if it matters, we're on it."

The Valspar Corporation was founded in 1806 and is headquartered in Minneapolis, US

The Valspar Corporation has an office in Minneapolis

Minneapolis, US (HQ)

1101 S 3rd St

The Valspar Corporation's revenue was reported to be $1.1 b in Q2, 2017

USD

## Revenue (Q2, 2017) | 1.1 b |

## Gross profit (Q2, 2017) | 375.9 m |

## Gross profit margin (Q2, 2017), % | 34% |

## Net income (Q2, 2017) | 75.5 m |

## EBIT (Q2, 2017) | 128 m |

## Market capitalization (31-May-2017) | 9 b |

## Closing share price (31-May-2017) | 113 |

## Cash (28-Apr-2017) | 340.9 m |

The Valspar Corporation's current market capitalization is $9 b.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 4.1 b | 4.5 b | 4.4 b | 4.2 b |

## Revenue growth, % | 10% | (3%) | (5%) | |

## Cost of goods sold | 2.7 b | 3 b | 2.8 b | 2.7 b |

## Gross profit | 1.4 b | 1.6 b | 1.6 b | 1.5 b |

## Gross profit Margin, % | 34% | 35% | 36% | 37% |

## R&D expense | 121.6 m | 134.1 m | 132.8 m | 139.3 m |

## General and administrative expense | 727.8 m | 832.3 m | 810.1 m | 867.2 m |

## Operating expense total | 849.4 m | 966.5 m | 942.9 m | 1 b |

## EBIT | 492.4 m | 559.9 m | 648 m | 529 m |

## EBIT margin, % | 12% | 12% | 15% | 13% |

## Interest expense | 64.8 m | 65.3 m | 81.3 m | 90.6 m |

## Pre tax profit | 423.8 m | 491.9 m | 563.8 m | 434.5 m |

## Income tax expense | 134.5 m | 146.5 m | 164.3 m | 81.5 m |

## Net Income | 289.3 m | 345.4 m | 399.5 m | 353 m |

USD | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} | Q2, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 1.2 b | 1 b | 1.1 b | 1.1 b | 885.8 m | 1.1 b | 1.1 b | 907.7 m | 1.1 b |

## Cost of goods sold | 783.1 m | 676.5 m | 684.9 m | 733.6 m | 566.7 m | 650.4 m | 718.1 m | 597.1 m | 719.9 m |

## Gross profit | 420 m | 338.1 m | 394.4 m | 415.6 m | 319.1 m | 406.4 m | 423.9 m | 310.5 m | 375.9 m |

## Gross profit Margin, % | 35% | 33% | 37% | 36% | 36% | 38% | 37% | 34% | 34% |

## R&D expense | 34.3 m | 32.6 m | 32 m | 35 m | 32.5 m | 35.6 m | 36.2 m | 33.2 m | 35.5 m |

## General and administrative expense | 219.5 m | 189.6 m | 204.2 m | 206.4 m | 192 m | 210.6 m | 207.5 m | 202.7 m | 212.4 m |

## Operating expense total | 253.8 m | 222.2 m | 236.3 m | 241.4 m | 224.5 m | 246.2 m | 243.7 m | 235.9 m | 247.9 m |

## EBIT | 158.5 m | 157.4 m | 155.9 m | 165.7 m | 93.7 m | 130.9 m | 170.3 m | 74.6 m | 128 m |

## EBIT margin, % | 13% | 16% | 14% | 14% | 11% | 12% | 15% | 8% | 12% |

## Interest expense | 16.1 m | 16.3 m | 20.2 m | 22.6 m | 22.4 m | 22.8 m | 23.1 m | 22.5 m | 22.8 m |

## Pre tax profit | 140.6 m | 142 m | 134 m | 143 m | 70.7 m | 107.4 m | 147.2 m | 52.7 m | 107.3 m |

## Income tax expense | 42.7 m | 38 m | 43.7 m | 40.2 m | 18.2 m | 27.4 m | 30.2 m | 12 m | 31.8 m |

## Net Income | 97.8 m | 104 m | 90.3 m | 102.9 m | 52.4 m | 80 m | 117 m | 40.7 m | 75.5 m |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 216.2 m | 128.2 m | 186 m | 174.7 m |

## Accounts Receivable | 425 k | 88.8 m | ||

## Inventories | 439 m | 486.3 m | 451.9 m | 473.3 m |

## Current Assets | 1.6 b | 1.6 b | 1.6 b | 1.6 b |

## PP&E | 633.5 m | 645.1 m | 632.8 m | 668.4 m |

## Goodwill | 1.1 b | 1.1 b | 1.3 b | 1.3 b |

## Total Assets | 4 b | 4 b | 4.3 b | 4.3 b |

## Accounts Payable | 618.8 m | 600.9 m | 553.7 m | 553.2 m |

## Total Debt | 1.1 b | 1.7 b | 1.7 b | |

## Current Liabilities | 1.5 b | 1.7 b | 1.4 b | 1.3 b |

## Total Liabilities | 3.2 b | |||

## Common Stock | 59.2 m | 59.2 m | 59.2 m | 59.2 m |

## Additional Paid-in Capital | 444.6 m | 458.4 m | 474 m | 495.9 m |

## Retained Earnings | 1.6 b | 1.9 b | 2.2 b | 2.5 b |

## Total Equity | 1.1 b | 1 b | 855 m | 1.1 b |

## Debt to Equity Ratio | 1.1 x | 2 x | 1.5 x | |

## Debt to Assets Ratio | 0.3 x | 0.4 x | 0.4 x | |

## Financial Leverage | 3.6 x | 4 x | 5.1 x | 3.9 x |

USD | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} | Q2, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 146.5 m | 191.8 m | 146.3 m | 342.6 m | 151.7 m | 100.3 m | 170.2 m | 153.7 m | 340.9 m |

## Inventories | 526.4 m | 511.2 m | 494.4 m | 512.6 m | 515.2 m | 536.5 m | 523.6 m | 506.6 m | 542.1 m |

## Current Assets | 1.7 b | 1.6 b | 1.6 b | 1.9 b | 1.5 b | 1.6 b | 1.7 b | 1.5 b | 1.8 b |

## PP&E | 643.1 m | 622.1 m | 607.1 m | 630.8 m | 629.2 m | 649.6 m | 646.5 m | 657.9 m | 668.3 m |

## Goodwill | 1.1 b | 1.1 b | 1.1 b | 1.3 b | 1.3 b | 1.3 b | 1.3 b | 1.3 b | 1.3 b |

## Total Assets | 4.2 b | 4 b | 4 b | 4.6 b | 4.2 b | 4.3 b | 4.4 b | 4.2 b | 4.5 b |

## Accounts Payable | 655.9 m | 579 m | 550.4 m | 554.5 m | 504.6 m | 533.7 m | 563.1 m | 524.6 m | 605.6 m |

## Current Liabilities | 1.7 b | 1.3 b | 1.4 b | 1.6 b | 1.2 b | 1.3 b | 1.4 b | 1.2 b | 1.5 b |

## Common Stock | 59.2 m | 59.2 m | 59.2 m | 59.2 m | 59.2 m | 59.2 m | 59.2 m | 59.2 m | 59.2 m |

## Additional Paid-in Capital | 438.1 m | 457.1 m | 459.1 m | 459.6 m | 478 m | 483.4 m | 488.1 m | 502.2 m | 511 m |

## Retained Earnings | 1.8 b | 2 b | 2.1 b | 2.1 b | 2.2 b | 2.3 b | 2.4 b | 2.5 b | 2.5 b |

## Total Equity | 962.8 m | 871.4 m | 884.2 m | 854.7 m | 968.2 m | 1 b | 1.1 b | 1.2 b | |

## Financial Leverage | 4.2 x | 4.6 x | 5.2 x | 4.9 x | 4.5 x | 4.2 x | 3.9 x | 3.9 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 289.3 m | 345.4 m | 399.5 m | 353 m |

## Depreciation and Amortization | 81.1 m | 92.6 m | 83 m | 86.2 m |

## Accounts Receivable | (1.9 m) | (1.1 m) | (1 m) | |

## Inventories | (2.5 m) | 1.5 m | (2 m) | |

## Accounts Payable | 173 k | (520 k) | 465 k | |

## Purchases of PP&E | (116.7 m) | (121.3 m) | (97.1 m) | (120.4 m) |

## Cash From Investing Activities | (314 m) | (112 m) | (380 m) | (134.3 m) |

## Dividends Paid | (81.2 m) | (87.4 m) | (96.9 m) | (104.6 m) |

## Cash From Financing Activities | (108 m) | (312.7 m) | 82.6 m | (356.2 m) |

## Interest Paid | 90.4 m | |||

## Income Taxes Paid | 120.2 m |

USD | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} | Q2, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 97.8 m | 104 m | 90.3 m | 102.9 m | 52.4 m | 80 m | 117 m | 40.7 m | 75.5 m |

## Inventories | 526.4 m | 511.2 m | 494.4 m | 512.6 m | 515.2 m | 536.5 m | 523.6 m | 506.6 m | 542.1 m |

## Accounts Payable | 655.9 m | 579 m | 550.4 m | 554.5 m | 504.6 m | 533.7 m | 563.1 m | 524.6 m | 605.6 m |

## Income Taxes Paid | 32 m | 36.7 m |

Y, 2017 | |
---|---|

## Financial Leverage | 3.9 x |

Source: 11 public H-1B filings from The Valspar Corporation