Most formulae to calculate the shear stiffness of a sheathed shear wall are derived with the assumption of rigid frames connected with pins. But the flexural stiffness of vertical studs affects the shear stiffness of a shear wall. The existing calculation methods of the shear stiffness considering the effect of the flexural stiffness of vertical studs are usually implicit and thus require numerical analyses. In this paper, we derive a simplified formula based on both mechanical equilibrium and the principle of minimum potential energy. The formula is verified by numerical static elasticity analyses.