WSO

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Watsco, Inc.

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Key Metrics

Previous Close: $319.64
52-Week Range: $300.66 – $459.00
Market Cap: $12.97B
P/E (TTM): 27.39
EPS (TTM): 11.48
Dividend Yield: 4.13%

Advanced Metrics

Price/Book: 4.05
PEG Ratio: 1.37
Return on Equity: 16.74%
Return on Assets: 8.37%
Gross Margin: 27.51%
Operating Margin: 10.94%
Profit Margin: 6.53%
Current Ratio: 3.20
Debt/Equity: 0.15
Total Debt: $535.27M
Free Cash Flow: $483.66M
Revenue Growth: 2.10%
Earnings Growth: -11.70%
Enterprise Value: $12.68B

WSO Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$7.27B	$7.28B	$7.62B	$7.24B
Cost of Revenue	$5.24B	$5.29B	$5.57B	$5.21B
Gross Profit	$2.03B	$1.99B	$2.04B	$2.03B
Selling, General & Admin	$1.22B	$1.22B	$1.29B	$1.34B
Operating Expenses	$1.22B	$1.22B	$1.29B	$1.34B
Operating Income	$808.91M	$768.63M	$751.27M	$692.58M
EBITDA	$840.59M	$803.72M	$792.10M	$736.33M
Pretax Income	$829.41M	$789.89M	$802.64M	$737.68M
Income Tax	$125.72M	$155.75M	$166.90M	$150.09M
Net Income	$601.17M	$536.34M	$536.29M	$496.99M
Diluted EPS	14.17	12.65	12.36	11.44
Diluted Shares	38.80M	39.49M	40.35M	40.58M

WSO Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$147.50M	$210.11M	$526.27M	$433.28M
Receivables	$747.11M	$797.83M	$877.93M	$796.18M
Inventory	$1.37B	$1.35B	$1.39B	$1.39B
Current Assets	$2.30B	$2.39B	$3.08B	$2.95B
Total Assets	$3.49B	$3.73B	$4.48B	$4.41B
Current Liabilities	$906.52M	$712.01M	$983.90M	$717.74M
Long-Term Debt	—	$15.40M	—	—
Total Debt	$390.53M	$404.79M	$447.46M	$478.79M
Total Liabilities	$1.24B	$1.11B	$1.42B	$1.19B
Retained Earnings	$1.03B	$1.18B	$1.30B	$1.32B
Shareholders' Equity	$1.89B	$2.23B	$2.66B	$2.78B
Working Capital	$1.39B	$1.68B	$2.10B	$2.24B

WSO Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$571.96M	$561.95M	$773.10M	$569.61M
Capital Expenditure	-$35.65M	-$35.48M	-$30.09M	-$34.55M
Free Cash Flow	$536.31M	$526.48M	$743.01M	$535.06M
Depreciation & Amortisation	$31.68M	$35.09M	$40.82M	$43.75M
Stock-Based Compensation	$28.82M	$30.00M	$35.02M	$35.34M
Investing Cash Flow	-$33.84M	-$41.34M	-$290.67M	-$98.12M
Financing Cash Flow	-$503.96M	-$460.08M	-$158.53M	-$568.12M
Dividends Paid	-$332.45M	-$382.65M	-$423.52M	-$473.76M
Share Repurchases	-$87.11M	-$2.83M	-$39.67M	-$3.66M
Net Change in Cash	$34.17M	$60.53M	$323.90M	-$96.63M

WSO Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$1.53B	$2.06B	$2.07B	$1.58B	$1.53B
Cost of Revenue	$1.10B	$1.46B	$1.50B	$1.15B	$1.11B
Gross Profit	$429.62M	$603.49M	$568.91M	$428.44M	$427.56M
Selling, General & Admin	$322.58M	$339.00M	$343.65M	$332.64M	$322.85M
Operating Expenses	$322.58M	$331.62M	$343.65M	$332.64M	$322.85M
Operating Income	$107.04M	$271.87M	$225.26M	$95.79M	$104.70M
EBITDA	$117.82M	$282.78M	$236.25M	$106.86M	$115.72M
Pretax Income	$117.61M	$274.20M	$238.50M	$107.38M	$116.64M
Income Tax	$23.07M	$57.43M	$49.27M	$20.33M	$23.70M
Net Income	$80.06M	$183.61M	$161.57M	$71.75M	$79.07M
Diluted EPS	1.80	4.23	3.72	1.57	1.75
Diluted Shares	40.48M	40.55M	40.56M	40.58M	40.66M

WSO Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$431.82M	$292.98M	$324.35M	$433.28M	$392.68M
Receivables	$794.31M	$1.02B	$941.88M	$796.18M	$839.24M
Inventory	$1.78B	$1.95B	$1.60B	$1.39B	$1.72B
Current Assets	$3.04B	$3.30B	$3.12B	$2.95B	$3.18B
Total Assets	$4.45B	$4.73B	$4.55B	$4.41B	$4.65B
Current Liabilities	$925.14M	$1.07B	$812.14M	$717.74M	$951.87M
Total Debt	$459.69M	$454.09M	$457.51M	$478.79M	$486.23M
Total Liabilities	$1.37B	$1.51B	$1.25B	$1.19B	$1.43B
Retained Earnings	$1.27B	$1.33B	$1.37B	$1.32B	$1.28B
Shareholders' Equity	$2.67B	$2.76B	$2.81B	$2.78B	$2.76B
Working Capital	$2.11B	$2.23B	$2.30B	$2.24B	$2.23B

WSO Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$177.64M	-$7.45M	$354.94M	$399.77M	-$18.91M
Capital Expenditure	-$7.54M	-$6.84M	-$8.88M	-$11.29M	-$6.96M
Free Cash Flow	-$185.19M	-$14.28M	$346.06M	$388.47M	-$25.87M
Depreciation & Amortisation	$10.78M	$10.91M	$10.99M	$11.07M	$11.02M
Stock-Based Compensation	$8.80M	$8.81M	$9.07M	$8.66M	$8.08M
Investing Cash Flow	$244.56M	-$22.30M	-$208.77M	-$111.60M	$93.14M
Financing Cash Flow	-$161.68M	-$112.55M	-$113.57M	-$180.31M	-$113.97M
Dividends Paid	-$109.04M	-$121.46M	-$121.59M	-$121.68M	-$121.78M
Share Repurchases	$0.00	$0.00	-$3.66M	$0.00	-$590.00K
Net Change in Cash	-$94.77M	-$142.30M	$32.59M	$107.85M	-$39.74M

Market Snapshot

About

Watsco, Inc. is the largest distributor of air conditioning, heating, and refrigeration equipment, parts, and supplies in North America and parts of Latin America. The company partners with leading HVAC manufacturers and serves contractors and dealers through an extensive network of locations and digital platforms.