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Watsco, Inc.

WSO Industrials Industrial Distribution

Watsco, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, down 4.98% from fiscal 2024.

Revenue
+2.06%
EPS
−11.5%
Free cash flow
+17.6%
Total debt
+815.5%

Quarter to June 2026, against a year earlier

303.56 0.56 +0.18%
Market cap
$12.6B
P/E
26.3×
Fwd P/E
26.4×
Dividend yield
4.26%
F-score
6/9
Altman Z
9.62
Beneish M
−2.48
Dividend safety
56/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Filings

Insider Decisions last twelve months

Trades a month
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 6.14%

Capital & Financial Ratios $m

Size
Market Cap 12,620.00
Revenue ttm 7,283.63
Net income ttm 560.52
Free cash flow ttm 697.31
Net debt Q (335.40)
Valuation
P/E 26.28
Forward P/E 26.40
Price / sales 1.59
Forward P/S Powerpack
Price / FCF 16.58
Price / book 3.33
Financial health
Current ratio Q 3.20 (at or above 1.5: strong)
Debt / equity Q 0.04 (at or below 0.5: strong)
Interest coverage Q (20.71)
Growth
Revenue growth Q +2.06% (above 0%: growing)
Operating income growth Q −12.32% (below 0%: shrinking)
EPS, this year −5.85% (below 0%: weak)
EPS, next year A +11.28%
Revenue, next year A +5.92%
EPS, past 5 yrs +11.81%
EPS, next 5 yrs A +4.96%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.5×, against a ten-year median of 1.5×; over the ten years it ranged from 1.0× in 2016 to 2.7× in 2024.
P/E against its own 10 years 30.59%
10-year low 10-year high
P/S against its own 10 years 54.09%
10-year low 10-year high
P/B against its own 10 years 8.81%
10-year low 10-year high
EV/Sales against its own 10 years 51.78%
10-year low 10-year high
EV/FCF against its own 10 years 5.99%
10-year low 10-year high

Dividends raised every year since 2017

Yield
4.26%
Annual rate
12.90
Payout ratio
111.9%
Growth, 2017–26
+12.1%/yr
  1. 4.60 ’17
  2. 5.60 ’18 +22%
  3. 6.40 ’19 +14%
  4. 6.93 ’20 +8%
  5. 7.63 ’21 +10%
  6. 8.55 ’22 +12%
  7. 9.80 ’23 +15%
  8. 10.55 ’24 +8%
  9. 11.70 ’25 +11%
  10. 12.90 ’26 +10%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 210 782 733 464
Receivables 798 878 796 1,061
Inventory 1,347 1,385 1,386 1,890
Other 37 35 39 39
2,392 3,080 2,955 3,454
2023 2024 2025 Q'26
Payables 369 491 350 660
ST’ Debt — — — 120
Other — — — —
712 984 718 1,080

Compound Annual Growth %

10y 5y 3y
Sales 5.82% 7.45% (0.16%)
Cash Flow 9.84% 1.29% (0.14%)
Earnings 12.05% 15.06% (3.31%)
Book Value 10.35% 12.60% 12.74%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.13 Actual 3.77

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.94 1.68 Miss by 0.26
Q1 FY26 1.73 1.87 Beat by 0.14
Q2 FY26 4.38 4.00 Miss by 0.38
Q3 FY26 4.13 3.77 Miss by 0.36
Q4 FY26 1.99 — Reports 16 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.87 4.00 — — —
’25 1.93 4.52 3.98 1.68 12.25
’24 2.17 4.49 4.22 2.39 13.30
’23 2.83 4.42 4.35 2.64 13.67
’22 2.90 4.93 4.03 3.55 15.41
’21 1.39 3.71 3.62 2.02 10.78
’20 0.72 2.26 2.76 1.14 7.01
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,533 2,105 — — —
’25 1,531 2,062 2,067 1,579 7,239
’24 1,565 2,139 2,160 1,754 7,618
’23 1,551 2,003 2,127 1,603 7,284
’22 1,524 2,134 2,036 1,581 7,274
’21 1,136 1,850 1,783 1,512 6,280
’20 1,008 1,355 1,537 1,155 5,055
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (19) (3) — — —
’25 (178) (7) 355 400 570
’24 104 58 233 379 773
’23 (47) (42) 353 299 562
’22 (102) 175 286 213 572
’21 (38) 120 238 30 350
’20 42 219 112 162 534
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (26) (12) — — —
’25 (185) (14) 346 389 536
’24 98 51 223 371 743
’23 (55) (49) 343 289 528
’22 (110) 164 278 206 538
’21 (43) 113 232 22 325
’20 38 215 108 157 518
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,221 4,342 4,547 4,770 5,055 6,280 7,274 7,284 7,618 7,239 7,284 +6.2% 7,668 8,452 8,847 +6.9%
Gross margin, % 24.51 24.54 24.64 24.25 24.19 26.55 27.91 27.35 26.84 28.05 27.51 +3.5 pt
EBT 342 348 369 363 400 628 829 790 803 738 704 +8.9%
EBT margin, % 8.10 8.00 8.12 7.61 7.91 9.99 11.40 10.84 10.54 10.19 9.67 +2.1 pt
Net income 236 257 297 296 323 499 704 634 636 588 561 +10.7%
Per share, $
Per share, $ Revenue 129.54 132.28 132.48 137.69 144.14 178.19 204.54 200.07 203.75 191.34 190.86 +4.4%
Earnings 5.15 5.81 6.49 6.50 7.01 10.78 15.41 13.67 13.30 12.25 11.53 +10.1%
Cash flow 8.65 9.34 4.97 9.69 15.24 9.92 16.08 15.44 20.68 15.06 19.21 +6.4%
Capex (1.31) (0.54) (0.49) (0.47) (0.47) (0.68) (0.95) (0.94) (0.80) (0.90) (0.94) (4.1%)
Free cash flow 7.33 8.80 4.48 9.22 14.77 9.23 15.13 14.50 19.88 14.15 18.27 +7.6%
Book value 38.42 47.25 46.67 49.50 50.75 56.67 63.22 71.86 81.95 85.16 91.01 +9.2%
Shares, m 33 33 34 35 35 35 36 36 37 38 38 +1.7%
Valuation, ×
Valuation, × P/E 29.07 29.34 21.67 28.15 32.93 29.13 16.57 29.43 35.69 27.82 26.28 28.0
P/S 1.15 1.28 1.05 1.31 1.57 1.76 1.25 2.10 2.33 1.76 1.59 1.6
P/B 3.87 3.60 2.98 3.64 4.46 5.52 4.04 5.84 5.78 3.96 3.33 4.4
EV/Sales 1.19 1.27 1.06 1.34 1.56 1.77 1.25 2.08 2.24 1.68 1.54 1.5
EV/FCF 21.05 19.11 31.43 20.02 15.20 34.08 16.90 28.77 22.95 22.68 16.10 23.2
Cash, $m
Cash, $m Operating cash flow 282 307 171 336 534 350 572 562 773 570 733 +8.1%
Capex (43) (18) (17) (16) (16) (24) (34) (34) (30) (34) (36) (2.5%)
Free cash flow 239 289 154 319 518 325 538 528 743 536 697 +9.4%
Balance, $m
Balance, $m Working capital 925 921 1,084 1,085 997 1,235 1,392 1,680 2,096 2,237 2,374 +10.3%
Net debt 180 (58) 53 153 (69) 64 11 (182) (766) (722) (335) n/m
Shareholders’ equity 1,252 1,551 1,602 1,715 1,780 1,997 2,248 2,616 3,064 3,222 3,473 +11.1%
Returns, %
Returns, % ROA 9.17 9.73 10.61 9.56 9.78 13.70 16.73 14.86 13.07 11.18 9.00 +2.0 pt
ROIC 15.09 14.82 14.05 12.28 14.66 19.05 23.01 20.41 21.26 18.01 13.64 +2.9 pt
ROE 13.68 13.61 14.16 13.60 14.10 20.21 25.90 22.05 18.88 15.81 13.19 +2.1 pt
People
People Employees 5,050 5,200 5,200 5,800 5,800 6,900 7,275 7,425 7,295 7,050 — +3.8%
Revenue/emp, $m 0.84 0.83 0.87 0.82 0.87 0.91 1.00 0.98 1.04 1.03 — +2.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Watsco, Inc. vs peers in Industrial Distribution (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WCC WESCO International, Inc. $17.9B 23.7× 19.2× +12.98% (above 0%: growing) +10.44% (above 0%: growing) −70.35% (below 0%: shrinking) 21.85% 5.73% Compare
WSO.B Watsco, Inc. $16.0B 26.3× — +2.06% (above 0%: growing) −11.50% (below 0%: shrinking) +17.57% (above 0%: growing) 27.50% 11.32% Compare
WSO Watsco, Inc. $12.6B 26.3× 26.4× +2.06% (above 0%: growing) −11.50% (below 0%: shrinking) +17.57% (above 0%: growing) 27.50% 11.32%
QXO QXO, Inc. $11.8B — (loss-making) — (loss-making) +70.30% (above 0%: growing) n/m −27.62% (below 0%: shrinking) 24.74% (1.29%) Compare
AIT Applied Industrial Technologies, Inc. $11.0B 26.4× 24.2× +10.45% (above 0%: growing) +13.03% (above 0%: growing) +15.02% (above 0%: growing) 30.40% 11.78% Compare
CNM Core & Main, Inc. $8.4B 18.2× 16.8× +2.48% (above 0%: growing) +8.45% (above 0%: growing) +83.33% (above 0%: growing) 26.71% 10.58% Compare
POOL Pool Corporation $7.3B 18.9× 18.9× +2.15% (above 0%: growing) −0.19% (below 0%: shrinking) −27.07% (below 0%: shrinking) 29.66% 14.68% Compare
MSM MSC Industrial Direct Company, Inc. $6.9B 29.2× 29.0× +7.82% (above 0%: growing) +41.18% (above 0%: growing) −23.88% (below 0%: shrinking) 41.11% 10.19% Compare
XMTR Xometry, Inc. $5.8B — (loss-making) — (loss-making) +41.05% (above 0%: growing) n/m −41.54% (below 0%: shrinking) 38.01% (2.42%) Compare
Median of peers $9.7B 25.0× 19.2× +9.14% +9.45% −25.48% 28.58% 10.39%

All 25 Industrial Distribution stocks →

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 833.62k (272.07m) 170.85
2024 6.38m 186.36m 234.18
2023 11.06m 265.78m 206.89
2022 11.09m (80.04m) 116.89
2021 10.67m 199.63m 142.06

Ownership

Directors and executive officers, together 55.70%
Albert H. Nahmad 46.80%
Aaron J. Nahmad 6.10%
Capital International Investors 5.10%
BlackRock, Inc. 4.10%
FMR LLC 2.10%
Abigail P. Johnson 2.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Watsco, Inc. (WSO) Latest News

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stockrow.com/WSO · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com