Watsco Inc (WSO)
Watsco, Inc., together with its subsidiaries, engages in the distribution of air conditioning, heating, and refrigeration equipment, and related parts and supplies in the United States, Canada, Latin America, and the Caribbean. It distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment. The company also offers parts comprising replacement compressors, evaporator coils, motors, and other component parts; and supplies, such as thermostats, insulation materials, refrigerants, ductworks, grills, registers, sheet metals, tools, copper tubing, concrete pads, tapes, adhesives, and other ancillary supplies, as well as plumbing and bathroom remodeling supplies. It serves contractors and dealers that service the replacement and new construction markets for residential and light commercial central air conditioning, heating, and refrigeration systems. Watsco, Inc. was incorporated in 1956 and is headquartered in Miami, Florida.
- Symbol
- WSO
- Exchange
- NYSE
- Sector
- Industrials
- Industry
- Industrial Distribution
- Market cap
- $12.42B
- 52 week range
- 295.75 - 459
Valuation
- Share price
- $325.37 (close of 2026-09-23)
- P/E (TTM)
- 27.88x
- Price to book
- 3.58x
- Price to free cash flow
- 17.82x
- Enterprise value
- $12.50B
- Book value per share
- $91.01
Price performance
| Period | Change |
|---|
| 1 day | +2.42% |
| 5 days | +7.50% |
| 1 month | +4.31% |
| 3 months | -16.08% |
| 6 months | -15.55% |
| Year to date | -3.44% |
| 1 year | -17.74% |
| 3 years | -8.70% |
| 5 years | +16.80% |
| 10 years | +130.89% |
| All time | +15247.64% |
Profitability and growth
- Return on equity
- 15.42%
- Return on invested capital
- 19.22%
- Return on assets
- 11.26%
- Return on capital employed
- 19.48%
- Gross margin
- 28.05%
- Net margin
- 6.87%
- EBITDA margin
- 10.55%
- Revenue growth
- -4.98%
- Net income growth
- -7.33%
- Free cash flow growth
- -27.99%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 5.61%
- Current ratio
- 3.20x
- Net debt to EBITDA
- 0.10x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $7.24B
- Cost of revenue
- $5.21B
- Gross profit
- $2.03B
- EBITDA
- $764.10M
- Net income
- $496.99M
- Earnings per share
- $12.27
- Shares outstanding
- 37.84M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $7.24B | $2.03B | $496.99M | $12.27 |
| 2024-12-31 | $7.62B | $2.04B | $536.29M | $13.34 |
| 2023-12-31 | $7.28B | $1.99B | $536.34M | $13.72 |
| 2022-12-31 | $7.27B | $2.03B | $601.17M | $15.46 |
| 2021-12-31 | $6.28B | $1.67B | $418.94M | $10.83 |
| 2020-12-31 | $5.05B | $1.22B | $269.58M | $7.03 |
| 2019-12-31 | $4.77B | $1.16B | $245.95M | $6.51 |
| 2018-12-31 | $4.55B | $1.12B | $242.93M | $6.50 |
| 2017-12-31 | $4.34B | $1.07B | $208.22M | $5.81 |
| 2016-12-31 | $4.22B | $1.03B | $182.81M | $5.16 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 28.05% | 6.87% | 15.42% | 19.22% |
| 2024-12-31 | 26.84% | 7.04% | 17.50% | 22.52% |
| 2023-12-31 | 27.35% | 7.36% | 20.50% | 22.74% |
| 2022-12-31 | 27.91% | 8.26% | 26.74% | 28.33% |
| 2021-12-31 | 26.55% | 6.67% | 20.97% | 23.16% |
| 2020-12-31 | 24.19% | 5.33% | 15.15% | 19.80% |
| 2019-12-31 | 24.25% | 5.16% | 14.34% | 16.08% |
| 2018-12-31 | 24.64% | 5.34% | 15.17% | 19.70% |
| 2017-12-31 | 24.54% | 4.80% | 13.43% | 17.93% |
| 2016-12-31 | 24.51% | 4.33% | 14.60% | 20.05% |
Cash and debt by year
| Period end | Cash |
|---|
| 2025-12-31 | $733.28M |
| 2024-12-31 | $781.94M |
| 2023-12-31 | $210.11M |
| 2022-12-31 | $147.50M |
| 2021-12-31 | $118.27M |
| 2020-12-31 | $146.07M |
| 2019-12-31 | $74.45M |
| 2018-12-31 | $82.89M |
| 2017-12-31 | $80.50M |
| 2016-12-31 | $56.01M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $535.06M | $35.34M |
| 2024-12-31 | $743.01M | $35.02M |
| 2023-12-31 | $526.48M | $30.00M |
| 2022-12-31 | $536.31M | $28.82M |
| 2021-12-31 | $324.10M | $25.36M |
| 2020-12-31 | $517.94M | $22.13M |
| 2019-12-31 | $317.97M | $17.03M |
| 2018-12-31 | $153.40M | $15.51M |
| 2017-12-31 | $288.64M | $13.29M |
| 2016-12-31 | $238.15M | $12.32M |
Dividend history
- Most recent payment
- 2026-07-16
- Paid in the last twelve months
- $12.60
| Payment date | Dividend per share |
|---|
| 2026-07-16 | $3.30 |
| 2026-04-16 | $3.30 |
| 2026-01-16 | $3.00 |
| 2025-10-16 | $3.00 |
| 2025-07-16 | $3.00 |
| 2025-04-15 | $3.00 |
| 2025-01-17 | $2.70 |
| 2024-10-16 | $2.70 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-04
- Consensus EPS estimate
- $4.15
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-29 | Jun/2026 | $4.38 |
| 2026-04-28 | - | - |
| 2026-02-17 | - | - |
| 2025-10-29 | - | - |
| 2025-07-30 | - | - |
| 2025-04-23 | - | - |
| 2025-02-18 | - | - |
| 2024-10-23 | - | - |
Filings and sources
- Company website
- watsco.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
Similar companies
W.W. Grainger, Inc. (GWW) · Fastenal Co (FAST) · Pool Corp (POOL) · General Electric Co (GE) · RTX Corp (RTX) · Boeing Co (BA) · Lockheed Martin Corp (LMT) · Howmet Aerospace Inc. (HWM)
All Industrials companies
Understanding these figures
Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
Explore
Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades