Revenue
$7.24B
Fiscal year ended 2025-12-31Operating income
$720.35M
Fiscal year ended 2025-12-31Free cash flow
$535.06M
Fiscal year ended 2025-12-31Valuation, from the filing
| Public float | $15.62B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float / net income | 31.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 2.2× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 4.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
31.4× earnings today, against a median of 22.9× across 10 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $15.62B | 31.4× | |
| 2024-06-30 | $16.28B | 30.4× | |
| 2023-06-30 | $12.93B | 24.1× | |
| 2022-06-30 | $8.07B | 13.4× | |
| 2021-06-30 | $9.65B | 23.0× | |
| 2020-06-30 | $5.94B | 22.0× | |
| 2019-06-28 | $5.33B | 21.7× | |
| 2018-06-29 | $5.77B | 23.7× | |
| 2017-06-30 | $4.74B | 22.8× | |
| 2016-06-30 | $3.69B | 20.2× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
WATSCO INC (WSO) reported revenue of $7.24B and net income of $496.99M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from WATSCO INC’s SEC filings, each linked to the filing it came from.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.24B | $7.62B | $7.28B | $7.27B | $6.28B | $5.05B | $4.77B | $4.55B | $4.34B | $4.22B |
| Cost of revenue | $5.21B | $5.57B | $5.29B | $5.24B | $4.61B | $3.83B | $3.61B | $3.43B | $3.28B | $3.19B |
| Gross profit | $2.03B | $2.04B | $1.99B | $2.03B | $1.67B | $1.22B | $1.16B | $1.12B | $1.07B | $1.03B |
| Operating income | $720.35M | $781.78M | $794.81M | $831.58M | $628.53M | $401.03M | $366.88M | $372.08M | $353.87M | $345.63M |
| Net income | $496.99M | $536.29M | $536.34M | $601.17M | $418.94M | $269.58M | $245.95M | $242.93M | $208.22M | $182.81M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 37.90M | shares 37.51M | shares 36.53M | Unavailable | shares 35.42M | shares 35.15M | shares 34.68M | shares 34.37M | shares 32.86M | shares 32.62M |
| Pretax income | $737.68M | $802.64M | $789.89M | $829.41M | $627.53M | $399.80M | $362.85M | $369.34M | $347.51M | $341.92M |
| Income tax expense | $150.09M | $166.90M | $155.75M | $125.72M | $128.80M | $76.62M | $67.08M | $72.81M | $90.22M | $105.94M |
| Diluted EPS | $12.25 | $13.30 | $13.67 | $15.41 | $10.78 | $7.01 | $6.50 | $6.49 | $5.81 | $5.15 |
| Selling, general & administrative | $1.34B | $1.29B | $1.22B | $1.22B | $1.06B | $833.05M | $800.33M | $757.45M | $715.67M | $688.95M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $433.28M | $526.27M | $210.11M | $147.50M | $118.27M | $146.07M | $74.45M | $82.89M | $80.50M | $56.01M |
| Total assets | $4.41B | $4.48B | $3.73B | $3.49B | $3.09B | $2.48B | $2.56B | $2.16B | $2.05B | $1.87B |
| Current assets | $2.95B | $3.08B | $2.39B | $2.30B | $1.96B | $1.48B | $1.55B | $1.44B | $1.34B | $1.24B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $717.74M | $983.90M | $712.01M | $906.52M | $726.72M | $487.14M | $461.72M | $357.57M | $416.48M | $314.89M |
| Total equity incl. NCI | $3.22B | $3.06B | $2.62B | $2.25B | $2.00B | $1.78B | $1.71B | $1.60B | $1.55B | $1.25B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $1.39B | $1.39B | $1.35B | $1.37B | $1.12B | $781.30M | $920.79M | $837.13M | $761.31M | $685.01M |
| Accounts receivable | $796.18M | $877.94M | $797.83M | $747.11M | $698.46M | $535.29M | $533.81M | $501.91M | $478.13M | $475.97M |
| Goodwill | $462.51M | $451.86M | $457.15M | $430.71M | $434.02M | $412.49M | $412.49M | $411.22M | $382.73M | $379.74M |
| Long-term debt | $361.64M | $337.19M | $304.53M | $243.53M | $285.21M | $144.34M | $311.98M | $135.75M | $22.08M | $235.64M |
| Accounts payable | $350.42M | $490.88M | $369.40M | $456.13M | $364.18M | $251.55M | $239.67M | $200.23M | $230.48M | $185.48M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $569.61M | $773.10M | $561.95M | $571.96M | $349.57M | $534.38M | $335.77M | $170.56M | $306.52M | $281.73M |
| Capital expenditures | $34.55M | $30.09M | $35.48M | $35.65M | $25.46M | $16.44M | $17.80M | $17.15M | $17.88M | $43.58M |
| Investing cash flow | -$98.12M | -$290.67M | -$41.34M | -$33.84M | -$148.58M | -$16.34M | -$81.04M | -$26.31M | -$81.31M | -$42.83M |
| Financing cash flow | -$568.12M | -$158.53M | -$460.08M | -$503.96M | -$228.60M | -$448.49M | -$264.02M | -$139.60M | -$202.14M | -$217.89M |
| Net change in cash | -$92.99M | $316.16M | $62.61M | $29.24M | -$27.80M | $71.61M | -$8.44M | $2.40M | $24.49M | $20.78M |
| Stock-based compensation | $35.34M | $35.02M | $30.00M | $28.82M | $25.36M | $22.13M | $17.03M | $15.51M | $13.29M | $12.32M |
| Common dividends paid | $473.76M | $423.52M | $382.65M | $332.45M | $294.52M | $265.71M | $241.41M | $209.22M | $164.15M | $127.60M |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $43.75M | $40.82M | $35.09M | $31.68M | $28.13M | $25.91M | $24.51M | $22.10M | $22.03M | $20.07M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $535.06M | $743.01M | $526.48M | $536.31M | $324.10M | $517.94M | $317.97M | $153.40M | $288.64M | $238.15M |
| Gross margin | 28.0% | 26.8% | 27.4% | 27.9% | 26.6% | 24.2% | 24.3% | 24.6% | 24.5% | 24.5% |
| Operating margin | 10.0% | 10.3% | 10.9% | 11.4% | 10.0% | 7.9% | 7.7% | 8.2% | 8.2% | 8.2% |
| FCF margin | 7.4% | 9.8% | 7.2% | 7.4% | 5.2% | 10.2% | 6.7% | 3.4% | 6.6% | 5.6% |
| SBC / revenue | 0.5% | 0.5% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.3% | 0.3% |
| Current ratio | 4.12x | 3.13x | 3.36x | 2.54x | 2.70x | 3.05x | 3.35x | 4.03x | 3.21x | 3.94x |
| Revenue YoY growth | -5.0% | 4.6% | 0.1% | 15.8% | 24.2% | 6.0% | 4.9% | 4.7% | 2.9% | Unavailable |
| Net margin | 6.9% | 7.0% | 7.4% | 8.3% | 6.7% | 5.3% | 5.2% | 5.3% | 4.8% | 4.3% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 0.5% | 0.4% | 0.5% | 0.5% | 0.4% | 0.3% | 0.4% | 0.4% | 0.4% | 1.0% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 20.3% | 20.8% | 19.7% | 15.2% | 20.5% | 19.2% | 18.5% | 19.7% | 26.0% | 31.0% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open WSO in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-07View SEC filing
10-Q · Filed 2026-05-08View SEC filing
10-K · Filed 2026-02-27View SEC filing
10-Q · Filed 2025-11-07View SEC filing
10-Q · Filed 2025-08-08View SEC filing
10-Q · Filed 2025-05-09View SEC filing
Companies in the same industry
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.