Watsco is the largest HVAC and refrigeration products distributor in North America with approximately 13% market share. The company primarily operates in the United States (90% of revenue) with significant exposure in the Sunbelt states. Watsco also has operations in Canada, Latin America, and the Caribbean. The company's customer base comprises more than 120,000 dealers and contractors serving the replacement and new-construction HVAC/R markets for residential and light-commercial applications. As much as 20% of residential HVAC units are distributed through Watsco in any given year. Revenue is approximately 75%-80% residential HVAC and 20%-25% commercial, with relatively small exposure to more complex "applied" solutions.
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The chart shows the growth of an initial investment of $10,000 in Watsco, Inc., comparing it to the performance of the S&P 500 index.
All prices have been adjusted for splits and dividends.
Watsco, Inc. (WSO) has returned 9.31% so far this year and -20.12% over the past 12 months. Looking at the last ten years, WSO has achieved an annualized return of 10.75%, underperforming the Benchmark (SPY), which averaged 12.23% per year.
The table below presents the monthly returns of Watsco, Inc. (WSO) with color gradation from worst to best to easily spot seasonal factors.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 14.07% | 8.30% | -11.65% | 1.50% | ||||||||
| 2025 | -0.22% | 8.00% | 1.00% | -9.82% | -3.51% | 0.07% | 2.29% | -10.22% | 1.84% | -9.02% | -5.71% | -1.30% |
| 2024 | -7.54% | 0.48% | 9.56% | 3.56% | 6.48% | -3.47% | 5.05% | -2.59% | 3.76% | -4.04% | 16.15% | -14.20% |
| 2023 | 13.16% | 6.61% | 4.43% | 9.34% | -6.47% | 18.29% | -0.70% | 1.52% | 3.17% | -7.40% | 9.68% | 11.78% |
| 2022 | -10.14% | -3.66% | 12.29% | -12.27% | -3.71% | -7.09% | 14.82% | 0.11% | -4.64% | 3.54% | -1.43% | -7.96% |
| 2021 | 4.41% | 1.80% | 4.10% | 11.19% | -1.10% | -1.97% | -1.79% | -1.66% | -5.11% | 8.51% | 0.79% | 5.80% |
| 2020 | -3.96% | -10.36% | 0.26% | 4.89% | 12.01% | -0.07% | 32.96% | 3.49% | -4.94% | -4.34% | 0.65% | -0.83% |
| 2019 | 4.78% | -2.17% | -1.28% | 9.82% | -1.21% | 3.74% | -1.64% | 0.53% | 4.21% | 3.80% | 0.37% | 1.13% |
| 2018 | 5.58% | -7.65% | 9.33% | -7.18% | 9.95% | -3.98% | -2.57% | 1.83% | 1.74% | -17.30% | 3.23% | -10.23% |
| 2017 | 3.22% | -3.24% | -3.87% | -3.26% | 1.65% | 8.91% | -2.95% | -2.55% | 9.20% | 3.31% | 0.17% | 1.32% |
| 2016 | 0.34% | -0.78% | 4.33% | 2.54% | 2.89% | -4.87% | -2.75% | 8.81% | -0.69% |
The charts below present risk-adjusted performance metrics for Watsco, Inc. (WSO) and compare them to a Benchmark (SPY). These indicators evaluate an investment's returns against its associated risks.
The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.
These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns.
The chart below shows the rolling Sharpe ratio of WSO compared to the benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.
The current Watsco, Inc. volatility is 2.63%, representing the standart deviation of percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
The Drawdowns chart displays portfolio losses from any high point along the way. It shows the maximum percentage drop from a peak to a trough over a specified period, indicating the risk of significant losses.
Although chart shows positive values, it represents the percentage drop from the peak, so a value of 10% means the portfolio has dropped 10% from its highest point.
The income statement provides a summary of a company's revenues, expenses, and profits over a specific period. It shows how much money the company earned (revenues) and how much it spent (expenses), leading to the net income or profit. This statement is crucial for understanding a company's financial performance and profitability.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities And Equity (USD) | 4.41B | 4.48B | 3.73B | 3.49B | 3.09B | 2.48B | 2.56B | 2.16B | 2.05B | 1.87B | 1.79B | 1.79B | 1.67B | 1.68B | 1.27B | 1.24B |
| Equity Attributable To Parent (USD) | 2.78B | 2.66B | 2.23B | 1.89B | 1.66B | 1.49B | 1.44B | 1.35B | 1.30B | 1.01B | 957.31M | 883.96M | 840.40M | 748.21M | 802.79M | 764.46M |
| Equity Attributable To Noncontrolling Interest (USD) | 440.69M | 407.25M | 386.35M | 359.04M | 332.47M | 293.08M | 279.34M | 253.86M | 253.02M | 245.92M | 246.41M | 248.08M | 287.00M | 273.83M | 198.92M | 164.44M |
| Equity (USD) | 3.22B | 3.06B | 2.62B | 2.25B | 2.00B | 1.78B | 1.71B | 1.60B | 1.55B | 1.25B | 1.20B | 1.13B | 1.13B | 1.02B | 1.00B | 928.90M |
| Noncurrent Liabilities (USD) | 475.00M | 431.38M | 400.98M | 333.41M | 361.72M | 217.44M | 379.68M | 201.75M | 79.42M | 308.01M | 314.42M | 372.01M | 298.63M | 377.66M | 43.40M | 42.33M |
| Other Current Liabilities (USD) | 367.32M | 493.02M | 342.62M | 450.39M | 362.54M | 235.59M | 222.05M | 157.34M | 186.00M | 129.41M | 125.14M | 113.66M | 102.40M | 97.40M | 95.68M | 83.82M |
| Accounts Payable (USD) | 350.43M | 490.88M | 369.40M | 456.13M | 364.19M | 251.55M | 239.67M | 200.23M | 230.48M | 185.48M | 145.16M | 173.36M | 141.10M | 184.96M | 127.36M | 182.19M |
| Current Liabilities (USD) | 717.74M | 983.90M | 712.01M | 906.52M | 726.72M | 487.15M | 461.72M | 357.57M | 416.48M | 314.89M | 270.30M | 287.02M | 243.51M | 282.36M | 223.04M | 266.01M |
| Liabilities (USD) | 1.19B | 1.42B | 1.11B | 1.24B | 1.09B | 704.59M | 841.39M | 559.32M | 495.90M | 622.90M | 584.72M | 659.03M | 542.14M | 660.02M | 266.44M | 308.33M |
| Other Non-current Assets (USD) | 1.11B | 1.05B | 982.88M | 888.86M | 826.55M | 731.75M | 738.90M | 480.33M | 457.22M | 385.43M | 383.98M | 393.78M | 399.17M | 404.26M | 325.15M | 311.38M |
| Intangible Assets (USD) | 210.43M | 208.47M | 218.15M | 175.19M | 186.90M | 169.93M | 172.00M | 147.85M | 161.07M | 158.56M | 160.48M | 186.48M | 203.84M | 219.50M | 75.37M | 56.63M |
| Fixed Assets (USD) | 136.01M | 140.54M | 136.23M | 125.42M | 111.02M | 98.23M | 98.52M | 91.05M | 91.20M | 90.50M | 62.72M | 53.48M | 45.42M | 42.84M | 39.46M | 31.22M |
| Noncurrent Assets (USD) | 1.46B | 1.40B | 1.34B | 1.19B | 1.12B | 999.90M | 1.01B | 719.23M | 709.48M | 634.49M | 607.18M | 633.73M | 648.43M | 666.60M | 439.97M | 399.22M |
| Other Current Assets (USD) | 1.57B | 1.69B | 1.04B | 928.57M | 845.93M | 703.15M | 625.94M | 604.68M | 576.08M | 555.15M | 507.30M | 479.35M | 437.95M | 469.37M | 362.83M | 446.08M |
| Inventory (USD) | 1.39B | 1.39B | 1.35B | 1.37B | 1.12B | 781.30M | 920.79M | 837.13M | 761.31M | 685.01M | 673.97M | 677.99M | 583.15M | 546.08M | 465.35M | 391.93M |
| Current Assets (USD) | 2.95B | 3.08B | 2.39B | 2.30B | 1.96B | 1.48B | 1.55B | 1.44B | 1.34B | 1.24B | 1.18B | 1.16B | 1.02B | 1.02B | 828.18M | 838.00M |
| Assets (USD) | 4.41B | 4.48B | 3.73B | 3.49B | 3.09B | 2.48B | 2.56B | 2.16B | 2.05B | 1.87B | 1.79B | 1.79B | 1.67B | 1.68B | 1.27B | 1.24B |
Watsco, Inc. (NYSE:WSO) announced a regular quarterly cash dividend of $3.30 per share, representing a 10% increase to an annual rate of $13.20. The company has paid dividends for 52 consecutive years and attributes the increase to its strong financial position, solid balance sheet, and confidence in its business. Watsco is investing in AI-driven initiatives and digital platforms to enhance customer experience and capture market share in the HVAC/R distribution industry.
Watsco, the largest North American HVAC distributor, reported record full-year gross margin of 28.0% and record Q4 operating cash flow of $400 million despite a 5% revenue decline to $7.24 billion. The company successfully reduced inventory by 30% to $1.4 billion after the A2L refrigerant transition and increased its annual dividend by 10% to $13.20 per share. With $780 million in cash and no debt, Watsco is positioned for growth through technology investments and its fragmented market opportunity.
Watsco Inc. announced a 10% increase in its annual dividend to $13.20 per share, effective with the April 2026 quarterly payment. The increase reflects the company's confidence in its business prospects, supported by strong cash flow and balance sheet. Watsco has maintained consecutive dividend payments for 52 years and remains the largest HVAC/R distributor in North America.
Watsco, Inc. announced it will hold a conference call on February 17, 2026 at 10:00 a.m. ET to discuss its 2025 fourth quarter performance and annual results. The earnings will be released before market open, with prepared remarks followed by a Q&A session with senior management. The company also declared a $3.00 quarterly dividend.
Watsco Inc. (NYSE:WSO) announced a regular quarterly cash dividend of $3.00 per share, payable on January 30, 2026 to shareholders of record as of January 16, 2026. This marks the company's 52nd consecutive year of dividend payments. Watsco, the largest distributor in the North American HVAC/R market, maintains a conservative balance sheet while investing in growth and AI-driven initiatives.
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