Watsco (WSO) Financials

$508.22 -3.60 (-0.70%)

As of 01:52 PM Eastern

Annual Income Statements for Watsco

This table shows Watsco's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	173	183	208	243	246	270	419	601	536	536
Consolidated Net Income / (Loss)	227	236	257	297	296	323	499	704	634	636
Net Income / (Loss) Continuing Operations	227	236	257	297	296	323	499	704	634	636
Total Pre-Tax Income	331	342	348	369	363	400	628	829	790	803
Total Operating Income	337	346	350	372	367	390	629	832	795	782
Total Gross Profit	1,007	1,035	1,066	1,120	1,157	1,223	1,668	2,030	1,992	2,045
Total Revenue	4,113	4,221	4,342	4,547	4,770	5,055	6,280	7,274	7,284	7,618
Operating Revenue	4,113	4,221	4,342	4,547	4,770	5,055	6,280	7,274	7,284	7,618
Total Cost of Revenue	3,106	3,186	3,276	3,426	3,613	3,832	4,613	5,244	5,292	5,574
Operating Cost of Revenue	3,106	3,186	3,276	3,426	3,613	3,832	4,613	5,244	5,292	5,574
Total Operating Expenses	671	689	716	757	790	833	1,058	1,221	1,224	1,293
Selling, General & Admin Expense	671	689	716	757	800	833	1,058	1,221	1,224	1,293
Total Other Income / (Expense), net	-5.55	-3.71	-2.48	6.54	-4.03	10	18	21	21	51
Interest Expense	5.55	3.71	6.36	2.74	4.03	1.24	1.00	2.17	4.92	-21
Interest & Investment Income	-	0.00	3.89	9.28	-	11	19	23	26	31
Income Tax Expense	105	106	90	73	67	77	129	126	156	167
Net Income / (Loss) Attributable to Noncontrolling Interest	54	53	49	54	50	54	80	103	98	99
Basic Earnings per Share	$4.91	$5.16	$5.81	$6.50	$6.51	$7.03	$10.83	$15.46	$13.72	$13.34
Weighted Average Basic Shares Outstanding	35.20M	35.40M	35.80M	37.40M	38.28M	38.61M	38.87M	38.83M	39.50M	40.41M
Diluted Earnings per Share	$4.90	$5.15	$5.81	$6.49	$6.50	$7.01	$10.78	$15.41	$13.67	$13.30
Weighted Average Diluted Shares Outstanding	35.20M	35.40M	35.80M	37.40M	38.28M	38.61M	38.87M	38.83M	39.50M	40.41M
Weighted Average Basic & Diluted Shares Outstanding	35.20M	35.40M	35.80M	37.40M	38.28M	38.61M	38.87M	38.83M	39.50M	40.41M
Cash Dividends to Common per Share	$2.80	$3.60	$4.60	$5.60	$6.40	$6.93	$7.63	$8.55	$9.80	$10.55

This table shows Watsco's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	158	138	110	173	171	83	87	181	171	97
Consolidated Net Income / (Loss)	186	157	130	205	201	98	104	215	202	115
Net Income / (Loss) Continuing Operations	186	157	130	205	201	98	104	215	202	115
Total Pre-Tax Income	236	137	164	262	255	109	129	274	257	143
Total Operating Income	236	141	165	266	257	108	127	269	250	136
Total Gross Profit	551	434	448	563	567	414	431	580	566	468
Total Revenue	2,036	1,581	1,551	2,003	2,127	1,603	1,565	2,139	2,160	1,754
Operating Revenue	2,036	1,581	1,551	2,003	2,127	1,603	1,565	2,139	2,160	1,754
Total Cost of Revenue	1,485	1,148	1,102	1,440	1,560	1,189	1,134	1,560	1,594	1,286
Operating Cost of Revenue	1,485	1,148	1,102	1,440	1,560	1,189	1,134	1,560	1,594	1,286
Total Operating Expenses	322	302	287	304	320	312	310	319	326	338
Selling, General & Admin Expense	322	302	287	304	320	312	310	319	326	338
Total Other Income / (Expense), net	6.44	5.37	3.03	3.82	7.62	6.79	7.93	13	17	13
Interest Expense	0.48	0.01	0.62	3.42	1.89	-1.00	-2.47	-4.91	-6.77	-6.71
Interest & Investment Income	6.93	5.38	3.64	7.24	9.51	5.79	5.46	8.07	10	6.59
Income Tax Expense	50	-20	34	57	54	11	25	59	55	28
Net Income / (Loss) Attributable to Noncontrolling Interest	29	19	20	33	30	15	17	33	31	18
Basic Earnings per Share	$4.04	$3.57	$2.84	$4.43	$4.36	$2.09	$2.17	$4.50	$4.24	$2.43
Weighted Average Basic Shares Outstanding	38.74M	38.83M	38.96M	39.07M	39.39M	39.50M	40.30M	40.34M	40.38M	40.41M
Diluted Earnings per Share	$4.03	$3.55	$2.83	$4.42	$4.35	$2.07	$2.17	$4.49	$4.22	$2.42
Weighted Average Diluted Shares Outstanding	38.74M	38.83M	38.96M	39.07M	39.39M	39.50M	40.30M	40.34M	40.38M	40.41M
Weighted Average Basic & Diluted Shares Outstanding	38.74M	38.83M	38.96M	39.07M	39.39M	39.50M	40.30M	40.34M	40.38M	40.41M

This table details how cash moves in and out of Watsco's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	11	21	24	2.40	-8.44	72	-28	29	61	316
Net Cash From Operating Activities	223	282	307	171	336	534	350	572	562	773
Net Cash From Continuing Operating Activities	223	282	307	171	336	530	350	572	562	764
Net Income / (Loss) Continuing Operations	227	236	257	297	296	323	499	704	634	636
Consolidated Net Income / (Loss)	227	236	257	297	296	323	499	704	634	636
Depreciation Expense	19	20	22	22	25	26	28	32	35	41
Non-Cash Adjustments To Reconcile Net Income	14	18	14	12	14	14	18	20	20	9.57
Changes in Operating Assets and Liabilities, net	-37	7.72	13	-160	1.07	167	-196	-183	-127	78
Net Cash From Investing Activities	-23	-43	-81	-26	-81	-16	-149	-34	-41	-291
Net Cash From Continuing Investing Activities	-23	-43	-81	-26	-81	-16	-149	-34	-41	-291
Purchase of Property, Plant & Equipment	-24	-44	-18	-17	-18	-16	-25	-36	-35	-30
Acquisitions	-	-	-64	-9.39	-65	0.00	-129	-0.05	-6.67	-5.17
Purchase of Investments	-	-	-	-	-	-	-	0.00	0.00	-256
Sale of Property, Plant & Equipment	0.76	0.74	0.17	0.23	1.38	0.09	1.36	1.86	1.31	0.26
Net Cash From Financing Activities	-188	-218	-202	-140	-264	-448	-229	-504	-460	-159
Net Cash From Continuing Financing Activities	-188	-218	-202	-140	-264	-291	-229	-501	-460	-150
Repayment of Debt	-56	-10	-214	-0.52	19	-0.20	87	-33	-57	0.00
Payment of Dividends	-138	-167	-207	-256	-281	-308	-357	-402	-456	-424
Issuance of Common Equity	5.96	5.65	18	7.34	14	19	21	20	45	313
Other Financing Activities, net	0.96	-47	200	-3.78	-17	-2.30	20	-87	-6.87	-40
Effect of Exchange Rate Changes	-1.34	-0.23	1.42	-2.25	0.85	2.07	-	-	-	-7.74

This table details how cash moves in and out of Watsco's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	1.18	17	-6.55	22	12	33	69	-54	72	230
Net Cash From Operating Activities	286	213	-47	-42	353	299	104	58	233	379
Net Cash From Continuing Operating Activities	286	213	-47	-42	353	299	104	58	233	370
Net Income / (Loss) Continuing Operations	186	157	130	205	201	98	104	215	202	115
Consolidated Net Income / (Loss)	186	157	130	205	201	98	104	215	202	115
Depreciation Expense	8.06	8.24	8.18	8.43	8.79	9.68	9.88	10	10	10
Non-Cash Adjustments To Reconcile Net Income	1.56	2.67	14	-1.69	-0.33	7.59	14	0.07	-2.51	-1.50
Changes in Operating Assets and Liabilities, net	90	45	-200	-254	143	184	-24	-167	23	246
Net Cash From Investing Activities	-7.52	-7.43	-10	-7.15	-10	-13	-211	-6.35	-65	-7.95
Net Cash From Continuing Investing Activities	-7.52	-7.43	-10	-7.15	-10	-13	-211	-6.35	-65	-7.95
Purchase of Property, Plant & Equipment	-7.57	-9.13	-7.51	-8.33	-9.67	-9.98	-5.85	-6.42	-9.80	-8.03
Sale of Property, Plant & Equipment	0.06	1.70	0.06	1.18	0.05	0.03	0.06	0.06	0.06	0.08
Net Cash From Financing Activities	-273	-188	51	69	-328	-252	178	-105	-99	-133
Net Cash From Continuing Financing Activities	-271	-188	51	69	-328	-252	180	-106	-99	-125
Payment of Dividends	-86	-154	-95	-95	-96	-170	-97	-109	-109	-109
Issuance of Common Equity	8.41	3.79	8.75	20	6.55	9.32	292	6.48	6.68	7.30
Other Financing Activities, net	-0.29	-85	-2.22	-0.04	-0.39	-4.23	-0.44	-0.77	0.47	-39

This table presents Watsco's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	1,788	1,875	2,047	2,161	2,556	2,484	3,086	3,488	3,729	4,480
Total Current Assets	1,181	1,240	1,337	1,442	1,547	1,484	1,961	2,299	2,392	3,080
Cash & Equivalents	35	56	80	83	74	146	118	148	210	526
Short-Term Investments	-	-	-	-	-	-	-	-	0.00	256
Accounts Receivable	451	476	478	502	534	535	698	747	798	878
Inventories, net	674	685	761	837	921	781	1,115	1,370	1,347	1,385
Other Current Assets	21	23	17	20	18	22	29	34	37	35
Plant, Property, & Equipment, net	63	91	91	91	99	98	111	125	136	141
Total Noncurrent Assets	544	544	618	628	911	902	1,013	1,064	1,201	1,259
Long-Term Investments	-	-	-	80	95	98	115	133	146	169
Goodwill	378	380	383	392	411	412	434	431	457	452
Intangible Assets	160	159	161	148	172	170	187	175	218	208
Other Noncurrent Operating Assets	5.67	5.69	74	8.18	233	221	278	325	379	430
Total Liabilities & Shareholders' Equity	1,788	1,875	2,047	2,161	2,556	2,484	3,086	3,488	3,729	4,480
Total Liabilities	585	623	496	559	841	705	1,088	1,240	1,113	1,415
Total Current Liabilities	270	315	416	358	462	487	727	907	712	984
Short-Term Debt	0.18	0.20	0.24	0.25	69	72	85	147	100	110
Accounts Payable	145	185	230	200	240	252	364	456	369	491
Accrued Expenses	125	129	186	157	153	164	278	303	242	383
Total Noncurrent Liabilities	314	308	79	202	380	217	362	333	401	431
Long-Term Debt	246	236	22	136	156	0.00	89	0.00	15	0.00
Capital Lease Obligations	-	-	-	-	156	144	196	244	289	337
Noncurrent Deferred & Payable Income Tax Liabilities	69	72	57	66	68	73	77	90	96	94
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,204	1,252	1,551	1,602	1,715	1,780	1,997	2,248	2,616	3,064
Total Preferred & Common Equity	957	1,006	1,298	1,348	1,435	1,487	1,665	1,889	2,230	2,657
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	957	1,006	1,298	1,348	1,435	1,487	1,665	1,889	2,230	2,657
Common Stock	623	613	825	853	929	973	1,026	995	1,176	1,494
Retained Earnings	495	550	595	628	633	636	761	1,030	1,183	1,296
Treasury Stock	-114	-114	-87	-87	-87	-87	-87	-87	-87	-73
Accumulated Other Comprehensive Income / (Loss)	-47	-44	-34	-46	-39	-35	-34	-48	-42	-60
Noncontrolling Interest	246	246	253	254	279	293	332	359	386	407

This table presents Watsco's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	3,585	3,801	4,103	4,039	4,357	4,395	4,517
Total Current Assets	2,410	2,598	2,883	2,731	2,998	3,034	3,133
Cash & Equivalents	130	141	163	175	279	225	294
Short-Term Investments	-	-	-	-	200	200	256
Accounts Receivable	860	811	991	949	832	1,001	945
Inventories, net	1,385	1,614	1,689	1,550	1,656	1,573	1,597
Other Current Assets	35	31	40	56	32	35	42
Plant, Property, & Equipment, net	122	127	128	134	138	138	140
Total Noncurrent Assets	1,053	1,076	1,092	1,174	1,220	1,223	1,244
Long-Term Investments	127	136	141	138	152	157	162
Goodwill	430	431	432	492	459	458	459
Intangible Assets	175	174	176	172	214	212	212
Other Noncurrent Operating Assets	320	335	344	373	395	396	412
Total Liabilities & Shareholders' Equity	3,585	3,801	4,103	4,039	4,357	4,395	4,517
Total Liabilities	1,268	1,492	1,651	1,373	1,430	1,351	1,356
Total Current Liabilities	940	953	956	888	1,026	945	933
Short-Term Debt	89	93	93	99	103	104	107
Accounts Payable	474	593	602	509	688	564	549
Accrued Expenses	376	267	260	280	236	277	276
Total Noncurrent Liabilities	329	539	695	486	403	406	422
Long-Term Debt	8.80	198	343	106	0.00	0.00	0.00
Capital Lease Obligations	238	251	259	285	306	307	321
Noncurrent Deferred & Payable Income Tax Liabilities	82	91	93	95	97	99	101
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,316	2,308	2,452	2,666	2,928	3,044	3,162
Total Preferred & Common Equity	1,909	1,929	2,038	2,224	2,526	2,611	2,696
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,909	1,929	2,038	2,224	2,526	2,611	2,696
Common Stock	1,069	1,019	1,045	1,161	1,475	1,489	1,509
Retained Earnings	977	1,045	1,122	1,197	1,173	1,246	1,308
Treasury Stock	-87	-87	-87	-87	-74	-74	-74
Accumulated Other Comprehensive Income / (Loss)	-50	-48	-43	-47	-48	-50	-47
Noncontrolling Interest	407	379	414	442	401	433	465

This table displays calculated financial ratios and metrics derived from Watsco's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.28%	2.61%	2.87%	4.71%	4.92%	5.97%	24.24%	15.83%	0.13%	4.59%
EBITDA Growth	9.95%	2.76%	1.73%	5.96%	-0.71%	6.20%	57.97%	31.46%	-3.86%	-0.88%
EBIT Growth	10.14%	2.64%	1.26%	6.31%	-1.40%	6.24%	61.26%	32.31%	-4.42%	-1.64%
NOPAT Growth	8.48%	3.57%	8.63%	15.28%	0.11%	5.35%	58.55%	41.24%	-9.56%	-2.96%
Net Income Growth	8.54%	4.18%	9.03%	15.25%	-0.25%	9.26%	54.32%	41.10%	-9.88%	0.25%
EPS Growth	13.43%	5.10%	12.82%	11.70%	0.15%	7.85%	53.78%	42.95%	-11.29%	-2.71%
Operating Cash Flow Growth	53.71%	26.42%	8.80%	-44.36%	96.87%	59.15%	-34.58%	63.62%	-1.75%	37.57%
Free Cash Flow Firm Growth	63.36%	-2.65%	-10.64%	9.59%	-124.51%	1,021.68%	-76.03%	309.57%	-31.00%	117.71%
Invested Capital Growth	0.20%	1.21%	4.28%	5.48%	22.37%	-9.08%	21.81%	10.52%	12.98%	-3.88%
Revenue Q/Q Growth	0.66%	0.23%	1.18%	0.60%	1.73%	1.66%	6.03%	0.96%	0.30%	2.02%
EBITDA Q/Q Growth	0.72%	1.09%	0.60%	1.88%	-2.26%	0.37%	11.04%	2.27%	-3.72%	3.69%
EBIT Q/Q Growth	0.67%	1.13%	0.49%	1.98%	-2.65%	0.38%	11.45%	2.23%	-4.04%	3.78%
NOPAT Q/Q Growth	0.56%	1.40%	4.95%	1.25%	-2.37%	-0.49%	10.71%	10.09%	-9.10%	2.16%
Net Income Q/Q Growth	0.69%	1.52%	5.23%	-1.22%	-1.53%	3.88%	8.52%	9.58%	-8.56%	2.82%
EPS Q/Q Growth	1.66%	1.58%	6.80%	-1.82%	-1.07%	3.70%	7.91%	10.70%	-9.77%	2.70%
Operating Cash Flow Q/Q Growth	9.77%	4.58%	-5.63%	-8.89%	12.67%	4.57%	-27.37%	47.12%	17.95%	11.59%
Free Cash Flow Firm Q/Q Growth	11.67%	-9.95%	6.01%	59.46%	27.31%	-23.26%	-31.74%	64.50%	30.25%	26.81%
Invested Capital Q/Q Growth	-5.77%	-3.95%	-3.73%	-7.90%	-7.77%	-0.87%	4.28%	-1.52%	-6.24%	-11.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.49%	24.51%	24.54%	24.64%	24.25%	24.19%	26.55%	27.91%	27.35%	26.84%
EBITDA Margin	8.65%	8.66%	8.57%	8.67%	8.20%	8.22%	10.46%	11.87%	11.39%	10.80%
Operating Margin	8.19%	8.19%	8.06%	8.18%	7.69%	7.71%	10.01%	11.43%	10.91%	10.26%
EBIT Margin	8.19%	8.19%	8.06%	8.18%	7.69%	7.71%	10.01%	11.43%	10.91%	10.26%
Profit (Net Income) Margin	5.51%	5.59%	5.93%	6.52%	6.20%	6.39%	7.94%	9.67%	8.71%	8.34%
Tax Burden Percent	68.39%	69.02%	74.04%	80.29%	81.51%	80.83%	79.48%	84.84%	80.28%	79.21%
Interest Burden Percent	98.35%	98.93%	99.29%	99.26%	98.90%	102.57%	99.84%	99.74%	99.38%	102.67%
Effective Tax Rate	31.61%	30.98%	25.96%	19.71%	18.49%	19.17%	20.52%	15.16%	19.72%	20.79%
Return on Invested Capital (ROIC)	16.30%	16.76%	17.72%	19.48%	17.08%	17.13%	25.71%	31.41%	25.41%	23.70%
ROIC Less NNEP Spread (ROIC-NNEP)	14.75%	15.45%	14.71%	24.64%	13.53%	25.92%	24.25%	29.92%	20.43%	16.43%
Return on Net Nonoperating Assets (RNNOA)	3.10%	2.46%	0.64%	-0.67%	0.76%	1.37%	0.70%	1.74%	0.67%	-1.31%
Return on Equity (ROE)	19.40%	19.22%	18.36%	18.81%	17.84%	18.50%	26.41%	33.15%	26.07%	22.38%
Cash Return on Invested Capital (CROIC)	16.10%	15.56%	13.53%	14.14%	-3.04%	26.64%	6.05%	21.42%	13.22%	27.66%
Operating Return on Assets (OROA)	18.82%	18.87%	17.85%	17.68%	15.56%	15.47%	22.57%	25.30%	22.02%	19.05%
Return on Assets (ROA)	12.66%	12.88%	13.12%	14.09%	12.54%	12.82%	17.91%	21.41%	17.57%	15.49%
Return on Common Equity (ROCE)	15.29%	15.37%	15.09%	15.79%	14.97%	15.47%	22.03%	27.75%	22.08%	19.26%
Return on Equity Simple (ROE_SIMPLE)	23.66%	23.46%	19.82%	22.00%	20.61%	21.74%	29.96%	37.25%	28.44%	23.93%
Net Operating Profit after Tax (NOPAT)	230	239	259	299	299	315	500	706	638	619
NOPAT Margin	5.60%	5.65%	5.97%	6.57%	6.27%	6.23%	7.95%	9.70%	8.76%	8.13%
Net Nonoperating Expense Percent (NNEP)	1.55%	1.31%	3.01%	-5.16%	3.55%	-8.79%	1.45%	1.49%	4.98%	7.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	26.74%	21.12%	17.63%
Cost of Revenue to Revenue	75.51%	75.49%	75.46%	75.36%	75.75%	75.81%	73.45%	72.09%	72.65%	73.16%
SG&A Expenses to Revenue	16.30%	16.32%	16.48%	16.66%	16.78%	16.48%	16.85%	16.79%	16.80%	16.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.30%	16.32%	16.48%	16.66%	16.56%	16.48%	16.85%	16.79%	16.80%	16.98%
Earnings before Interest and Taxes (EBIT)	337	346	350	372	367	390	629	832	795	782
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	356	366	372	394	391	416	657	863	830	823
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.27	4.08	3.76	3.20	4.14	5.27	6.73	4.82	7.35	7.16
Price to Tangible Book Value (P/TBV)	7.49	8.77	6.48	5.35	6.97	8.66	10.73	7.10	10.55	9.53
Price to Revenue (P/Rev)	0.76	0.97	1.12	0.95	1.24	1.55	1.78	1.25	2.25	2.50
Price to Earnings (P/E)	18.12	22.43	23.45	17.78	24.13	29.04	26.75	15.15	30.57	35.49
Dividend Yield	3.15%	3.12%	3.37%	4.85%	4.11%	3.40%	2.64%	3.64%	2.35%	2.24%
Earnings Yield	5.52%	4.46%	4.26%	5.62%	4.14%	3.44%	3.74%	6.60%	3.27%	2.82%
Enterprise Value to Invested Capital (EV/IC)	2.54	3.16	3.40	2.89	3.34	4.62	5.47	4.06	6.32	7.39
Enterprise Value to Revenue (EV/Rev)	0.87	1.07	1.17	1.00	1.35	1.60	1.86	1.32	2.31	2.49
Enterprise Value to EBITDA (EV/EBITDA)	10.09	12.38	13.65	11.53	16.42	19.47	17.78	11.10	20.28	23.02
Enterprise Value to EBIT (EV/EBIT)	10.66	13.10	14.51	12.22	17.52	20.76	18.58	11.52	21.18	24.22
Enterprise Value to NOPAT (EV/NOPAT)	15.59	18.98	19.60	15.22	21.49	25.69	23.37	13.58	26.38	30.58
Enterprise Value to Operating Cash Flow (EV/OCF)	16.11	16.07	16.57	26.65	19.14	15.15	33.40	16.75	29.95	24.49
Enterprise Value to Free Cash Flow (EV/FCFF)	15.79	20.44	25.66	20.96	0.00	16.52	99.40	19.91	50.71	26.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.19	0.01	0.08	0.22	0.12	0.19	0.17	0.15	0.15
Long-Term Debt to Equity	0.20	0.19	0.01	0.08	0.18	0.08	0.14	0.11	0.12	0.11
Financial Leverage	0.21	0.16	0.04	-0.03	0.06	0.05	0.03	0.06	0.03	-0.08
Leverage Ratio	1.53	1.49	1.40	1.33	1.42	1.44	1.47	1.55	1.48	1.45
Compound Leverage Factor	1.51	1.48	1.39	1.32	1.41	1.48	1.47	1.54	1.47	1.48
Debt to Total Capital	16.97%	15.85%	1.42%	7.83%	18.20%	10.83%	15.62%	14.80%	13.40%	12.74%
Short-Term Debt to Total Capital	0.01%	0.01%	0.02%	0.01%	3.31%	3.60%	3.57%	5.57%	3.32%	3.14%
Long-Term Debt to Total Capital	16.96%	15.84%	1.40%	7.81%	14.88%	7.23%	12.05%	9.23%	10.08%	9.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	17.00%	16.53%	16.08%	14.61%	13.33%	14.68%	14.05%	13.61%	12.79%	11.60%
Common Equity to Total Capital	66.03%	67.61%	82.50%	77.56%	68.48%	74.49%	70.34%	71.59%	73.81%	75.66%
Debt to EBITDA	0.69	0.64	0.06	0.35	0.97	0.52	0.56	0.45	0.49	0.54
Net Debt to EBITDA	0.59	0.49	-0.16	-0.07	0.54	-0.07	0.21	0.13	0.06	-0.61
Long-Term Debt to EBITDA	0.69	0.64	0.06	0.34	0.80	0.35	0.43	0.28	0.37	0.41
Debt to NOPAT	1.07	0.99	0.09	0.46	1.28	0.69	0.74	0.55	0.63	0.72
Net Debt to NOPAT	0.92	0.75	-0.22	-0.09	0.71	-0.09	0.27	0.16	0.08	-0.81
Long-Term Debt to NOPAT	1.07	0.99	0.09	0.45	1.04	0.46	0.57	0.35	0.48	0.54
Altman Z-Score	7.14	7.81	9.54	8.31	7.43	10.06	9.71	8.17	12.48	11.31
Noncontrolling Interest Sharing Ratio	21.17%	20.05%	17.80%	16.08%	16.08%	16.38%	16.56%	16.29%	15.32%	13.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.37	3.94	3.21	4.03	3.35	3.05	2.70	2.54	3.36	3.13
Quick Ratio	1.80	1.69	1.34	1.64	1.32	1.40	1.12	0.99	1.42	1.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	227	221	198	217	-53	490	117	481	332	723
Operating Cash Flow to CapEx	971.52%	657.74%	1,730.97%	1,007.72%	2,044.27%	3,269.97%	1,450.00%	1,692.75%	1,644.49%	2,591.87%
Free Cash Flow to Firm to Interest Expense	41.01	59.64	31.10	79.15	-13.18	395.45	117.93	222.21	67.47	0.00
Operating Cash Flow to Interest Expense	40.17	75.88	48.17	62.25	83.28	431.30	350.97	264.19	114.22	0.00
Operating Cash Flow Less CapEx to Interest Expense	36.04	64.34	45.39	56.07	79.20	418.11	326.77	248.58	107.27	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.30	2.30	2.21	2.16	2.02	2.01	2.25	2.21	2.02	1.86
Accounts Receivable Turnover	9.29	9.11	9.10	9.28	9.21	9.46	10.18	10.06	9.43	9.09
Inventory Turnover	4.59	4.69	4.53	4.29	4.11	4.50	4.86	4.22	3.89	4.08
Fixed Asset Turnover	70.80	55.09	47.79	49.90	50.33	51.38	60.03	61.53	55.67	55.05
Accounts Payable Turnover	19.50	19.27	15.75	15.91	16.43	15.60	14.98	12.79	12.82	12.96
Days Sales Outstanding (DSO)	39.28	40.09	40.10	39.34	39.62	38.60	35.85	36.27	38.71	40.14
Days Inventory Outstanding (DIO)	79.44	77.84	80.56	85.14	88.79	81.06	75.05	86.50	93.72	89.48
Days Payable Outstanding (DPO)	18.72	18.94	23.17	22.94	22.22	23.39	24.36	28.55	28.47	28.17
Cash Conversion Cycle (CCC)	100.00	98.99	97.50	101.54	106.19	96.26	86.54	94.22	103.96	101.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,414	1,432	1,493	1,575	1,927	1,752	2,134	2,359	2,665	2,561
Invested Capital Turnover	2.91	2.97	2.97	2.96	2.72	2.75	3.23	3.24	2.90	2.92
Increase / (Decrease) in Invested Capital	2.84	17	61	82	352	-175	382	224	306	-103
Enterprise Value (EV)	3,591	4,527	5,078	4,546	6,427	8,093	11,676	9,578	16,832	18,935
Market Capitalization	3,134	4,101	4,883	4,319	5,936	7,828	11,207	9,109	16,397	19,031
Book Value per Share	$27.13	$28.31	$36.31	$36.01	$37.67	$38.63	$42.94	$48.77	$56.60	$65.80
Tangible Book Value per Share	$11.86	$13.16	$21.10	$21.59	$22.37	$23.50	$26.93	$33.13	$39.46	$49.44
Total Capital	1,450	1,488	1,573	1,738	2,096	1,996	2,367	2,639	3,021	3,512
Total Debt	246	236	22	136	381	216	370	391	405	447
Total Long-Term Debt	246	236	22	136	312	144	285	244	305	337
Net Debt	211	180	-58	-27	212	-28	137	110	48	-503
Capital Expenditures (CapEx)	23	43	18	17	16	16	24	34	34	30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	876	869	841	1,002	1,080	923	1,201	1,392	1,570	1,424
Debt-free Net Working Capital (DFNWC)	911	925	921	1,084	1,154	1,069	1,319	1,539	1,780	2,206
Net Working Capital (NWC)	911	925	921	1,084	1,085	997	1,235	1,392	1,680	2,096
Net Nonoperating Expense (NNE)	3.79	2.56	1.83	2.20	3.29	-8.10	0.79	1.84	3.95	-17
Net Nonoperating Obligations (NNO)	211	180	-58	-27	212	-28	137	110	48	-503
Total Depreciation and Amortization (D&A)	19	20	22	22	25	26	28	32	35	41
Debt-free, Cash-free Net Working Capital to Revenue	21.30%	20.60%	19.36%	22.03%	22.64%	18.26%	19.12%	19.13%	21.56%	18.70%
Debt-free Net Working Capital to Revenue	22.15%	21.93%	21.22%	23.85%	24.20%	21.15%	21.01%	21.16%	24.44%	28.96%
Net Working Capital to Revenue	22.15%	21.92%	21.21%	23.85%	22.74%	19.73%	19.66%	19.14%	23.06%	27.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.91	$5.16	$5.81	$6.50	$6.51	$7.03	$10.83	$15.46	$13.72	$13.34
Adjusted Weighted Average Basic Shares Outstanding	35.33M	35.61M	37.31M	37.53M	38.28M	38.61M	38.87M	38.83M	39.50M	40.41M
Adjusted Diluted Earnings per Share	$4.90	$5.15	$5.81	$6.49	$6.50	$7.01	$10.78	$15.41	$13.67	$13.30
Adjusted Weighted Average Diluted Shares Outstanding	35.33M	35.61M	37.31M	37.53M	38.28M	38.61M	38.87M	38.83M	39.50M	40.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.33M	35.61M	37.31M	37.53M	38.28M	38.61M	38.87M	38.83M	39.50M	40.41M
Normalized Net Operating Profit after Tax (NOPAT)	230	239	259	299	299	315	500	706	638	619
Normalized NOPAT Margin	5.60%	5.65%	5.97%	6.57%	6.27%	6.23%	7.95%	9.70%	8.76%	8.13%
Pre Tax Income Margin	8.05%	8.10%	8.00%	8.12%	7.61%	7.91%	9.99%	11.40%	10.84%	10.54%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	60.71	93.09	55.00	135.80	90.99	314.58	631.05	384.10	161.55	0.00
NOPAT to Interest Expense	41.52	64.25	40.72	109.03	74.17	254.29	501.53	325.88	129.69	0.00
EBIT Less CapEx to Interest Expense	56.57	81.55	52.22	129.62	86.92	301.39	606.85	368.49	154.60	0.00
NOPAT Less CapEx to Interest Expense	37.39	52.71	37.94	102.85	70.10	241.10	477.33	310.27	122.75	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	61.05%	70.56%	80.45%	86.35%	94.90%	95.34%	71.48%	57.07%	71.95%	66.62%
Augmented Payout Ratio	61.05%	70.56%	80.45%	86.35%	94.90%	95.34%	71.48%	57.07%	71.95%	66.62%

This table displays calculated financial ratios and metrics derived from Watsco's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.21%	4.59%	1.78%	-6.12%	4.47%	1.39%	0.93%	6.80%	1.56%	9.40%
EBITDA Growth	14.28%	14.69%	-0.96%	-7.03%	8.63%	-21.43%	-21.11%	1.71%	-1.78%	24.91%
EBIT Growth	14.24%	14.75%	-1.36%	-7.45%	8.62%	-23.70%	-23.19%	1.17%	-2.48%	26.39%
NOPAT Growth	13.05%	68.84%	-0.96%	-8.09%	8.34%	-40.14%	-21.85%	1.31%	-2.86%	13.35%
Net Income Growth	12.94%	64.31%	-3.35%	-8.91%	7.76%	-37.80%	-20.03%	4.50%	0.51%	17.84%
EPS Growth	11.33%	72.33%	-2.41%	-10.34%	7.94%	-41.69%	-23.32%	1.58%	-2.99%	16.91%
Operating Cash Flow Growth	20.19%	612.80%	53.34%	-123.90%	23.34%	40.14%	318.69%	238.26%	-33.97%	26.89%
Free Cash Flow Firm Growth	-41.86%	78.11%	95.09%	-5.29%	-51.34%	-233.97%	-32.96%	218.82%	165.36%	201.89%
Invested Capital Growth	17.03%	10.52%	6.42%	14.48%	18.67%	12.98%	5.24%	1.08%	1.27%	-3.88%
Revenue Q/Q Growth	-4.59%	-22.33%	-1.93%	29.18%	6.18%	-24.62%	-2.38%	36.70%	0.97%	-18.80%
EBITDA Q/Q Growth	-17.15%	-38.82%	15.69%	58.53%	-3.18%	-55.75%	16.17%	104.38%	-6.50%	-43.73%
EBIT Q/Q Growth	-17.71%	-40.22%	16.65%	61.29%	-3.42%	-58.01%	17.44%	112.43%	-6.90%	-45.58%
NOPAT Q/Q Growth	-17.59%	-13.28%	-19.11%	59.01%	-2.87%	-52.09%	5.60%	106.13%	-6.86%	-44.09%
Net Income Q/Q Growth	-17.44%	-15.60%	-17.03%	57.55%	-2.33%	-51.28%	6.67%	105.88%	-6.06%	-42.88%
EPS Q/Q Growth	-18.26%	-11.91%	-20.28%	56.18%	-1.58%	-52.41%	4.83%	106.91%	-6.01%	-42.65%
Operating Cash Flow Q/Q Growth	63.60%	-25.45%	-122.25%	11.94%	944.20%	-15.29%	-65.27%	-44.33%	303.16%	62.78%
Free Cash Flow Firm Q/Q Growth	-12.41%	61.29%	61.14%	-522.62%	-61.59%	14.58%	84.53%	656.40%	-11.12%	33.17%
Invested Capital Q/Q Growth	-3.57%	-1.52%	9.03%	10.57%	-0.05%	-6.24%	1.56%	6.20%	0.15%	-11.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.06%	27.42%	28.90%	28.09%	26.66%	25.85%	27.52%	27.10%	26.21%	26.69%
EBITDA Margin	12.00%	9.45%	11.15%	13.69%	12.48%	7.32%	8.72%	13.03%	12.07%	8.36%
Operating Margin	11.60%	8.93%	10.62%	13.26%	12.07%	6.72%	8.09%	12.56%	11.59%	7.76%
EBIT Margin	11.60%	8.93%	10.62%	13.26%	12.07%	6.72%	8.09%	12.56%	11.59%	7.76%
Profit (Net Income) Margin	9.14%	9.94%	8.41%	10.25%	9.43%	6.10%	6.66%	10.03%	9.34%	6.57%
Tax Burden Percent	78.96%	114.56%	79.43%	78.31%	78.76%	89.88%	80.82%	78.42%	78.46%	80.60%
Interest Burden Percent	99.80%	97.13%	99.63%	98.71%	99.26%	100.93%	101.95%	101.83%	102.71%	104.93%
Effective Tax Rate	21.04%	-14.56%	20.57%	21.69%	21.24%	10.12%	19.18%	21.58%	21.54%	19.40%
Return on Invested Capital (ROIC)	29.73%	33.13%	24.71%	27.97%	26.35%	17.52%	18.07%	25.63%	23.73%	18.25%
ROIC Less NNEP Spread (ROIC-NNEP)	29.00%	29.37%	24.54%	27.15%	25.19%	18.65%	27.59%	29.11%	13.84%	15.87%
Return on Net Nonoperating Assets (RNNOA)	0.69%	1.71%	3.35%	3.81%	1.29%	0.61%	0.22%	1.17%	-0.26%	-1.27%
Return on Equity (ROE)	30.42%	34.84%	28.06%	31.77%	27.64%	18.13%	18.29%	26.80%	23.48%	16.98%
Cash Return on Invested Capital (CROIC)	13.17%	21.42%	22.02%	12.26%	9.73%	13.22%	17.99%	20.34%	19.93%	27.66%
Operating Return on Assets (OROA)	25.05%	19.77%	21.33%	24.11%	22.99%	13.57%	14.47%	21.98%	20.22%	14.41%
Return on Assets (ROA)	19.74%	21.99%	16.88%	18.64%	17.97%	12.31%	11.92%	17.55%	16.29%	12.19%
Return on Common Equity (ROCE)	24.92%	29.17%	23.36%	26.33%	22.93%	15.35%	15.57%	22.66%	19.82%	14.61%
Return on Equity Simple (ROE_SIMPLE)	33.64%	0.00%	36.25%	33.33%	31.18%	0.00%	24.07%	23.64%	22.93%	0.00%
Net Operating Profit after Tax (NOPAT)	187	162	131	208	202	97	102	211	196	110
NOPAT Margin	9.16%	10.23%	8.44%	10.39%	9.50%	6.04%	6.53%	9.85%	9.09%	6.26%
Net Nonoperating Expense Percent (NNEP)	0.74%	3.77%	0.16%	0.82%	1.17%	-1.13%	-9.52%	-3.49%	9.89%	2.38%
Return On Investment Capital (ROIC_SIMPLE)	-	6.13%	-	-	-	3.21%	-	-	-	3.13%
Cost of Revenue to Revenue	72.94%	72.58%	71.10%	71.91%	73.34%	74.15%	72.48%	72.90%	73.79%	73.31%
SG&A Expenses to Revenue	15.79%	19.08%	18.51%	15.18%	15.04%	19.49%	19.78%	14.91%	15.11%	19.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.79%	19.08%	18.51%	15.18%	15.04%	19.49%	19.78%	14.91%	15.11%	19.30%
Earnings before Interest and Taxes (EBIT)	236	141	165	266	257	108	127	269	250	136
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	244	149	173	274	265	117	136	279	261	147
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.97	4.82	6.16	7.07	6.44	7.35	6.66	7.11	7.32	7.16
Price to Tangible Book Value (P/TBV)	7.28	7.10	8.98	10.07	9.18	10.55	9.08	9.57	9.74	9.53
Price to Revenue (P/Rev)	1.32	1.25	1.63	2.01	1.97	2.25	2.30	2.50	2.64	2.50
Price to Earnings (P/E)	17.49	15.15	19.87	24.92	24.21	30.57	32.76	35.58	37.80	35.49
Dividend Yield	3.41%	3.64%	2.96%	2.51%	2.61%	2.35%	2.30%	2.18%	2.11%	2.24%
Earnings Yield	5.72%	6.60%	5.03%	4.01%	4.13%	3.27%	3.05%	2.81%	2.65%	2.82%
Enterprise Value to Invested Capital (EV/IC)	4.17	4.06	4.87	5.35	5.26	6.32	6.28	6.55	6.92	7.39
Enterprise Value to Revenue (EV/Rev)	1.38	1.32	1.72	2.12	2.06	2.31	2.33	2.53	2.67	2.49
Enterprise Value to EBITDA (EV/EBITDA)	11.82	11.10	14.54	18.09	17.33	20.28	21.42	23.60	25.10	23.02
Enterprise Value to EBIT (EV/EBIT)	12.26	11.52	15.10	18.83	18.04	21.18	22.46	24.79	26.44	24.22
Enterprise Value to NOPAT (EV/NOPAT)	15.56	13.58	17.78	22.16	21.28	26.38	27.88	30.77	32.86	30.58
Enterprise Value to Operating Cash Flow (EV/OCF)	25.66	16.75	20.00	37.13	31.36	29.95	23.83	23.17	28.75	24.49
Enterprise Value to Free Cash Flow (EV/FCFF)	34.11	19.91	22.80	46.57	58.62	50.71	35.79	32.39	34.94	26.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.15	0.17	0.23	0.28	0.18	0.15	0.14	0.14	0.14	0.15
Long-Term Debt to Equity	0.11	0.11	0.19	0.25	0.15	0.12	0.10	0.10	0.10	0.11
Financial Leverage	0.02	0.06	0.14	0.14	0.05	0.03	0.01	0.04	-0.02	-0.08
Leverage Ratio	1.54	1.55	1.66	1.69	1.53	1.48	1.56	1.55	1.47	1.45
Compound Leverage Factor	1.54	1.50	1.65	1.67	1.52	1.50	1.59	1.57	1.51	1.52
Debt to Total Capital	12.68%	14.80%	18.98%	22.08%	15.50%	13.40%	12.26%	11.91%	11.93%	12.74%
Short-Term Debt to Total Capital	3.36%	5.57%	3.25%	2.96%	3.12%	3.32%	3.08%	3.02%	2.99%	3.14%
Long-Term Debt to Total Capital	9.32%	9.23%	15.73%	19.12%	12.37%	10.08%	9.18%	8.89%	8.94%	9.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	15.36%	13.61%	13.32%	13.17%	14.00%	12.79%	12.02%	12.54%	12.97%	11.60%
Common Equity to Total Capital	71.96%	71.59%	67.70%	64.75%	70.50%	73.81%	75.71%	75.55%	75.10%	75.66%
Debt to EBITDA	0.40	0.45	0.63	0.83	0.57	0.49	0.52	0.52	0.54	0.54
Net Debt to EBITDA	0.09	0.13	0.31	0.47	0.20	0.06	-0.28	-0.21	-0.36	-0.61
Long-Term Debt to EBITDA	0.29	0.28	0.52	0.72	0.45	0.37	0.39	0.38	0.40	0.41
Debt to NOPAT	0.52	0.55	0.77	1.01	0.70	0.63	0.67	0.67	0.71	0.72
Net Debt to NOPAT	0.12	0.16	0.37	0.57	0.25	0.08	-0.36	-0.28	-0.47	-0.81
Long-Term Debt to NOPAT	0.39	0.35	0.64	0.88	0.56	0.48	0.50	0.50	0.53	0.54
Altman Z-Score	7.59	7.52	7.75	8.14	9.23	11.87	9.75	11.11	11.56	10.84
Noncontrolling Interest Sharing Ratio	18.08%	16.29%	16.74%	17.12%	17.04%	15.32%	14.91%	15.42%	15.57%	13.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.57	2.54	2.73	3.02	3.08	3.36	2.92	3.21	3.36	3.13
Quick Ratio	1.05	0.99	1.00	1.21	1.27	1.42	1.28	1.51	1.60	1.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-162	-63	-24	-152	-245	-209	-32	180	160	213
Operating Cash Flow to CapEx	3,801.65%	2,867.89%	-636.61%	-584.03%	3,662.92%	3,001.45%	1,792.05%	908.50%	2,391.00%	4,765.40%
Free Cash Flow to Firm to Interest Expense	-335.17	-4,476.23	-39.60	-44.40	-129.63	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	591.74	15,220.29	-77.11	-12.23	186.52	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	576.17	14,689.57	-89.22	-14.32	181.43	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.16	2.21	2.01	1.82	1.91	2.02	1.79	1.75	1.75	1.86
Accounts Receivable Turnover	8.84	10.06	9.12	7.27	8.03	9.43	8.88	7.46	7.89	9.09
Inventory Turnover	4.28	4.22	3.51	3.27	3.58	3.89	3.26	3.34	3.48	4.08
Fixed Asset Turnover	63.34	61.53	60.35	57.92	56.79	55.67	55.07	55.82	54.43	55.05
Accounts Payable Turnover	11.19	12.79	9.99	8.43	10.68	12.82	8.31	9.33	10.35	12.96
Days Sales Outstanding (DSO)	41.30	36.27	40.02	50.23	45.46	38.71	41.10	48.90	46.28	40.14
Days Inventory Outstanding (DIO)	85.25	86.50	103.98	111.77	102.01	93.72	112.10	109.41	104.86	89.48
Days Payable Outstanding (DPO)	32.62	28.55	36.54	43.32	34.19	28.47	43.91	39.12	35.28	28.17
Cash Conversion Cycle (CCC)	93.94	94.22	107.47	118.69	113.29	103.96	109.29	119.19	115.86	101.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,395	2,359	2,572	2,843	2,842	2,665	2,706	2,874	2,878	2,561
Invested Capital Turnover	3.24	3.24	2.93	2.69	2.77	2.90	2.77	2.60	2.61	2.92
Increase / (Decrease) in Invested Capital	348	224	155	360	447	306	135	31	36	-103
Enterprise Value (EV)	9,975	9,578	12,526	15,212	14,940	16,832	16,995	18,831	19,915	18,935
Market Capitalization	9,489	9,109	11,883	14,406	14,322	16,397	16,815	18,568	19,733	19,031
Book Value per Share	$48.95	$48.77	$49.68	$52.31	$56.93	$56.60	$62.69	$64.79	$66.84	$65.80
Tangible Book Value per Share	$33.43	$33.13	$34.09	$36.72	$39.93	$39.46	$45.98	$48.16	$50.22	$49.44
Total Capital	2,653	2,639	2,849	3,147	3,155	3,021	3,337	3,456	3,590	3,512
Total Debt	336	391	541	695	489	405	409	412	428	447
Total Long-Term Debt	247	244	448	602	390	305	306	307	321	337
Net Debt	79	110	263	391	176	48	-221	-170	-284	-503
Capital Expenditures (CapEx)	7.52	7.43	7.45	7.15	9.62	9.95	5.79	6.36	9.74	7.95
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,429	1,392	1,596	1,857	1,766	1,570	1,596	1,769	1,757	1,424
Debt-free Net Working Capital (DFNWC)	1,560	1,539	1,737	2,020	1,941	1,780	2,075	2,194	2,307	2,206
Net Working Capital (NWC)	1,470	1,392	1,645	1,927	1,843	1,680	1,972	2,089	2,200	2,096
Net Nonoperating Expense (NNE)	0.38	4.65	0.49	2.67	1.49	-0.90	-2.00	-3.85	-5.31	-5.41
Net Nonoperating Obligations (NNO)	79	110	263	391	176	48	-221	-170	-284	-503
Total Depreciation and Amortization (D&A)	8.06	8.24	8.18	8.43	8.79	9.68	9.88	10	10	10
Debt-free, Cash-free Net Working Capital to Revenue	19.84%	19.13%	21.86%	25.90%	24.33%	21.56%	21.87%	23.79%	23.53%	18.70%
Debt-free Net Working Capital to Revenue	21.65%	21.16%	23.79%	28.17%	26.74%	24.44%	28.43%	29.51%	30.90%	28.96%
Net Working Capital to Revenue	20.41%	19.14%	22.53%	26.87%	25.38%	23.06%	27.02%	28.10%	29.46%	27.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.04	$3.57	$2.84	$4.43	$4.36	$2.09	$2.17	$4.50	$4.24	$2.43
Adjusted Weighted Average Basic Shares Outstanding	38.74M	38.83M	38.96M	39.07M	39.39M	39.50M	40.30M	40.34M	40.38M	40.41M
Adjusted Diluted Earnings per Share	$4.03	$3.55	$2.83	$4.42	$4.35	$2.07	$2.17	$4.49	$4.22	$2.42
Adjusted Weighted Average Diluted Shares Outstanding	38.74M	38.83M	38.96M	39.07M	39.39M	39.50M	40.30M	40.34M	40.38M	40.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	38.74M	38.83M	38.96M	39.07M	39.39M	39.50M	40.30M	40.34M	40.38M	40.41M
Normalized Net Operating Profit after Tax (NOPAT)	187	99	131	208	202	97	102	211	196	110
Normalized NOPAT Margin	9.16%	6.25%	8.44%	10.39%	9.50%	6.04%	6.53%	9.85%	9.09%	6.26%
Pre Tax Income Margin	11.58%	8.67%	10.58%	13.09%	11.98%	6.78%	8.24%	12.79%	11.90%	8.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	489.14	10,087.43	267.87	77.81	135.78	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	386.23	11,555.70	212.78	60.93	106.94	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	473.57	9,556.71	255.76	75.71	130.68	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	370.67	11,024.99	200.67	58.84	101.85	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	59.84%	57.07%	60.19%	63.40%	63.52%	71.95%	75.33%	76.37%	78.38%	66.62%
Augmented Payout Ratio	59.84%	57.07%	60.19%	63.40%	63.52%	71.95%	75.33%	76.37%	78.38%	66.62%

Frequently Asked Questions About Watsco's Financials

When does Watsco's fiscal year end?

According to the most recent income statement we have on file, Watsco's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Watsco's net income changed over the last 9 years?

Watsco's net income appears to be on an upward trend, with a most recent value of $635.74 million in 2024, rising from $226.52 million in 2015. The previous period was $634.14 million in 2023.

What is Watsco's operating income?

Watsco's total operating income in 2024 was $781.78 million, based on the following breakdown:

Total Gross Profit: $2.04 billion
Total Operating Expenses: $1.29 billion

How has Watsco revenue changed over the last 9 years?

Over the last 9 years, Watsco's total revenue changed from $4.11 billion in 2015 to $7.62 billion in 2024, a change of 85.2%.

How much debt does Watsco have?

Watsco's total liabilities were at $1.42 billion at the end of 2024, a 27.2% increase from 2023, and a 142.0% increase since 2015.

How much cash does Watsco have?

In the past 9 years, Watsco's cash and equivalents has ranged from $35.23 million in 2015 to $526.27 million in 2024, and is currently $526.27 million as of their latest financial filing in 2024.

How has Watsco's book value per share changed over the last 9 years?

Over the last 9 years, Watsco's book value per share changed from 27.13 in 2015 to 65.80 in 2024, a change of 142.5%.

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This page (NYSE:WSO) was last updated on 4/15/2025 by MarketBeat.com Staff

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Watsco (WSO) Financials

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