Stock WSO WATSCO, INC.
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Financials Watsco, Inc.

Equities

WSO

US9426222009

Electrical Components & Equipment

Market Closed - Nyse
Other stock markets
 21:00:01 26/04/2024 BST 		5-day change 1st Jan Change
443.2 USD -0.18% Intraday chart for Watsco, Inc. +11.66% +3.44%
04-25 Baird Adjusts Price Target on Watsco to $460 From $420, Keeps Outperform Rating MT
04-24 Transcript : Watsco, Inc., Q1 2024 Earnings Call, Apr 24, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,320 8,032 11,053 8,815 15,735 16,303 - -
Enterprise Value (EV) 1 6,472 7,886 11,108 8,758 15,540 15,658 15,646 15,580
P/E ratio 27.7 x 32.3 x 29 x 16.2 x 31.3 x 31.1 x 27.8 x 24.8 x
Yield 3.55% 3.06% 2.44% 3.43% 2.29% 2.39% 2.7% 2.94%
Capitalization / Revenue 1.32 x 1.59 x 1.76 x 1.21 x 2.16 x 2.12 x 1.98 x 1.85 x
EV / Revenue 1.36 x 1.56 x 1.77 x 1.2 x 2.13 x 2.03 x 1.9 x 1.77 x
EV / EBITDA 16.5 x 18.5 x 16.9 x 10.1 x 18.7 x 17.9 x 16 x 14.8 x
EV / FCF 20.4 x 15.2 x 34.1 x 16.3 x 29.4 x 25.6 x 23 x 20.2 x
FCF Yield 4.91% 6.57% 2.93% 6.14% 3.4% 3.91% 4.34% 4.94%
Price to Book 4.11 x 5.36 x 6.66 x 4.71 x 7.02 x 6.18 x 6.17 x 5.77 x
Nbr of stocks (in thousands) 35,039 35,290 35,438 35,277 36,805 36,760 - -
Reference price 2 180.2 226.6 312.9 249.4 428.5 443.2 443.2 443.2
Announcement Date 13/02/20 11/02/21 10/02/22 16/02/23 13/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,770 5,055 6,280 7,274 7,284 7,704 8,240 8,810
EBITDA 1 391.4 426.9 656.7 866.9 829.9 872.7 976.8 1,056
EBIT 1 366.9 401 628.5 835.2 794.8 838.6 933.8 1,022
Operating Margin 7.69% 7.93% 10.01% 11.48% 10.91% 10.89% 11.33% 11.6%
Earnings before Tax (EBT) 1 362.9 399.8 627.5 829.4 789.9 842.7 937.1 1,030
Net income 1 225.5 246.4 381.7 549.9 499.4 531 595 676.9
Net margin 4.73% 4.88% 6.08% 7.56% 6.86% 6.89% 7.22% 7.68%
EPS 2 6.500 7.010 10.78 15.41 13.67 14.25 15.94 17.87
Free Cash Flow 1 318 518 325.5 538.2 527.8 611.8 679.8 769.5
FCF margin 6.67% 10.25% 5.18% 7.4% 7.25% 7.94% 8.25% 8.73%
FCF Conversion (EBITDA) 81.24% 121.34% 49.56% 62.08% 63.6% 70.1% 69.59% 72.87%
FCF Conversion (Net income) 140.98% 210.21% 85.26% 97.87% 105.68% 115.21% 114.25% 113.68%
Dividend per Share 2 6.400 6.925 7.625 8.550 9.800 10.60 11.94 13.02
Announcement Date 13/02/20 11/02/21 10/02/22 16/02/23 13/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 1,783 1,512 1,524 2,134 2,036 1,581 1,551 2,003 2,127 1,603 1,565 2,185 2,248 1,688 1,676
EBITDA 1 213.8 130.3 178.6 294.9 244.3 149.1 172.9 274.1 265.4 117.4 136.4 291.2 291.7 144.9 159.4
EBIT 1 206.8 123.1 171 287.1 236.3 140.8 164.7 265.7 256.6 107.7 126.5 281.1 284.1 140.5 149.6
Operating Margin 11.6% 8.14% 11.23% 13.46% 11.6% 8.91% 10.62% 13.26% 12.07% 6.72% 8.09% 12.87% 12.63% 8.32% 8.93%
Earnings before Tax (EBT) 1 206.6 122.8 170.5 286 235.8 137.2 164.1 262.3 254.7 108.7 129 282.1 285.4 142.8 149.6
Net income 1 128.3 71.79 103 175 143.3 128.3 102.7 160.8 159 75.84 80.17 176.6 180.4 86.24 91
Net margin 7.2% 4.75% 6.76% 8.2% 7.04% 8.11% 6.62% 8.03% 7.48% 4.73% 5.12% 8.08% 8.02% 5.11% 5.43%
EPS 2 3.620 2.020 2.900 4.930 4.030 3.550 2.830 4.420 4.350 2.060 2.170 4.753 4.832 2.283 2.445
Dividend per Share 2 1.950 1.950 1.950 2.200 2.200 2.200 2.450 2.450 2.450 2.450 2.700 2.700 2.700 2.700 2.991
Announcement Date 20/10/21 10/02/22 21/04/22 26/07/22 20/10/22 16/02/23 20/04/23 01/08/23 19/10/23 13/02/24 24/04/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 153 - 55.2 - - - - -
Net Cash position 1 - 146 - 56.9 195 645 657 724
Leverage (Debt/EBITDA) 0.3901 x - 0.0841 x - - - - -
Free Cash Flow 1 318 518 325 538 528 612 680 769
ROE (net income / shareholders' equity) 16.2% 16.9% 24.2% 28.5% 24.2% 21.1% 21.6% 21.2%
ROA (Net income/ Total Assets) 9.56% 9.75% 13.7% 15.4% 13.8% 12.3% 13.3% 14.9%
Assets 1 2,359 2,527 2,785 3,567 3,609 4,317 4,459 4,543
Book Value Per Share 2 43.90 42.30 47.00 52.90 61.00 71.70 71.80 76.80
Cash Flow per Share 2 - - - 16.00 15.40 22.80 22.80 25.30
Capex 1 17.8 16.3 24.1 33.8 34.2 34.2 35.7 36.3
Capex / Sales 0.37% 0.32% 0.38% 0.46% 0.47% 0.44% 0.43% 0.41%
Announcement Date 13/02/20 11/02/21 10/02/22 16/02/23 13/02/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Watsco, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
13
Last Close Price
443.2 USD
Average target price
411.3 USD
Spread / Average Target
-7.21%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Heating, Ventilation & Air Conditioning Systems
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