Watsco (WSO)
Distributes HVAC/R equipment and parts through locally managed contractor networks.
Something off on this page? Send us feedback.
Distributes air-conditioning, heating, and refrigeration equipment, replacement parts, and installation supplies to contractors, primarily through a US-centered branch network. Acquired regional distributors retain local identities while using shared digital tools; manufacturer relationships, contractor demand, construction, weather, and refrigerant rules shape the model.
Distributes residential and light-commercial air-conditioning, heating, and refrigeration equipment, plus replacement parts and installation supplies, through a contractor-focused network concentrated in the United States, with operations in Canada, Mexico, and Puerto Rico. One reportable segment covers equipment, other HVAC products, and commercial refrigeration.
Builds scale by acquiring established regional distributors while retaining their trade names, management teams, and customer relationships. Shared product data, e-commerce, quoting, financing, and supply-chain tools support locally managed operations.
Depends heavily on manufacturer relationships, especially Carrier, whose joint ventures also underpin much of the platform. Replacement demand, new construction, weather, and contractor activity shape sales, while refrigerant rules require the network to convert inventory and train contractors for lower-GWP A2L systems.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 30, 2026 | DA Davidson | Reiterate | Rating: —Target: $385 | Target: $330 |
| Jul 30, 2026 | Robert W. Baird | Target | Target: $420 | Target: $400 |
| Jul 28, 2026 | Robert W. Baird | Target | Target: $540 | Target: $420 |
| Jul 10, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $370 | Target: $405 |
| Jun 15, 2026 | D.A. Davidson | Target | Target: — | Target: $385 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $464.2M · Total debt $535.3M · Total assets $5.08B · Shareholders' equity $2.99B
- Revenue
- $2.10B
- Operating income
- $238.4M
- Net income
- $163.3M
HistoryDividendAnnual yield
| Institutions | ≥ 96.55% | 39.25M shares | |
|---|---|---|---|
| 796 holders · as of Jun 30, 2026 | |||
| Insiders | 1.78% | 722.4K shares | |
| 9 holders · as of Mar 13, 2026 | |||
| Other | ≤ 1.67% | 682.0K shares | |
| remainder | |||
40.66M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Institutional filings for WSOB (14% of the company) are not on file here, so the institutional figure is a floor.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 10.31% | 4.19M | as of Jun 30, 2026 |
Capital International InvestorsInstitution | 8.57% | 3.49M | as of Jun 30, 2026 |
Capital Research Global InvestorsInstitution | 4.68% | 1.90M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.35% | 1.77M | as of Jun 30, 2026 |
FMR LLCInstitution | 4.19% | 1.71M | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- Ferguson
Closest public peer in scaled HVAC wholesale distribution
- Lennox International
Direct-to-dealer HVAC channel with company-owned parts stores
- Trane Technologies
Manufacturer-led HVAC sales through branches, distributors, and dealers
- Carrier Global
Supplier-partner with direct and non-aligned HVAC distribution channels
- Home Depot
New public-parent HVAC distributor through SRS and Mingledorff's
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Watsco | $323.65 | +1.88% | $13.09B | 27.4 | 26.1 | 1.8 | +2.1% |
| Ferguson | $220.83 | +2.17% | $41.92B | — | 18.4 | — | +3.0% |
| Lennox International | $368.71 | +1.39% | $12.57B | 16.5 | 14.9 | 2.4 | +3.0% |
| Trane Technologies | $436.86 | +0.82% | $95.34B | 32.9 | 26.4 | 4.3 | +10.6% |
| Carrier Global | $55.02 | +0.73% | $45.02B | 37.9 | 17.7 | 2.0 | +3.9% |
| Home Depot | $306.07 | +2.98% | $296.34B | 20.8 | 19.8 | 1.8 | +5.7% |
| Median | 26.8 | 18.4 | 2.2 | +3.9% |