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Side-by-side financial comparison of TopBuild Corp (BLD) and WATSCO INC (WSO). Click either name above to swap in a different company.
WATSCO INC is the larger business by last-quarter revenue ($1.5B vs $1.5B, roughly 1.0× TopBuild Corp). TopBuild Corp runs the higher net margin — 7.0% vs 6.1%, a 1.0% gap on every dollar of revenue. On growth, TopBuild Corp posted the faster year-over-year revenue change (13.2% vs 0.1%). Over the past eight quarters, TopBuild Corp's revenue compounded faster (7.8% CAGR vs -15.3%).
HashiCorp, Inc. is an American software company with a freemium business model based in San Francisco, California. HashiCorp provides tools and products that enable developers, operators and security professionals to provision, secure, run and connect cloud-computing infrastructure. It was founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company name HashiCorp is a portmanteau of co-founder last name Hashimoto and Corporation.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
BLD vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $1.5B |
| Net Profit | $104.5M | $92.9M |
| Gross Margin | 27.2% | 27.9% |
| Operating Margin | 12.1% | 7.2% |
| Net Margin | 7.0% | 6.1% |
| Revenue YoY | 13.2% | 0.1% |
| Net Profit YoY | -30.6% | -1.7% |
| EPS (diluted) | $3.69 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $1.3B | $2.1B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.4B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $104.5M | $71.7M | ||
| Q3 25 | $142.2M | $161.6M | ||
| Q2 25 | $151.6M | $183.6M | ||
| Q1 25 | $123.4M | $80.1M | ||
| Q4 24 | $150.5M | $96.8M | ||
| Q3 24 | $169.0M | $171.0M | ||
| Q2 24 | $150.7M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 27.2% | 27.1% | ||
| Q3 25 | 30.1% | 27.5% | ||
| Q2 25 | 30.4% | 29.3% | ||
| Q1 25 | 28.5% | 28.1% | ||
| Q4 24 | 29.9% | 26.7% | ||
| Q3 24 | 30.7% | 26.2% | ||
| Q2 24 | 31.0% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 12.1% | 6.4% | ||
| Q3 25 | 15.4% | 11.4% | ||
| Q2 25 | 16.9% | 13.2% | ||
| Q1 25 | 14.4% | 7.3% | ||
| Q4 24 | 16.6% | 7.8% | ||
| Q3 24 | 17.8% | 11.6% | ||
| Q2 24 | 15.4% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 7.0% | 4.5% | ||
| Q3 25 | 10.2% | 7.8% | ||
| Q2 25 | 11.7% | 8.9% | ||
| Q1 25 | 10.0% | 5.2% | ||
| Q4 24 | 11.5% | 5.5% | ||
| Q3 24 | 12.3% | 7.9% | ||
| Q2 24 | 11.0% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $3.69 | $1.82 | ||
| Q3 25 | $5.04 | $3.98 | ||
| Q2 25 | $5.32 | $4.52 | ||
| Q1 25 | $4.23 | $1.93 | ||
| Q4 24 | $5.07 | $2.42 | ||
| Q3 24 | $5.65 | $4.22 | ||
| Q2 24 | $4.78 | $4.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $184.7M | $392.7M |
| Total DebtLower is stronger | $2.8B | — |
| Stockholders' EquityBook value | $2.3B | $3.2B |
| Total Assets | $6.6B | $4.6B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $184.7M | $733.3M | ||
| Q3 25 | $1.1B | $524.3M | ||
| Q2 25 | $842.5M | $293.0M | ||
| Q1 25 | $308.8M | $431.8M | ||
| Q4 24 | $400.3M | $781.9M | ||
| Q3 24 | $257.3M | $550.0M | ||
| Q2 24 | $463.2M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $2.8B | $361.6M | ||
| Q3 25 | $2.9B | $340.8M | ||
| Q2 25 | $1.9B | $338.7M | ||
| Q1 25 | $1.4B | $346.4M | ||
| Q4 24 | $1.4B | $337.2M | ||
| Q3 24 | $1.4B | $321.0M | ||
| Q2 24 | $1.4B | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $2.3B | $2.8B | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $2.1B | $2.8B | ||
| Q1 25 | $2.1B | $2.7B | ||
| Q4 24 | $2.2B | $2.7B | ||
| Q3 24 | $2.1B | $2.7B | ||
| Q2 24 | $2.4B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $6.6B | $4.4B | ||
| Q3 25 | $6.4B | $4.6B | ||
| Q2 25 | $5.1B | $4.7B | ||
| Q1 25 | $4.6B | $4.5B | ||
| Q4 24 | $4.7B | $4.5B | ||
| Q3 24 | $4.7B | $4.5B | ||
| Q2 24 | $4.9B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 0.13× | ||
| Q3 25 | 1.29× | 0.12× | ||
| Q2 25 | 0.88× | 0.12× | ||
| Q1 25 | 0.65× | 0.13× | ||
| Q4 24 | 0.62× | 0.13× | ||
| Q3 24 | 0.66× | 0.12× | ||
| Q2 24 | 0.59× | 0.12× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $176.7M | — |
| Free Cash FlowOCF − Capex | $159.4M | — |
| FCF MarginFCF / Revenue | 10.7% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 1.69× | — |
| TTM Free Cash FlowTrailing 4 quarters | $696.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $176.7M | $399.8M | ||
| Q3 25 | $233.3M | $354.9M | ||
| Q2 25 | $193.7M | $-7.4M | ||
| Q1 25 | $152.6M | $-177.6M | ||
| Q4 24 | $266.2M | $378.9M | ||
| Q3 24 | $240.7M | $232.8M | ||
| Q2 24 | $90.4M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $159.4M | $388.5M | ||
| Q3 25 | $216.2M | $346.1M | ||
| Q2 25 | $182.2M | $-14.3M | ||
| Q1 25 | $139.2M | $-185.2M | ||
| Q4 24 | $253.7M | $370.9M | ||
| Q3 24 | $219.8M | $223.0M | ||
| Q2 24 | $74.3M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 10.7% | 24.6% | ||
| Q3 25 | 15.5% | 16.7% | ||
| Q2 25 | 14.0% | -0.7% | ||
| Q1 25 | 11.3% | -12.1% | ||
| Q4 24 | 19.3% | 21.1% | ||
| Q3 24 | 16.0% | 10.3% | ||
| Q2 24 | 5.4% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 0.7% | ||
| Q3 25 | 1.2% | 0.4% | ||
| Q2 25 | 0.9% | 0.3% | ||
| Q1 25 | 1.1% | 0.5% | ||
| Q4 24 | 1.0% | 0.5% | ||
| Q3 24 | 1.5% | 0.5% | ||
| Q2 24 | 1.2% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.69× | 5.57× | ||
| Q3 25 | 1.64× | 2.20× | ||
| Q2 25 | 1.28× | -0.04× | ||
| Q1 25 | 1.24× | -2.22× | ||
| Q4 24 | 1.77× | 3.91× | ||
| Q3 24 | 1.42× | 1.36× | ||
| Q2 24 | 0.60× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLD
| Distribution Segment | $755.4M | 51% |
| Residential | $557.9M | 38% |
| All Other Products | $91.9M | 6% |
| Glass And Windows | $51.5M | 3% |
| Rain Gutters | $27.1M | 2% |
WSO
Segment breakdown not available.
