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Side-by-side financial comparison of CLEAN HARBORS INC (CLH) 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× CLEAN HARBORS INC). WATSCO INC runs the higher net margin — 6.1% vs 5.8%, a 0.3% gap on every dollar of revenue. On growth, CLEAN HARBORS INC posted the faster year-over-year revenue change (4.8% vs 0.1%). Over the past eight quarters, CLEAN HARBORS INC's revenue compounded faster (4.4% CAGR vs -15.3%).
Clean Harbors, Inc., headquartered in Norwell, Massachusetts, is a provider of waste management and industrial services for commercial customers, specializing in the collection, transportation, treatment and disposal of hazardous waste, but also offering services for non-hazardous waste. The company has 870 operating locations in 630 properties in the U.S. and Canada including a network of over 100 waste disposal facilities such as incinerators, landfills, treatment, storage and disposal faci...
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.
CLH vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $1.5B |
| Net Profit | $86.6M | $92.9M |
| Gross Margin | 30.6% | 27.9% |
| Operating Margin | 10.6% | 7.2% |
| Net Margin | 5.8% | 6.1% |
| Revenue YoY | 4.8% | 0.1% |
| Net Profit YoY | 3.1% | -1.7% |
| EPS (diluted) | $1.62 | — |
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 | $1.5B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.6B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $86.6M | $71.7M | ||
| Q3 25 | $118.8M | $161.6M | ||
| Q2 25 | $126.9M | $183.6M | ||
| Q1 25 | $58.7M | $80.1M | ||
| Q4 24 | $84.0M | $96.8M | ||
| Q3 24 | $115.2M | $171.0M | ||
| Q2 24 | $133.3M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 30.6% | 27.1% | ||
| Q3 25 | 32.3% | 27.5% | ||
| Q2 25 | 33.3% | 29.3% | ||
| Q1 25 | 28.6% | 28.1% | ||
| Q4 24 | 29.9% | 26.7% | ||
| Q3 24 | 31.0% | 26.2% | ||
| Q2 24 | 33.3% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 10.6% | 6.4% | ||
| Q3 25 | 12.5% | 11.4% | ||
| Q2 25 | 13.6% | 13.2% | ||
| Q1 25 | 7.8% | 7.3% | ||
| Q4 24 | 9.6% | 7.8% | ||
| Q3 24 | 12.6% | 11.6% | ||
| Q2 24 | 13.9% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 5.8% | 4.5% | ||
| Q3 25 | 7.7% | 7.8% | ||
| Q2 25 | 8.2% | 8.9% | ||
| Q1 25 | 4.1% | 5.2% | ||
| Q4 24 | 5.9% | 5.5% | ||
| Q3 24 | 7.5% | 7.9% | ||
| Q2 24 | 8.6% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $1.62 | $1.82 | ||
| Q3 25 | $2.21 | $3.98 | ||
| Q2 25 | $2.36 | $4.52 | ||
| Q1 25 | $1.09 | $1.93 | ||
| Q4 24 | $1.55 | $2.42 | ||
| Q3 24 | $2.12 | $4.22 | ||
| Q2 24 | $2.46 | $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 | $127.4M | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | $3.2B |
| Total Assets | $7.6B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $127.4M | $733.3M | ||
| Q3 25 | $91.2M | $524.3M | ||
| Q2 25 | $98.9M | $293.0M | ||
| Q1 25 | $105.9M | $431.8M | ||
| Q4 24 | $102.6M | $781.9M | ||
| Q3 24 | $82.4M | $550.0M | ||
| Q2 24 | $91.3M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $2.7B | $2.8B | ||
| Q3 25 | $2.8B | $2.8B | ||
| Q2 25 | $2.7B | $2.8B | ||
| Q1 25 | $2.6B | $2.7B | ||
| Q4 24 | $2.6B | $2.7B | ||
| Q3 24 | $2.5B | $2.7B | ||
| Q2 24 | $2.4B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $7.6B | $4.4B | ||
| Q3 25 | $7.5B | $4.6B | ||
| Q2 25 | $7.4B | $4.7B | ||
| Q1 25 | $7.2B | $4.5B | ||
| Q4 24 | $7.4B | $4.5B | ||
| Q3 24 | $7.3B | $4.5B | ||
| Q2 24 | $7.1B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 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 | $355.1M | — |
| Free Cash FlowOCF − Capex | $233.3M | — |
| FCF MarginFCF / Revenue | 15.6% | — |
| Capex IntensityCapex / Revenue | 8.1% | — |
| Cash ConversionOCF / Net Profit | 4.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $441.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $355.1M | $399.8M | ||
| Q3 25 | $302.0M | $354.9M | ||
| Q2 25 | $208.0M | $-7.4M | ||
| Q1 25 | $1.6M | $-177.6M | ||
| Q4 24 | $303.9M | $378.9M | ||
| Q3 24 | $239.2M | $232.8M | ||
| Q2 24 | $216.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $233.3M | $388.5M | ||
| Q3 25 | $207.5M | $346.1M | ||
| Q2 25 | $118.0M | $-14.3M | ||
| Q1 25 | $-117.1M | $-185.2M | ||
| Q4 24 | $241.5M | $370.9M | ||
| Q3 24 | $142.4M | $223.0M | ||
| Q2 24 | $80.9M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 15.6% | 24.6% | ||
| Q3 25 | 13.4% | 16.7% | ||
| Q2 25 | 7.6% | -0.7% | ||
| Q1 25 | -8.2% | -12.1% | ||
| Q4 24 | 16.9% | 21.1% | ||
| Q3 24 | 9.3% | 10.3% | ||
| Q2 24 | 5.2% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 8.1% | 0.7% | ||
| Q3 25 | 6.1% | 0.4% | ||
| Q2 25 | 5.8% | 0.3% | ||
| Q1 25 | 8.3% | 0.5% | ||
| Q4 24 | 4.4% | 0.5% | ||
| Q3 24 | 6.3% | 0.5% | ||
| Q2 24 | 8.7% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.10× | 5.57× | ||
| Q3 25 | 2.54× | 2.20× | ||
| Q2 25 | 1.64× | -0.04× | ||
| Q1 25 | 0.03× | -2.22× | ||
| Q4 24 | 3.62× | 3.91× | ||
| Q3 24 | 2.08× | 1.36× | ||
| Q2 24 | 1.62× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLH
| Technical Services | $479.3M | 32% |
| Safetly Kleen Environmental Services | $252.9M | 17% |
| Fieldand Emergency Response | $246.6M | 16% |
| Products | $205.3M | 14% |
| Safety Kleen Sustainability Solutions Segment | $188.4M | 13% |
| Safety Kleen Oil | $132.6M | 9% |
WSO
Segment breakdown not available.
