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Side-by-side financial comparison of Dream Finders Homes, Inc. (DFH) 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 $1.2B, roughly 1.3× Dream Finders Homes, Inc.). WATSCO INC runs the higher net margin — 6.1% vs 4.8%, a 1.2% gap on every dollar of revenue. On growth, WATSCO INC posted the faster year-over-year revenue change (0.1% vs -22.3%). Over the past eight quarters, Dream Finders Homes, Inc.'s revenue compounded faster (21.0% CAGR vs -15.3%).
Dream Finders Homes, Inc. is a U.S. homebuilding firm that constructs and sells entry-level to luxury residential properties, including single-family homes and townhomes, across high-growth domestic markets. It also provides mortgage, title insurance and home warranty services for homebuyers.
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.
DFH vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.5B |
| Net Profit | $58.8M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 6.4% | 7.2% |
| Net Margin | 4.8% | 6.1% |
| Revenue YoY | -22.3% | 0.1% |
| Net Profit YoY | -54.9% | -1.7% |
| EPS (diluted) | $0.57 | — |
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 | $1.2B | $1.6B | ||
| Q3 25 | $969.8M | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $989.9M | $1.5B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.0B | $2.2B | ||
| Q2 24 | $1.1B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $58.8M | $71.7M | ||
| Q3 25 | $47.0M | $161.6M | ||
| Q2 25 | $56.6M | $183.6M | ||
| Q1 25 | $54.9M | $80.1M | ||
| Q4 24 | $130.5M | $96.8M | ||
| Q3 24 | $70.7M | $171.0M | ||
| Q2 24 | $80.9M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | 19.2% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 6.4% | 6.4% | ||
| Q3 25 | 6.3% | 11.4% | ||
| Q2 25 | 6.4% | 13.2% | ||
| Q1 25 | 7.2% | 7.3% | ||
| Q4 24 | 10.8% | 7.8% | ||
| Q3 24 | 9.2% | 11.6% | ||
| Q2 24 | 10.0% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 4.8% | 4.5% | ||
| Q3 25 | 4.8% | 7.8% | ||
| Q2 25 | 4.9% | 8.9% | ||
| Q1 25 | 5.5% | 5.2% | ||
| Q4 24 | 8.4% | 5.5% | ||
| Q3 24 | 7.0% | 7.9% | ||
| Q2 24 | 7.7% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.57 | $1.82 | ||
| Q3 25 | $0.47 | $3.98 | ||
| Q2 25 | $0.56 | $4.52 | ||
| Q1 25 | $0.54 | $1.93 | ||
| Q4 24 | $1.28 | $2.42 | ||
| Q3 24 | $0.70 | $4.22 | ||
| Q2 24 | $0.81 | $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 | $234.8M | $392.7M |
| Total DebtLower is stronger | $1.6B | — |
| Stockholders' EquityBook value | $1.4B | $3.2B |
| Total Assets | $3.7B | $4.6B |
| Debt / EquityLower = less leverage | 1.13× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $234.8M | $733.3M | ||
| Q3 25 | $251.0M | $524.3M | ||
| Q2 25 | $210.3M | $293.0M | ||
| Q1 25 | $297.5M | $431.8M | ||
| Q4 24 | $274.4M | $781.9M | ||
| Q3 24 | $204.9M | $550.0M | ||
| Q2 24 | $274.8M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $361.6M | ||
| Q3 25 | $1.8B | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | $1.3B | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $1.4B | $2.8B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.3B | $2.8B | ||
| Q1 25 | $1.3B | $2.7B | ||
| Q4 24 | $1.2B | $2.7B | ||
| Q3 24 | $1.1B | $2.7B | ||
| Q2 24 | $1.0B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $3.7B | $4.4B | ||
| Q3 25 | $3.8B | $4.6B | ||
| Q2 25 | $3.7B | $4.7B | ||
| Q1 25 | $3.5B | $4.5B | ||
| Q4 24 | $3.3B | $4.5B | ||
| Q3 24 | $3.3B | $4.5B | ||
| Q2 24 | $3.0B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.13× | 0.13× | ||
| Q3 25 | 1.29× | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 1.03× | 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 | $143.6M | — |
| Free Cash FlowOCF − Capex | $136.0M | — |
| FCF MarginFCF / Revenue | 11.2% | — |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | 2.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-126.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $143.6M | $399.8M | ||
| Q3 25 | $-131.0M | $354.9M | ||
| Q2 25 | $-68.5M | $-7.4M | ||
| Q1 25 | $-44.7M | $-177.6M | ||
| Q4 24 | $306.5M | $378.9M | ||
| Q3 24 | $-205.0M | $232.8M | ||
| Q2 24 | $-110.6M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $136.0M | $388.5M | ||
| Q3 25 | $-135.7M | $346.1M | ||
| Q2 25 | $-78.8M | $-14.3M | ||
| Q1 25 | $-47.9M | $-185.2M | ||
| Q4 24 | $302.6M | $370.9M | ||
| Q3 24 | $-222.5M | $223.0M | ||
| Q2 24 | $-112.4M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 11.2% | 24.6% | ||
| Q3 25 | -14.0% | 16.7% | ||
| Q2 25 | -6.8% | -0.7% | ||
| Q1 25 | -4.8% | -12.1% | ||
| Q4 24 | 19.4% | 21.1% | ||
| Q3 24 | -22.1% | 10.3% | ||
| Q2 24 | -10.6% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 0.7% | ||
| Q3 25 | 0.5% | 0.4% | ||
| Q2 25 | 0.9% | 0.3% | ||
| Q1 25 | 0.3% | 0.5% | ||
| Q4 24 | 0.3% | 0.5% | ||
| Q3 24 | 1.7% | 0.5% | ||
| Q2 24 | 0.2% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.44× | 5.57× | ||
| Q3 25 | -2.79× | 2.20× | ||
| Q2 25 | -1.21× | -0.04× | ||
| Q1 25 | -0.81× | -2.22× | ||
| Q4 24 | 2.35× | 3.91× | ||
| Q3 24 | -2.90× | 1.36× | ||
| Q2 24 | -1.37× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
WSO
Segment breakdown not available.
