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Side-by-side financial comparison of Delek US Holdings, Inc. (DK) and WATSCO INC (WSO). Click either name above to swap in a different company.
Delek US Holdings, Inc. is the larger business by last-quarter revenue ($2.4B vs $1.6B, roughly 1.5× WATSCO INC). WATSCO INC runs the higher net margin — 4.5% vs 3.2%, a 1.3% gap on every dollar of revenue. On growth, Delek US Holdings, Inc. posted the faster year-over-year revenue change (2.3% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $382.8M). Over the past eight quarters, WATSCO INC's revenue compounded faster (0.4% CAGR vs -11.9%).
Delek US Holdings, Inc. is an oil refining, logistics and biofuels company founded in 2001 and headquartered in Brentwood, Tennessee.
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.
DK vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.4B | $1.6B |
| Net Profit | $78.3M | $71.7M |
| Gross Margin | 9.3% | 27.1% |
| Operating Margin | 6.8% | 6.4% |
| Net Margin | 3.2% | 4.5% |
| Revenue YoY | 2.3% | -10.0% |
| Net Profit YoY | 118.9% | -25.9% |
| EPS (diluted) | $1.23 | $1.82 |
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.
| Q4 25 | $2.4B | $1.6B | ||
| Q3 25 | $2.9B | $2.1B | ||
| Q2 25 | $2.8B | $2.1B | ||
| Q1 25 | $2.6B | $1.5B | ||
| Q4 24 | $2.4B | $1.8B | ||
| Q3 24 | $3.0B | $2.2B | ||
| Q2 24 | $3.3B | $2.1B | ||
| Q1 24 | $3.1B | $1.6B |
| Q4 25 | $78.3M | $71.7M | ||
| Q3 25 | $178.0M | $161.6M | ||
| Q2 25 | $-106.4M | $183.6M | ||
| Q1 25 | $-172.7M | $80.1M | ||
| Q4 24 | $-413.8M | $96.8M | ||
| Q3 24 | $-76.8M | $171.0M | ||
| Q2 24 | $-37.2M | $181.4M | ||
| Q1 24 | $-32.6M | $87.0M |
| Q4 25 | 9.3% | 27.1% | ||
| Q3 25 | 13.8% | 27.5% | ||
| Q2 25 | 1.9% | 29.3% | ||
| Q1 25 | -2.4% | 28.1% | ||
| Q4 24 | -5.7% | 26.7% | ||
| Q3 24 | -0.7% | 26.2% | ||
| Q2 24 | 0.5% | 27.1% | ||
| Q1 24 | 3.0% | 27.5% |
| Q4 25 | 6.8% | 6.4% | ||
| Q3 25 | 10.2% | 11.4% | ||
| Q2 25 | -1.2% | 13.2% | ||
| Q1 25 | -4.8% | 7.3% | ||
| Q4 24 | -17.0% | 7.8% | ||
| Q3 24 | -4.0% | 11.6% | ||
| Q2 24 | 0.1% | 12.6% | ||
| Q1 24 | 0.9% | 8.1% |
| Q4 25 | 3.2% | 4.5% | ||
| Q3 25 | 6.2% | 7.8% | ||
| Q2 25 | -3.8% | 8.9% | ||
| Q1 25 | -6.5% | 5.2% | ||
| Q4 24 | -17.4% | 5.5% | ||
| Q3 24 | -2.5% | 7.9% | ||
| Q2 24 | -1.1% | 8.5% | ||
| Q1 24 | -1.0% | 5.6% |
| Q4 25 | $1.23 | $1.82 | ||
| Q3 25 | $2.93 | $3.98 | ||
| Q2 25 | $-1.76 | $4.52 | ||
| Q1 25 | $-2.78 | $1.93 | ||
| Q4 24 | $-6.48 | $2.42 | ||
| Q3 24 | $-1.20 | $4.22 | ||
| Q2 24 | $-0.58 | $4.49 | ||
| Q1 24 | $-0.51 | $2.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $625.8M | $733.3M |
| Total DebtLower is stronger | $3.2B | $361.6M |
| Stockholders' EquityBook value | $547.3M | $2.8B |
| Total Assets | $6.8B | $4.4B |
| Debt / EquityLower = less leverage | 5.91× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $625.8M | $733.3M | ||
| Q3 25 | $630.9M | $524.3M | ||
| Q2 25 | $615.5M | $293.0M | ||
| Q1 25 | $623.8M | $431.8M | ||
| Q4 24 | $735.6M | $781.9M | ||
| Q3 24 | $1.0B | $550.0M | ||
| Q2 24 | $657.9M | $424.9M | ||
| Q1 24 | $753.4M | $478.9M |
| Q4 25 | $3.2B | $361.6M | ||
| Q3 25 | $3.2B | $340.8M | ||
| Q2 25 | $3.1B | $338.7M | ||
| Q1 25 | $3.0B | $346.4M | ||
| Q4 24 | $2.8B | $337.2M | ||
| Q3 24 | $2.8B | $321.0M | ||
| Q2 24 | $2.5B | $307.1M | ||
| Q1 24 | $2.5B | $306.3M |
| Q4 25 | $547.3M | $2.8B | ||
| Q3 25 | $444.8M | $2.8B | ||
| Q2 25 | $294.9M | $2.8B | ||
| Q1 25 | $429.4M | $2.7B | ||
| Q4 24 | $575.2M | $2.7B | ||
| Q3 24 | $875.4M | $2.7B | ||
| Q2 24 | $982.8M | $2.6B | ||
| Q1 24 | $1.0B | $2.5B |
| Q4 25 | $6.8B | $4.4B | ||
| Q3 25 | $7.1B | $4.6B | ||
| Q2 25 | $7.1B | $4.7B | ||
| Q1 25 | $6.9B | $4.5B | ||
| Q4 24 | $6.7B | $4.5B | ||
| Q3 24 | $7.0B | $4.5B | ||
| Q2 24 | $6.9B | $4.4B | ||
| Q1 24 | $7.2B | $4.4B |
| Q4 25 | 5.91× | 0.13× | ||
| Q3 25 | 7.14× | 0.12× | ||
| Q2 25 | 10.51× | 0.12× | ||
| Q1 25 | 7.07× | 0.13× | ||
| Q4 24 | 4.81× | 0.13× | ||
| Q3 24 | 3.19× | 0.12× | ||
| Q2 24 | 2.50× | 0.12× | ||
| Q1 24 | 2.41× | 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 | $502.8M | $399.8M |
| Free Cash FlowOCF − Capex | $382.8M | $388.5M |
| FCF MarginFCF / Revenue | 15.8% | 24.6% |
| Capex IntensityCapex / Revenue | 4.9% | 0.7% |
| Cash ConversionOCF / Net Profit | 6.42× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $6.3M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $502.8M | $399.8M | ||
| Q3 25 | $44.0M | $354.9M | ||
| Q2 25 | $51.4M | $-7.4M | ||
| Q1 25 | $-62.4M | $-177.6M | ||
| Q4 24 | $-163.5M | $378.9M | ||
| Q3 24 | $-21.6M | $232.8M | ||
| Q2 24 | $-48.4M | $57.7M | ||
| Q1 24 | $166.7M | $103.7M |
| Q4 25 | $382.8M | $388.5M | ||
| Q3 25 | $-64.0M | $346.1M | ||
| Q2 25 | $-114.4M | $-14.3M | ||
| Q1 25 | $-198.1M | $-185.2M | ||
| Q4 24 | $-354.0M | $370.9M | ||
| Q3 24 | $-140.6M | $223.0M | ||
| Q2 24 | $-128.3M | $51.3M | ||
| Q1 24 | $128.4M | $97.9M |
| Q4 25 | 15.8% | 24.6% | ||
| Q3 25 | -2.2% | 16.7% | ||
| Q2 25 | -4.1% | -0.7% | ||
| Q1 25 | -7.5% | -12.1% | ||
| Q4 24 | -14.9% | 21.1% | ||
| Q3 24 | -4.6% | 10.3% | ||
| Q2 24 | -3.9% | 2.4% | ||
| Q1 24 | 4.1% | 6.3% |
| Q4 25 | 4.9% | 0.7% | ||
| Q3 25 | 3.7% | 0.4% | ||
| Q2 25 | 6.0% | 0.3% | ||
| Q1 25 | 5.1% | 0.5% | ||
| Q4 24 | 8.0% | 0.5% | ||
| Q3 24 | 3.9% | 0.5% | ||
| Q2 24 | 2.4% | 0.3% | ||
| Q1 24 | 1.2% | 0.4% |
| Q4 25 | 6.42× | 5.57× | ||
| Q3 25 | 0.25× | 2.20× | ||
| Q2 25 | — | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
WSO
Segment breakdown not available.
