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Side-by-side financial comparison of Elanco Animal Health Inc (ELAN) and WATSCO INC (WSO). Click either name above to swap in a different company.
WATSCO INC is the larger business by last-quarter revenue ($1.6B vs $1.1B, roughly 1.4× Elanco Animal Health Inc). WATSCO INC runs the higher net margin — 4.5% vs -24.1%, a 28.7% gap on every dollar of revenue. On growth, Elanco Animal Health Inc posted the faster year-over-year revenue change (12.2% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $46.0M). Over the past eight quarters, WATSCO INC's revenue compounded faster (0.4% CAGR vs -2.6%).
Elanco Animal Health Incorporated is an American pharmaceutical company which produces medicines and vaccinations for pets and livestock. Until 2019, the company was a subsidiary of Eli Lilly and Company, before being divested. It is the third-largest animal health company in the world.
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.
ELAN vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $1.6B |
| Net Profit | $-276.0M | $71.7M |
| Gross Margin | 51.5% | 27.1% |
| Operating Margin | -22.6% | 6.4% |
| Net Margin | -24.1% | 4.5% |
| Revenue YoY | 12.2% | -10.0% |
| Net Profit YoY | -3350.0% | -25.9% |
| EPS (diluted) | $-0.55 | $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 | $1.1B | $1.6B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.0B | $1.8B | ||
| Q3 24 | $1.0B | $2.2B | ||
| Q2 24 | $1.2B | $2.1B | ||
| Q1 24 | $1.2B | $1.6B |
| Q4 25 | $-276.0M | $71.7M | ||
| Q3 25 | $-34.0M | $161.6M | ||
| Q2 25 | $11.0M | $183.6M | ||
| Q1 25 | $67.0M | $80.1M | ||
| Q4 24 | $-8.0M | $96.8M | ||
| Q3 24 | $364.0M | $171.0M | ||
| Q2 24 | $-50.0M | $181.4M | ||
| Q1 24 | $32.0M | $87.0M |
| Q4 25 | 51.5% | 27.1% | ||
| Q3 25 | 53.4% | 27.5% | ||
| Q2 25 | 57.5% | 29.3% | ||
| Q1 25 | 57.3% | 28.1% | ||
| Q4 24 | 50.9% | 26.7% | ||
| Q3 24 | 52.2% | 26.2% | ||
| Q2 24 | 58.2% | 27.1% | ||
| Q1 24 | 57.3% | 27.5% |
| Q4 25 | -22.6% | 6.4% | ||
| Q3 25 | -4.4% | 11.4% | ||
| Q2 25 | 2.0% | 13.2% | ||
| Q1 25 | 5.0% | 7.3% | ||
| Q4 24 | -5.0% | 7.8% | ||
| Q3 24 | 54.3% | 11.6% | ||
| Q2 24 | -2.7% | 12.6% | ||
| Q1 24 | 1.0% | 8.1% |
| Q4 25 | -24.1% | 4.5% | ||
| Q3 25 | -3.0% | 7.8% | ||
| Q2 25 | 0.9% | 8.9% | ||
| Q1 25 | 5.6% | 5.2% | ||
| Q4 24 | -0.8% | 5.5% | ||
| Q3 24 | 35.3% | 7.9% | ||
| Q2 24 | -4.2% | 8.5% | ||
| Q1 24 | 2.7% | 5.6% |
| Q4 25 | $-0.55 | $1.82 | ||
| Q3 25 | $-0.07 | $3.98 | ||
| Q2 25 | $0.02 | $4.52 | ||
| Q1 25 | $0.13 | $1.93 | ||
| Q4 24 | $-0.01 | $2.42 | ||
| Q3 24 | $0.73 | $4.22 | ||
| Q2 24 | $-0.10 | $4.49 | ||
| Q1 24 | $0.06 | $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 | $545.0M | $733.3M |
| Total DebtLower is stronger | $3.9B | $361.6M |
| Stockholders' EquityBook value | $6.5B | $2.8B |
| Total Assets | $13.4B | $4.4B |
| Debt / EquityLower = less leverage | 0.60× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $545.0M | $733.3M | ||
| Q3 25 | $505.0M | $524.3M | ||
| Q2 25 | $539.0M | $293.0M | ||
| Q1 25 | $487.0M | $431.8M | ||
| Q4 24 | $468.0M | $781.9M | ||
| Q3 24 | $490.0M | $550.0M | ||
| Q2 24 | $416.0M | $424.9M | ||
| Q1 24 | $345.0M | $478.9M |
| Q4 25 | $3.9B | $361.6M | ||
| Q3 25 | $4.0B | $340.8M | ||
| Q2 25 | $4.1B | $338.7M | ||
| Q1 25 | $4.4B | $346.4M | ||
| Q4 24 | $4.3B | $337.2M | ||
| Q3 24 | $4.4B | $321.0M | ||
| Q2 24 | $5.7B | $307.1M | ||
| Q1 24 | $5.8B | $306.3M |
| Q4 25 | $6.5B | $2.8B | ||
| Q3 25 | $6.7B | $2.8B | ||
| Q2 25 | $6.8B | $2.8B | ||
| Q1 25 | $6.4B | $2.7B | ||
| Q4 24 | $6.1B | $2.7B | ||
| Q3 24 | $6.5B | $2.7B | ||
| Q2 24 | $5.9B | $2.6B | ||
| Q1 24 | $6.1B | $2.5B |
| Q4 25 | $13.4B | $4.4B | ||
| Q3 25 | $13.6B | $4.6B | ||
| Q2 25 | $13.7B | $4.7B | ||
| Q1 25 | $12.9B | $4.5B | ||
| Q4 24 | $12.6B | $4.5B | ||
| Q3 24 | $13.3B | $4.5B | ||
| Q2 24 | $13.8B | $4.4B | ||
| Q1 24 | $14.0B | $4.4B |
| Q4 25 | 0.60× | 0.13× | ||
| Q3 25 | 0.59× | 0.12× | ||
| Q2 25 | 0.61× | 0.12× | ||
| Q1 25 | 0.69× | 0.13× | ||
| Q4 24 | 0.70× | 0.13× | ||
| Q3 24 | 0.67× | 0.12× | ||
| Q2 24 | 0.96× | 0.12× | ||
| Q1 24 | 0.95× | 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 | $108.0M | $399.8M |
| Free Cash FlowOCF − Capex | $46.0M | $388.5M |
| FCF MarginFCF / Revenue | 4.0% | 24.6% |
| Capex IntensityCapex / Revenue | 5.4% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $284.0M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.0M | $399.8M | ||
| Q3 25 | $219.0M | $354.9M | ||
| Q2 25 | $237.0M | $-7.4M | ||
| Q1 25 | $-4.0M | $-177.6M | ||
| Q4 24 | $177.0M | $378.9M | ||
| Q3 24 | $162.0M | $232.8M | ||
| Q2 24 | $200.0M | $57.7M | ||
| Q1 24 | $2.0M | $103.7M |
| Q4 25 | $46.0M | $388.5M | ||
| Q3 25 | $127.0M | $346.1M | ||
| Q2 25 | $180.0M | $-14.3M | ||
| Q1 25 | $-69.0M | $-185.2M | ||
| Q4 24 | $130.0M | $370.9M | ||
| Q3 24 | $120.0M | $223.0M | ||
| Q2 24 | $166.0M | $51.3M | ||
| Q1 24 | $-22.0M | $97.9M |
| Q4 25 | 4.0% | 24.6% | ||
| Q3 25 | 11.2% | 16.7% | ||
| Q2 25 | 14.5% | -0.7% | ||
| Q1 25 | -5.8% | -12.1% | ||
| Q4 24 | 12.7% | 21.1% | ||
| Q3 24 | 11.7% | 10.3% | ||
| Q2 24 | 14.0% | 2.4% | ||
| Q1 24 | -1.8% | 6.3% |
| Q4 25 | 5.4% | 0.7% | ||
| Q3 25 | 8.1% | 0.4% | ||
| Q2 25 | 4.6% | 0.3% | ||
| Q1 25 | 5.4% | 0.5% | ||
| Q4 24 | 4.6% | 0.5% | ||
| Q3 24 | 4.1% | 0.5% | ||
| Q2 24 | 2.9% | 0.3% | ||
| Q1 24 | 2.0% | 0.4% |
| Q4 25 | — | 5.57× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | 21.55× | -0.04× | ||
| Q1 25 | -0.06× | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | 0.45× | 1.36× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | 0.06× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
WSO
Segment breakdown not available.
