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Side-by-side financial comparison of F5, Inc. (FFIV) 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 $811.7M, roughly 1.9× F5, Inc.). F5, Inc. runs the higher net margin — 18.2% vs 6.1%, a 12.2% gap on every dollar of revenue. On growth, F5, Inc. posted the faster year-over-year revenue change (11.0% vs 0.1%). Over the past eight quarters, F5, Inc.'s revenue compounded faster (8.0% CAGR vs -15.3%).
F5, Inc. is an American technology company specializing in application security, multi-cloud management, online fraud prevention, application delivery networking (ADN), application availability and performance, and network security, access, and authorization.
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.
FFIV vs WSO — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $811.7M | $1.5B |
| Net Profit | $148.0M | $92.9M |
| Gross Margin | 81.4% | 27.9% |
| Operating Margin | 22.1% | 7.2% |
| Net Margin | 18.2% | 6.1% |
| Revenue YoY | 11.0% | 0.1% |
| Net Profit YoY | 1.5% | -1.7% |
| EPS (diluted) | $2.58 | — |
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 | $811.7M | $1.5B | ||
| Q4 25 | $822.5M | $1.6B | ||
| Q3 25 | $810.1M | $2.1B | ||
| Q2 25 | $780.4M | $2.1B | ||
| Q1 25 | $731.1M | $1.5B | ||
| Q4 24 | $766.5M | $1.8B | ||
| Q3 24 | $746.7M | $2.2B | ||
| Q2 24 | $695.5M | $2.1B |
| Q1 26 | $148.0M | $92.9M | ||
| Q4 25 | $180.1M | $71.7M | ||
| Q3 25 | $190.5M | $161.6M | ||
| Q2 25 | $189.9M | $183.6M | ||
| Q1 25 | $145.5M | $80.1M | ||
| Q4 24 | $166.4M | $96.8M | ||
| Q3 24 | $165.3M | $171.0M | ||
| Q2 24 | $144.1M | $181.4M |
| Q1 26 | 81.4% | 27.9% | ||
| Q4 25 | 81.5% | 27.1% | ||
| Q3 25 | 82.2% | 27.5% | ||
| Q2 25 | 81.0% | 29.3% | ||
| Q1 25 | 80.7% | 28.1% | ||
| Q4 24 | 81.7% | 26.7% | ||
| Q3 24 | 80.8% | 26.2% | ||
| Q2 24 | 80.4% | 27.1% |
| Q1 26 | 22.1% | 7.2% | ||
| Q4 25 | 26.0% | 6.4% | ||
| Q3 25 | 25.4% | 11.4% | ||
| Q2 25 | 25.2% | 13.2% | ||
| Q1 25 | 21.7% | 7.3% | ||
| Q4 24 | 26.8% | 7.8% | ||
| Q3 24 | 25.6% | 11.6% | ||
| Q2 24 | 23.4% | 12.6% |
| Q1 26 | 18.2% | 6.1% | ||
| Q4 25 | 21.9% | 4.5% | ||
| Q3 25 | 23.5% | 7.8% | ||
| Q2 25 | 24.3% | 8.9% | ||
| Q1 25 | 19.9% | 5.2% | ||
| Q4 24 | 21.7% | 5.5% | ||
| Q3 24 | 22.1% | 7.9% | ||
| Q2 24 | 20.7% | 8.5% |
| Q1 26 | $2.58 | — | ||
| Q4 25 | $3.10 | $1.82 | ||
| Q3 25 | $3.25 | $3.98 | ||
| Q2 25 | $3.25 | $4.52 | ||
| Q1 25 | $2.48 | $1.93 | ||
| Q4 24 | $2.82 | $2.42 | ||
| Q3 24 | $2.79 | $4.22 | ||
| Q2 24 | $2.44 | $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 | $1.4B | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $3.2B |
| Total Assets | $6.5B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | $392.7M | ||
| Q4 25 | $1.2B | $733.3M | ||
| Q3 25 | $1.3B | $524.3M | ||
| Q2 25 | $1.4B | $293.0M | ||
| Q1 25 | $1.3B | $431.8M | ||
| Q4 24 | $1.2B | $781.9M | ||
| Q3 24 | $1.1B | $550.0M | ||
| Q2 24 | $935.6M | $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 | $3.6B | $3.2B | ||
| Q4 25 | $3.5B | $2.8B | ||
| Q3 25 | $3.6B | $2.8B | ||
| Q2 25 | $3.5B | $2.8B | ||
| Q1 25 | $3.3B | $2.7B | ||
| Q4 24 | $3.2B | $2.7B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $3.0B | $2.6B |
| Q1 26 | $6.5B | $4.6B | ||
| Q4 25 | $6.3B | $4.4B | ||
| Q3 25 | $6.3B | $4.6B | ||
| Q2 25 | $6.1B | $4.7B | ||
| Q1 25 | $5.9B | $4.5B | ||
| Q4 24 | $5.9B | $4.5B | ||
| Q3 24 | $5.6B | $4.5B | ||
| Q2 24 | $5.4B | $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 | $525.1M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $525.1M | — | ||
| Q4 25 | $159.2M | $399.8M | ||
| Q3 25 | $208.1M | $354.9M | ||
| Q2 25 | $282.2M | $-7.4M | ||
| Q1 25 | $256.6M | $-177.6M | ||
| Q4 24 | $202.8M | $378.9M | ||
| Q3 24 | $246.5M | $232.8M | ||
| Q2 24 | $159.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $149.5M | $388.5M | ||
| Q3 25 | $191.9M | $346.1M | ||
| Q2 25 | $273.7M | $-14.3M | ||
| Q1 25 | $246.1M | $-185.2M | ||
| Q4 24 | $194.7M | $370.9M | ||
| Q3 24 | $240.4M | $223.0M | ||
| Q2 24 | $153.1M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 18.2% | 24.6% | ||
| Q3 25 | 23.7% | 16.7% | ||
| Q2 25 | 35.1% | -0.7% | ||
| Q1 25 | 33.7% | -12.1% | ||
| Q4 24 | 25.4% | 21.1% | ||
| Q3 24 | 32.2% | 10.3% | ||
| Q2 24 | 22.0% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 0.7% | ||
| Q3 25 | 2.0% | 0.4% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 1.4% | 0.5% | ||
| Q4 24 | 1.1% | 0.5% | ||
| Q3 24 | 0.8% | 0.5% | ||
| Q2 24 | 0.8% | 0.3% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | 0.88× | 5.57× | ||
| Q3 25 | 1.09× | 2.20× | ||
| Q2 25 | 1.49× | -0.04× | ||
| Q1 25 | 1.76× | -2.22× | ||
| Q4 24 | 1.22× | 3.91× | ||
| Q3 24 | 1.49× | 1.36× | ||
| Q2 24 | 1.10× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
