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Side-by-side financial comparison of IES Holdings, Inc. (IESC) 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 $871.0M, roughly 1.8× IES Holdings, Inc.). IES Holdings, Inc. runs the higher net margin — 10.5% vs 6.1%, a 4.5% gap on every dollar of revenue. On growth, IES Holdings, Inc. posted the faster year-over-year revenue change (16.2% vs 0.1%). Over the past eight quarters, IES Holdings, Inc.'s revenue compounded faster (11.1% CAGR vs -15.3%).
IES Holdings, Inc., formerly known as Integrated Electrical Services, Inc., designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities.
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.
IESC vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $871.0M | $1.5B |
| Net Profit | $91.8M | $92.9M |
| Gross Margin | 25.3% | 27.9% |
| Operating Margin | 11.2% | 7.2% |
| Net Margin | 10.5% | 6.1% |
| Revenue YoY | 16.2% | 0.1% |
| Net Profit YoY | 59.1% | -1.7% |
| EPS (diluted) | $4.51 | — |
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 | $871.0M | $1.6B | ||
| Q3 25 | $897.8M | $2.1B | ||
| Q2 25 | $890.2M | $2.1B | ||
| Q1 25 | $834.0M | $1.5B | ||
| Q4 24 | $749.5M | $1.8B | ||
| Q3 24 | $775.8M | $2.2B | ||
| Q2 24 | $768.4M | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $91.8M | $71.7M | ||
| Q3 25 | $102.3M | $161.6M | ||
| Q2 25 | $79.3M | $183.6M | ||
| Q1 25 | $72.6M | $80.1M | ||
| Q4 24 | $57.7M | $96.8M | ||
| Q3 24 | $65.5M | $171.0M | ||
| Q2 24 | $66.6M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 25.3% | 27.1% | ||
| Q3 25 | 26.0% | 27.5% | ||
| Q2 25 | 26.9% | 29.3% | ||
| Q1 25 | 25.0% | 28.1% | ||
| Q4 24 | 23.8% | 26.7% | ||
| Q3 24 | 24.0% | 26.2% | ||
| Q2 24 | 25.3% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 11.2% | 6.4% | ||
| Q3 25 | 11.6% | 11.4% | ||
| Q2 25 | 12.6% | 13.2% | ||
| Q1 25 | 11.1% | 7.3% | ||
| Q4 24 | 10.0% | 7.8% | ||
| Q3 24 | 9.7% | 11.6% | ||
| Q2 24 | 11.7% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 10.5% | 4.5% | ||
| Q3 25 | 11.4% | 7.8% | ||
| Q2 25 | 8.9% | 8.9% | ||
| Q1 25 | 8.7% | 5.2% | ||
| Q4 24 | 7.7% | 5.5% | ||
| Q3 24 | 8.4% | 7.9% | ||
| Q2 24 | 8.7% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $4.51 | $1.82 | ||
| Q3 25 | $4.99 | $3.98 | ||
| Q2 25 | $3.81 | $4.52 | ||
| Q1 25 | $3.50 | $1.93 | ||
| Q4 24 | $2.72 | $2.42 | ||
| Q3 24 | $3.06 | $4.22 | ||
| Q2 24 | $2.67 | $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 | $258.7M | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $961.1M | $3.2B |
| Total Assets | $1.7B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $258.7M | $733.3M | ||
| Q3 25 | $231.8M | $524.3M | ||
| Q2 25 | $168.3M | $293.0M | ||
| Q1 25 | $88.3M | $431.8M | ||
| Q4 24 | $112.0M | $781.9M | ||
| Q3 24 | $135.8M | $550.0M | ||
| Q2 24 | $44.9M | $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 | $961.1M | $2.8B | ||
| Q3 25 | $884.0M | $2.8B | ||
| Q2 25 | $781.4M | $2.8B | ||
| Q1 25 | $705.8M | $2.7B | ||
| Q4 24 | $652.4M | $2.7B | ||
| Q3 24 | $611.1M | $2.7B | ||
| Q2 24 | $567.5M | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $1.7B | $4.4B | ||
| Q3 25 | $1.6B | $4.6B | ||
| Q2 25 | $1.5B | $4.7B | ||
| Q1 25 | $1.4B | $4.5B | ||
| Q4 24 | $1.3B | $4.5B | ||
| Q3 24 | $1.2B | $4.5B | ||
| Q2 24 | $1.2B | $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 | $27.7M | — |
| Free Cash FlowOCF − Capex | $-18.9M | — |
| FCF MarginFCF / Revenue | -2.2% | — |
| Capex IntensityCapex / Revenue | 5.3% | — |
| Cash ConversionOCF / Net Profit | 0.30× | — |
| TTM Free Cash FlowTrailing 4 quarters | $175.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $27.7M | $399.8M | ||
| Q3 25 | $132.0M | $354.9M | ||
| Q2 25 | $92.0M | $-7.4M | ||
| Q1 25 | $24.8M | $-177.6M | ||
| Q4 24 | $37.3M | $378.9M | ||
| Q3 24 | $92.8M | $232.8M | ||
| Q2 24 | $82.9M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-18.9M | $388.5M | ||
| Q3 25 | $112.0M | $346.1M | ||
| Q2 25 | $74.8M | $-14.3M | ||
| Q1 25 | $7.9M | $-185.2M | ||
| Q4 24 | $24.1M | $370.9M | ||
| Q3 24 | $78.5M | $223.0M | ||
| Q2 24 | $65.4M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | -2.2% | 24.6% | ||
| Q3 25 | 12.5% | 16.7% | ||
| Q2 25 | 8.4% | -0.7% | ||
| Q1 25 | 0.9% | -12.1% | ||
| Q4 24 | 3.2% | 21.1% | ||
| Q3 24 | 10.1% | 10.3% | ||
| Q2 24 | 8.5% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 0.7% | ||
| Q3 25 | 2.2% | 0.4% | ||
| Q2 25 | 1.9% | 0.3% | ||
| Q1 25 | 2.0% | 0.5% | ||
| Q4 24 | 1.8% | 0.5% | ||
| Q3 24 | 1.8% | 0.5% | ||
| Q2 24 | 2.3% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.30× | 5.57× | ||
| Q3 25 | 1.29× | 2.20× | ||
| Q2 25 | 1.16× | -0.04× | ||
| Q1 25 | 0.34× | -2.22× | ||
| Q4 24 | 0.65× | 3.91× | ||
| Q3 24 | 1.42× | 1.36× | ||
| Q2 24 | 1.24× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
WSO
Segment breakdown not available.
