vs
Side-by-side financial comparison of KeyCorp (KEY) and WATSCO INC (WSO). Click either name above to swap in a different company.
KeyCorp is the larger business by last-quarter revenue ($2.0B vs $1.5B, roughly 1.3× WATSCO INC). KeyCorp runs the higher net margin — 25.4% vs 6.1%, a 19.4% gap on every dollar of revenue. On growth, KeyCorp posted the faster year-over-year revenue change (131.8% vs 0.1%). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% CAGR vs -15.3%).
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
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.
KEY vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $1.5B |
| Net Profit | $510.0M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 32.3% | 7.2% |
| Net Margin | 25.4% | 6.1% |
| Revenue YoY | 131.8% | 0.1% |
| Net Profit YoY | 309.0% | -1.7% |
| EPS (diluted) | $0.43 | — |
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 | $2.0B | $1.6B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $1.8B | $2.1B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $865.0M | $1.8B | ||
| Q3 24 | $695.0M | $2.2B | ||
| Q2 24 | $1.5B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $510.0M | $71.7M | ||
| Q3 25 | $489.0M | $161.6M | ||
| Q2 25 | $425.0M | $183.6M | ||
| Q1 25 | $405.0M | $80.1M | ||
| Q4 24 | $-244.0M | $96.8M | ||
| Q3 24 | $-410.0M | $171.0M | ||
| Q2 24 | $274.0M | $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 | — | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 32.3% | 6.4% | ||
| Q3 25 | 31.8% | 11.4% | ||
| Q2 25 | 29.3% | 13.2% | ||
| Q1 25 | 29.0% | 7.3% | ||
| Q4 24 | -92.6% | 7.8% | ||
| Q3 24 | -72.8% | 11.6% | ||
| Q2 24 | 22.0% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 25.4% | 4.5% | ||
| Q3 25 | 25.8% | 7.8% | ||
| Q2 25 | 23.1% | 8.9% | ||
| Q1 25 | 22.8% | 5.2% | ||
| Q4 24 | -54.7% | 5.5% | ||
| Q3 24 | -59.0% | 7.9% | ||
| Q2 24 | 18.0% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.43 | $1.82 | ||
| Q3 25 | $0.41 | $3.98 | ||
| Q2 25 | $0.35 | $4.52 | ||
| Q1 25 | $0.33 | $1.93 | ||
| Q4 24 | $-0.30 | $2.42 | ||
| Q3 24 | $-0.47 | $4.22 | ||
| Q2 24 | $0.25 | $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 | $10.2B | $392.7M |
| Total DebtLower is stronger | $9.9B | — |
| Stockholders' EquityBook value | $20.4B | $3.2B |
| Total Assets | $184.4B | $4.6B |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $10.2B | $733.3M | ||
| Q3 25 | $13.3B | $524.3M | ||
| Q2 25 | $11.6B | $293.0M | ||
| Q1 25 | $15.3B | $431.8M | ||
| Q4 24 | $17.5B | $781.9M | ||
| Q3 24 | $22.8B | $550.0M | ||
| Q2 24 | $15.5B | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $9.9B | $361.6M | ||
| Q3 25 | $10.9B | $340.8M | ||
| Q2 25 | $12.1B | $338.7M | ||
| Q1 25 | $12.4B | $346.4M | ||
| Q4 24 | $12.1B | $337.2M | ||
| Q3 24 | $15.7B | $321.0M | ||
| Q2 24 | $16.9B | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $20.4B | $2.8B | ||
| Q3 25 | $20.1B | $2.8B | ||
| Q2 25 | $19.5B | $2.8B | ||
| Q1 25 | $19.0B | $2.7B | ||
| Q4 24 | $18.2B | $2.7B | ||
| Q3 24 | $16.9B | $2.7B | ||
| Q2 24 | $14.8B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $184.4B | $4.4B | ||
| Q3 25 | $187.4B | $4.6B | ||
| Q2 25 | $185.5B | $4.7B | ||
| Q1 25 | $188.7B | $4.5B | ||
| Q4 24 | $187.2B | $4.5B | ||
| Q3 24 | $189.8B | $4.5B | ||
| Q2 24 | $187.4B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.49× | 0.13× | ||
| Q3 25 | 0.54× | 0.12× | ||
| Q2 25 | 0.62× | 0.12× | ||
| Q1 25 | 0.65× | 0.13× | ||
| Q4 24 | 0.67× | 0.13× | ||
| Q3 24 | 0.93× | 0.12× | ||
| Q2 24 | 1.14× | 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 | $2.2B | — |
| Free Cash FlowOCF − Capex | $2.1B | — |
| FCF MarginFCF / Revenue | 104.8% | — |
| Capex IntensityCapex / Revenue | 5.3% | — |
| Cash ConversionOCF / Net Profit | 4.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | $3.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $399.8M | ||
| Q3 25 | $396.0M | $354.9M | ||
| Q2 25 | $1.2B | $-7.4M | ||
| Q1 25 | $-140.0M | $-177.6M | ||
| Q4 24 | $664.0M | $378.9M | ||
| Q3 24 | $-1.2B | $232.8M | ||
| Q2 24 | $-217.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $388.5M | ||
| Q3 25 | $367.0M | $346.1M | ||
| Q2 25 | $1.2B | $-14.3M | ||
| Q1 25 | $-150.0M | $-185.2M | ||
| Q4 24 | $599.0M | $370.9M | ||
| Q3 24 | $-1.2B | $223.0M | ||
| Q2 24 | $-230.0M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 104.8% | 24.6% | ||
| Q3 25 | 19.4% | 16.7% | ||
| Q2 25 | 65.8% | -0.7% | ||
| Q1 25 | -8.5% | -12.1% | ||
| Q4 24 | 69.2% | 21.1% | ||
| Q3 24 | -175.8% | 10.3% | ||
| Q2 24 | -15.1% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 0.7% | ||
| Q3 25 | 1.5% | 0.4% | ||
| Q2 25 | 1.3% | 0.3% | ||
| Q1 25 | 0.6% | 0.5% | ||
| Q4 24 | 7.5% | 0.5% | ||
| Q3 24 | 2.4% | 0.5% | ||
| Q2 24 | 0.9% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.33× | 5.57× | ||
| Q3 25 | 0.81× | 2.20× | ||
| Q2 25 | 2.90× | -0.04× | ||
| Q1 25 | -0.35× | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | -0.79× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
