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Side-by-side financial comparison of Liberty Energy Inc. (LBRT) 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 $1.0B, roughly 1.5× Liberty Energy Inc.). WATSCO INC runs the higher net margin — 4.5% vs 2.2%, a 2.3% gap on every dollar of revenue. On growth, Liberty Energy Inc. posted the faster year-over-year revenue change (4.5% vs -10.0%). Over the past eight quarters, WATSCO INC's revenue compounded faster (0.4% CAGR vs -6.2%).
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
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.
LBRT vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.6B |
| Net Profit | $22.6M | $71.7M |
| Gross Margin | — | 27.1% |
| Operating Margin | 2.2% | 6.4% |
| Net Margin | 2.2% | 4.5% |
| Revenue YoY | 4.5% | -10.0% |
| Net Profit YoY | 64.8% | -25.9% |
| EPS (diluted) | $0.14 | $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.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.0B | $1.6B | ||
| Q3 25 | $947.4M | $2.1B | ||
| Q2 25 | $1.0B | $2.1B | ||
| Q1 25 | $977.5M | $1.5B | ||
| Q4 24 | $943.6M | $1.8B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $1.2B | $2.1B |
| Q1 26 | $22.6M | — | ||
| Q4 25 | $13.7M | $71.7M | ||
| Q3 25 | $43.1M | $161.6M | ||
| Q2 25 | $71.0M | $183.6M | ||
| Q1 25 | $20.1M | $80.1M | ||
| Q4 24 | $51.9M | $96.8M | ||
| Q3 24 | $73.8M | $171.0M | ||
| Q2 24 | $108.4M | $181.4M |
| Q1 26 | — | — | ||
| Q4 25 | 20.6% | 27.1% | ||
| Q3 25 | 18.7% | 27.5% | ||
| Q2 25 | 22.1% | 29.3% | ||
| Q1 25 | 22.1% | 28.1% | ||
| Q4 24 | 21.4% | 26.7% | ||
| Q3 24 | 26.2% | 26.2% | ||
| Q2 24 | 27.9% | 27.1% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.9% | 6.4% | ||
| Q3 25 | -0.3% | 11.4% | ||
| Q2 25 | 3.6% | 13.2% | ||
| Q1 25 | 1.9% | 7.3% | ||
| Q4 24 | 2.6% | 7.8% | ||
| Q3 24 | 9.4% | 11.6% | ||
| Q2 24 | 12.2% | 12.6% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.3% | 4.5% | ||
| Q3 25 | 4.5% | 7.8% | ||
| Q2 25 | 6.8% | 8.9% | ||
| Q1 25 | 2.1% | 5.2% | ||
| Q4 24 | 5.5% | 5.5% | ||
| Q3 24 | 6.5% | 7.9% | ||
| Q2 24 | 9.3% | 8.5% |
| Q1 26 | $0.14 | — | ||
| Q4 25 | $0.08 | $1.82 | ||
| Q3 25 | $0.26 | $3.98 | ||
| Q2 25 | $0.43 | $4.52 | ||
| Q1 25 | $0.12 | $1.93 | ||
| Q4 24 | $0.31 | $2.42 | ||
| Q3 24 | $0.44 | $4.22 | ||
| Q2 24 | $0.64 | $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 | $699.1M | $733.3M |
| Total DebtLower is stronger | $7.1M | $361.6M |
| Stockholders' EquityBook value | $1.9B | $2.8B |
| Total Assets | $4.4B | $4.4B |
| Debt / EquityLower = less leverage | 0.00× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $699.1M | — | ||
| Q4 25 | $27.6M | $733.3M | ||
| Q3 25 | $13.5M | $524.3M | ||
| Q2 25 | $19.6M | $293.0M | ||
| Q1 25 | $24.1M | $431.8M | ||
| Q4 24 | $20.0M | $781.9M | ||
| Q3 24 | $23.0M | $550.0M | ||
| Q2 24 | $30.0M | $424.9M |
| Q1 26 | $7.1M | — | ||
| Q4 25 | $246.6M | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | $190.5M | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.1B | $2.8B | ||
| Q3 25 | $2.1B | $2.8B | ||
| Q2 25 | $2.0B | $2.8B | ||
| Q1 25 | $2.0B | $2.7B | ||
| Q4 24 | $2.0B | $2.7B | ||
| Q3 24 | $2.0B | $2.7B | ||
| Q2 24 | $1.9B | $2.6B |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $3.6B | $4.4B | ||
| Q3 25 | $3.5B | $4.6B | ||
| Q2 25 | $3.4B | $4.7B | ||
| Q1 25 | $3.4B | $4.5B | ||
| Q4 24 | $3.3B | $4.5B | ||
| Q3 24 | $3.3B | $4.5B | ||
| Q2 24 | $3.2B | $4.4B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.12× | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 0.10× | 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 | — | $399.8M |
| Free Cash FlowOCF − Capex | — | $388.5M |
| FCF MarginFCF / Revenue | — | 24.6% |
| Capex IntensityCapex / Revenue | 13.1% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | — | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $195.4M | $399.8M | ||
| Q3 25 | $51.5M | $354.9M | ||
| Q2 25 | $170.6M | $-7.4M | ||
| Q1 25 | $192.1M | $-177.6M | ||
| Q4 24 | $177.3M | $378.9M | ||
| Q3 24 | $244.5M | $232.8M | ||
| Q2 24 | $248.2M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-10.0M | $388.5M | ||
| Q3 25 | $-67.2M | $346.1M | ||
| Q2 25 | $33.1M | $-14.3M | ||
| Q1 25 | $58.2M | $-185.2M | ||
| Q4 24 | $-26.2M | $370.9M | ||
| Q3 24 | $77.9M | $223.0M | ||
| Q2 24 | $112.2M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | 24.6% | ||
| Q3 25 | -7.1% | 16.7% | ||
| Q2 25 | 3.2% | -0.7% | ||
| Q1 25 | 6.0% | -12.1% | ||
| Q4 24 | -2.8% | 21.1% | ||
| Q3 24 | 6.8% | 10.3% | ||
| Q2 24 | 9.7% | 2.4% |
| Q1 26 | 13.1% | — | ||
| Q4 25 | 19.8% | 0.7% | ||
| Q3 25 | 12.5% | 0.4% | ||
| Q2 25 | 13.2% | 0.3% | ||
| Q1 25 | 13.7% | 0.5% | ||
| Q4 24 | 21.6% | 0.5% | ||
| Q3 24 | 14.6% | 0.5% | ||
| Q2 24 | 11.7% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 14.28× | 5.57× | ||
| Q3 25 | 1.20× | 2.20× | ||
| Q2 25 | 2.40× | -0.04× | ||
| Q1 25 | 9.55× | -2.22× | ||
| Q4 24 | 3.42× | 3.91× | ||
| Q3 24 | 3.31× | 1.36× | ||
| Q2 24 | 2.29× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
