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Side-by-side financial comparison of LCI INDUSTRIES (LCII) 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 $932.7M, roughly 1.6× LCI INDUSTRIES). WATSCO INC runs the higher net margin — 6.1% vs 2.0%, a 4.1% gap on every dollar of revenue. On growth, LCI INDUSTRIES posted the faster year-over-year revenue change (16.1% vs 0.1%). Over the past eight quarters, LCI INDUSTRIES's revenue compounded faster (-1.8% CAGR vs -15.3%).
Lucky Core Industries Limited, formerly known as ICI Pakistan, is a Pakistani conglomerate company headquartered in Karachi. It manufactures polyester, pharmaceutical, agrochemical, soda ash, and veterinary medicine.
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.
LCII vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $932.7M | $1.5B |
| Net Profit | $18.7M | $92.9M |
| Gross Margin | 22.1% | 27.9% |
| Operating Margin | 3.8% | 7.2% |
| Net Margin | 2.0% | 6.1% |
| Revenue YoY | 16.1% | 0.1% |
| Net Profit YoY | 95.7% | -1.7% |
| EPS (diluted) | $0.79 | — |
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 | $932.7M | $1.6B | ||
| Q3 25 | $1.0B | $2.1B | ||
| Q2 25 | $1.1B | $2.1B | ||
| Q1 25 | $1.0B | $1.5B | ||
| Q4 24 | $803.1M | $1.8B | ||
| Q3 24 | $915.5M | $2.2B | ||
| Q2 24 | $1.1B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $18.7M | $71.7M | ||
| Q3 25 | $62.5M | $161.6M | ||
| Q2 25 | $57.6M | $183.6M | ||
| Q1 25 | $49.4M | $80.1M | ||
| Q4 24 | $9.5M | $96.8M | ||
| Q3 24 | $35.6M | $171.0M | ||
| Q2 24 | $61.2M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 22.1% | 27.1% | ||
| Q3 25 | 24.4% | 27.5% | ||
| Q2 25 | 24.4% | 29.3% | ||
| Q1 25 | 24.1% | 28.1% | ||
| Q4 24 | 21.1% | 26.7% | ||
| Q3 24 | 24.0% | 26.2% | ||
| Q2 24 | 25.3% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 3.8% | 6.4% | ||
| Q3 25 | 7.3% | 11.4% | ||
| Q2 25 | 7.9% | 13.2% | ||
| Q1 25 | 7.8% | 7.3% | ||
| Q4 24 | 2.0% | 7.8% | ||
| Q3 24 | 5.9% | 11.6% | ||
| Q2 24 | 8.6% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 2.0% | 4.5% | ||
| Q3 25 | 6.0% | 7.8% | ||
| Q2 25 | 5.2% | 8.9% | ||
| Q1 25 | 4.7% | 5.2% | ||
| Q4 24 | 1.2% | 5.5% | ||
| Q3 24 | 3.9% | 7.9% | ||
| Q2 24 | 5.8% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.79 | $1.82 | ||
| Q3 25 | $2.55 | $3.98 | ||
| Q2 25 | $2.29 | $4.52 | ||
| Q1 25 | $1.94 | $1.93 | ||
| Q4 24 | $0.37 | $2.42 | ||
| Q3 24 | $1.39 | $4.22 | ||
| Q2 24 | $2.40 | $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 | $222.6M | $392.7M |
| Total DebtLower is stronger | $945.2M | — |
| Stockholders' EquityBook value | $1.4B | $3.2B |
| Total Assets | $3.2B | $4.6B |
| Debt / EquityLower = less leverage | 0.69× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $222.6M | $733.3M | ||
| Q3 25 | $199.7M | $524.3M | ||
| Q2 25 | $191.9M | $293.0M | ||
| Q1 25 | $231.2M | $431.8M | ||
| Q4 24 | $165.8M | $781.9M | ||
| Q3 24 | $161.2M | $550.0M | ||
| Q2 24 | $130.4M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $945.2M | $361.6M | ||
| Q3 25 | $947.8M | $340.8M | ||
| Q2 25 | $948.0M | $338.7M | ||
| Q1 25 | $938.3M | $346.4M | ||
| Q4 24 | $757.3M | $337.2M | ||
| Q3 24 | $822.5M | $321.0M | ||
| Q2 24 | $829.7M | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $1.4B | $2.8B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.4B | $2.8B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.4B | $2.7B | ||
| Q3 24 | $1.4B | $2.7B | ||
| Q2 24 | $1.4B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $3.2B | $4.4B | ||
| Q3 25 | $3.2B | $4.6B | ||
| Q2 25 | $3.2B | $4.7B | ||
| Q1 25 | $3.1B | $4.5B | ||
| Q4 24 | $2.9B | $4.5B | ||
| Q3 24 | $3.0B | $4.5B | ||
| Q2 24 | $3.0B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.69× | 0.13× | ||
| Q3 25 | 0.70× | 0.12× | ||
| Q2 25 | 0.68× | 0.12× | ||
| Q1 25 | 0.69× | 0.13× | ||
| Q4 24 | 0.55× | 0.13× | ||
| Q3 24 | 0.58× | 0.12× | ||
| Q2 24 | 0.60× | 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 | $78.9M | — |
| Free Cash FlowOCF − Capex | $64.3M | — |
| FCF MarginFCF / Revenue | 6.9% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 4.22× | — |
| TTM Free Cash FlowTrailing 4 quarters | $278.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $78.9M | $399.8M | ||
| Q3 25 | $97.2M | $354.9M | ||
| Q2 25 | $112.2M | $-7.4M | ||
| Q1 25 | $42.7M | $-177.6M | ||
| Q4 24 | $106.6M | $378.9M | ||
| Q3 24 | $78.4M | $232.8M | ||
| Q2 24 | $192.9M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $64.3M | $388.5M | ||
| Q3 25 | $80.9M | $346.1M | ||
| Q2 25 | $99.5M | $-14.3M | ||
| Q1 25 | $33.7M | $-185.2M | ||
| Q4 24 | $95.7M | $370.9M | ||
| Q3 24 | $68.3M | $223.0M | ||
| Q2 24 | $180.2M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 6.9% | 24.6% | ||
| Q3 25 | 7.8% | 16.7% | ||
| Q2 25 | 9.0% | -0.7% | ||
| Q1 25 | 3.2% | -12.1% | ||
| Q4 24 | 11.9% | 21.1% | ||
| Q3 24 | 7.5% | 10.3% | ||
| Q2 24 | 17.1% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 0.7% | ||
| Q3 25 | 1.6% | 0.4% | ||
| Q2 25 | 1.2% | 0.3% | ||
| Q1 25 | 0.9% | 0.5% | ||
| Q4 24 | 1.4% | 0.5% | ||
| Q3 24 | 1.1% | 0.5% | ||
| Q2 24 | 1.2% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.22× | 5.57× | ||
| Q3 25 | 1.55× | 2.20× | ||
| Q2 25 | 1.95× | -0.04× | ||
| Q1 25 | 0.86× | -2.22× | ||
| Q4 24 | 11.17× | 3.91× | ||
| Q3 24 | 2.20× | 1.36× | ||
| Q2 24 | 3.15× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LCII
| Travel Trailer And Fifth Wheels | $378.4M | 41% |
| Chassis Chassis Partsand Slideout Mechanisms | $206.1M | 22% |
| Furnitureand Mattresses | $120.4M | 13% |
| Appliances | $69.9M | 7% |
| Other Products | $69.1M | 7% |
| Axlesand Suspension Solutions | $62.3M | 7% |
| Motorhomes | $34.2M | 4% |
WSO
Segment breakdown not available.
