vs
Side-by-side financial comparison of MERCURY GENERAL CORP (MCY) 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 $1.5B, roughly 1.0× MERCURY GENERAL CORP). MERCURY GENERAL CORP runs the higher net margin — 13.2% vs 4.5%, a 8.6% gap on every dollar of revenue. On growth, MERCURY GENERAL CORP posted the faster year-over-year revenue change (12.4% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $273.9M). Over the past eight quarters, MERCURY GENERAL CORP's revenue compounded faster (9.8% CAGR vs 0.4%).
Mercury General Corporation is a multiple-line insurance organization that offers personal automobiles, homeowners, renters, and business insurance. Mercury's primary focus is automobiles and homeowners' insurance.
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.
MCY vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $1.6B |
| Net Profit | $202.5M | $71.7M |
| Gross Margin | 99.7% | 27.1% |
| Operating Margin | 16.2% | 6.4% |
| Net Margin | 13.2% | 4.5% |
| Revenue YoY | 12.4% | -10.0% |
| Net Profit YoY | 100.4% | -25.9% |
| EPS (diluted) | $3.66 | $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.
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.3B | $2.1B | ||
| Q1 24 | $1.3B | $1.6B |
| Q4 25 | $202.5M | $71.7M | ||
| Q3 25 | $280.4M | $161.6M | ||
| Q2 25 | $166.5M | $183.6M | ||
| Q1 25 | $-108.3M | $80.1M | ||
| Q4 24 | $101.1M | $96.8M | ||
| Q3 24 | $230.9M | $171.0M | ||
| Q2 24 | $62.6M | $181.4M | ||
| Q1 24 | $73.5M | $87.0M |
| Q4 25 | 99.7% | 27.1% | ||
| Q3 25 | 99.8% | 27.5% | ||
| Q2 25 | 99.8% | 29.3% | ||
| Q1 25 | 99.7% | 28.1% | ||
| Q4 24 | 99.7% | 26.7% | ||
| Q3 24 | 99.8% | 26.2% | ||
| Q2 24 | 99.8% | 27.1% | ||
| Q1 24 | 99.7% | 27.5% |
| Q4 25 | 16.2% | 6.4% | ||
| Q3 25 | 22.1% | 11.4% | ||
| Q2 25 | 14.0% | 13.2% | ||
| Q1 25 | -10.2% | 7.3% | ||
| Q4 24 | 9.0% | 7.8% | ||
| Q3 24 | 18.8% | 11.6% | ||
| Q2 24 | 5.8% | 12.6% | ||
| Q1 24 | 7.0% | 8.1% |
| Q4 25 | 13.2% | 4.5% | ||
| Q3 25 | 17.7% | 7.8% | ||
| Q2 25 | 11.3% | 8.9% | ||
| Q1 25 | -7.8% | 5.2% | ||
| Q4 24 | 7.4% | 5.5% | ||
| Q3 24 | 15.1% | 7.9% | ||
| Q2 24 | 4.8% | 8.5% | ||
| Q1 24 | 5.8% | 5.6% |
| Q4 25 | $3.66 | $1.82 | ||
| Q3 25 | $5.06 | $3.98 | ||
| Q2 25 | $3.01 | $4.52 | ||
| Q1 25 | $-1.96 | $1.93 | ||
| Q4 24 | $1.82 | $2.42 | ||
| Q3 24 | $4.17 | $4.22 | ||
| Q2 24 | $1.13 | $4.49 | ||
| Q1 24 | $1.33 | $2.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $733.3M |
| Total DebtLower is stronger | $575.0M | $361.6M |
| Stockholders' EquityBook value | $2.4B | $2.8B |
| Total Assets | $9.6B | $4.4B |
| Debt / EquityLower = less leverage | 0.24× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $733.3M | ||
| Q3 25 | — | $524.3M | ||
| Q2 25 | — | $293.0M | ||
| Q1 25 | — | $431.8M | ||
| Q4 24 | — | $781.9M | ||
| Q3 24 | — | $550.0M | ||
| Q2 24 | — | $424.9M | ||
| Q1 24 | — | $478.9M |
| Q4 25 | $575.0M | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | $575.0M | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
| Q4 25 | $2.4B | $2.8B | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $2.0B | $2.8B | ||
| Q1 25 | $1.8B | $2.7B | ||
| Q4 24 | $1.9B | $2.7B | ||
| Q3 24 | $1.9B | $2.7B | ||
| Q2 24 | $1.6B | $2.6B | ||
| Q1 24 | $1.6B | $2.5B |
| Q4 25 | $9.6B | $4.4B | ||
| Q3 25 | $9.4B | $4.6B | ||
| Q2 25 | $9.1B | $4.7B | ||
| Q1 25 | $9.0B | $4.5B | ||
| Q4 24 | $8.3B | $4.5B | ||
| Q3 24 | $8.2B | $4.5B | ||
| Q2 24 | $7.7B | $4.4B | ||
| Q1 24 | $7.4B | $4.4B |
| Q4 25 | 0.24× | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 0.30× | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 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 | $287.9M | $399.8M |
| Free Cash FlowOCF − Capex | $273.9M | $388.5M |
| FCF MarginFCF / Revenue | 17.8% | 24.6% |
| Capex IntensityCapex / Revenue | 0.9% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.42× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $287.9M | $399.8M | ||
| Q3 25 | $496.4M | $354.9M | ||
| Q2 25 | $371.6M | $-7.4M | ||
| Q1 25 | $-68.7M | $-177.6M | ||
| Q4 24 | $248.3M | $378.9M | ||
| Q3 24 | $318.1M | $232.8M | ||
| Q2 24 | $278.0M | $57.7M | ||
| Q1 24 | $192.6M | $103.7M |
| Q4 25 | $273.9M | $388.5M | ||
| Q3 25 | $479.5M | $346.1M | ||
| Q2 25 | $357.2M | $-14.3M | ||
| Q1 25 | $-81.9M | $-185.2M | ||
| Q4 24 | $236.0M | $370.9M | ||
| Q3 24 | $306.2M | $223.0M | ||
| Q2 24 | $266.5M | $51.3M | ||
| Q1 24 | $182.4M | $97.9M |
| Q4 25 | 17.8% | 24.6% | ||
| Q3 25 | 30.3% | 16.7% | ||
| Q2 25 | 24.2% | -0.7% | ||
| Q1 25 | -5.9% | -12.1% | ||
| Q4 24 | 17.3% | 21.1% | ||
| Q3 24 | 20.0% | 10.3% | ||
| Q2 24 | 20.4% | 2.4% | ||
| Q1 24 | 14.3% | 6.3% |
| Q4 25 | 0.9% | 0.7% | ||
| Q3 25 | 1.1% | 0.4% | ||
| Q2 25 | 1.0% | 0.3% | ||
| Q1 25 | 0.9% | 0.5% | ||
| Q4 24 | 0.9% | 0.5% | ||
| Q3 24 | 0.8% | 0.5% | ||
| Q2 24 | 0.9% | 0.3% | ||
| Q1 24 | 0.8% | 0.4% |
| Q4 25 | 1.42× | 5.57× | ||
| Q3 25 | 1.77× | 2.20× | ||
| Q2 25 | 2.23× | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | 2.46× | 3.91× | ||
| Q3 24 | 1.38× | 1.36× | ||
| Q2 24 | 4.44× | 0.32× | ||
| Q1 24 | 2.62× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
