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Side-by-side financial comparison of M/I HOMES, INC. (MHO) 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 $1.1B, roughly 1.3× M/I HOMES, INC.). WATSCO INC runs the higher net margin — 6.1% vs 5.6%, a 0.5% gap on every dollar of revenue. On growth, WATSCO INC posted the faster year-over-year revenue change (0.1% vs -4.8%). Over the past eight quarters, M/I HOMES, INC.'s revenue compounded faster (4.7% CAGR vs -15.3%).
M/I Homes, Inc. is a leading U.S. residential construction company that designs, builds and sells single-family homes, townhomes and duplexes across multiple U.S. states. It caters to entry-level, move-up and luxury homebuyers, offering energy-efficient designs, flexible floor plans and personalized customization options.
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.
MHO vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $1.5B |
| Net Profit | $64.0M | $92.9M |
| Gross Margin | 17.4% | 27.9% |
| Operating Margin | 6.5% | 7.2% |
| Net Margin | 5.6% | 6.1% |
| Revenue YoY | -4.8% | 0.1% |
| Net Profit YoY | -52.1% | -1.7% |
| EPS (diluted) | $2.42 | — |
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 | $1.1B | $1.6B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $976.1M | $1.5B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $1.1B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $64.0M | $71.7M | ||
| Q3 25 | $106.5M | $161.6M | ||
| Q2 25 | $121.2M | $183.6M | ||
| Q1 25 | $111.2M | $80.1M | ||
| Q4 24 | $133.5M | $96.8M | ||
| Q3 24 | $145.4M | $171.0M | ||
| Q2 24 | $146.7M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 17.4% | 27.1% | ||
| Q3 25 | 24.5% | 27.5% | ||
| Q2 25 | 24.7% | 29.3% | ||
| Q1 25 | 25.9% | 28.1% | ||
| Q4 24 | 24.6% | 26.7% | ||
| Q3 24 | 27.1% | 26.2% | ||
| Q2 24 | 27.9% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 6.5% | 6.4% | ||
| Q3 25 | 12.0% | 11.4% | ||
| Q2 25 | 13.4% | 13.2% | ||
| Q1 25 | 14.4% | 7.3% | ||
| Q4 24 | 13.6% | 7.8% | ||
| Q3 24 | 15.9% | 11.6% | ||
| Q2 24 | 16.8% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 5.6% | 4.5% | ||
| Q3 25 | 9.4% | 7.8% | ||
| Q2 25 | 10.4% | 8.9% | ||
| Q1 25 | 11.4% | 5.2% | ||
| Q4 24 | 11.1% | 5.5% | ||
| Q3 24 | 12.7% | 7.9% | ||
| Q2 24 | 13.2% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $2.42 | $1.82 | ||
| Q3 25 | $3.92 | $3.98 | ||
| Q2 25 | $4.42 | $4.52 | ||
| Q1 25 | $3.98 | $1.93 | ||
| Q4 24 | $4.71 | $2.42 | ||
| Q3 24 | $5.10 | $4.22 | ||
| Q2 24 | $5.12 | $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 | — | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.2B | $3.2B |
| Total Assets | $4.8B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| 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 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 | $3.2B | $2.8B | ||
| Q3 25 | $3.1B | $2.8B | ||
| Q2 25 | $3.1B | $2.8B | ||
| Q1 25 | $3.0B | $2.7B | ||
| Q4 24 | $2.9B | $2.7B | ||
| Q3 24 | $2.8B | $2.7B | ||
| Q2 24 | $2.7B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $4.8B | $4.4B | ||
| Q3 25 | $4.8B | $4.6B | ||
| Q2 25 | $4.7B | $4.7B | ||
| Q1 25 | $4.6B | $4.5B | ||
| Q4 24 | $4.5B | $4.5B | ||
| Q3 24 | $4.5B | $4.5B | ||
| Q2 24 | $4.3B | $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 | $-8.7M | — |
| Free Cash FlowOCF − Capex | $-13.0M | — |
| FCF MarginFCF / Revenue | -1.1% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | -0.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $127.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-8.7M | $399.8M | ||
| Q3 25 | $43.4M | $354.9M | ||
| Q2 25 | $37.8M | $-7.4M | ||
| Q1 25 | $64.9M | $-177.6M | ||
| Q4 24 | $104.4M | $378.9M | ||
| Q3 24 | $-67.9M | $232.8M | ||
| Q2 24 | $27.5M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-13.0M | $388.5M | ||
| Q3 25 | $42.0M | $346.1M | ||
| Q2 25 | $35.1M | $-14.3M | ||
| Q1 25 | $63.5M | $-185.2M | ||
| Q4 24 | $102.3M | $370.9M | ||
| Q3 24 | $-68.5M | $223.0M | ||
| Q2 24 | $22.0M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | -1.1% | 24.6% | ||
| Q3 25 | 3.7% | 16.7% | ||
| Q2 25 | 3.0% | -0.7% | ||
| Q1 25 | 6.5% | -12.1% | ||
| Q4 24 | 8.5% | 21.1% | ||
| Q3 24 | -6.0% | 10.3% | ||
| Q2 24 | 2.0% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 0.7% | ||
| Q3 25 | 0.1% | 0.4% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.1% | 0.5% | ||
| Q4 24 | 0.2% | 0.5% | ||
| Q3 24 | 0.1% | 0.5% | ||
| Q2 24 | 0.5% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | -0.14× | 5.57× | ||
| Q3 25 | 0.41× | 2.20× | ||
| Q2 25 | 0.31× | -0.04× | ||
| Q1 25 | 0.58× | -2.22× | ||
| Q4 24 | 0.78× | 3.91× | ||
| Q3 24 | -0.47× | 1.36× | ||
| Q2 24 | 0.19× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
WSO
Segment breakdown not available.
