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Side-by-side financial comparison of MSCI Inc. (MSCI) 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 $822.5M, roughly 1.9× MSCI Inc.). MSCI Inc. runs the higher net margin — 34.6% vs 6.1%, a 28.5% gap on every dollar of revenue. On growth, MSCI Inc. posted the faster year-over-year revenue change (10.6% vs 0.1%). Over the past eight quarters, MSCI Inc.'s revenue compounded faster (10.0% CAGR vs -15.3%).
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
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.
MSCI vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $822.5M | $1.5B |
| Net Profit | $284.7M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 56.4% | 7.2% |
| Net Margin | 34.6% | 6.1% |
| Revenue YoY | 10.6% | 0.1% |
| Net Profit YoY | -6.8% | -1.7% |
| EPS (diluted) | $3.81 | — |
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 | $822.5M | $1.6B | ||
| Q3 25 | $793.4M | $2.1B | ||
| Q2 25 | $772.7M | $2.1B | ||
| Q1 25 | $745.8M | $1.5B | ||
| Q4 24 | $743.5M | $1.8B | ||
| Q3 24 | $724.7M | $2.2B | ||
| Q2 24 | $707.9M | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $284.7M | $71.7M | ||
| Q3 25 | $325.4M | $161.6M | ||
| Q2 25 | $303.6M | $183.6M | ||
| Q1 25 | $288.6M | $80.1M | ||
| Q4 24 | $305.5M | $96.8M | ||
| Q3 24 | $280.9M | $171.0M | ||
| Q2 24 | $266.8M | $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 | 56.4% | 6.4% | ||
| Q3 25 | 56.4% | 11.4% | ||
| Q2 25 | 55.0% | 13.2% | ||
| Q1 25 | 50.6% | 7.3% | ||
| Q4 24 | 54.5% | 7.8% | ||
| Q3 24 | 55.4% | 11.6% | ||
| Q2 24 | 54.0% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 34.6% | 4.5% | ||
| Q3 25 | 41.0% | 7.8% | ||
| Q2 25 | 39.3% | 8.9% | ||
| Q1 25 | 38.7% | 5.2% | ||
| Q4 24 | 41.1% | 5.5% | ||
| Q3 24 | 38.8% | 7.9% | ||
| Q2 24 | 37.7% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $3.81 | $1.82 | ||
| Q3 25 | $4.25 | $3.98 | ||
| Q2 25 | $3.92 | $4.52 | ||
| Q1 25 | $3.71 | $1.93 | ||
| Q4 24 | $3.89 | $2.42 | ||
| Q3 24 | $3.57 | $4.22 | ||
| Q2 24 | $3.37 | $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 | $515.3M | $392.7M |
| Total DebtLower is stronger | $6.2B | — |
| Stockholders' EquityBook value | $-2.7B | $3.2B |
| Total Assets | $5.7B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $515.3M | $733.3M | ||
| Q3 25 | $400.1M | $524.3M | ||
| Q2 25 | $347.3M | $293.0M | ||
| Q1 25 | $360.7M | $431.8M | ||
| Q4 24 | $409.4M | $781.9M | ||
| Q3 24 | $501.0M | $550.0M | ||
| Q2 24 | $451.4M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $6.2B | $361.6M | ||
| Q3 25 | $5.5B | $340.8M | ||
| Q2 25 | $4.5B | $338.7M | ||
| Q1 25 | $4.5B | $346.4M | ||
| Q4 24 | $4.5B | $337.2M | ||
| Q3 24 | $4.5B | $321.0M | ||
| Q2 24 | $4.5B | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $-2.7B | $2.8B | ||
| Q3 25 | $-1.9B | $2.8B | ||
| Q2 25 | $-886.2M | $2.8B | ||
| Q1 25 | $-958.6M | $2.7B | ||
| Q4 24 | $-940.0M | $2.7B | ||
| Q3 24 | $-751.0M | $2.7B | ||
| Q2 24 | $-734.5M | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $5.7B | $4.4B | ||
| Q3 25 | $5.4B | $4.6B | ||
| Q2 25 | $5.4B | $4.7B | ||
| Q1 25 | $5.3B | $4.5B | ||
| Q4 24 | $5.4B | $4.5B | ||
| Q3 24 | $5.4B | $4.5B | ||
| Q2 24 | $5.5B | $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 | $501.1M | — |
| Free Cash FlowOCF − Capex | $488.7M | — |
| FCF MarginFCF / Revenue | 59.4% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 1.76× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $501.1M | $399.8M | ||
| Q3 25 | $449.4M | $354.9M | ||
| Q2 25 | $336.1M | $-7.4M | ||
| Q1 25 | $301.7M | $-177.6M | ||
| Q4 24 | $430.6M | $378.9M | ||
| Q3 24 | $421.6M | $232.8M | ||
| Q2 24 | $349.2M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $488.7M | $388.5M | ||
| Q3 25 | $445.5M | $346.1M | ||
| Q2 25 | $324.7M | $-14.3M | ||
| Q1 25 | $290.2M | $-185.2M | ||
| Q4 24 | $416.4M | $370.9M | ||
| Q3 24 | $415.0M | $223.0M | ||
| Q2 24 | $340.6M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | 24.6% | ||
| Q3 25 | 56.2% | 16.7% | ||
| Q2 25 | 42.0% | -0.7% | ||
| Q1 25 | 38.9% | -12.1% | ||
| Q4 24 | 56.0% | 21.1% | ||
| Q3 24 | 57.3% | 10.3% | ||
| Q2 24 | 48.1% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 0.7% | ||
| Q3 25 | 0.5% | 0.4% | ||
| Q2 25 | 1.5% | 0.3% | ||
| Q1 25 | 1.5% | 0.5% | ||
| Q4 24 | 1.9% | 0.5% | ||
| Q3 24 | 0.9% | 0.5% | ||
| Q2 24 | 1.2% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | 5.57× | ||
| Q3 25 | 1.38× | 2.20× | ||
| Q2 25 | 1.11× | -0.04× | ||
| Q1 25 | 1.05× | -2.22× | ||
| Q4 24 | 1.41× | 3.91× | ||
| Q3 24 | 1.50× | 1.36× | ||
| Q2 24 | 1.31× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
WSO
Segment breakdown not available.
