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Side-by-side financial comparison of NCR Atleos Corp (NATL) 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 $1.2B, roughly 1.3× NCR Atleos Corp). NCR Atleos Corp runs the higher net margin — 7.2% vs 6.1%, a 1.1% gap on every dollar of revenue. On growth, NCR Atleos Corp posted the faster year-over-year revenue change (4.0% vs 0.1%). Over the past eight quarters, NCR Atleos Corp's revenue compounded faster (4.9% CAGR vs -15.3%).
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
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.
NATL vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.5B |
| Net Profit | $83.0M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 13.5% | 7.2% |
| Net Margin | 7.2% | 6.1% |
| Revenue YoY | 4.0% | 0.1% |
| Net Profit YoY | 102.4% | -1.7% |
| EPS (diluted) | $1.09 | — |
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 | $1.2B | $1.6B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $1.1B | $2.1B | ||
| Q1 25 | $979.0M | $1.5B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $1.1B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $83.0M | $71.7M | ||
| Q3 25 | $26.0M | $161.6M | ||
| Q2 25 | $39.0M | $183.6M | ||
| Q1 25 | $14.0M | $80.1M | ||
| Q4 24 | $41.0M | $96.8M | ||
| Q3 24 | $21.0M | $171.0M | ||
| Q2 24 | $27.0M | $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 | 13.5% | 6.4% | ||
| Q3 25 | 9.8% | 11.4% | ||
| Q2 25 | 10.8% | 13.2% | ||
| Q1 25 | 9.5% | 7.3% | ||
| Q4 24 | 13.4% | 7.8% | ||
| Q3 24 | 10.6% | 11.6% | ||
| Q2 24 | 9.8% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 7.2% | 4.5% | ||
| Q3 25 | 2.3% | 7.8% | ||
| Q2 25 | 3.5% | 8.9% | ||
| Q1 25 | 1.4% | 5.2% | ||
| Q4 24 | 3.7% | 5.5% | ||
| Q3 24 | 2.0% | 7.9% | ||
| Q2 24 | 2.5% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $1.09 | $1.82 | ||
| Q3 25 | $0.34 | $3.98 | ||
| Q2 25 | $0.52 | $4.52 | ||
| Q1 25 | $0.19 | $1.93 | ||
| Q4 24 | $0.56 | $2.42 | ||
| Q3 24 | $0.28 | $4.22 | ||
| Q2 24 | $0.37 | $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 | $456.0M | $392.7M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $403.0M | $3.2B |
| Total Assets | $5.7B | $4.6B |
| Debt / EquityLower = less leverage | 6.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $456.0M | $733.3M | ||
| Q3 25 | $412.0M | $524.3M | ||
| Q2 25 | $357.0M | $293.0M | ||
| Q1 25 | $352.0M | $431.8M | ||
| Q4 24 | $419.0M | $781.9M | ||
| Q3 24 | $395.0M | $550.0M | ||
| Q2 24 | $374.0M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | $361.6M | ||
| Q3 25 | $2.8B | $340.8M | ||
| Q2 25 | $2.8B | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | $2.9B | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $403.0M | $2.8B | ||
| Q3 25 | $330.0M | $2.8B | ||
| Q2 25 | $350.0M | $2.8B | ||
| Q1 25 | $275.0M | $2.7B | ||
| Q4 24 | $219.0M | $2.7B | ||
| Q3 24 | $264.0M | $2.7B | ||
| Q2 24 | $250.0M | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $5.7B | $4.4B | ||
| Q3 25 | $5.7B | $4.6B | ||
| Q2 25 | $5.8B | $4.7B | ||
| Q1 25 | $5.7B | $4.5B | ||
| Q4 24 | $5.5B | $4.5B | ||
| Q3 24 | $5.7B | $4.5B | ||
| Q2 24 | $5.8B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 6.63× | 0.13× | ||
| Q3 25 | 8.45× | 0.12× | ||
| Q2 25 | 8.05× | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 13.05× | 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 | $231.0M | — |
| Free Cash FlowOCF − Capex | $194.0M | — |
| FCF MarginFCF / Revenue | 16.8% | — |
| Capex IntensityCapex / Revenue | 3.2% | — |
| Cash ConversionOCF / Net Profit | 2.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $231.0M | $399.8M | ||
| Q3 25 | $25.0M | $354.9M | ||
| Q2 25 | $-23.0M | $-7.4M | ||
| Q1 25 | $123.0M | $-177.6M | ||
| Q4 24 | $80.0M | $378.9M | ||
| Q3 24 | $107.0M | $232.8M | ||
| Q2 24 | $9.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $194.0M | $388.5M | ||
| Q3 25 | $-5.0M | $346.1M | ||
| Q2 25 | $-44.0M | $-14.3M | ||
| Q1 25 | $94.0M | $-185.2M | ||
| Q4 24 | $62.0M | $370.9M | ||
| Q3 24 | $85.0M | $223.0M | ||
| Q2 24 | $-14.0M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 16.8% | 24.6% | ||
| Q3 25 | -0.4% | 16.7% | ||
| Q2 25 | -4.0% | -0.7% | ||
| Q1 25 | 9.6% | -12.1% | ||
| Q4 24 | 5.6% | 21.1% | ||
| Q3 24 | 7.9% | 10.3% | ||
| Q2 24 | -1.3% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 0.7% | ||
| Q3 25 | 2.7% | 0.4% | ||
| Q2 25 | 1.9% | 0.3% | ||
| Q1 25 | 3.0% | 0.5% | ||
| Q4 24 | 1.6% | 0.5% | ||
| Q3 24 | 2.1% | 0.5% | ||
| Q2 24 | 2.1% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.78× | 5.57× | ||
| Q3 25 | 0.96× | 2.20× | ||
| Q2 25 | -0.59× | -0.04× | ||
| Q1 25 | 8.79× | -2.22× | ||
| Q4 24 | 1.95× | 3.91× | ||
| Q3 24 | 5.10× | 1.36× | ||
| Q2 24 | 0.33× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
WSO
Segment breakdown not available.
