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Side-by-side financial comparison of ON Semiconductor (ON) 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 $1.6B, roughly 1.0× ON Semiconductor). ON Semiconductor runs the higher net margin — 16.4% vs 4.5%, a 11.9% gap on every dollar of revenue. On growth, ON Semiconductor posted the faster year-over-year revenue change (-10.0% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $372.4M). Over the past eight quarters, WATSCO INC's revenue compounded faster (0.4% CAGR vs -12.3%).
Fairchild Semiconductor International, Inc. was an American semiconductor company based in San Jose, California. It was founded in 1957 as a division of Fairchild Camera and Instrument by the "traitorous eight" who defected from Shockley Semiconductor Laboratory. It became a pioneer in the manufacturing of transistors and of integrated circuits. Schlumberger bought the firm in 1979 and sold it to National Semiconductor in 1987; Fairchild was spun off as an independent company again in 1997. I...
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.
ON vs WSO — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.6B |
| Net Profit | $255.0M | $71.7M |
| Gross Margin | 37.9% | 27.1% |
| Operating Margin | 17.0% | 6.4% |
| Net Margin | 16.4% | 4.5% |
| Revenue YoY | -10.0% | -10.0% |
| Net Profit YoY | -32.9% | -25.9% |
| EPS (diluted) | $0.63 | $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 | $1.6B | $1.6B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $1.8B | $2.2B | ||
| Q2 24 | $1.7B | $2.1B | ||
| Q1 24 | $1.9B | $1.6B |
| Q4 25 | $255.0M | $71.7M | ||
| Q3 25 | $170.3M | $161.6M | ||
| Q2 25 | $-486.1M | $183.6M | ||
| Q1 25 | — | $80.1M | ||
| Q4 24 | $379.9M | $96.8M | ||
| Q3 24 | $401.7M | $171.0M | ||
| Q2 24 | $338.2M | $181.4M | ||
| Q1 24 | $453.0M | $87.0M |
| Q4 25 | 37.9% | 27.1% | ||
| Q3 25 | 37.6% | 27.5% | ||
| Q2 25 | 20.3% | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | 45.2% | 26.7% | ||
| Q3 24 | 45.4% | 26.2% | ||
| Q2 24 | 45.2% | 27.1% | ||
| Q1 24 | 45.8% | 27.5% |
| Q4 25 | 17.0% | 6.4% | ||
| Q3 25 | 13.2% | 11.4% | ||
| Q2 25 | -39.7% | 13.2% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | 23.7% | 7.8% | ||
| Q3 24 | 25.3% | 11.6% | ||
| Q2 24 | 22.4% | 12.6% | ||
| Q1 24 | 28.2% | 8.1% |
| Q4 25 | 16.4% | 4.5% | ||
| Q3 25 | 11.6% | 7.8% | ||
| Q2 25 | -33.6% | 8.9% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | 22.1% | 5.5% | ||
| Q3 24 | 22.8% | 7.9% | ||
| Q2 24 | 19.5% | 8.5% | ||
| Q1 24 | 24.3% | 5.6% |
| Q4 25 | $0.63 | $1.82 | ||
| Q3 25 | $0.41 | $3.98 | ||
| Q2 25 | $-1.15 | $4.52 | ||
| Q1 25 | — | $1.93 | ||
| Q4 24 | $0.88 | $2.42 | ||
| Q3 24 | $0.93 | $4.22 | ||
| Q2 24 | $0.78 | $4.49 | ||
| Q1 24 | $1.04 | $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 | $2.9B | $733.3M |
| Total DebtLower is stronger | $3.4B | $361.6M |
| Stockholders' EquityBook value | $7.9B | $2.8B |
| Total Assets | $13.0B | $4.4B |
| Debt / EquityLower = less leverage | 0.43× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9B | $733.3M | ||
| Q3 25 | $2.8B | $524.3M | ||
| Q2 25 | $3.0B | $293.0M | ||
| Q1 25 | — | $431.8M | ||
| Q4 24 | $3.0B | $781.9M | ||
| Q3 24 | $2.8B | $550.0M | ||
| Q2 24 | $2.7B | $424.9M | ||
| Q1 24 | $2.6B | $478.9M |
| Q4 25 | $3.4B | $361.6M | ||
| Q3 25 | $3.4B | $340.8M | ||
| Q2 25 | $3.4B | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | $3.4B | $337.2M | ||
| Q3 24 | $3.4B | $321.0M | ||
| Q2 24 | $3.4B | $307.1M | ||
| Q1 24 | $3.4B | $306.3M |
| Q4 25 | $7.9B | $2.8B | ||
| Q3 25 | $7.9B | $2.8B | ||
| Q2 25 | $8.0B | $2.8B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | $8.8B | $2.7B | ||
| Q3 24 | $8.6B | $2.7B | ||
| Q2 24 | $8.3B | $2.6B | ||
| Q1 24 | $8.1B | $2.5B |
| Q4 25 | $13.0B | $4.4B | ||
| Q3 25 | $13.1B | $4.6B | ||
| Q2 25 | $13.3B | $4.7B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | $14.1B | $4.5B | ||
| Q3 24 | $13.9B | $4.5B | ||
| Q2 24 | $13.7B | $4.4B | ||
| Q1 24 | $13.5B | $4.4B |
| Q4 25 | 0.43× | 0.13× | ||
| Q3 25 | 0.43× | 0.12× | ||
| Q2 25 | 0.42× | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 0.38× | 0.13× | ||
| Q3 24 | 0.39× | 0.12× | ||
| Q2 24 | 0.41× | 0.12× | ||
| Q1 24 | 0.42× | 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 | $418.7M | $399.8M |
| Free Cash FlowOCF − Capex | $372.4M | $388.5M |
| FCF MarginFCF / Revenue | 24.0% | 24.6% |
| Capex IntensityCapex / Revenue | 3.0% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.64× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $1.4B | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $418.7M | $399.8M | ||
| Q3 25 | $184.3M | $354.9M | ||
| Q2 25 | $602.3M | $-7.4M | ||
| Q1 25 | — | $-177.6M | ||
| Q4 24 | $579.7M | $378.9M | ||
| Q3 24 | $465.8M | $232.8M | ||
| Q2 24 | $362.2M | $57.7M | ||
| Q1 24 | $498.7M | $103.7M |
| Q4 25 | $372.4M | $388.5M | ||
| Q3 25 | $106.1M | $346.1M | ||
| Q2 25 | $454.7M | $-14.3M | ||
| Q1 25 | — | $-185.2M | ||
| Q4 24 | $434.8M | $370.9M | ||
| Q3 24 | $293.6M | $223.0M | ||
| Q2 24 | $207.7M | $51.3M | ||
| Q1 24 | $276.3M | $97.9M |
| Q4 25 | 24.0% | 24.6% | ||
| Q3 25 | 7.2% | 16.7% | ||
| Q2 25 | 31.5% | -0.7% | ||
| Q1 25 | — | -12.1% | ||
| Q4 24 | 25.2% | 21.1% | ||
| Q3 24 | 16.7% | 10.3% | ||
| Q2 24 | 12.0% | 2.4% | ||
| Q1 24 | 14.8% | 6.3% |
| Q4 25 | 3.0% | 0.7% | ||
| Q3 25 | 5.3% | 0.4% | ||
| Q2 25 | 10.2% | 0.3% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | 8.4% | 0.5% | ||
| Q3 24 | 9.8% | 0.5% | ||
| Q2 24 | 8.9% | 0.3% | ||
| Q1 24 | 11.9% | 0.4% |
| Q4 25 | 1.64× | 5.57× | ||
| Q3 25 | 1.08× | 2.20× | ||
| Q2 25 | — | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | 1.53× | 3.91× | ||
| Q3 24 | 1.16× | 1.36× | ||
| Q2 24 | 1.07× | 0.32× | ||
| Q1 24 | 1.10× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ON
| Industrial Segment | $426.3M | 27% |
| Other End Markets Segment | $337.3M | 22% |
| Intelligent Sensing Segments | $284.0M | 18% |
| Direct Customers | $282.4M | 18% |
| Intelligent Sensing Group | $230.0M | 15% |
WSO
Segment breakdown not available.
