vs
Side-by-side financial comparison of PACS Group, Inc. (PACS) 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 $1.4B, roughly 1.1× PACS Group, Inc.). WATSCO INC runs the higher net margin — 6.1% vs 4.4%, a 1.7% gap on every dollar of revenue. On growth, PACS Group, Inc. posted the faster year-over-year revenue change (18.4% vs 0.1%). Over the past eight quarters, PACS Group, Inc.'s revenue compounded faster (20.5% CAGR vs -15.3%).
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.
PACS vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.5B |
| Net Profit | $59.7M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 7.0% | 7.2% |
| Net Margin | 4.4% | 6.1% |
| Revenue YoY | 18.4% | 0.1% |
| Net Profit YoY | 3022.5% | -1.7% |
| EPS (diluted) | $0.42 | — |
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 | $1.4B | $1.6B | ||
| Q3 25 | $1.3B | $2.1B | ||
| Q2 25 | $1.3B | $2.1B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $1.0B | $2.2B | ||
| Q2 24 | $981.4M | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $59.7M | $71.7M | ||
| Q3 25 | $52.4M | $161.6M | ||
| Q2 25 | $51.0M | $183.6M | ||
| Q1 25 | $28.5M | $80.1M | ||
| Q4 24 | $1.9M | $96.8M | ||
| Q3 24 | $15.6M | $171.0M | ||
| Q2 24 | $-10.9M | $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 | 17.1% | 26.2% | ||
| Q2 24 | 22.3% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 7.0% | 6.4% | ||
| Q3 25 | 6.4% | 11.4% | ||
| Q2 25 | 6.2% | 13.2% | ||
| Q1 25 | 3.8% | 7.3% | ||
| Q4 24 | 1.7% | 7.8% | ||
| Q3 24 | 2.2% | 11.6% | ||
| Q2 24 | 0.1% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 4.4% | 4.5% | ||
| Q3 25 | 3.9% | 7.8% | ||
| Q2 25 | 3.9% | 8.9% | ||
| Q1 25 | 2.2% | 5.2% | ||
| Q4 24 | 0.2% | 5.5% | ||
| Q3 24 | 1.5% | 7.9% | ||
| Q2 24 | -1.1% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.42 | $1.82 | ||
| Q3 25 | $0.32 | $3.98 | ||
| Q2 25 | $0.31 | $4.52 | ||
| Q1 25 | $0.17 | $1.93 | ||
| Q4 24 | $-0.03 | $2.42 | ||
| Q3 24 | $0.10 | $4.22 | ||
| Q2 24 | $-0.07 | $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 | $197.0M | $392.7M |
| Total DebtLower is stronger | $353.2M | — |
| Stockholders' EquityBook value | $946.8M | $3.2B |
| Total Assets | $5.6B | $4.6B |
| Debt / EquityLower = less leverage | 0.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $197.0M | $733.3M | ||
| Q3 25 | $355.7M | $524.3M | ||
| Q2 25 | $294.2M | $293.0M | ||
| Q1 25 | $287.5M | $431.8M | ||
| Q4 24 | $157.7M | $781.9M | ||
| Q3 24 | $49.5M | $550.0M | ||
| Q2 24 | $73.4M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $353.2M | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | $411.9M | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $946.8M | $2.8B | ||
| Q3 25 | $871.3M | $2.8B | ||
| Q2 25 | $806.8M | $2.8B | ||
| Q1 25 | $750.2M | $2.7B | ||
| Q4 24 | $709.6M | $2.7B | ||
| Q3 24 | $660.0M | $2.7B | ||
| Q2 24 | $572.1M | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $5.6B | $4.4B | ||
| Q3 25 | $5.6B | $4.6B | ||
| Q2 25 | $5.5B | $4.7B | ||
| Q1 25 | $5.5B | $4.5B | ||
| Q4 24 | $5.2B | $4.5B | ||
| Q3 24 | $4.5B | $4.5B | ||
| Q2 24 | $3.9B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.37× | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 0.58× | 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 | $-3.4M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -0.06× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-3.4M | $399.8M | ||
| Q3 25 | $204.8M | $354.9M | ||
| Q2 25 | $52.6M | $-7.4M | ||
| Q1 25 | $150.2M | $-177.6M | ||
| Q4 24 | $64.6M | $378.9M | ||
| Q3 24 | $209.2M | $232.8M | ||
| Q2 24 | $34.8M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $388.5M | ||
| Q3 25 | — | $346.1M | ||
| Q2 25 | — | $-14.3M | ||
| Q1 25 | — | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | — | $223.0M | ||
| Q2 24 | — | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.6% | ||
| Q3 25 | — | 16.7% | ||
| Q2 25 | — | -0.7% | ||
| Q1 25 | — | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | -0.06× | 5.57× | ||
| Q3 25 | 3.91× | 2.20× | ||
| Q2 25 | 1.03× | -0.04× | ||
| Q1 25 | 5.28× | -2.22× | ||
| Q4 24 | 33.78× | 3.91× | ||
| Q3 24 | 13.39× | 1.36× | ||
| Q2 24 | — | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
