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Side-by-side financial comparison of PATRICK INDUSTRIES INC (PATK) 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 $924.2M, roughly 1.7× PATRICK INDUSTRIES INC). WATSCO INC runs the higher net margin — 4.5% vs 3.1%, a 1.4% gap on every dollar of revenue. On growth, PATRICK INDUSTRIES INC posted the faster year-over-year revenue change (9.2% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $112.7M). Over the past eight quarters, WATSCO INC's revenue compounded faster (0.4% CAGR vs -0.5%).
Anduril Industries, Inc. is an American defense technology company specializing in the development of advanced autonomous systems.
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.
PATK vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $924.2M | $1.6B |
| Net Profit | $29.1M | $71.7M |
| Gross Margin | 23.0% | 27.1% |
| Operating Margin | 6.2% | 6.4% |
| Net Margin | 3.1% | 4.5% |
| Revenue YoY | 9.2% | -10.0% |
| Net Profit YoY | 99.7% | -25.9% |
| EPS (diluted) | $0.82 | $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 | $924.2M | $1.6B | ||
| Q3 25 | $975.6M | $2.1B | ||
| Q2 25 | $1.0B | $2.1B | ||
| Q1 25 | $1.0B | $1.5B | ||
| Q4 24 | $846.1M | $1.8B | ||
| Q3 24 | $919.4M | $2.2B | ||
| Q2 24 | $1.0B | $2.1B | ||
| Q1 24 | $933.5M | $1.6B |
| Q4 25 | $29.1M | $71.7M | ||
| Q3 25 | $35.3M | $161.6M | ||
| Q2 25 | $32.4M | $183.6M | ||
| Q1 25 | $38.2M | $80.1M | ||
| Q4 24 | $14.6M | $96.8M | ||
| Q3 24 | $40.9M | $171.0M | ||
| Q2 24 | $47.9M | $181.4M | ||
| Q1 24 | $35.1M | $87.0M |
| Q4 25 | 23.0% | 27.1% | ||
| Q3 25 | 22.6% | 27.5% | ||
| Q2 25 | 23.9% | 29.3% | ||
| Q1 25 | 22.8% | 28.1% | ||
| Q4 24 | 22.1% | 26.7% | ||
| Q3 24 | 23.1% | 26.2% | ||
| Q2 24 | 22.8% | 27.1% | ||
| Q1 24 | 21.9% | 27.5% |
| Q4 25 | 6.2% | 6.4% | ||
| Q3 25 | 6.8% | 11.4% | ||
| Q2 25 | 8.3% | 13.2% | ||
| Q1 25 | 6.5% | 7.3% | ||
| Q4 24 | 4.7% | 7.8% | ||
| Q3 24 | 8.1% | 11.6% | ||
| Q2 24 | 8.3% | 12.6% | ||
| Q1 24 | 6.4% | 8.1% |
| Q4 25 | 3.1% | 4.5% | ||
| Q3 25 | 3.6% | 7.8% | ||
| Q2 25 | 3.1% | 8.9% | ||
| Q1 25 | 3.8% | 5.2% | ||
| Q4 24 | 1.7% | 5.5% | ||
| Q3 24 | 4.4% | 7.9% | ||
| Q2 24 | 4.7% | 8.5% | ||
| Q1 24 | 3.8% | 5.6% |
| Q4 25 | $0.82 | $1.82 | ||
| Q3 25 | $1.01 | $3.98 | ||
| Q2 25 | $0.96 | $4.52 | ||
| Q1 25 | $1.11 | $1.93 | ||
| Q4 24 | $-1.44 | $2.42 | ||
| Q3 24 | $1.80 | $4.22 | ||
| Q2 24 | $2.16 | $4.49 | ||
| Q1 24 | $1.59 | $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 | $26.4M | $733.3M |
| Total DebtLower is stronger | $1.3B | $361.6M |
| Stockholders' EquityBook value | $1.2B | $2.8B |
| Total Assets | $3.1B | $4.4B |
| Debt / EquityLower = less leverage | 1.10× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.4M | $733.3M | ||
| Q3 25 | $20.7M | $524.3M | ||
| Q2 25 | $22.0M | $293.0M | ||
| Q1 25 | $86.6M | $431.8M | ||
| Q4 24 | $33.6M | $781.9M | ||
| Q3 24 | $52.6M | $550.0M | ||
| Q2 24 | $44.0M | $424.9M | ||
| Q1 24 | $17.6M | $478.9M |
| Q4 25 | $1.3B | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | $1.3B | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
| Q4 25 | $1.2B | $2.8B | ||
| Q3 25 | $1.2B | $2.8B | ||
| Q2 25 | $1.1B | $2.8B | ||
| Q1 25 | $1.1B | $2.7B | ||
| Q4 24 | $1.1B | $2.7B | ||
| Q3 24 | $1.1B | $2.7B | ||
| Q2 24 | $1.1B | $2.6B | ||
| Q1 24 | $1.1B | $2.5B |
| Q4 25 | $3.1B | $4.4B | ||
| Q3 25 | $3.1B | $4.6B | ||
| Q2 25 | $3.1B | $4.7B | ||
| Q1 25 | $3.2B | $4.5B | ||
| Q4 24 | $3.0B | $4.5B | ||
| Q3 24 | $3.1B | $4.5B | ||
| Q2 24 | $3.0B | $4.4B | ||
| Q1 24 | $3.0B | $4.4B |
| Q4 25 | 1.10× | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 1.18× | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 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 | $130.8M | $399.8M |
| Free Cash FlowOCF − Capex | $112.7M | $388.5M |
| FCF MarginFCF / Revenue | 12.2% | 24.6% |
| Capex IntensityCapex / Revenue | 2.0% | 0.7% |
| Cash ConversionOCF / Net Profit | 4.50× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $246.5M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.8M | $399.8M | ||
| Q3 25 | $9.1M | $354.9M | ||
| Q2 25 | $149.4M | $-7.4M | ||
| Q1 25 | $40.1M | $-177.6M | ||
| Q4 24 | $102.7M | $378.9M | ||
| Q3 24 | $51.5M | $232.8M | ||
| Q2 24 | $137.5M | $57.7M | ||
| Q1 24 | $35.2M | $103.7M |
| Q4 25 | $112.7M | $388.5M | ||
| Q3 25 | $-17.2M | $346.1M | ||
| Q2 25 | $131.1M | $-14.3M | ||
| Q1 25 | $19.9M | $-185.2M | ||
| Q4 24 | $77.2M | $370.9M | ||
| Q3 24 | $33.7M | $223.0M | ||
| Q2 24 | $120.6M | $51.3M | ||
| Q1 24 | $19.7M | $97.9M |
| Q4 25 | 12.2% | 24.6% | ||
| Q3 25 | -1.8% | 16.7% | ||
| Q2 25 | 12.5% | -0.7% | ||
| Q1 25 | 2.0% | -12.1% | ||
| Q4 24 | 9.1% | 21.1% | ||
| Q3 24 | 3.7% | 10.3% | ||
| Q2 24 | 11.9% | 2.4% | ||
| Q1 24 | 2.1% | 6.3% |
| Q4 25 | 2.0% | 0.7% | ||
| Q3 25 | 2.7% | 0.4% | ||
| Q2 25 | 1.7% | 0.3% | ||
| Q1 25 | 2.0% | 0.5% | ||
| Q4 24 | 3.0% | 0.5% | ||
| Q3 24 | 1.9% | 0.5% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 1.7% | 0.4% |
| Q4 25 | 4.50× | 5.57× | ||
| Q3 25 | 0.26× | 2.20× | ||
| Q2 25 | 4.61× | -0.04× | ||
| Q1 25 | 1.05× | -2.22× | ||
| Q4 24 | 7.05× | 3.91× | ||
| Q3 24 | 1.26× | 1.36× | ||
| Q2 24 | 2.87× | 0.32× | ||
| Q1 24 | 1.00× | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PATK
| Recreational Vehicle | $276.3M | 30% |
| Distribution | $222.4M | 24% |
| Marine | $141.9M | 15% |
| Industrial | $110.8M | 12% |
| Powersports | $104.8M | 11% |
| Manufactured Housing | $67.9M | 7% |
WSO
Segment breakdown not available.
