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Side-by-side financial comparison of Primoris Services Corp (PRIM) and WATSCO INC (WSO). Click either name above to swap in a different company.
Primoris Services Corp is the larger business by last-quarter revenue ($1.9B vs $1.5B, roughly 1.2× WATSCO INC). WATSCO INC runs the higher net margin — 6.1% vs 2.8%, a 3.3% gap on every dollar of revenue. On growth, Primoris Services Corp posted the faster year-over-year revenue change (6.7% vs 0.1%). Over the past eight quarters, Primoris Services Corp's revenue compounded faster (14.7% CAGR vs -15.3%).
Primoris Services Corporation is a publicly traded specialty construction and infrastructure company based in the United States, with a particular focus on pipelines for natural gas, wastewater and water. As of 2014 it was a Fortune 1000 company.
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.
PRIM vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.5B |
| Net Profit | $51.7M | $92.9M |
| Gross Margin | 9.4% | 27.9% |
| Operating Margin | 4.2% | 7.2% |
| Net Margin | 2.8% | 6.1% |
| Revenue YoY | 6.7% | 0.1% |
| Net Profit YoY | -4.2% | -1.7% |
| EPS (diluted) | $0.94 | — |
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 | $1.9B | $1.6B | ||
| Q3 25 | $2.2B | $2.1B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.6B | $1.5B | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $1.6B | $2.2B | ||
| Q2 24 | $1.6B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $51.7M | $71.7M | ||
| Q3 25 | $94.6M | $161.6M | ||
| Q2 25 | $84.3M | $183.6M | ||
| Q1 25 | $44.2M | $80.1M | ||
| Q4 24 | $54.0M | $96.8M | ||
| Q3 24 | $58.4M | $171.0M | ||
| Q2 24 | $49.5M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | 9.4% | 27.1% | ||
| Q3 25 | 10.8% | 27.5% | ||
| Q2 25 | 12.3% | 29.3% | ||
| Q1 25 | 10.4% | 28.1% | ||
| Q4 24 | 10.6% | 26.7% | ||
| Q3 24 | 12.0% | 26.2% | ||
| Q2 24 | 11.9% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 4.2% | 6.4% | ||
| Q3 25 | 6.3% | 11.4% | ||
| Q2 25 | 6.7% | 13.2% | ||
| Q1 25 | 4.3% | 7.3% | ||
| Q4 24 | 5.0% | 7.8% | ||
| Q3 24 | 6.0% | 11.6% | ||
| Q2 24 | 5.5% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 2.8% | 4.5% | ||
| Q3 25 | 4.3% | 7.8% | ||
| Q2 25 | 4.5% | 8.9% | ||
| Q1 25 | 2.7% | 5.2% | ||
| Q4 24 | 3.1% | 5.5% | ||
| Q3 24 | 3.5% | 7.9% | ||
| Q2 24 | 3.2% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.94 | $1.82 | ||
| Q3 25 | $1.73 | $3.98 | ||
| Q2 25 | $1.54 | $4.52 | ||
| Q1 25 | $0.81 | $1.93 | ||
| Q4 24 | $0.98 | $2.42 | ||
| Q3 24 | $1.07 | $4.22 | ||
| Q2 24 | $0.91 | $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 | $535.5M | $392.7M |
| Total DebtLower is stronger | $469.9M | — |
| Stockholders' EquityBook value | $1.7B | $3.2B |
| Total Assets | $4.4B | $4.6B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $535.5M | $733.3M | ||
| Q3 25 | $431.4M | $524.3M | ||
| Q2 25 | $390.3M | $293.0M | ||
| Q1 25 | $351.6M | $431.8M | ||
| Q4 24 | $455.8M | $781.9M | ||
| Q3 24 | $352.7M | $550.0M | ||
| Q2 24 | $207.4M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $469.9M | $361.6M | ||
| Q3 25 | $486.0M | $340.8M | ||
| Q2 25 | $603.1M | $338.7M | ||
| Q1 25 | $612.0M | $346.4M | ||
| Q4 24 | $734.8M | $337.2M | ||
| Q3 24 | $903.7M | $321.0M | ||
| Q2 24 | $933.0M | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $1.7B | $2.8B | ||
| Q3 25 | $1.6B | $2.8B | ||
| Q2 25 | $1.5B | $2.8B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.4B | $2.7B | ||
| Q3 24 | $1.4B | $2.7B | ||
| Q2 24 | $1.3B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $4.4B | $4.4B | ||
| Q3 25 | $4.6B | $4.6B | ||
| Q2 25 | $4.5B | $4.7B | ||
| Q1 25 | $4.2B | $4.5B | ||
| Q4 24 | $4.2B | $4.5B | ||
| Q3 24 | $4.2B | $4.5B | ||
| Q2 24 | $4.0B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.28× | 0.13× | ||
| Q3 25 | 0.30× | 0.12× | ||
| Q2 25 | 0.39× | 0.12× | ||
| Q1 25 | 0.42× | 0.13× | ||
| Q4 24 | 0.52× | 0.13× | ||
| Q3 24 | 0.67× | 0.12× | ||
| Q2 24 | 0.72× | 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 | $142.9M | — |
| Free Cash FlowOCF − Capex | $121.1M | — |
| FCF MarginFCF / Revenue | 6.5% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 2.76× | — |
| TTM Free Cash FlowTrailing 4 quarters | $340.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $142.9M | $399.8M | ||
| Q3 25 | $182.9M | $354.9M | ||
| Q2 25 | $78.5M | $-7.4M | ||
| Q1 25 | $66.2M | $-177.6M | ||
| Q4 24 | $298.3M | $378.9M | ||
| Q3 24 | $222.5M | $232.8M | ||
| Q2 24 | $16.1M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $121.1M | $388.5M | ||
| Q3 25 | $148.4M | $346.1M | ||
| Q2 25 | $45.3M | $-14.3M | ||
| Q1 25 | $25.6M | $-185.2M | ||
| Q4 24 | $270.0M | $370.9M | ||
| Q3 24 | $158.8M | $223.0M | ||
| Q2 24 | $-8.1M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 24.6% | ||
| Q3 25 | 6.8% | 16.7% | ||
| Q2 25 | 2.4% | -0.7% | ||
| Q1 25 | 1.6% | -12.1% | ||
| Q4 24 | 15.5% | 21.1% | ||
| Q3 24 | 9.6% | 10.3% | ||
| Q2 24 | -0.5% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 0.7% | ||
| Q3 25 | 1.6% | 0.4% | ||
| Q2 25 | 1.8% | 0.3% | ||
| Q1 25 | 2.5% | 0.5% | ||
| Q4 24 | 1.6% | 0.5% | ||
| Q3 24 | 3.9% | 0.5% | ||
| Q2 24 | 1.5% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.76× | 5.57× | ||
| Q3 25 | 1.93× | 2.20× | ||
| Q2 25 | 0.93× | -0.04× | ||
| Q1 25 | 1.50× | -2.22× | ||
| Q4 24 | 5.53× | 3.91× | ||
| Q3 24 | 3.81× | 1.36× | ||
| Q2 24 | 0.32× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
WSO
Segment breakdown not available.
