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Side-by-side financial comparison of Qnity Electronics, Inc. (Q) 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 $1.3B, roughly 1.2× Qnity Electronics, Inc.). Qnity Electronics, Inc. runs the higher net margin — 16.5% vs 6.1%, a 10.5% gap on every dollar of revenue. On growth, Qnity Electronics, Inc. posted the faster year-over-year revenue change (11.1% vs 0.1%).
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.
Q vs WSO — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $1.5B |
| Net Profit | $211.0M | $92.9M |
| Gross Margin | 45.1% | 27.9% |
| Operating Margin | 21.3% | 7.2% |
| Net Margin | 16.5% | 6.1% |
| Revenue YoY | 11.1% | 0.1% |
| Net Profit YoY | 6.0% | -1.7% |
| EPS (diluted) | $1.01 | — |
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 | — | $1.6B | ||
| Q3 25 | $1.3B | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | — | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | — | $71.7M | ||
| Q3 25 | $211.0M | $161.6M | ||
| Q2 25 | — | $183.6M | ||
| Q1 25 | — | $80.1M | ||
| Q4 24 | — | $96.8M | ||
| Q3 24 | $199.0M | $171.0M | ||
| Q2 24 | — | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | — | 27.1% | ||
| Q3 25 | 45.1% | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | 47.0% | 26.2% | ||
| Q2 24 | — | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | — | 6.4% | ||
| Q3 25 | 21.3% | 11.4% | ||
| Q2 25 | — | 13.2% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | 21.8% | 11.6% | ||
| Q2 24 | — | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | — | 4.5% | ||
| Q3 25 | 16.5% | 7.8% | ||
| Q2 25 | — | 8.9% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | 17.3% | 7.9% | ||
| Q2 24 | — | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.82 | ||
| Q3 25 | $1.01 | $3.98 | ||
| Q2 25 | — | $4.52 | ||
| Q1 25 | — | $1.93 | ||
| Q4 24 | — | $2.42 | ||
| Q3 24 | $0.95 | $4.22 | ||
| Q2 24 | — | $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 | $128.0M | $392.7M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $9.1B | $3.2B |
| Total Assets | $12.5B | $4.6B |
| Debt / EquityLower = less leverage | 0.19× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | — | $733.3M | ||
| Q3 25 | $128.0M | $524.3M | ||
| Q2 25 | — | $293.0M | ||
| Q1 25 | — | $431.8M | ||
| Q4 24 | — | $781.9M | ||
| Q3 24 | — | $550.0M | ||
| Q2 24 | — | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $361.6M | ||
| Q3 25 | $1.7B | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | $9.1B | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | $11.1B | $2.7B | ||
| Q2 24 | — | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | $12.5B | $4.6B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.13× | ||
| Q3 25 | 0.19× | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 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 | $782.0M | — |
| Free Cash FlowOCF − Capex | $568.0M | — |
| FCF MarginFCF / Revenue | 44.5% | — |
| Capex IntensityCapex / Revenue | 16.8% | — |
| Cash ConversionOCF / Net Profit | 3.71× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $399.8M | ||
| Q3 25 | $782.0M | $354.9M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | — | $-177.6M | ||
| Q4 24 | — | $378.9M | ||
| Q3 24 | — | $232.8M | ||
| Q2 24 | — | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $388.5M | ||
| Q3 25 | $568.0M | $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 | 44.5% | 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 | 16.8% | 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 | — | 5.57× | ||
| Q3 25 | 3.71× | 2.20× | ||
| Q2 25 | — | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
Q
| Semiconductor Technologies | $693.0M | 54% |
| Interconnect Solutions | $583.0M | 46% |
WSO
Segment breakdown not available.
