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Side-by-side financial comparison of Frontier Group Holdings, Inc. (ULCC) 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 $997.0M, roughly 1.6× Frontier Group Holdings, Inc.). Frontier Group Holdings, Inc. runs the higher net margin — 5.3% vs 4.5%, a 0.8% gap on every dollar of revenue. On growth, Frontier Group Holdings, Inc. posted the faster year-over-year revenue change (-0.5% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $-113.0M). Over the past eight quarters, Frontier Group Holdings, Inc.'s revenue compounded faster (7.4% CAGR vs 0.4%).
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
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.
ULCC vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.0M | $1.6B |
| Net Profit | $53.0M | $71.7M |
| Gross Margin | — | 27.1% |
| Operating Margin | 4.9% | 6.4% |
| Net Margin | 5.3% | 4.5% |
| Revenue YoY | -0.5% | -10.0% |
| Net Profit YoY | -1.9% | -25.9% |
| EPS (diluted) | $0.24 | $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 | $997.0M | $1.6B | ||
| Q3 25 | $886.0M | $2.1B | ||
| Q2 25 | $929.0M | $2.1B | ||
| Q1 25 | $912.0M | $1.5B | ||
| Q4 24 | $1.0B | $1.8B | ||
| Q3 24 | $935.0M | $2.2B | ||
| Q2 24 | $973.0M | $2.1B | ||
| Q1 24 | $865.0M | $1.6B |
| Q4 25 | $53.0M | $71.7M | ||
| Q3 25 | $-77.0M | $161.6M | ||
| Q2 25 | $-70.0M | $183.6M | ||
| Q1 25 | $-43.0M | $80.1M | ||
| Q4 24 | $54.0M | $96.8M | ||
| Q3 24 | $26.0M | $171.0M | ||
| Q2 24 | $31.0M | $181.4M | ||
| Q1 24 | $-26.0M | $87.0M |
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 27.5% |
| Q4 25 | 4.9% | 6.4% | ||
| Q3 25 | -8.7% | 11.4% | ||
| Q2 25 | -8.1% | 13.2% | ||
| Q1 25 | -5.0% | 7.3% | ||
| Q4 24 | 4.5% | 7.8% | ||
| Q3 24 | 2.0% | 11.6% | ||
| Q2 24 | 2.6% | 12.6% | ||
| Q1 24 | -3.6% | 8.1% |
| Q4 25 | 5.3% | 4.5% | ||
| Q3 25 | -8.7% | 7.8% | ||
| Q2 25 | -7.5% | 8.9% | ||
| Q1 25 | -4.7% | 5.2% | ||
| Q4 24 | 5.4% | 5.5% | ||
| Q3 24 | 2.8% | 7.9% | ||
| Q2 24 | 3.2% | 8.5% | ||
| Q1 24 | -3.0% | 5.6% |
| Q4 25 | $0.24 | $1.82 | ||
| Q3 25 | $-0.34 | $3.98 | ||
| Q2 25 | $-0.31 | $4.52 | ||
| Q1 25 | $-0.19 | $1.93 | ||
| Q4 24 | $0.24 | $2.42 | ||
| Q3 24 | $0.11 | $4.22 | ||
| Q2 24 | $0.14 | $4.49 | ||
| Q1 24 | $-0.12 | $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 | $671.0M | $733.3M |
| Total DebtLower is stronger | $620.0M | $361.6M |
| Stockholders' EquityBook value | $491.0M | $2.8B |
| Total Assets | $7.2B | $4.4B |
| Debt / EquityLower = less leverage | 1.26× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $671.0M | $733.3M | ||
| Q3 25 | $566.0M | $524.3M | ||
| Q2 25 | $563.0M | $293.0M | ||
| Q1 25 | $686.0M | $431.8M | ||
| Q4 24 | $740.0M | $781.9M | ||
| Q3 24 | $576.0M | $550.0M | ||
| Q2 24 | $658.0M | $424.9M | ||
| Q1 24 | $622.0M | $478.9M |
| Q4 25 | $620.0M | $361.6M | ||
| Q3 25 | $673.0M | $340.8M | ||
| Q2 25 | $565.0M | $338.7M | ||
| Q1 25 | $512.0M | $346.4M | ||
| Q4 24 | $507.0M | $337.2M | ||
| Q3 24 | $474.0M | $321.0M | ||
| Q2 24 | $455.0M | $307.1M | ||
| Q1 24 | $469.0M | $306.3M |
| Q4 25 | $491.0M | $2.8B | ||
| Q3 25 | $434.0M | $2.8B | ||
| Q2 25 | $506.0M | $2.8B | ||
| Q1 25 | $570.0M | $2.7B | ||
| Q4 24 | $604.0M | $2.7B | ||
| Q3 24 | $549.0M | $2.7B | ||
| Q2 24 | $520.0M | $2.6B | ||
| Q1 24 | $484.0M | $2.5B |
| Q4 25 | $7.2B | $4.4B | ||
| Q3 25 | $6.7B | $4.6B | ||
| Q2 25 | $6.5B | $4.7B | ||
| Q1 25 | $6.5B | $4.5B | ||
| Q4 24 | $6.2B | $4.5B | ||
| Q3 24 | $5.8B | $4.5B | ||
| Q2 24 | $5.7B | $4.4B | ||
| Q1 24 | $5.2B | $4.4B |
| Q4 25 | 1.26× | 0.13× | ||
| Q3 25 | 1.55× | 0.12× | ||
| Q2 25 | 1.12× | 0.12× | ||
| Q1 25 | 0.90× | 0.13× | ||
| Q4 24 | 0.84× | 0.13× | ||
| Q3 24 | 0.86× | 0.12× | ||
| Q2 24 | 0.88× | 0.12× | ||
| Q1 24 | 0.97× | 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 | $-91.0M | $399.8M |
| Free Cash FlowOCF − Capex | $-113.0M | $388.5M |
| FCF MarginFCF / Revenue | -11.3% | 24.6% |
| Capex IntensityCapex / Revenue | 2.2% | 0.7% |
| Cash ConversionOCF / Net Profit | -1.72× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $-600.0M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-91.0M | $399.8M | ||
| Q3 25 | $-215.0M | $354.9M | ||
| Q2 25 | $-133.0M | $-7.4M | ||
| Q1 25 | $-86.0M | $-177.6M | ||
| Q4 24 | $87.0M | $378.9M | ||
| Q3 24 | $-156.0M | $232.8M | ||
| Q2 24 | $9.0M | $57.7M | ||
| Q1 24 | $-22.0M | $103.7M |
| Q4 25 | $-113.0M | $388.5M | ||
| Q3 25 | $-217.0M | $346.1M | ||
| Q2 25 | $-166.0M | $-14.3M | ||
| Q1 25 | $-104.0M | $-185.2M | ||
| Q4 24 | $73.0M | $370.9M | ||
| Q3 24 | $-170.0M | $223.0M | ||
| Q2 24 | $-22.0M | $51.3M | ||
| Q1 24 | $-39.0M | $97.9M |
| Q4 25 | -11.3% | 24.6% | ||
| Q3 25 | -24.5% | 16.7% | ||
| Q2 25 | -17.9% | -0.7% | ||
| Q1 25 | -11.4% | -12.1% | ||
| Q4 24 | 7.3% | 21.1% | ||
| Q3 24 | -18.2% | 10.3% | ||
| Q2 24 | -2.3% | 2.4% | ||
| Q1 24 | -4.5% | 6.3% |
| Q4 25 | 2.2% | 0.7% | ||
| Q3 25 | 0.2% | 0.4% | ||
| Q2 25 | 3.6% | 0.3% | ||
| Q1 25 | 2.0% | 0.5% | ||
| Q4 24 | 1.4% | 0.5% | ||
| Q3 24 | 1.5% | 0.5% | ||
| Q2 24 | 3.2% | 0.3% | ||
| Q1 24 | 2.0% | 0.4% |
| Q4 25 | -1.72× | 5.57× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | — | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | 1.61× | 3.91× | ||
| Q3 24 | -6.00× | 1.36× | ||
| Q2 24 | 0.29× | 0.32× | ||
| Q1 24 | — | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
WSO
Segment breakdown not available.
