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Watsco, Inc.NYSE:WSO.B Aktienübersicht

Marktkapitalisierung US$15.4b
Aktienkurs
US$403.83
US$457.11
11.7% unterbewertet intrinsischer Abschlag
1Yn/a
7D0%
1D
Wert des Portfolios
​
Siehe

Watsco, Inc.

NYSE:WSO.B Lagerbericht

Marktkapitalisierung: US$15.4b

Watsco (WSO.B) Aktienübersicht

Watsco, Inc. ist zusammen mit seinen Tochtergesellschaften im Vertrieb von Klima-, Heizungs- und Kühlanlagen sowie den dazugehörigen Ersatzteilen und Zubehör in den Vereinigten Staaten, Kanada, Lateinamerika und der Karibik tätig. Mehr Details

WSO.B grundlegende Analyse
Schneeflocken-Punktzahl
Bewertung2/6
Künftiges Wachstum2/6
Vergangene Leistung2/6
Finanzielle Gesundheit6/6
Dividenden4/6

Belohnungen

30.1% unter unserer Schätzung des beizulegenden Zeitwerts gehandelt

Prognostiziertes Gewinnwachstum 15.96% pro Jahr

Risikoanalyse

Aktien sind hochgradig illiquide

Die Dividende von 3.52% ist durch die Erträge nicht gut gedeckt


WSO.B Community Fair Values

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Watsco, Inc. Wettbewerber

Preisentwicklung & Leistung

Zusammenfassung der Höchst- und Tiefststände sowie der Veränderungen der Aktienkurse für Watsco
Historische Aktienkurse
Aktueller AktienkursUS$403.83
52-Wochen-HochUS$453.37
52-Wochen-TiefUS$338.85
Beta1.1
1 Monat Veränderung9.64%
3 Monate Veränderungn/a
1 Jahr Veränderungn/a
3 Jahre Veränderung26.47%
5 Jahre Veränderung38.29%
Veränderung seit IPO22,174.23%

Aktuelle Nachrichten und Updates

Recent updates

Seeking Alpha • Apr 26

Watsco: Plumbing May Be Its Next Big Growth Opportunity (Rating Upgrade)

Summary Watsco's recent acquisitions in the plumbing supply distribution industry indicate a greater focus on growing its presence in this market. The company's management aims to double the size of the business, offering potential for significant shareholder returns. Watsco is also positioned for long-term growth through efficiency improvements and HVAC/R acquisitions. Read the full article on Seeking Alpha
Seeking Alpha • Sep 06

Watsco: Good Growth Prospects But Priced In

Summary Watsco, Inc. is expected to benefit from improvements in product availability and easier year-over-year comparisons in the second half of 2023. Watsco also has the potential for margin growth through a shift. However, the stock's valuation is already reflecting its growth prospects. Read the full article on Seeking Alpha
Seeking Alpha • Feb 22

Watsco: Good Growth Prospects Despite Challenging Macros

Summary Watsco is expected to benefit from a mix shift toward higher-value products due to various regulatory tailwinds. Margin improvement over the last few years should be sustainable due to fundamental factors such as mix shift and higher markup realization driving it. Valuations are attractive. Investment thesis Watsco, Inc. (WSO) is poised to benefit from favourable regulatory trends such as the new SEER2 requirement and various rebate and incentive programs, which should drive demand for higher-value products in the HVAC industry. Additionally, beginning in 2025, the industry is expected to experience another regulation for refrigerants, further fueling demand for higher-value products. This trend should continue in the future due to ongoing regulatory requirements and increased emphasis on energy efficiency. Furthermore, I believe that the increase in margin post-pandemic is sustainable. The increase was driven by fundamental factors such as a shift in product mix and higher markup realization. Despite the recent run-up, Watsco currently trades at a valuation lower than its 5-year average P/E multiple. Hence, I believe WSO Stock still offers a buying opportunity. Q4 2022 Earnings Watsco recently reported mixed 4Q22 results. The company posted $1.51 billion in revenue which grew ~4.5% year-over-year growth but fell short of the consensus estimate of $1.61 billion. However, the adjusted earnings per share rose by 16% year-over-year to $2.35 (excluding a $1.20 per share tax benefit), beating the consensus estimate of $2.12. Watsco reported a 10 basis points increase in gross margin to 27.4% and an 80 basis points increase in adjusted operating margin to 8.9%. The company experienced an 8% decline in volume during the quarter, primarily due to lower in-stock availability of some SKUs as the company transitioned to new SKUs to comply with SEER2 mandates. The company’s lead time with manufacturers also increased in 4Q22. However, the situation is now improving. Despite the volume decline, the company was able to post good revenue growth driven by pricing increases as a result of a shift in product mix towards higher-value products. This was a result of the SEER2 transition and a higher demand for heat pumps and other ductless systems. The company reported a 22% increase in sales of ductless systems in 2022, outpacing the overall 13% growth in HVAC equipment sales. Revenue Outlook Watsco has witnessed significant revenue growth since the pandemic. The company reported Y/Y revenue growth of ~6%, ~24.3%, and ~15.8% for 2020, 2021, and 2022, respectively. The strong increase in revenue can be attributed to robust replacement demand and a shift in product mix towards higher-value items. WSO Revenue Growth (Company data, GS Analytics Research) The revenue growth outlook for FY2023 and beyond also looks solid. The HVAC industry is undergoing a structural transition from lower-efficiency products to higher-efficiency products, thanks to regulatory tailwinds such as the SEER2 framework which was implemented on January 1, 2023. The SEER2 framework aims to phase out older, less efficient HVAC systems, leading to increased replacement demand for higher-value products. I believe the new framework should help Watsco with a higher average selling price for its product, improving its sales mix toward higher-value products. Moreover, several OEMs are expected to increase prices to continue offsetting inflationary headwinds which should also benefit the average selling price for Watsco. In addition to SEER2-related tailwinds, the HVAC industry was also expected to benefit from rebate and tax credit scheme under IRA. However, the lack of a clear definition for unit qualification made the tax credit scheme under the IRA ineffective until now. I believe as more clarity emerges going forward, the tax credit and rebate program under the IRA should start yielding any benefits from next year. Several municipalities and regions, such as Northern California, New York, and parts of Canada, are also pushing harder to adopt higher-efficiency products due to increasing awareness around climate change. This coupled with the IRA benefits should help the average selling price for Watsco’s products in the coming years. Apart from IRA benefits, the HVAC industry should benefit from SEER2-like transition in refrigerants. From 2025 the HVAC industry is set to phase out old refrigerants currently used in older HVAC systems. Historically, refrigerant transitions have led to an increase in the cost to service and repair older HVAC systems, encouraging consumers to replace old products. So, this transition should also serve as a catalyst for Watsco’s sales in 2024 and 2025. In addition to industry-related tailwinds, Watsco has significant headroom to grow and consolidate market share. The company currently has ~15% market share in the ~$50 billion HVAC distribution industry. According to management, the industry is highly fragmented with about 1,300 family-run businesses. As the industry leader, Watsco is 2.5x the size of the next largest competitor and enjoys preferential pricing and terms from various HVAC OEMs. The company can easily pursue bolt-on acquisitions by acquiring small family businesses and bringing them under the same pricing and terms that Watsco enjoys, which should enable it to quickly realize synergy benefits from the acquisitions. Over the past three years, the company has expanded its footprint by 67 locations, primarily from six acquisitions, and now operates in 673 locations. With no long-term debt and a cash balance of ~$147 million, I believe the company should be able to pursue more acquisitions in the future. Watsco Versus Competitor Sales (WSO Investor Presentation) Margin Analysis and Outlook Watsco has experienced significant margin expansion since the pandemic, with its adjusted operating margin increasing from 7.9% in 2020 to 11.5% in 2022. Excluding technology investment, the adjusted operating margin increased from 8.6% in 2020 to 12.2% in 2022. The improvement in adjusted operating margin was driven by higher gross margins, partially offset by higher SG&A expenses as a percentage of revenue. Watsco's gross margins expanded from 24.2% in 2020 to 27.9% in 2022 due to a favourable pricing dynamic resulting from a shift in product mix towards higher-value and higher-margin products such as heat pumps. However, SG&A as a percentage of revenue deteriorated from 15.3% in 2020 to 16.1% in 2022 (excluding technology investment) due to higher inter-store transportation costs resulting from lower product availability, and higher bonus expenses for employees. WSO Gross margin and SG&A as a percentage of revenue chart (ex. technology investments) (Company Data, GS Analytics Research)
Seeking Alpha • Jan 12

Watsco, Inc. goes ex dividend tomorrow

Watsco, Inc. (NYSE:WSO.B) has declared $2.45/share quarterly dividend, Payable Jan. 31; for shareholders of record Jan. 17; ex-div Jan. 13. See WSO.B Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Dec 10

Watsco Can See A Meaningful Outperformance In 2023

Summary SEER2 mandates coupled with the Inflation Reduction Act should benefit Watsco’s revenue growth. Investment in technology should help the company in customer acquisition and retention resulting in higher market share. Valuations are reasonable and sell-side estimates look conservative. Investment Thesis Favorable industry dynamics including the new SEER2 regulation and the Inflation Reduction Act, are expected to benefit the Heating, Ventilation, Air conditioning, and refrigeration (HVAC/R) distribution industry. While SEER2 should benefit the HVAC/R industry with higher ASP leading to higher revenue and profits, the Inflation Reduction Act should increase demand for higher efficiency products that qualify for the rebate and tax credits. Being the industry leader in the HVAC/R distribution industry, Watsco, Inc. (WSO) is poised to benefit from these tailwinds. Additionally, the company's technology investment is expected to help in customer acquisition and retention, resulting in higher market share. Watsco is currently trading below its 5-year average forward P/E. Watsco's reasonable valuation and good growth prospects make it a buy. Favorable Industry Tailwinds Watsco reported $2.04 billion in revenue for Q3 2022, up 14% year over year. Sales of HVAC equipment (which make up 69% of total sales) increased by 13%, while sales of other HVAC products (27% of total sales) and commercial refrigeration products (4% of total sales) increased by 15% and 18%, respectively. The third-quarter sales reflect normalized residential HVAC equipment volume and higher price realization with increased adoption of higher efficiency products. Sales of higher-efficiency products increased 26% Y/Y compared to an overall growth of 14% in the quarter. Notably, the company was able to post good last quarter results despite Hurricane Ian impacting sales in Florida, the largest market for Watsco. Looking forward, under the SEER2 framework, the federal government is mandating the use of HVAC systems that adhere to an enhanced minimum efficiency level in terms of power consumption. In addition to raising the minimum efficiency, the new regulation, set to be effective in 2023, will increase the average selling price of entry-level systems. Moreover, another such regulation for refrigerants would come into effect in 2025. Historically these regulations increased the cost of service and repair of phased-out systems, which encouraged the consumer to replace them with new ones. The new regulations are expected to raise the average selling price by almost 10-15% in the next few quarters and around half of the company's outdoor equipment sales are expected to benefit from this mandatory regulatory requirement. Additionally, demand for higher efficiency products such as variable-speed HVAC systems and heat pumps is expected to rise with the Inflation Reduction Act of 2022. The federal law will provide tax credits for homeowners who install qualifying HVAC equipment and tax deduction for owners of commercial buildings that are upgraded to achieve defined energy savings. Moreover, this act would also fund state-administered consumer rebate programs worth $4.3 billion. So, Watsco is expected to benefit from favorable regulatory actions and the progression of the industry toward higher efficiency products resulting in higher average selling prices for the company, and this should act as a meaningful tailwind for the company's revenue in the coming years. In addition, the company also is a secular market share gain story in the fragmented HVAC/R distribution industry which should support revenue growth. If we look at the current sell-side consensus estimates, they are building in a modest low single-digit growth for the next few years. Watsco Consensus Revenue Estimates (Seeking Alpha) Their main concern appears to be the macroeconomic slowdown and rising interest rates which are impacting new home sales. However, new home sales are just 10% to 15% of the company's total sales. Residential repair and remodel accounts for ~65% to 70% of the total sales while the remaining 15% to 20% comes from the commercial sector. Watsco Revenue by End market (Investor Presentation) Residential repair and remodeling demand is much less cyclical and one has little choice but to repair their HVAC system if there is any fault. Also, on the commercial side, with the economy reopening and people going out, I am optimistic about the demand outlook. Given the SEER 2 mandates and associated pricing benefits, I believe the company can post much higher revenue growth (likely in the mid to high single digits) in FY2023 as against the low single digit which the sell-side is modeling. I believe the current situation can be compared to 2006 when the previous SEER regulations were implemented. At that time housing market also started correcting and the correction became much steeper as the year progressed. Single Family Housing Starts in 2006 (Census.gov, GS Analytics Research) However, benefits from SEER mandate more than offset the new housing slowdown and the company reported strong sales and same-store sales in each quarter. In 2006, same-store sales was 14% in Q1, 15% in Q2, 5% in Q3, and 6% in Q4. Margin Outlook During the third quarter of 2022, the company realized lower rebates and discounts on purchases which put downward pressure on its gross margin. Additionally, freight and transportation costs were up from the year-ago quarter due to the lesser availability of goods which resulted in more inter-store shipping of goods from the stores which have the particular good to the store which needs it. Both lower rebates and higher transportation costs resulted in flat gross margins at 27.1%, even though the selling margin [ defined as (selling price - purchase price of products) divided by selling price] rose 80 basis points (bps) year over year. SG&A, as a percentage of revenue, remained flat Y/Y reflecting higher investment in human resources and increased technology spending to increase market share. Meanwhile, supply chain disruption and inflationary pressures resulted in higher variable operating expenses and temporary labor and other costs. Flat gross margin and SG&A as a % of revenue led to a flat operating profit margin of 11.6% in the quarter. Watsco Gross and Operating margin (Company Data, GS Analytics Research) Looking forward, transportation cost is expected to normalize with easing supply chain issues and better availability of goods. This should help gross margins. Management's long-term gross margin target is above 27% which, in my opinion, the company should be easily able to maintain. Further, SG&A, as a percentage of revenue, should decrease with higher sales leverage due to a rise in revenue. This should help the operating margin. If we look at the current consensus estimates, they are expecting a gross margin of 26.7% in FY23. I believe they are too conservative. I don't see a reason why gross margins should sequentially worsen from Q3 2022 levels when there is a tailwind from lower freight costs and easing supply chain constraints. So, I believe there is a good chance that the company's reported margins may positively surprise the street next year. Technology Investments Aiding Market Share Growth Watsco recorded $2.3 billion in e-commerce sales in the past 12 months. Notably, E-commerce sales expanded 22% so far in 2022, outpacing the organic sales growth rate of 17%. E-commerce sales now account for 33% of total sales inclusive of revenue from acquisitions. Watsco's e-commerce sales as a % of total revenue (Company Data, GS Analytics Research) The company's digital sales platform OnCall Air increased penetration among HVAC/R contractors as more customers engage digitally. During the third quarter of 2022, contractors gave 66,000 quotes via OnCall Air which grew 39% over last year. This generated a gross merchandise value of $269 million. Additionally, Watsco's contractor-assist mobile application, which provides critical information to contractors to improve their speed and profitability, grew its user community by 21% year to date to 45,000 users.
Seeking Alpha • May 26

Watsco: Recent Correction Presents A Good Buying Opportunity

New energy conservation mandate (SEER2) should increase demand for energy-efficient HVAC systems with higher product pricing. Increased product pricing should support WSO’s revenue and gross margin growth. Continued e-commerce momentum will result in productivity and low attrition.
Seeking Alpha • May 06

LRT Capital - Watsco Inc.: A Long Growth Runway

Watsco is the largest player in a very fragmented industry. WSO expands through acquisitions over time, buying up smaller independent HVAC distributors. We believe that WSO stock is attractive at current valuations.
Seeking Alpha • Apr 26

Watsco: A Great Company At A Lofty Price

Watsco has done incredibly well in recent years from a fundamental perspective, with revenue, profits, and cash flows gradually improving over time. The long-term outlook for this firm is likely favorable, but there are concerns regarding pricing. In the best case, the stock looks fairly valued, while a downturn in financial performance could make the stock overpriced quickly.
Seeking Alpha • Feb 01

I Am Buying The Dip Of Watsco Because Of Its Buy And Build Strategy And Innovation Efforts

Watsco, Inc presents itself as the largest distributor of air conditioning, heating, and refrigeration equipment in North America. If the company continues to increase its distribution and sales centers in Canada and Latin America, business growth would continue. If Watsco‘s buy and build strategy continues to be successful, and management acquires sufficient new targets, FCF growth can be expected. I ran the best case scenario, in which I assumed that the company’s new technologies will enhance revenue growth. Watsco is launching very innovative initiatives that include mobile applications, e-commerce technology, supply chain optimization, business intelligence, and data management.

Aktionärsrenditen

WSO.BUS Trade DistributorsUS Markt
7D0%-0.2%1.2%
1Yn/a20.6%28.7%

Rendite im Vergleich zur Industrie: Unzureichende Daten, um festzustellen, wie WSO.B im Vergleich zur Branche US Trade Distributors abschneidet.

Rendite vs. Markt: Unzureichende Daten, um festzustellen, wie WSO.B im Vergleich zum US Markt abgeschnitten hat.

Preisvolatilität

Is WSO.B's price volatile compared to industry and market?
WSO.B volatility
WSO.B Average Weekly Movementn/a
Trade Distributors Industry Average Movement7.2%
Market Average Movement7.2%
10% most volatile stocks in US Market16.4%
10% least volatile stocks in US Market3.1%

Stabiler Aktienkurs: Der Aktienkurs von WSO.B war in den letzten 3 Monaten im Vergleich zum US -Markt volatil.

Volatilität im Zeitverlauf: Unzureichende Daten, um die Volatilitätsveränderung von WSO.B im vergangenen Jahr zu bestimmen.

Über das Unternehmen

GegründetMitarbeiterCEOWebsite
19567,000Albert Nahmadwww.watsco.com

Watsco, Inc. ist zusammen mit seinen Tochtergesellschaften im Vertrieb von Klima-, Heizungs- und Kühlanlagen sowie den dazugehörigen Ersatzteilen und Zubehör in den Vereinigten Staaten, Kanada, Lateinamerika und der Karibik tätig. Das Unternehmen vertreibt u. a. kanalisierte und kanalfreie Klimaanlagen für Privathaushalte sowie Gas-, Elektro- und Ölöfen, gewerbliche Klima- und Heizungsanlagen und andere Spezialgeräte. Das Unternehmen bietet auch Ersatzteile an, darunter Ersatzkompressoren, Verdampferschlangen, Motoren und andere Komponenten, sowie Verbrauchsmaterialien wie Thermostate, Isoliermaterialien, Kältemittel, Rohrleitungen, Gitter, Register, Bleche, Werkzeuge, Kupferrohre, Betonplatten, Klebebänder, Klebstoffe und andere Hilfsmaterialien sowie Sanitär- und Badezimmerausstattungsartikel.

Watsco, Inc.'s Grundlagenzusammenfassung

Wie verhalten sich die Erträge und Einnahmen von Watsco im Vergleich zum Marktanteil des Unternehmens?
WSO.B grundlegende Statistiken
MarktanteilUS$15.42b
Gewinn(TTM)US$462.34m
Umsatz(TTM)US$7.24b
33.0x
Kurs-Gewinn-Verhältnis
2.1x
Kurs-Umsatz-Verhältnis

Ist WSO.B zu teuer?

Siehe Fair Value und Bewertungsanalyse

Erträge & Einnahmen

Wichtige Rentabilitätsstatistiken aus dem letzten Ergebnisbericht (TTM)
WSO.B Gewinn- und Verlustrechnung (TTM)
EinnahmenUS$7.24b
Kosten der EinnahmenUS$5.21b
BruttogewinnUS$2.03b
Sonstige AusgabenUS$1.57b
GewinnUS$462.34m

Zuletzt gemeldete Gewinne

Mar 31, 2026

Datum des nächsten Gewinnberichts

k.A.

Gewinn per Aktie (EPS)11.37
Bruttomarge28.01%
Nettogewinnspanne6.38%
Schulden/Eigenkapital-Verhältnis0%

Wie hat sich WSO.B auf lange Sicht entwickelt?

Historische Performance und Vergleiche

Dividenden

3.5%
Aktuelle Dividendenrendite
98%
Ausschüttungsquote

Unternehmensanalyse und Finanzdaten Status

DatenZuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse2026/05/25 18:34
Aktienkurs zum Tagesende2026/05/15 00:00
Gewinne2026/03/31
Jährliche Einnahmen2025/12/31

Datenquellen

Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.

PaketDatenZeitrahmenBeispiel US-Quelle *
Finanzdaten des Unternehmens10 Jahre
  • Gewinn- und Verlustrechnung
  • Kapitalflussrechnung
  • Bilanz
Konsensschätzungen der Analysten+3 Jahre
  • Finanzielle Vorausschau
  • Kursziele der Analysten
Marktpreise30 Jahre
  • Aktienkurse
  • Dividenden, Splits und Aktionen
Eigentümerschaft10 Jahre
  • Top-Aktionäre
  • Insiderhandel
Verwaltung10 Jahre
  • Das Führungsteam
  • Direktorium
Wichtige Entwicklungen10 Jahre
  • Ankündigungen des Unternehmens

* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.

Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.

Analysemodell und Schneeflocke

Einzelheiten zu dem Analysemodell, mit dem dieser Bericht erstellt wurde, finden Sie auf unserer Github-Seite. Außerdem bieten wir Leitfäden zur Verwendung unserer Berichte und Tutorials auf YouTube an.

Erfahren Sie mehr über das Weltklasse-Team, das das Simply Wall St-Analysemodell entworfen und entwickelt hat.

Metriken für Industrie und Sektor

Unsere Branchen- und Sektionskennzahlen werden alle 6 Stunden von Simply Wall St berechnet. Details zu unserem Verfahren finden Sie auf Github.

Analysten-Quellen

Watsco, Inc. wird von 30 Analysten beobachtet. 9 dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.

AnalystEinrichtung
David MantheyBaird
Scott DavisBarclays
Owen FlanaganCleveland Research Company