Watsco Inc
Watsco, Inc., together with its subsidiaries, engages in the distribution of air conditioning, heating, and refrigeration equipment, and related parts and supplies in the United States, Canada, Latin America, and the Caribbean. The company distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and hea… Read more
Watsco Inc (WSO) - Net Assets
Latest net assets as of September 2025: $3.30 Billion USD
Based on the latest financial reports, Watsco Inc (WSO) has net assets worth $3.30 Billion USD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($4.55 Billion) and total liabilities ($1.25 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $3.30 Billion |
| % of Total Assets | 72.49% |
| Annual Growth Rate | 15.5% |
| 5-Year Change | 72.17% |
| 10-Year Change | 154.56% |
| Growth Volatility | 21.55 |
Watsco Inc - Net Assets Trend (1985–2024)
This chart illustrates how Watsco Inc's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Watsco Inc (1985–2024)
The table below shows the annual net assets of Watsco Inc from 1985 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $3.06 Billion | +17.13% |
| 2023-12-31 | $2.62 Billion | +16.36% |
| 2022-12-31 | $2.25 Billion | +12.56% |
| 2021-12-31 | $2.00 Billion | +12.23% |
| 2020-12-31 | $1.78 Billion | +3.79% |
| 2019-12-31 | $1.71 Billion | +7.06% |
| 2018-12-31 | $1.60 Billion | +3.27% |
| 2017-12-31 | $1.55 Billion | +23.90% |
| 2016-12-31 | $1.25 Billion | +3.99% |
| 2015-12-31 | $1.20 Billion | +6.33% |
| 2014-12-31 | $1.13 Billion | +0.41% |
| 2013-12-31 | $1.13 Billion | +10.31% |
| 2012-12-31 | $1.02 Billion | +2.03% |
| 2011-12-31 | $1.00 Billion | +10.13% |
| 2010-12-31 | $909.60 Million | +1.65% |
| 2009-12-31 | $894.81 Million | +56.80% |
| 2008-12-31 | $570.66 Million | +3.76% |
| 2007-12-31 | $549.96 Million | +6.50% |
| 2006-12-31 | $516.39 Million | +14.59% |
| 2005-12-31 | $450.65 Million | +11.90% |
| 2004-12-31 | $402.74 Million | +11.60% |
| 2003-12-31 | $360.87 Million | +9.62% |
| 2002-12-31 | $329.20 Million | +2.10% |
| 2001-12-31 | $322.42 Million | +6.00% |
| 2000-12-31 | $304.16 Million | +0.82% |
| 1999-12-31 | $301.70 Million | +9.87% |
| 1998-12-31 | $274.60 Million | +21.72% |
| 1997-12-31 | $225.60 Million | +85.07% |
| 1996-12-31 | $121.90 Million | +83.58% |
| 1995-12-31 | $66.40 Million | +13.12% |
| 1994-12-31 | $58.70 Million | +9.93% |
| 1993-12-31 | $53.40 Million | +59.40% |
| 1992-12-31 | $33.50 Million | +18.79% |
| 1991-12-31 | $28.20 Million | +49.21% |
| 1990-12-31 | $18.90 Million | +47.66% |
| 1989-12-31 | $12.80 Million | +9.40% |
| 1988-12-31 | $11.70 Million | -0.85% |
| 1987-12-31 | $11.80 Million | -4.84% |
| 1986-12-31 | $12.40 Million | +11.71% |
| 1985-12-31 | $11.10 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Watsco Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 13124.2% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.30 Billion | 48.78% |
| Common Stock | $22.22 Million | 0.84% |
| Other Comprehensive Income | $-59.89 Million | -2.25% |
| Other Components | $1.40 Billion | 52.64% |
| Total Equity | $2.66 Billion | 100.00% |
Watsco Inc Competitors by Market Cap
The table below lists competitors of Watsco Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Federal Home Loan Mortgage Corp Pref Perpetual
OTCQB:FMCCT
|
$12.56 Billion |
|
Check Point Software Technologies Ltd
NASDAQ:CHKP
|
$12.56 Billion |
|
BSE Limited
NSE:BSE
|
$12.57 Billion |
|
CGI Inc
NYSE:GIB
|
$12.58 Billion |
|
Renaissancere Holdings Ltd
NYSE:RNR
|
$12.53 Billion |
|
INVITATION HOMES DL -01
F:4IV
|
$12.51 Billion |
|
Hon. Precision, Inc.
TW:7769
|
$12.51 Billion |
|
Informa plc
PINK:IFPJF
|
$12.50 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Watsco Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 2,229,839,000 to 2,656,990,000, a change of 427,151,000 (19.2%).
- Net income of 536,286,000 contributed positively to equity growth.
- Dividend payments of 423,521,000 reduced retained earnings.
- Share repurchases of 39,673,000 reduced equity.
- New share issuances of 281,784,000 increased equity.
- Other comprehensive income decreased equity by 17,562,000.
- Other factors increased equity by 89,837,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $536.29 Million | +20.18% |
| Dividends Paid | $423.52 Million | -15.94% |
| Share Repurchases | $39.67 Million | -1.49% |
| Share Issuances | $281.78 Million | +10.61% |
| Other Comprehensive Income | $-17.56 Million | -0.66% |
| Other Changes | $89.84 Million | +3.38% |
| Total Change | $- | 19.16% |
Book Value vs Market Value Analysis
This analysis compares Watsco Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 5.39x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 245.75x to 5.39x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $1.55 | $381.89 | x |
| 1986-12-31 | $1.63 | $381.89 | x |
| 1987-12-31 | $1.46 | $381.89 | x |
| 1988-12-31 | $1.61 | $381.89 | x |
| 1989-12-31 | $1.62 | $381.89 | x |
| 1990-12-31 | $2.36 | $381.89 | x |
| 1991-12-31 | $2.29 | $381.89 | x |
| 1992-12-31 | $2.53 | $381.89 | x |
| 1993-12-31 | $3.04 | $381.89 | x |
| 1994-12-31 | $3.25 | $381.89 | x |
| 1995-12-31 | $3.44 | $381.89 | x |
| 1996-12-31 | $5.71 | $381.89 | x |
| 1997-12-31 | $8.38 | $381.89 | x |
| 1998-12-31 | $9.70 | $381.89 | x |
| 1999-12-31 | $10.12 | $381.89 | x |
| 2000-12-31 | $10.94 | $381.89 | x |
| 2001-12-31 | $11.83 | $381.89 | x |
| 2002-12-31 | $12.34 | $381.89 | x |
| 2003-12-31 | $13.86 | $381.89 | x |
| 2004-12-31 | $14.95 | $381.89 | x |
| 2005-12-31 | $16.23 | $381.89 | x |
| 2006-12-31 | $18.56 | $381.89 | x |
| 2007-12-31 | $19.77 | $381.89 | x |
| 2008-12-31 | $20.57 | $381.89 | x |
| 2009-12-31 | $25.88 | $381.89 | x |
| 2010-12-31 | $22.96 | $381.89 | x |
| 2011-12-31 | $24.32 | $381.89 | x |
| 2012-12-31 | $21.67 | $381.89 | x |
| 2013-12-31 | $24.20 | $381.89 | x |
| 2014-12-31 | $25.25 | $381.89 | x |
| 2015-12-31 | $27.11 | $381.89 | x |
| 2016-12-31 | $28.31 | $381.89 | x |
| 2017-12-31 | $34.86 | $381.89 | x |
| 2018-12-31 | $35.98 | $381.89 | x |
| 2019-12-31 | $41.40 | $381.89 | x |
| 2020-12-31 | $42.29 | $381.89 | x |
| 2021-12-31 | $47.00 | $381.89 | x |
| 2022-12-31 | $52.94 | $381.89 | x |
| 2023-12-31 | $61.04 | $381.89 | x |
| 2024-12-31 | $70.83 | $381.89 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Watsco Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 20.18%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 7.04%
- • Asset Turnover: 1.68x
- • Equity Multiplier: 1.71x
- Recent ROE (20.18%) is above the historical average (13.53%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 9.01% | 8.26% | 0.63x | 1.73x | $-110.00K |
| 1986 | 12.90% | 10.60% | 0.58x | 2.10x | $360.00K |
| 1987 | 14.41% | 11.33% | 0.62x | 2.06x | $520.00K |
| 1988 | 6.84% | 6.40% | 0.45x | 2.38x | $-370.00K |
| 1989 | 11.72% | 1.59% | 1.98x | 3.72x | $220.00K |
| 1990 | 10.58% | 1.70% | 1.41x | 4.42x | $110.00K |
| 1991 | 9.62% | 1.18% | 2.07x | 3.93x | $-80.00K |
| 1992 | 11.46% | 1.49% | 2.40x | 3.21x | $370.00K |
| 1993 | 11.96% | 2.17% | 2.10x | 2.62x | $820.00K |
| 1994 | 12.39% | 2.04% | 2.37x | 2.56x | $1.12 Million |
| 1995 | 13.38% | 2.18% | 2.28x | 2.69x | $1.82 Million |
| 1996 | 10.66% | 3.06% | 2.09x | 1.67x | $810.00K |
| 1997 | 8.16% | 2.90% | 1.49x | 1.89x | $-4.16 Million |
| 1998 | 9.18% | 2.50% | 1.90x | 1.94x | $-2.26 Million |
| 1999 | 9.78% | 2.37% | 2.12x | 1.95x | $-670.00K |
| 2000 | 6.28% | 1.46% | 2.32x | 1.85x | $-11.30 Million |
| 2001 | 7.58% | 1.97% | 2.38x | 1.62x | $-7.80 Million |
| 2002 | 8.67% | 2.42% | 2.34x | 1.53x | $-4.38 Million |
| 2003 | 9.67% | 2.83% | 2.30x | 1.48x | $-1.19 Million |
| 2004 | 11.94% | 3.66% | 2.16x | 1.51x | $7.83 Million |
| 2005 | 15.54% | 4.16% | 2.48x | 1.51x | $24.95 Million |
| 2006 | 15.95% | 4.57% | 2.53x | 1.38x | $30.73 Million |
| 2007 | 11.92% | 3.73% | 2.35x | 1.36x | $10.58 Million |
| 2008 | 10.58% | 3.55% | 2.37x | 1.25x | $3.30 Million |
| 2009 | 5.87% | 2.16% | 1.72x | 1.57x | $-30.49 Million |
| 2010 | 10.84% | 2.84% | 2.30x | 1.66x | $6.24 Million |
| 2011 | 11.27% | 3.04% | 2.35x | 1.58x | $10.17 Million |
| 2012 | 13.81% | 3.01% | 2.04x | 2.25x | $28.51 Million |
| 2013 | 15.20% | 3.41% | 2.24x | 1.99x | $43.68 Million |
| 2014 | 17.13% | 3.84% | 2.20x | 2.03x | $62.99 Million |
| 2015 | 18.06% | 4.20% | 2.30x | 1.87x | $77.20 Million |
| 2016 | 18.18% | 4.33% | 2.25x | 1.86x | $82.23 Million |
| 2017 | 16.04% | 4.80% | 2.12x | 1.58x | $78.43 Million |
| 2018 | 18.02% | 5.34% | 2.10x | 1.60x | $108.15 Million |
| 2019 | 17.13% | 5.16% | 1.87x | 1.78x | $102.41 Million |
| 2020 | 18.13% | 5.33% | 2.02x | 1.68x | $120.91 Million |
| 2021 | 25.16% | 6.67% | 2.04x | 1.85x | $252.45 Million |
| 2022 | 31.82% | 8.26% | 2.09x | 1.85x | $412.24 Million |
| 2023 | 24.05% | 7.36% | 1.95x | 1.67x | $313.35 Million |
| 2024 | 20.18% | 7.04% | 1.68x | 1.71x | $270.59 Million |
Industry Comparison
This section compares Watsco Inc's net assets metrics with peer companies in the Industrial Distribution industry.
Industry Context
- Industry: Industrial Distribution
- Average net assets among peers: $916,275,000
- Average return on equity (ROE) among peers: 8.50%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Watsco Inc (WSO) | $3.30 Billion | 9.01% | 0.38x | $12.56 Billion |
| Addtech AB (publ.) (ADDHY) | $3.08 Billion | 28.02% | 1.77x | $4.34 Billion |
| Andritz AG (ADRZF) | $1.33 Billion | 19.84% | 3.73x | $4.12 Billion |
| Applied Industrial Technologies (AIT) | $932.55 Million | 15.52% | 1.44x | $9.65 Billion |
| Beacon Roofing Supply Inc (BECN) | $26.57 Million | -1.42% | 8.92x | $7.71 Billion |
| BlueLinx Holdings Inc (BXC) | $141.49 Million | 18.31% | 7.04x | $335.15 Million |
| CD International Enterprises Inc (CDIIQ) | $64.33 Million | 0.00% | 0.25x | $7.73K |
| Core & Main Inc (CNM) | $801.00 Million | 4.62% | 3.90x | $9.10 Billion |
| Doman Building Materials Group Ltd (CWXZF) | $497.71 Million | 21.40% | 2.09x | $403.14 Million |
| Now Inc (DNOW) | $1.40 Billion | -35.78% | 0.31x | $1.15 Billion |
| Diploma PLC (DPMAY) | $894.70 Million | 14.45% | 0.98x | $10.23 Billion |