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Watsco, Inc.
WSO · NYSEIndustrials
The economic chain
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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
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Company details
Market cap
$16B
P/E ratio
28×
Div yield
2.7%
EPS (TTM)
$13.75
Profit margin
7%
Rev. growth
+5%
Revenue
$7.6B
Locations
~695
In plain English
Watsco is the largest distributor of heating, air-conditioning and refrigeration (HVAC/R) equipment and parts in North America — a middleman that buys furnaces, AC units and heat pumps from Carrier, Rheem, Mitsubishi and Daikin and resells them to 130,000+ local contractors through ~695 branches. It builds almost nothing: ~62% of its purchases come from Carrier, with which it also runs its biggest businesses as 80/20 joint ventures. The moat is replacement demand — most units are bought when an old one dies, not on a shopping trip.
In simple terms
What Watsco, Inc. really sells
Watsco is the largest distributor of heating, air-conditioning and refrigeration (HVAC/R) equipment and parts in North America — a middleman that buys furnaces, AC units and heat pumps from Carrier, Rheem, Mitsubishi and Daikin and resells them to 130,000+ local contractors through ~695 branches. It builds almost nothing: ~62% of its purchases come from Carrier, with which it also runs its biggest businesses as 80/20 joint ventures. The moat is replacement demand — most units are bought when an old one dies, not on a shopping trip.
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Risk read
SteadierMore speculative
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