WATSCO INC

WSO · Industrials · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power43

Median gross margin 25.6% over 10y, very stable.

Returns on capital100

Median ROIC 21.2%, above the 9% hurdle in 100% of years.

Balance-sheet safety99

Net debt/EBITDA 0.1x, no material interest expense disclosed.

Capital discipline80

Owner earnings +12.0%/yr, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $536.3M
Est. intrinsic value / share: —
Recent price: $371.07
Discount to value: No price data

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell WSO. See the disclaimer.