Watsco Inc Ordinary Shares

WSO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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We Think Watsco Can Deliver Earnings Growth in 2025 Despite Softer Residential HVAC Demand

Brian Bernard

Oct 1, 2025

Business Strategy and Outlook

Watsco is the largest player in the fragmented heating, ventilation, air conditioning, and refrigeration distribution industry with a mid- to high-teens percentage market share. The company mostly operates in the United States (about 90% of sales) with an outsize presence in the Sun Belt states.

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Watsco Inc Ordinary Shares

We Think Watsco Can Deliver Earnings Growth in 2025 Despite Softer Residential HVAC Demand

Business Strategy and Outlook

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