Watsco Inc Class A

WSO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$315.00	Mpkfcph	Rgqpklwj

Watsco Is a Great Business, but We Remain Unconvinced That Record-Setting Performance Is New Normal

Brian Bernard

Feb 16, 2023

Business Strategy and Outlook

Watsco is the largest player in the fragmented heating, ventilation, air-conditioning, and refrigeration distribution industry with low-double-digit percentage market share. The company mostly operates in the United States (approximately 90% of sales) with an outsize presence in the Sunbelt states.

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