A target is not published until the required checks pass. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: interest expense (trailing twelve months).
Automated model assessment. Assumptions and risks are shown below.
01
Investment view
The assessment, supporting evidence and main risks.
Publication status
Assessment withheld
A target is not published until the required checks pass. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: interest expense (trailing twelve months).
Across 2 completed quarters since 2025-12-31, net income was 242.4m versus 263.7m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
A higher valuation comes with stronger profitability
Enterprise value / EBITDA is 18.7× for WSO, versus a peer median of 15.4×. Its operating margin is 9.4% versus 8.8%. Business mix and growth expectations can explain the difference.
Over one year, the stock changed -17.7% against +13.7% for Industrials (XLI). The gap is -31.4 percentage points. These are price returns, before dividends.
A higher valuation comes with stronger profitability
Enterprise value / EBITDA is 18.7× for WSO, versus a peer median of 15.4×. Its operating margin is 9.4% versus 8.8%. Business mix and growth expectations can explain the difference.
Over one year, the stock changed -17.7% against +13.7% for Industrials (XLI). The gap is -31.4 percentage points. These are price returns, before dividends.
Across 2 completed quarters since 2025-12-31, net income was 242.4m versus 263.7m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
Over 1 year (2025-09-12 to 2026-09-11), price changed -17.7% and trailing EPS changed -11.6%. A wider gap changes the earnings multiple; it does not establish fair value.
Dividends and buybacks totalled 504.2m versus 697.1m of cash after capital spending over four quarters. Existing cash or borrowing can fund a difference.
Valuation comments use the starting assumptions. Related findings can reflect the same underlying change; they are not separate votes or a probability of success.
SM Virtual Analyst is an automated review of stored company results and market data. The views below describe the available evidence and identify what to check next.
02
Business and operations
Revenue, profit, cash generation and the operating measures behind them.
Business assumptions
Follow the operating evidence, compare results with recorded forecasts, and check what funds growth.
The published assessment changes through a formal review. The tests below show how different conditions could affect the business.
Reported results
Separate prices, volumes, costs and investment. A market price relationship alone does not establish a change in company value.
Next results · 2026-11-04
Compare what the company reports with the assumptions recorded beforehand. A temporary benefit needs an end date.
Company operations · Business drivers
Business drivers
Start with the measures that affect sales, profit and cash. Each chart shows whether the evidence comes from company disclosures or financial statements.
0 of 3 key company measures recorded
Financial measure
Sales growth
2.06%2026-06-30
Compare matching quarters to reduce seasonal effects.
Quarterly statementsFinancial measure
Operating margin
11.32%2026-06-30
The part of sales left after operating costs. It does not identify the underlying cause of a change.
Quarterly statementsFinancial measure
Cash left from sales
-0.55%2026-06-30
Cash after capital spending as a share of revenue. Working capital and seasonal investment can affect one quarter.
Quarterly statements
Company-specific coverage
Not recorded in reviewed disclosures: Organic sales growth, Sales volume, Order backlog. The financial measures above provide context; they do not substitute for these operating measures or establish their cause.
Understand the business
Profit and cash generation
Sales, profitability and cash after investment, compared with the financial history.
Financial results through 2026-06-30Business description
Watsco, Inc. distributes air conditioning, heating and refrigeration equipment; and related parts and supplies in the United States, Canada, Mexico and Puerto Rico. The company is headquartered in Miami, Florida.
Sales over twelve months$7.28bnTotal sales over twelve months
Operating profit$684.85m9.40% of sales · same twelve months
Net income$475.73m6.53% of sales · same twelve months
Cash after capital spending$697.14m9.57% of sales · same twelve months
Profit and cash flow
The same twelve-month reporting period. Cash after capital spending is before dividends, buybacks and debt repayments.
Operating margin history
Latest reported margin 9.4% · Annual-history median 10.3%
Compare annual results with the latest trailing period. The periods may overlap. The median describes the available history; it is not an assumed future margin.
The latest reporting periods, earnings quality and the longer financial record.
The business
Company results and cash generation
Start with the latest quarters, then check whether the longer record supports the same view.
Annual results · 2025-12-31
Quarterly results
The current financial year
Compare completed quarters with the same periods a year earlier. Annual year-end: 2025-12-31.
Latest quarter · 2026-06-30 Reported 2026-08-07
Revenue1.2%2 matched quarters vs last year
Operating profit-9.2%2 matched quarters vs last year
Net income-8.1%2 matched quarters vs last year
Operating cashBelow zero2 matched quarters vs last year
Cash after capital spendingBelow zero2 matched quarters vs last year
Quarterly sales
Same-quarter comparison
Reported revenue in USD. Growth can include acquisitions, exchange-rate changes and price changes.
Quarterly profit
Operating profit shows the business before financing and tax. Net income can also reflect asset sales and other one-off items.
Operating profit changes
Latest quarter against the same quarter last year. The sales effect holds the old margin fixed; the remaining change comes from the margin. These two amounts add up to the change in operating profit.
Quarterly profit and cash
Cash can move sharply between quarters. Check the four-quarter comparison and working-capital changes before drawing a conclusion.
Cash coverage of shareholder payments
Latest four consecutive quarters. Payouts above cash generation need another source of funding, such as existing cash or borrowing.
Working capital and sales
Same quarter one year earlier. Receivables and inventory are balances at the reporting date; sales cover the quarter. Faster growth can tie up cash, but acquisitions and payment timing can also explain a change.
Quarterly results and year-to-date figures
2 completed quarters since 2025-12-31
Year-to-date comparisons require every completed quarter since the annual year-end and a matching prior-year period. Missing periods are not treated as zero. Figures may include subsequent restatements.
Annual results commentary
Sales fell
Annual revenue changed -5.0% between the latest two reported years.
Amounts use each statement’s reported currency. Historical figures can include later restatements. Weighted diluted shares are an annual earnings measure, not the current share count used for valuation.
Earnings quality
Earnings quality
Separate the operating result, financing, tax and share count. Compare the same quarter a year apart.
2025-06-30 → 2026-06-30
Operating profit explains the largest part of the profit change
Its contribution was $-33.50m. The bridge reconciles the two quarters; it does not by itself establish whether the change will repeat.
The latest quarter reported $163.34m net income and $-2.54m operating cash. The difference includes non-cash expenses and working capital; one quarter can be seasonal.
USD. Components add up to the total change. Non-operating items can include interest, investment income and other gains or charges.
Cash conversion
USD. Cash timing can differ from profit recognition. Use several quarters to check whether a difference persists.
Recurring earnings and accounting checks
No reviewed schedule of unusual profit items is recorded. Reported profit is not assumed to be recurring profit.
Growth from pricing, volume, acquisitions and currency is identified only when the company provides a matching breakdown. A financial bridge explains the arithmetic, not the business cause. Gains are positive and charges negative in the unusual-item schedule.
Growth and capital
Investment and cash requirements
Compare the cash generated by the business with investment, acquisitions, dividends and buybacks.
Cash generated and cash used
Cash after capital spending
Cash after capital spending is before acquisitions, dividends and buybacks. A full remaining-cash figure is shown only when all those amounts are matched; missing payments are never zero. A shortfall may be met by cash balances, borrowing or asset sales. These figures do not establish the funding source or the return on new investment.
Investment returns and funding
These cash measures show funding needs. They do not calculate the return on new investment. That requires comparable invested capital, after-tax operating profit and a supported required return. Acquisitions, disposals and accounting changes need separate treatment. Check the return-on-capital comparison in Peers & sector where those inputs are available.
04
Share price and peers
Performance, earnings and valuation compared with the market and other companies.
Understand the share price
Share-price performance
Separate the company’s move from the wider market. Then examine the change in earnings and the price paid for them.
WSO against its market
Both series start at 100 on the same date. Completed weekly prices; dividends are excluded. A sector fund represents its own holdings and weighting, which differ from the equally weighted sector statistics above.
Earnings and valuation contributions
At the old earnings multiple, the latest trailing EPS would imply $337.71. The actual close was $314.22.
2025-09-12 to 2026-09-11. The earnings contribution holds the starting P/E fixed; the remaining change comes from the P/E. This is an accounting comparison, not a fair-value estimate or proof of why investors traded.
-28.7% from the highest weekly close; 1.6% above the lowest.
Position in the range is useful context. It does not establish whether the business is cheap or expensive.
Earnings and price
Earnings and share price
Compare reported earnings, the market’s response and changes in expectations.
Price and trailing earnings
Both start at 100 on the same date
Weekly prices are matched only after a recorded results date. A reporting-week move includes other news. EPS from earnings releases may differ from statutory diluted EPS. Historical revisions can change this comparison; it is not a trading backtest.
Reported earnings and estimates
1 beats and 3 misses across the last 4 comparable quarters. Earnings-release figures may use an adjusted basis and differ from the financial statements.
How price moved after results
From the weekly close before the announcement to the first weekly close after it, and to approximately four weeks later. These are weekly-window returns, not a one-day reaction. Other news also affects price.
Price paid for earnings
P/E is available for 157 of 157 weekly observations. There are no missing earnings observations in this displayed period. Select Trailing EPS to inspect the earnings behind the ratio.
P/E at 2026-09-11: 27.3× · Median across positive-earnings weeks: 32.7×. Loss-making weeks are excluded from this median.
Uses earnings-release EPS, which can differ from the statement EPS used in peer factors. A low multiple can reflect weaker expected earnings.
Compare the pace over different periods
Price return excludes dividends. Earnings growth and multiple changes require positive EPS at both ends of the comparison.
Share-price history
Weekly closing prices
View price valuesEarnings announcements and price comparisons
Weekly prices are matched only after a recorded results date. A reporting-week move includes other news. EPS from earnings releases may differ from statutory diluted EPS. Historical revisions can change this comparison; it is not a trading backtest.
Peers and sector
Peer and sector comparison
Compare the price of the business with what it earns. Then check whether the wider sector is helping.
Same published week 2026-09-11
A higher valuation comes with stronger profitability
Enterprise value / EBITDA is 18.7× for WSO, versus a peer median of 15.4×. Its operating margin is 9.4% versus 8.8%. Business mix and growth expectations can explain the difference.
Profitability and valuation, together
WSO is the larger teal dot. Each other dot is a named peer. Move right for greater profitability; move up for a higher valuation multiple.
Compare the actual figures
WSO is shown in teal. The comparison uses 12 selected peers out of 19 other covered listings in Industrial Distribution.
Peer comparison table and financial dates
Active US common listings in the same industry; up to 12 peers nearest in market value. Identified preferred shares, warrants, rights and units are excluded. Matching company names and labelled share classes count once, using the listing with the largest stored market value; the target's other identified classes are excluded. This metadata screen is not a complete issuer-identity check. Medians require at least three companies per measure. All use the same published week and factor universe. Financial periods can differ and are shown below. This is a comparison of current constituents, not a backtest.
The wider Industrials sector
Sector performance
These figures cover other active US listings in the same sector and publication week. Sector membership is broader than the selected industry peers.
56%Higher over one year530 listings with adjusted-price changes
65%Reported a profit531 listings with net income
6.7%Median adjusted-price changeEach listing has equal weight
Company versus sector
Percentage measures from the same published week. Profitability, growth and price performance describe different things; they are not added together.
Sector comparison
Operating marginWSO 9.4% · Sector median 7.0%521 other listings with this measure
Adjusted-price change over one yearWSO -15.8% · Sector median 6.7%530 other listings with this measure
What the peer measures mean
Price / earnings
The share price divided by trailing statement earnings per share. Lower can mean cheaper earnings, weaker growth or greater risk. Loss-making companies have no meaningful P/E.
Enterprise value / EBITDA
Enterprise value includes equity and net debt. EBITDA is earnings before interest, tax, depreciation and amortisation. This multiple does not account for the capital spending needed to keep the business running.
Operating margin
The percentage of revenue left as operating profit, before interest and tax. Product mix and accounting policies affect comparisons.
Cash after capital spending / enterprise value
Cash after capital spending divided by enterprise value. Check whether cash flow is repeatable and how much must cover debt and other commitments.
Cash after capital spending / profit
Cash after capital spending divided by net income over the same trailing period. A value of 1 means one dollar of cash remains for each dollar of profit. Growth investment and working capital can change this ratio.
Net debt / EBITDA
Debt less cash divided by trailing EBITDA. A negative value means cash exceeds debt. Debt maturities and interest costs still need separate checks.
Adjusted-price change over one year
Change across the stored one-year adjusted-price window. These factor histories include dividend adjustments; they are separate from the quoted-price comparisons. Current constituents are used.
Comparisons use stored statement-based factors. Earnings-release EPS can use a different basis from these financial statements. Missing measures and unprofitable earnings multiples are omitted. Financial periods differ across issuers; matching publication weeks does not make their businesses identical.
Consider the alternatives
Alternative companies
Compare the trade-offs across closely sized businesses in the same industry. This list is not an investment ranking.
Same price week. Financial periods no more than 110 days apart.
WSO and QXO
QXO has no clear advantage on these available measures.
The trade-off is less favourable ev / ebitda, operating margin, net debt / ebitda.
QXO financial period 2026-06-30. Published prices 2026-09-11. Differences in product mix, geography and accounting can limit comparability.
Loss periods, gaps or differences in the earnings basis make P/E less useful here. This assessment uses operating profit, capital spending and the balance sheet instead. Loss years remain in the margin history.
No investment rating is assigned.
The assessment checks earnings and, where suitable, an alternative cash-flow approach. It still needs current financials, complete inputs and a model suitable for automatic publication. “Not rated” means those requirements are not met; it does not mean Hold.
Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: interest expense (trailing twelve months).
Cash generation, debt, cash and interest cover are needed before a rating is issued.
Conflicting dated amounts need reconciliation before a target can be published: net ppe.
Supporting evidence
More cash remains for each dollar of profit
Cash after capital spending / profit: 1.5× for WSO, against 1.0× across 10 comparable peers.
Across 2 completed quarters since 2025-12-31, net income was 242.4m versus 263.7m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
Methods are considered by business suitability and completeness of evidence. The model does not select whichever produces the highest target.
Valuation methods checked
Method
Input checks
Outstanding requirements
Earnings and historical valuation
Incomplete
Cash generation, debt, cash and interest cover are needed before a rating is issued.
Cash flow across the cycle · Selected
Incomplete
Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: interest expense (trailing twelve months).
Cash flow across the cycle
This method keeps both weak and strong years in view. It values cash from the operations after tax, capital spending and working capital, then deducts net debt and other ownership claims.
The central operating margin is the median of up to five annual margins plus the latest four-quarter margin, including losses. It is reached over three years. Sales growth starts at the median of four quarterly year-on-year changes.
Starting sales growth is limited to −10% to +15% and moves towards 2% by year five. Depreciation must have a matching reported period and exclude impairment charges. An unrelated EBITDA-minus-EBIT difference is not used. The spending floor moves towards the median recorded capital-spending ratio, with a floor at depreciation. This historical total does not identify maintenance separately from expansion spending. Total capital spending must also cover depreciation plus the assets needed for extra sales. Working capital is funded in proportion to extra sales; falling sales do not automatically release cash.
The central required return is 12%, an SM assumption rather than a measured cost of capital. The weaker case uses 14% with no continuing growth; the stronger case uses 10% with 2.5% continuing growth. Recovery margins, growth and spending also change in each scenario.
Cash after the target date is discounted to that date. Earlier positive cash is assumed distributed, so it is not added to the target. Any earlier deficit after debt interest increases net debt. The model holds the share count and other ownership claims constant. It does not assume future buybacks, asset sales or a refinancing.
This is a going-concern cash-flow model. It cannot establish asset sale proceeds or restructuring recoveries. A negative equity result is shown as zero, reflecting limited liability rather than a liquidation estimate.
Rating criteria
Buy: at least 17.0% price upside (the higher of 15% or half the stock's annualised volatility), upside at least as large as the weaker-case decline, and passing cash and debt checks. Sell: at least 15% central price downside. Hold: the remaining rated cases. Dividends, fees and tax are excluded.
For Buy, operating cash must cover at least 80% of statement profit and cash after capital spending must be positive. Debt must be covered by cash, or net debt / EBITDA must be no more than 3 with interest cover of at least 3. The cash-flow method uses the central longer-run operating margin for these debt tests. A loss-making company must still have positive operating cash and cash after capital spending for Buy eligibility.
Publication safeguards. Model estimates below one quarter or above four times the current price require a separate valuation review. Cash-flow estimates also require review when more than 90% of their absolute present value comes from after year five. These are SM review thresholds; they do not cap the calculated value or move it towards the market price.
This is an automated research assessment. The policy has not yet been validated against subsequent stock returns. It does not account for your portfolio, tax position or investment needs.
New data refreshes the evidence. A formal review determines whether the published assessment changes. Editing the valuation controls below changes your scenario only. Saving your case preserves this dated assessment alongside your assumptions.
Data checks · reviewed 2026-09-15
Check
Status
Evidence
Recent price
Passed
Weekly close dated 2026-09-11.
Current financials
Passed
Statements through 2026-06-30; factor prices dated 2026-09-11.
Price risk
Passed
Risk uses the latest 52 weekly price changes.
Operating history
Passed
5 annual results, retaining operating losses and unusually strong years.
Quarterly operating results
Passed
Four quarters through 2026-06-30.
Cash-flow and ownership inputs
Review needed
Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: interest expense (trailing twelve months).
Depreciation basis
Passed
Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Matching currency
Passed
USD statements and share price.
Ownership source reconciliation
Review needed
Conflicting dated amounts need reconciliation before a target can be published: net ppe.
Model version: sm-assessment-12-rating-balance. Published price: $314.22 on 2026-09-11. The upside above uses the latest close. Review policy and original record ↓
Price and valuation assumptions
A current target is not published. The outstanding checks must be resolved before a price disagreement can be assessed.
Required before a comparison
Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: interest expense (trailing twelve months).
Cash generation, debt, cash and interest cover are needed before a rating is issued.
Conflicting dated amounts need reconciliation before a target can be published: net ppe.
Thresholds saved at publication · crossing a threshold requires review
Measure
At publication
Latest
Improvement threshold
Deterioration threshold
Status
Quarterly sales growth
2.06%
2.06%
≥ 7.06%
≤ -2.94%
Within starting range
Quarterly operating margin
11.32%
11.32%
≥ 13.32%
≤ 9.32%
Within starting range
Operating cash / profit
1.54×
1.54×
≥ 1.74×
≤ 1.34×
Within starting range
Net debt / EBITDA
0.23×
0.23×
≤ -0.27×
≥ 0.73×
Within starting range
New results, restatements, material disclosures and unresolved share changes require review. A sustained price change can change the rating comparison without changing the target. Company evidence, risk and uncertainty must still support the classification. Dividends are assessed separately where verified.
Funding needs, adverse conditions and the effect of a holding on your portfolio.
Business risks
Business and financing risks
Review borrowing and company disclosures alongside interest rates and commodity markets.
Debt and cash
Balance-sheet figures from 2026-09-11. Cash may be needed to run the business.
If borrowing costs rise
Illustration: interest rates rise by 1 percentage point on the stated portion of debt. Existing fixed rates and hedges may delay or reduce the effect. This is not a debt-maturity schedule.
Observed market relationships
Each dot is one shared week. Bond and commodity funds are price proxies; their returns also reflect fund construction and expenses.
Relationship summary
Correlation ranges from −1 to +1. A relationship can change and may reflect broader market movements. It does not prove a customer, currency or commodity exposure.
Company disclosure · 2026-02-27
Currencies
The functional currency of our operations in Canada is the Canadian dollar, and the functional currency of our operations in Mexico is the U.S. dollar because the majority of our Mexican transactions are denominated in U.S. dollars. Foreign currency exchange rates and fluctuations may have an impact on transactions denominated in Canadian dollars and Mexican Pesos, and, therefore, could adversely affect our financial performance. Although we use foreign currency forward contracts to mitigate the impact of currency exchange rate movements, we do not currently hold any derivative contracts that …
Financial instruments which potentially subject us to concentrations of credit risk consist principally of accounts receivable. Concentrations of credit risk are limited due to the large number of customers comprising the customer base and their dispersion
Understand the business. Review sales, profit and cash generation. Open the evidence link beneath each conclusion.
Test the assumptions. A valuation is a scenario. Change growth, margins and the discount rate to see how much the result depends on them.
Keep track. Save your own reasons and conditions. Revisit them after results. Figures show their observation dates. Data notes explain unavailable information.
Data notes · 3 to review
Financial totals have been checked against their reporting periods. Only matching twelve-month figures are used; unsupported measures remain blank.
A required data check failed. Review the data and model checks before using a valuation.
Analyst forecast history is not yet available. Earnings-release history and reported financial results are shown where recorded.
Forecasts and results
Forecasts and reported results
Follow the forecasts behind the current assessment. Earlier versions remain in the full record. Price movements alone do not settle the business case.
No forecast matching the current assessment has been recorded. Earlier forecasts, if any, remain in the full record. The published assessment and its review conditions remain available below.
Forecasts are frozen when recorded. Actuals use the matching full financial year or four reported quarters, on the forecast's stated profit basis. Dated results are retained; restatements are recorded separately. Forecasts made after the period began are identified. Revisions, overlapping periods and preview records are not independent evidence of forecasting skill.
Next results
Next results and saved research
Set measurable conditions for your investment case, then compare them with new company data.
Expected 2026-11-04
Check 1
Profitability recovery
The latest quarterly margin changed -1.9 percentage points from a year earlier. Check sales volumes, pricing and unusual gains in the next filing.
Margin and cash conditions use the latest trailing statements where available. Revenue growth compares reported annual years. Factor figures through 2026-09-11.
Quarterly sales growth+2.1%
Through 2026-06-30. Compare the next quarter with the same period a year earlier. Check whether growth speeds up or slows down.
Quarterly operating margin+11.3%
Through 2026-06-30. Check whether the next results retain the latest margin. Separate recurring improvements from one-off gains.
Sales growth this financial year+1.2%
Through 2026-06-30. Check the cumulative result as each new quarter is added. Compare the same number of quarters last year.
Revenue-5.0%
Compare growth with the previous year and the current forecast.
Operating margin+9.4%
Check whether operating profit keeps pace with sales.
Cash generation1.54×
Check whether profit is turning into operating cash.
Borrowing0.23×
Check whether debt is falling relative to earnings.
Save your investment case
Keep a dated copy of your reasoning, valuation assumptions and conditions. New saves preserve earlier versions.
Your saved versions
Conditions are checked against the latest available figures when you open this report. This does not place trades or send email alerts.
Sign in to keep your research and review changes over time.
Conditions saved with the published assessment. Thresholds are review prompts, not forecasts.
Measure
At publication
Latest
Change
Quarterly sales growth
2.06%
2.06%
Within starting range
Quarterly operating margin
11.32%
11.32%
Within starting range
Operating cash / profit
1.54×
1.54×
Within starting range
Net debt / EBITDA
0.23×
0.23×
Within starting range
When we review a rating
Regular review
Every 90 days
Recheck the business, assumptions and valuation. The target keeps its original end date until that horizon expires. A routine data refresh does not issue a new rating.
Earlier review
When the evidence changes
New results, revised financial statements, a material company disclosure, a change in the valuation method or failing cash and debt checks trigger a review. Same-period guidance revisions require at least 5% for EPS or 10% for other measures. Consensus EPS revisions require 10% and at least three analysts.
Price movements
Wait for a sustained change
A price-only signal must persist for 14 days across separate completed weeks. Rating changes normally wait at least 30 days and must clear five-percentage-point entry and exit bands. A direct Buy-to-Sell or Sell-to-Buy change requires material company evidence.
Data and events
Suspend an unreliable call
Missing essential data, an unresolved material event or a share-basis change can suspend a call immediately. An expired target or data check more than three days overdue is not shown as an active rating. Original assessments remain in the record.
A reviewed target normally changes only by 5% or more; a rating change or an expired horizon can also require a new assessment. These are explicit research-policy thresholds, not statistically proven trading rules. Policy sm-review-2-research.
First recorded assessment. Current data checks do not support an active rating.
Recent reviews, including unchanged decisions
Published
First recorded assessment.
Current data checks do not support an active rating.
Forecast record
Forecast accuracy
Forecast errors in sales, operating profit and cash are recorded separately from share-price outcomes. Preview records never enter live accuracy figures.
There are no completed live operating forecasts to assess yet. A useful record takes time; historical fits and preview scenarios are not substituted for it.
Forecasts are frozen when recorded. Actuals use the matching full financial year or four reported quarters, on the forecast's stated profit basis. Dated results are retained; restatements are recorded separately. Forecasts made after the period began are identified. Revisions, overlapping periods and preview records are not independent evidence of forecasting skill. Read the share-price assessment record ↗
Data and model checks
Data validation
Automated checks cover dates, units and accounting relationships. A matched filing fact confirms that reported amount and basis; it does not establish recurring earnings or validate a forecast.
Operating company
Value operating cash flow or comparable earnings; deduct debt and other ownership claims where appropriate.
14 of 18 checks passed. 117 financial cells have a matched filing basis; 0 other recorded cells have not been matched to a standard filing fact here. Missing company-specific measures and forecast coverage are explained in their sections.
Dates, accounting checks and input reconciliation
Check
Status
What it checks
Price observations
Passed
Prices must be positive, finite, in date order and have no duplicate weeks.
Historical price basis
Passed
No material split or distribution discontinuity was found between the two price histories.
Price date
Passed
The latest completed close must be no more than 14 days old.
Business model
Passed
Value operating cash flow or comparable earnings; deduct debt and other ownership claims where appropriate.
Earnings and share units
Passed
Earnings, profit and weighted shares are reconciled before per-share growth is used. No conflicting per-share comparisons were found.
Balance-sheet totals
Review needed
Assets must reconcile to liabilities and equity, allowing separately reported minority interests and 1% rounding tolerance. Check 2023-09-30, 2023-12-31, 2024-03-31, 2024-06-30, 2024-09-30, 2024-12-31, 2025-03-31.
Consolidated depreciation
Review needed
Depreciation from a cash-flow reconciliation is distinguished from expense components. Conflicting amounts are excluded until the statement establishes their scope. Check 2018-12-31, 2019-12-31, 2020-12-31, 2021-12-31, 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31.
Statement currency
Passed
Valuation cash flows and the share price must use the same currency; amounts are not silently converted.
Publication dates
Passed
Future financial periods and future filing dates cannot enter the assessment.
Known reporting dates
Passed
0 of the latest four quarters have no stored publication date. These cannot support a point-in-time claim.
Cash-flow identities
Passed
Operating cash plus negative capital spending must equal cash after capital spending. All comparable stored periods reconcile within 1%.
Operating-profit basis
Passed
4 of the latest four quarters have an explicit reported operating-income basis. EBIT may include non-operating items; it is not automatically treated as operating income.
Filed and stored totals
Review needed
4 trailing input totals differ from the stored snapshot. The matched filed totals are used in this report; original figures remain in the reconciliation table.
Ownership source reconciliation
Review needed
Conflicting dated amounts need reconciliation before a target can be published: net ppe.
Financial period
Passed
The valuation needs a financial period no more than 150 days old.
Corporate-action basis
Passed
A split after the financial period needs a reviewed reconciliation of shares, earnings per share and the quoted price.
Share count
Passed
Per-share enterprise and book values require a positive current share count.
Ownership and debt amounts
Passed
Debt, cash, preferred stock and minority interests cannot be negative.
Trailing totals used in this report · USD
Input
Stored snapshot
Matched filed quarters
Gross profit ttm
2029759000
2003837000
Operating income
679111000
684846000
Capital spending
-35243000
-36122000
Dividends paid ttm
499188000
-499188000
Important information
SM Virtual Analyst is an automated research report for general information. Its model ratings and price targets are not personal investment advice, an offer to trade, or a guarantee of value or return. The report does not consider your financial circumstances, objectives, tax position or capacity for loss.
Reported figures can be delayed, incomplete, corrected or restated. Source checks confirm specific reported amounts and accounting relationships; they do not audit a company, establish recurring earnings or prove that a forecast is accurate. Missing information is not assumed to be zero unless a particular illustration expressly says so.
Valuations depend on the stated business model, assumptions and available data. Scenario ranges are illustrations, not probabilities, confidence intervals or limits on loss. Ratings use the disclosed review policy; they are not an independently validated prediction of future returns. Past performance and historical comparisons do not predict future results. An investment can lose its entire value.
Prices, financial periods, publication dates, model versions and review dates are shown in the report. The dated published assessment is separate from editable valuation illustrations. Unless expressly stated otherwise, price comparisons exclude dividends, fees and taxes. Check the latest company filings and subsequent events before making a decision, and seek qualified advice when needed.
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