Detailed financial statements for WESCO International, Inc. (WCC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
WESCO International, Inc. functions as a prominent global distributor, delivering an array of business-to-business logistical services and sophisticated supply chain management solutions across the United States, Canada, and internationally. The company organizes its operations into three distinct divisions: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS), and Utility and Broadband Solutions (UBS).
Analysis Summary
WESCO International, Inc. reported revenue of $23.51B in the most recent fiscal year, growing at a 5-year CAGR of 13.8%. Net income reached $640.2M, with a 44.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 21.4%, operating margin 5.4%, net margin 2.8%. Free cash flow grew at -44.7% CAGR over 5 years.
At the current price of $377.09, WCC trades at a P/E of 25.74 and an ROE of 14.06%. Market capitalisation stands at $18.4B, placing it among large-cap names.
Balance sheet quality for WCC: current ratio of 2.2, net debt of $5.93B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $25.2M represents 4% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.34B | $7.68B | $8.18B | $8.36B | $12.33B | $18.22B | $21.42B | $22.39B | $21.82B | $23.51B |
| Cost of Revenue | $5.89B | $6.19B | $6.61B | $6.78B | $10.00B | $14.43B | $16.76B | $17.54B | $17.11B | $18.54B |
| Gross Profit | $1.45B | $1.48B | $1.57B | $1.58B | $2.33B | $3.79B | $4.66B | $4.84B | $4.71B | $4.97B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.05B | $1.10B | $1.15B | $1.17B | $1.86B | $2.79B | $3.04B | $3.26B | $3.31B | $3.54B |
| Operating Expenses | $1.12B | $1.17B | $1.21B | $1.24B | $1.98B | $2.99B | $3.22B | $3.44B | $3.49B | $3.74B |
| Operating Income | $330.5M | $319.0M | $352.4M | $346.2M | $347.0M | $801.9M | $1.44B | $1.41B | $1.22B | $1.23B |
| EBITDA | $397.4M | $383.1M | $415.4M | $408.3M | $468.6M | $1.05B | $1.61B | $1.56B | $1.50B | $1.47B |
| Interest Expense | $76.6M | 0 | $68.7M | $65.7M | $226.6M | $268.1M | $294.4M | $389.3M | $364.9M | $386.7M |
| Pre-tax Income | $131.5M | $252.5M | $281.1M | $282.1M | $122.8M | $581.9M | $1.14B | $992.0M | $951.0M | $855.9M |
| Income Tax | $30.4M | $89.3M | $55.7M | $59.9M | $22.8M | $115.5M | $274.5M | $225.9M | $231.6M | $213.4M |
| Net Income | $101.6M | $163.5M | $227.3M | $223.4M | $100.6M | $465.4M | $860.5M | $765.5M | $717.6M | $640.2M |
| EPS | $2.09 | $3.48 | $5.04 | $5.18 | $1.53 | $8.11 | $15.83 | $13.86 | $13.26 | $13.26 |
| EPS (Diluted) | $2.09 | $3.38 | $4.82 | $5.14 | $1.51 | $7.84 | $15.33 | $13.54 | $13.05 | $13.05 |
| Shares Outstanding (Diluted) | $48.6M | $48.4M | $47.2M | $43.5M | $46.6M | $52.0M | $52.4M | $52.3M | $50.6M | $49.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $6.20B | $6.07B | $6.08B | $6.67B |
| Gross Profit | $1.32B | $1.29B | $1.29B | $1.46B |
| Operating Income | $345.4M | $324.5M | $293.5M | $382.2M |
| EBITDA | $404.1M | $409.1M | $344.6M | $433.5M |
| Net Income | $187.5M | $159.9M | $153.8M | $209.0M |
| EPS | $3.85 | $3.40 | $3.11 | $4.29 |
| EPS (Diluted) | $3.79 | $3.34 | $3.11 | $4.23 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $110.1M | $118.0M | $96.3M | $150.9M | $449.1M | $212.6M | $527.3M | $524.1M | $702.6M | $604.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.03B | $1.17B | $1.17B | $1.19B | $2.71B | $3.33B | $4.10B | $4.07B | $3.87B | $4.59B |
| Inventory | $821.4M | $956.1M | $948.7M | $1.01B | $2.16B | $2.67B | $3.50B | $3.57B | $3.50B | $4.01B |
| Total Current Assets | $2.17B | $2.41B | $2.39B | $2.54B | $5.51B | $6.35B | $8.33B | $8.39B | $8.35B | $9.46B |
| Property, Plant & Equipment | $157.6M | $156.4M | $160.9M | $417.3M | $933.9M | $909.9M | $1.03B | $1.18B | $1.18B | $1.36B |
| Goodwill | $1.72B | $1.77B | $1.72B | $1.76B | $3.19B | $3.21B | $3.24B | $3.26B | $3.28B | $3.34B |
| Intangible Assets | $393.4M | $367.1M | $316.0M | $287.3M | $2.07B | $1.94B | $1.94B | $1.86B | $1.84B | $1.77B |
| Total Assets | $4.49B | $4.74B | $4.61B | $5.02B | $11.88B | $12.62B | $14.81B | $15.06B | $15.06B | $16.49B |
| Accounts Payable | $684.7M | $799.5M | $794.3M | $830.5M | $1.71B | $2.14B | $2.73B | $2.43B | $2.67B | $3.03B |
| Short-term Debt | $51.5M | $72.9M | $74.0M | $26.7M | $528.8M | $9.5M | $70.5M | $8.6M | $19.5M | $25.0M |
| Total Current Liabilities | $873.8M | $1.04B | $1.06B | $1.08B | $2.99B | $3.05B | $3.82B | $3.39B | $3.80B | $4.30B |
| Long-term Debt | $1.36B | $1.31B | $1.17B | $1.26B | $4.37B | $4.70B | $5.35B | $5.31B | $5.05B | $5.76B |
| Total Liabilities | $2.47B | $2.62B | $2.48B | $2.76B | $8.54B | $8.84B | $10.36B | $10.03B | $10.10B | $11.47B |
| Retained Earnings | $1.96B | $2.08B | $2.31B | $2.53B | $2.60B | $3.00B | $3.79B | $4.39B | $4.96B | $5.51B |
| Total Equity | $1.97B | $2.12B | $2.14B | $2.27B | $3.34B | $3.78B | $4.45B | $5.04B | $4.97B | $5.03B |
| Total Debt | $1.41B | $1.39B | $1.24B | $1.46B | $5.31B | $5.13B | $5.93B | $5.96B | $5.68B | $6.53B |
| Net Debt | $1.30B | $1.27B | $1.15B | $1.31B | $4.86B | $4.91B | $5.40B | $5.44B | $4.98B | $5.93B |
| Working Capital | $1.30B | $1.37B | $1.32B | $1.46B | $2.52B | $3.30B | $4.51B | $5.00B | $4.55B | $5.16B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $101.1M | $163.2M | $225.4M | $222.2M | $100.0M | $466.4M | $862.1M | $766.1M | $719.4M | $642.5M |
| Depreciation & Amortization | $66.9M | $64.0M | $63.0M | $62.1M | $121.6M | $198.6M | $179.0M | $181.3M | $183.2M | $227.8M |
| Stock-based Compensation | $12.5M | $14.8M | $16.4M | $19.1M | $19.3M | $30.8M | $46.4M | $48.1M | $28.9M | $40.5M |
| Change in Working Capital | $39.9M | -$42.5M | -$13.6M | -$12.3M | $330.2M | -$531.5M | -$1.09B | -$508.7M | $276.2M | -$816.7M |
| Operating Cash Flow | $300.2M | $149.1M | $296.7M | $224.4M | $543.9M | $67.1M | $11.0M | $493.2M | $1.10B | $125.0M |
| Capital Expenditure | -$18.0M | -$21.5M | -$36.2M | -$44.1M | -$56.7M | -$54.7M | -$99.4M | -$92.3M | -$94.7M | -$99.8M |
| Acquisitions | -$50.9M | $6.8M | $2.1M | -$16.7M | -$3.68B | $56.0M | -$186.8M | 0 | $133.6M | -$36.1M |
| Stock Repurchased | -$4.8M | -$106.8M | -$127.2M | -$153.0M | -$2.9M | -$27.2M | -$11.1M | -$75.0M | -$425.0M | -$615.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | -$30.1M | -$57.4M | -$57.4M | -$134.0M | -$138.9M | -$115.7M |
| Free Cash Flow | $282.2M | $127.6M | $260.5M | $180.3M | $487.3M | $12.4M | -$88.4M | $400.9M | $1.01B | $25.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.7% | +6.5% | +2.2% | +47.5% | +47.8% | +17.6% | +4.5% | -2.5% | +7.8% | |
| Net Income Growth (YoY) | +60.9% | +39.1% | -1.7% | -55.0% | +362.8% | +84.9% | -11.0% | -6.3% | -10.8% | |
| EPS Growth (YoY) | +66.5% | +44.8% | +2.8% | -70.5% | +430.1% | +95.2% | -12.4% | -4.3% | +0.0% | |
| Shares Change (YoY) | -0.4% | -2.5% | -7.9% | +7.2% | +11.6% | +0.7% | -0.2% | -3.3% | -2.2% | |
| FCF Growth (YoY) | -54.8% | +104.2% | -30.8% | +170.2% | -97.5% | -813.2% | +553.6% | +151.1% | -97.5% | |
| Gross Margin | 19.7% | 19.3% | 19.2% | 18.9% | 18.9% | 20.8% | 21.8% | 21.6% | 21.6% | 21.1% |
| Operating Margin | 4.5% | 4.2% | 4.3% | 4.1% | 2.8% | 4.4% | 6.7% | 6.3% | 5.6% | 5.2% |
| EBITDA Margin | 5.4% | 5.0% | 5.1% | 4.9% | 3.8% | 5.8% | 7.5% | 7.0% | 6.9% | 6.3% |
| Net Margin | 1.4% | 2.1% | 2.8% | 2.7% | 0.8% | 2.6% | 4.0% | 3.4% | 3.3% | 2.7% |
| FCF Margin | 3.8% | 1.7% | 3.2% | 2.2% | 4.0% | 0.1% | -0.4% | 1.8% | 4.6% | 0.1% |
| Effective Tax Rate | 23.1% | 35.4% | 19.8% | 21.2% | 18.6% | 19.9% | 24.2% | 22.8% | 24.4% | 24.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.81 | $2.64 | $5.52 | $4.15 | $10.45 | $0.24 | $-1.69 | $7.67 | $19.89 | $0.51 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.65 | $1.10 | $1.10 | $2.56 | $2.75 | $2.34 |
| Shares Outstanding (Basic) | $48.4M | $47.0M | $45.1M | $43.1M | $46.2M | $50.3M | $50.7M | $51.1M | $49.8M | $48.7M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 14.06% |
| Return on Invested Capital | 8.09% |
| Return on Assets | 3.99% |
| Gross Margin | 21.40% |
| Operating Margin | 5.38% |
| Net Margin | 2.84% |
Financial Health
| Debt / Equity | 1.28 |
| Current Ratio | 2.09 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.14 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 31.84 | 19.58 | 9.52 | 11.47 | 51.31 | 16.23 | 7.91 | 12.55 | 13.65 | 18.45 |
| P/B | 1.64 | 1.51 | 1.01 | 1.13 | 1.08 | 1.75 | 1.43 | 1.76 | 1.81 | 2.37 |
| P/S | 0.44 | 0.42 | 0.26 | 0.31 | 0.29 | 0.36 | 0.30 | 0.40 | 0.41 | 0.51 |
| Gross Margin | 19.7% | 19.3% | 19.2% | 18.9% | 18.9% | 20.8% | 21.8% | 21.6% | 21.6% | 21.1% |
| Operating Margin | 4.5% | 4.2% | 4.3% | 4.1% | 2.8% | 4.4% | 6.7% | 6.3% | 5.6% | 5.2% |
| Net Margin | 1.4% | 2.1% | 2.8% | 2.7% | 0.8% | 2.6% | 4.0% | 3.4% | 3.3% | 2.7% |
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Explore sector: Industrials · Industrial - Distribution
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