A Business at a Glance
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COMFORT SYSTEMS USA INC
FIX
$61.4B
Mkt Cap
$1,733.60
-5.33%
COMFORT SYSTEMS USA INC (FIX) has a current P/E ratio of 60.0, compared to its historical median P/E of 20.6. The stock is currently considered Expensive based on its historical valuation range.
COMFORT SYSTEMS USA INC (FIX) has a 5-year average return on invested capital (ROIC) of 34.5%. This indicates strong capital allocation and a potential competitive advantage.
COMFORT SYSTEMS USA INC (FIX) has a market capitalization of $61.0B. It is classified as a large-cap stock.
Yes, COMFORT SYSTEMS USA INC (FIX) pays a dividend with a trailing twelve-month yield of 0.13%. The company also returns capital through share buybacks, with a buyback yield of 0.21%.
Based on historical P/E analysis, COMFORT SYSTEMS USA INC (FIX) appears expensive. The current P/E of 60.0 is 191% above its historical median of 20.6. The estimated fair value CAGR (P/E method) is 32.0%.
COMFORT SYSTEMS USA INC (FIX) operates in the Electrical Work industry, within the Industrials sector.
COMFORT SYSTEMS USA INC (FIX) reported annual revenue of $9.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Comfort Systems USA operates as a mechanical and electrical contracting company providing design, installation, maintenance, repair and replacement services for MEP (mechanical, electrical and plumbing) systems across commercial, industrial and institutional properties throughout the United States. The company operates through 50 operating units with 190 locations in 142 cities, generating revenue from two primary segments: mechanical services (73.3% of 2025 revenue), which includes HVAC, plumbing, piping, controls, off-site construction, monitoring and fire protection; and electrical services (26.7% of 2025 revenue), which encompasses installation and servicing of electrical systems. Approximately 63.2% of revenue derives from installation services in newly constructed facilities, while 36.8% comes from renovation, expansion, maintenance, repair and replacement services in existing buildings, with the company maintaining a diverse customer base across technology (45.0%), manufacturing (22.1%), healthcare (8.9%), education (7.3%), government (5.0%), office buildings (5.0%), retail and entertainment (3.7%), and multi-family residential (1.4%). The company pursues both "design and build" projects where it assumes responsibility for system design and installation, and "plan and spec" projects where third-party architects design systems that are then installed competitively, with the company leveraging centralized fabrication, prefabrication capabilities, and modular off-site construction to enhance productivity and efficiency. Comfort Systems differentiates itself through investments in design and building information modeling, energy-efficient system expertise, specialized training for complex control systems, and a strategy focused on attracting and retaining skilled labor, achieving operating efficiencies through purchasing economies and best practices, and opportunistically acquiring complementary businesses with strong workforces and market positions.
【Strong backlog-driven growth continuing】 Management expects same-store revenue growth for full-year 2026 in the mid- to high-20% range, with growth weighted more heavily to the first half of the year, supported by record backlog of $12.5 billion at the end of Q1 2026 and persistent demand particularly from technology customers. The company anticipates gross profit margins will continue in the strong ranges averaged over recent quarters, with the effective tax rate expected to remain around 23%, and management remains confident in its ability to maintain high margins and extract appropriate compensation for the work performed and risks managed. Capital expenditure is expected to be approximately 5% of revenue for full-year 2026, with the company planning to increase modular capacity from approximately 3 million square feet to 4 million square feet by the end of 2026 through planned additions in Texas and North Carolina. The company continues to pursue opportunistic acquisitions to expand market presence and service capabilities, having entered into a definitive agreement to acquire a highly skilled electrical contractor expected to contribute approximately $250 million in annualized revenues with EBITDA margins in the 8%-10% range.
| Metric | Target | Period |
|---|---|---|
| Same-store revenue growth | mid- to high-20% range | Full-year 2026 |
| Capital expenditure | approximately 5% of revenue | Full-year 2026 |
| Effective tax rate | around 23% | Full-year 2026 |
| Modular capacity | approximately 4 million sq ft | By end of 2026 |
| Acquired electrical contractor annualized revenue | roughly $250 million | Expected close early May 2026 |
Same-store revenue growth (Full-year 2026): “we believe same-store revenue for the full year 2026 is likely to be higher than 2025 revenue by percentage growth in the mid- to high-20% range”
Capital expenditure (Full-year 2026): “we estimate full-year CapEx will be in the range of 5% of revenue”
Effective tax rate (Full-year 2026): “We expect our full year effective tax rate to be around 23%”
Modular capacity (By end of 2026): “we expect to increase this to approximately 4 million sq ft by the end of 2026, with planned additions in Texas and North Carolina”
Acquired electrical contractor annualized revenue (Expected close early May 2026): “we expect our new partner to initially contribute annualized revenues of roughly $250 million with EBITDA margins in the 8%-10% range”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.1B | 9.1B | 7.0B | 5.2B | 4.1B | 3.1B |
| Net Income | 1.2B | 1.0B | 522M | 323M | 246M | 143M |
| EPS | $34.74 | $28.88 | $14.60 | $9.01 | $6.82 | $3.93 |
| Free Cash Flow | 1.4B | 1.0B | 738M | 545M | 253M | 158M |
| ROIC | 68.9% | 65.5% | 45.5% | 27.6% | 20.6% | 13.3% |
| Gross Margin | 25.1% | 24.1% | 21.0% | 19.0% | 17.9% | 18.3% |
| Debt/Equity | 0.01 | 0.20 | 0.18 | 0.20 | 0.39 | 0.64 |
| Dividends/Share | $2.25 | $1.95 | $1.20 | $0.85 | $0.56 | $0.48 |
| Operating Income | 1.6B | 1.3B | 749M | 418M | 254M | 188M |
| Operating Margin | 15.7% | 14.4% | 10.7% | 8.0% | 6.1% | 6.1% |
| ROE | 43.5% | 49.2% | 35.0% | 28.4% | 27.2% | 19.1% |
| Shares Outstanding | 35M | 35M | 36M | 36M | 36M | 36M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.4B | 1.6B | 1.6B | 1.8B | 2.2B | 2.6B | 2.9B | 3.1B | 4.1B | 5.2B | 7.0B | 9.1B | 10.1B |
| Gross Margin | 17.7% | 20.1% | 21.0% | 20.5% | 20.4% | 19.2% | 19.1% | 18.3% | 17.9% | 19.0% | 21.0% | 24.1% | 25.1% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 208M | 229M | 243M | 267M | 297M | 340M | 358M | 376M | 489M | 574M | 730M | 883M | 957M |
| EBIT | 42M | 90M | 102M | 99M | 150M | 164M | 191M | 188M | 254M | 418M | 749M | 1.3B | 1.6B |
| Op. Margin | 3.0% | 5.7% | 6.2% | 5.6% | 6.9% | 6.3% | 6.7% | 6.1% | 6.1% | 8.0% | 10.7% | 14.4% | 15.7% |
| Net Income | 23M | 49M | 65M | 55M | 113M | 114M | 150M | 143M | 246M | 323M | 522M | 1.0B | 1.2B |
| Net Margin | 1.6% | 3.1% | 4.0% | 3.1% | 5.2% | 4.4% | 5.3% | 4.7% | 5.9% | 6.2% | 7.4% | 11.2% | 12.1% |
| Non-Recurring | 1.6M | 880K | 761K | 1.8M | 945K | 1.7M | 1.4M | 1.5M | 1.6M | 2.3M | 3.0M | 2.0M | 2.0M |
| Returns on Capital | |||||||||||||
| ROIC | 10.7% | 18.9% | 20.1% | 15.1% | 23.5% | 17.9% | 17.2% | 13.3% | 20.6% | 27.6% | 45.5% | 65.5% | 68.9% |
| ROE | 7.7% | 15.1% | 17.9% | 13.9% | 24.7% | 21.1% | 23.4% | 19.1% | 27.2% | 28.4% | 35.0% | 49.2% | 43.5% |
| ROA | 3.7% | 7.3% | 9.3% | 7.0% | 11.6% | 8.9% | 9.2% | 7.2% | 10.2% | 11.0% | 13.0% | 18.3% | 17.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 43M | 98M | 91M | 114M | 147M | 142M | 287M | 180M | 302M | 640M | 849M | 1.2B | 1.7B |
| Free Cash Flow | 23M | 77M | 68M | 79M | 120M | 110M | 262M | 158M | 253M | 545M | 738M | 1.0B | 1.4B |
| Owner Earnings | 16M | 69M | 60M | 70M | 97M | 112M | 252M | 141M | 257M | 588M | 784M | 1.1B | 1.3B |
| CapEx | 19M | 21M | 23M | 35M | 27M | 32M | 24M | 22M | 48M | 95M | 111M | 155M | 280M |
| Maint. CapEx | 21M | 23M | 26M | 37M | 43M | 25M | 28M | 28M | 34M | 38M | 48M | 62M | 297M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 7.2M | 0 | 0 | 15M | 57M | 63M | 93M | 0 |
| D&A | 21M | 23M | 26M | 37M | 43M | 25M | 28M | 28M | 34M | 38M | 48M | 62M | 297M |
| CapEx/OCF | 45.1% | 21.3% | 25.5% | 31.1% | 18.5% | 22.4% | 8.4% | 12.4% | 16.0% | 14.8% | 13.1% | 13.1% | 16.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 8.4M | 9.4M | 10M | 11M | 12M | 15M | 15M | 17M | 20M | 30M | 43M | 69M | 79M |
| Dividend Yield | 1.5% | 1.1% | 1.0% | 0.8% | 0.7% | 0.8% | 1.0% | 0.6% | 0.6% | 0.5% | 0.4% | 0.3% | 0.1% |
| Share Buybacks | 8.0M | 8.3M | 13M | 9.0M | 29M | 20M | 30M | 27M | 38M | 21M | 58M | 216M | 127M |
| Buyback Yield | 1.3% | 0.8% | 1.1% | 0.6% | 1.8% | 1.1% | 1.6% | 0.8% | 0.9% | 0.3% | 0.4% | 0.6% | 0.2% |
| Stock-Based Comp | 4.8M | 5.6M | 5.0M | 6.4M | 7.2M | 5.9M | 6.9M | 11M | 11M | 13M | 17M | 22M | 33M |
| Debt Repayment | 2.0M | 53M | 154M | 132M | 119M | 228M | 226M | 125M | 560M | 500M | 182M | 100M | 100M |
| Balance Sheet | |||||||||||||
| Net Debt | 7.8M | -45M | -30M | 24M | 31M | 262M | 278M | 456M | 332M | 52M | -241M | -499M | -1.0B |
| Cash & Equiv. | 32M | 56M | 32M | 37M | 46M | 51M | 55M | 59M | 57M | 205M | 550M | 982M | 1.1B |
| Long-Term Debt | 40M | 11M | 2.0M | 60M | 74M | 205M | 236M | 385M | 247M | 39M | 62M | 139M | 39M |
| Debt/Equity | 0.13 | 0.03 | 0.01 | 0.14 | 0.15 | 0.53 | 0.48 | 0.64 | 0.39 | 0.20 | 0.18 | 0.20 | 0.01 |
| Interest Coverage | 22.7 | 51.4 | 43.3 | 31.5 | 40.5 | 17.6 | 22.7 | 30.4 | 19.0 | 40.7 | 112.7 | 145.9 | 166.3 |
| Equity | 306M | 347M | 377M | 418M | 498M | 585M | 696M | 806M | 1000M | 1.3B | 1.7B | 2.4B | 2.8B |
| Total Assets | 656M | 692M | 709M | 881M | 1.1B | 1.5B | 1.8B | 2.2B | 2.6B | 3.3B | 4.7B | 6.4B | 6.9B |
| Total Liabilities | 335M | 327M | 332M | 463M | 565M | 920M | 1.1B | 1.4B | 1.6B | 2.0B | 3.0B | 4.0B | 4.1B |
| Intangibles | 46M | 41M | 42M | 76M | 95M | 160M | 232M | 305M | 274M | 280M | 434M | 485M | 465M |
| Retained Earnings | 29M | 69M | 124M | 168M | 269M | 369M | 503M | 629M | 855M | 1.1B | 1.6B | 2.6B | 2.9B |
| Working Capital | 111M | 119M | 98M | 116M | 143M | 182M | 119M | 191M | 137M | 190M | 207M | 717M | 870M |
| Current Assets | 394M | 424M | 416M | 489M | 610M | 790M | 812M | 1.0B | 1.3B | 1.9B | 2.8B | 4.1B | 4.5B |
| Current Liabilities | 282M | 305M | 318M | 374M | 467M | 608M | 693M | 837M | 1.2B | 1.7B | 2.6B | 3.4B | 3.6B |
| Per Share Data | |||||||||||||
| EPS | 0.61 | 1.30 | 1.72 | 1.47 | 3.00 | 3.08 | 4.09 | 3.93 | 6.82 | 9.01 | 14.60 | 28.88 | 34.74 |
| Owner EPS | 0.43 | 1.81 | 1.59 | 1.87 | 2.59 | 3.01 | 6.86 | 3.87 | 7.14 | 16.39 | 21.92 | 31.13 | 37.88 |
| Book Value | 8.10 | 9.13 | 9.98 | 11.12 | 13.23 | 15.77 | 18.97 | 22.09 | 27.73 | 35.60 | 47.64 | 69.16 | 80.00 |
| Cash Flow/Share | 1.13 | 2.58 | 2.42 | 3.03 | 3.91 | 3.83 | 7.80 | 4.94 | 8.36 | 17.82 | 23.73 | 33.51 | 43.22 |
| Dividends/Share | 0.23 | 0.25 | 0.28 | 0.30 | 0.33 | 0.40 | 0.43 | 0.48 | 0.56 | 0.85 | 1.20 | 1.95 | 2.25 |
| Shares Out. | 37.8M | 38.0M | 37.7M | 37.6M | 37.6M | 37.1M | 36.7M | 36.5M | 36.1M | 35.9M | 35.8M | 35.4M | 35.2M |
| Valuation | |||||||||||||
| P/E Ratio | 26.5 | 20.6 | 18.5 | 28.4 | 13.7 | 15.7 | 12.8 | 24.8 | 16.7 | 22.8 | 29.5 | 33.4 | 49.9 |
| P/FCF | 26.1 | 13.2 | 17.6 | 20.0 | 12.9 | 16.3 | 7.3 | 22.6 | 16.2 | 13.5 | 20.9 | 33.1 | 44.1 |
| EV/EBIT | 13.9 | 10.2 | 11.2 | 15.7 | 10.2 | 11.9 | 10.9 | 20.4 | 16.8 | 16.7 | 19.2 | 24.6 | 37.7 |
| Price/Book | 2.0 | 2.9 | 3.2 | 3.8 | 3.1 | 3.1 | 2.8 | 4.4 | 4.1 | 5.8 | 9.0 | 13.9 | 21.7 |
| Price/Sales | 0.4 | 0.5 | 0.7 | 0.7 | 0.8 | 0.7 | 0.6 | 0.9 | 0.8 | 1.1 | 1.7 | 2.4 | 6.0 |
| FCF Yield | 3.8% | 7.6% | 5.7% | 5.0% | 7.7% | 6.1% | 13.6% | 4.4% | 6.2% | 7.4% | 4.8% | 3.0% | 2.3% |
| Market Cap | 610M | 1.0B | 1.2B | 1.6B | 1.6B | 1.8B | 1.9B | 3.6B | 4.1B | 7.4B | 15.4B | 34.1B | 61.0B |
| Avg. Price | 14.43 | 22.56 | 28.44 | 34.51 | 45.76 | 46.51 | 43.80 | 76.02 | 96.05 | 157.65 | 333.53 | 608.46 | 1,733.60 |
| Year-End Price | 16.14 | 26.79 | 31.75 | 41.77 | 41.19 | 48.47 | 52.44 | 97.65 | 114.00 | 205.03 | 430.51 | 963.83 | 1,733.60 |
COMFORT SYSTEMS USA INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
COMFORT SYSTEMS USA INC trades at 60.0x trailing earnings, compared to its 15-year median P/E of 20.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 59.1x vs a median of 17.0x. The company's 5-year average ROIC is 34.5% with a gross margin of 20.1%. Total shareholder yield (dividends + buybacks) is 0.3%. At current prices, the estimated annualized return to fair value is +33.0%.
COMFORT SYSTEMS USA INC (FIX) has a net profit margin of 11.2%. This is a healthy margin.
COMFORT SYSTEMS USA INC (FIX) generated $1.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
COMFORT SYSTEMS USA INC (FIX) has a debt-to-equity ratio of 0.20. This indicates a conservatively financed balance sheet.
COMFORT SYSTEMS USA INC (FIX) reported earnings per share (EPS) of $28.88 in its most recent fiscal year.
COMFORT SYSTEMS USA INC (FIX) has a return on equity (ROE) of 49.2%. This indicates the company generates strong returns for shareholders.
COMFORT SYSTEMS USA INC (FIX) has a 5-year average gross margin of 20.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for COMFORT SYSTEMS USA INC (FIX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COMFORT SYSTEMS USA INC (FIX) has a book value per share of $69.16, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects same-store revenue growth for full-year 2026 in the mid- to high-20% range, with growth weighted more heavily to the first half of the year, supported by record backlog of $12.5 billion at the end of Q1 2026 and persistent demand particularly from technology customers. The company anticipates gross profit margins will continue in the strong ranges averaged over recent quarters, with the effective tax rate expected to remain around 23%, and management remains confident in its ability to maintain high margins and extract appropriate compensation for the work performed and risks managed. Capital expenditure is expected to be approximately 5% of revenue for full-year 2026, with the company planning to increase modular capacity from approximately 3 million square feet to 4 million square feet by the end of 2026 through planned additions in Texas and North Carolina. The company continues to pursue opportunistic acquisitions to expand market presence and service capabilities, having entered into a definitive agreement to acquire a highly skilled electrical contractor expected to contribute approximately $250 million in annualized revenues with EBITDA margins in the 8%-10% range.
Based on recent SEC filings and earnings calls, COMFORT SYSTEMS USA INC (FIX) has provided the following forward guidance: Same-store revenue growth: mid- to high-20% range (Full-year 2026); Capital expenditure: approximately 5% of revenue (Full-year 2026); Effective tax rate: around 23% (Full-year 2026); Modular capacity: approximately 4 million sq ft (By end of 2026); Acquired electrical contractor annualized revenue: roughly $250 million (Expected close early May 2026).