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Comfort Systems USA, Inc.

FIX

Industrials Engineering & Construction

Comfort Systems USA, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.1 billion, up 29.5% from fiscal 2024.

Revenue
+53.7%
EPS
+68.6%
Free cash flow
+55.2%
Total debt
−63.6%

Quarter to September 2026, against a year earlier

1,017.50 52.56 +5.45%
Market cap
$35.6B
P/E
21.9×
Fwd P/E
20.1×
Dividend yield
0.29%
F-score
7/9
ROIC
106.7%
Net debt / EBITDA
−0.6×
Dividend safety
96/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • Mechanical segment
  • Electrical segment

Every year since 2015 →

Insider Decisions last twelve months

Net sold
$1.0M
Trades
21 sells · 0 buys
Ownership
1.50%

Capital & Financial Ratios $m

Size
Market Cap 35,600
Revenue ttm 12,543
Net income ttm 1,632
Free cash flow ttm 2,450
Net debt Q (2,108)
Valuation
P/E 21.9
Forward P/E 20.1
Price / sales 2.8
Forward P/S Powerpack
Price / FCF 15.3
Price / book 10.7 (above 6: high)
Financial health
Current ratio Q 1.1
Debt / equity Q 0.0 (at or below 0.5: strong)
Interest coverage Q 421.4
Growth
Revenue growth Q +53.7% (above 0%: growing)
Operating income growth Q +64.9% (above 0%: growing)
EPS, this year +76.4% (at or above 15%: strong)
EPS, next year A +31.2% (at or above 15%: strong)
Revenue, next year A +50.7% (at or above 10%: strong)
EPS, past 5 yrs +47.8% (at or above 15%: strong)
EPS, next 5 yrs A +40.4% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.7×, against a ten-year median of 1.0×; over the ten years it ranged from 0.5× in 2020 to 6.3× in 2026.
P/E against its own 10 years 54.03%
10-year low 10-year high
P/S against its own 10 years 88.16%
10-year low 10-year high
P/B against its own 10 years 87.61%
10-year low 10-year high
EV/Sales against its own 10 years 87.98%
10-year low 10-year high
EV/FCF against its own 10 years 7.45%
10-year low 10-year high

Dividends raised every year since 2018

Yield
0.29%
Annual rate
3.00
Payout ratio
6.48%
Growth, 2018–26
+33.9%/yr
  1. 0.33 ’18
  2. 0.40 ’19 +20
  3. 0.43 ’20 +8
  4. 0.48 ’21 +13
  5. 0.56 ’22 +17
  6. 0.85 ’23 +52
  7. 1.20 ’24 +41
  8. 1.95 ’25 +63
  9. 3.40 ’26 +74
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 205 550 982 2,158
Receivables 1,558 2,043 2,817 4,150
Inventory 66 59 84 121
Other 28 92 89 159
1,911 2,790 4,111 6,776
2023 2024 2025 Q'26
Payables 420 655 696 946
ST’ Debt 5 6 6 6
Other 1,099 1,651 2,357 4,381
1,721 2,583 3,394 5,912

Compound Annual Growth %

10y 5y 3y
Sales 19.13% 26.08% 30.03%
Cash Flow 28.34% 32.87% 57.87%
Earnings 35.40% 46.77% 60.80%
Book Value 20.97% 28.59% 34.79%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 12.71 Actual 13.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 6.77 9.37 Beat by 2.60
Q1 FY26 7.19 10.51 Beat by 3.32
Q2 FY26 10.38 12.53 Beat by 2.15
Q3 FY26 12.71 13.91 Beat by 1.20
Q4 FY26 13.36 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 10.51 12.53 13.91 — —
’25 4.75 6.53 8.25 9.37 28.88
’24 2.69 3.74 4.09 4.09 14.60
’23 1.59 1.93 2.93 2.55 9.01
’22 2.40 1.17 1.71 1.54 6.82
’21 0.73 0.90 1.27 1.04 3.93
’20 0.48 1.08 1.36 1.17 4.09
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,865 3,266 3,766 — —
’25 1,831 2,173 2,451 2,646 9,102
’24 1,537 1,810 1,812 1,868 7,027
’23 1,175 1,296 1,378 1,358 5,207
’22 885 1,018 1,120 1,117 4,140
’21 670 714 834 856 3,074
’20 700 743 714 699 2,857
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 389 1,139 1,010 — —
’25 (88) 252 553 469 1,186
’24 147 190 302 210 849
’23 127 125 214 173 640
’22 64 45 61 132 302
’21 85 25 43 27 180
’20 22 142 53 70 287
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 242 999 806 — —
’25 (109) 222 519 403 1,035
’24 123 167 282 172 744
’23 111 102 189 149 551
’22 56 34 47 119 256
’21 80 21 38 22 161
’20 6 42 37 66 265
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 0.9% a year for ten years. It grew 42.2% a year over the last ten.

Implied
0.9%
10 years, reported
42.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,634 1,788 2,183 2,615 2,857 3,074 4,140 5,207 7,027 9,102 12,543 +21.0% 13,719 17,343 20,158 +30.3%
Gross margin, % 21.05 20.49 20.44 19.19 19.15 18.32 17.91 19.02 21.01 24.13 25.57 +3.1 pt
EBT 101 101 149 152 192 190 236 388 667 1,293 2,102 +32.7%
EBT margin, % 6.18 5.65 6.81 5.80 6.71 6.19 5.70 7.46 9.49 14.21 16.76 +8.0 pt
Net income 65 55 113 114 150 143 246 323 522 1,023 1,632 +35.8%
Per share, $
Per share, $ Revenue 43.78 48.01 58.68 70.96 78.17 84.71 115.23 145.43 196.91 257.48 357.20 +21.8%
Earnings 1.74 1.48 3.03 3.10 4.11 3.95 6.84 9.03 14.64 28.93 46.37 +36.7%
Cash flow 2.44 3.06 3.96 3.85 7.84 4.96 8.39 17.86 23.79 33.56 85.63 +33.8%
Capex (2.12) (3.46) (2.57) (6.13) (0.60) (0.53) (1.27) (2.48) (2.96) (4.28) (15.85) +8.1%
Free cash flow 0.32 (0.40) 1.38 (2.28) 7.24 4.43 7.13 15.38 20.83 29.28 69.77 +65.3%
Book value 10.09 11.22 13.39 15.88 19.06 22.20 27.83 35.69 47.76 69.27 94.98 +23.9%
Shares, m 37 37 37 37 37 36 36 36 36 35 35 (0.6%)
Valuation, ×
Valuation, × P/E 19.19 29.39 14.42 16.08 12.81 24.98 17.12 22.38 28.95 32.24 21.94 21.8
P/S 0.76 0.91 0.74 0.70 0.67 1.17 1.02 1.39 2.15 3.62 2.85 1.3
P/B 3.29 3.88 3.26 3.14 2.76 4.46 4.21 5.66 8.88 13.47 10.71 5.3
EV/Sales 0.74 0.92 0.76 0.77 0.74 1.28 1.06 1.36 2.09 3.53 2.68 1.3
EV/FCF 101.95 (110.49) 32.17 (23.95) 13.99 81.69 30.80 16.16 23.24 34.87 14.39 20.0
Cash, $m
Cash, $m Operating cash flow 91 114 147 142 287 180 302 640 849 1,186 3,007 +33.0%
Capex (79) (129) (96) (226) (22) (19) (46) (89) (106) (151) (557) +7.4%
Free cash flow 12 (15) 51 (84) 265 161 256 551 744 1,035 2,450 +64.3%
Balance, $m
Balance, $m Working capital 98 116 143 182 119 191 137 190 207 717 865 +24.7%
Net debt (29) 24 31 175 198 329 199 (161) (482) (837) (2,108) +45.1%
Shareholders’ equity 377 418 498 585 696 806 1,000 1,278 1,705 2,449 3,335 +23.1%
Returns, %
Returns, % ROA 9.27 6.95 11.62 8.91 9.20 7.23 10.23 10.96 13.03 18.34 20.94 +9.1 pt
ROIC 18.28 14.04 17.74 13.45 13.32 10.38 13.23 23.41 38.29 50.97 106.73 +32.7 pt
ROE 17.50 13.91 24.65 21.11 23.43 19.09 27.24 28.40 35.03 49.24 58.61 +31.7 pt
People
People Employees 7,700 8,700 9,900 12,000 11,100 13,200 14,100 15,800 18,300 22,700 — +12.8%
Revenue/emp, $m 0.21 0.21 0.22 0.22 0.26 0.23 0.29 0.33 0.38 0.40 — +7.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Comfort Systems USA is a U.S. mechanical and electrical contractor founded in 1997 and headquartered in Houston. Brian Lane is President and Chief Executive Officer. The company designs, engineers, installs, renovates, maintains, repairs and replaces mechanical, electrical and plumbing systems in commercial, industrial and institutional buildings.

Its mechanical work includes heating, ventilation and air conditioning, plumbing, piping, controls, off-site construction, monitoring and fire protection. Its electrical work includes electrical construction and engineering, electrical logistics, system installation and electrical service. In plain terms, it equips buildings with systems that provide heating, cooling, ventilation, water distribution, power and associated controls.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
Mechanical segment 5,528 78.66%
Electrical segment 1,500 21.34%
Gross margin 21.01%
Operating margin 10.66%
Pre-tax margin 9.49%

Revenue by segment since 2015

Comfort Systems USA, Inc. vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PWR Quanta Services, Inc. $81.5B 47.9× 42.1× +57.44% (above 0%: growing) +105.97% (above 0%: growing) +188.85% (above 0%: growing) 16.71% 8.54% Compare
FER Ferrovial N.V. $42.3B — — — — — — — Compare
FIX Comfort Systems USA, Inc. $35.6B 21.9× 20.1× +53.67% (above 0%: growing) +68.64% (above 0%: growing) +55.22% (above 0%: growing) 24.81% 16.58%
EME EMCOR Group, Inc. $26.6B 17.5× 17.6× +28.83% (above 0%: growing) +37.55% (above 0%: growing) +68.93% (above 0%: growing) 20.00% 9.85% Compare
APG APi Group Corporation $17.5B — (loss-making) 37.9× +22.49% (above 0%: growing) +32.25% (above 0%: growing) −0.98% (below 0%: shrinking) 30.15% 7.91% Compare
J Jacobs Solutions Inc. $17.4B 51.9× 39.1× +34.46% (above 0%: growing) −25.16% (below 0%: shrinking) +59.31% (above 0%: growing) 19.89% 7.03% Compare
MTZ MasTec, Inc. $14.0B 27.2× 29.9× +29.88% (above 0%: growing) +2.46% (above 0%: growing) +473.20% (above 0%: growing) 12.83% 5.35% Compare
TTEK Tetra Tech, Inc. $10.3B 24.1× 24.8× −4.47% (below 0%: shrinking) −2.33% (below 0%: shrinking) −34.95% (below 0%: shrinking) 18.59% 12.07% Compare
ACM AECOM $8.6B 30.2× 25.5× −14.18% (below 0%: shrinking) n/m −78.95% (below 0%: shrinking) (0.95%) (2.12%) Compare
Median of peers $17.5B 28.7× 29.9× +28.83% +17.36% +59.31% 18.59% 7.91%

All 51 Engineering & Construction stocks →

From the latest earnings call

Updated

  • President Trent McKenna said customers are committing earlier to larger projects and that labor availability is the principal constraint on meeting demand.
  • McKenna said technology customers represented 59.0% of revenue in the first nine months of 2026, while modular operations are expanding to serve existing customers.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Oppenheimer Oct 26, 2026 Target cut Outperform 2,400.00 → 2,000.00
KeyBanc Oct 26, 2026 Target cut Outperform 2,125.00 → 1,979.00
UBS Oct 26, 2026 Target cut Buy 2,225.00 → 1,900.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 92.51%
Held by the ten largest 46.18%
Holder Shares Stake Change
Vanguard 4.53m 12.88% +2.84k
BlackRock 3.40m 9.65% −115.24k
Fidelity (FMR) 1.66m 4.72% +210.28k
State Street 1.54m 4.37% +65.26k
Geode Capital Management 1.15m 3.27% −87.27k
AQR Capital Management 1.05m 2.98% −53.98k
Capital Group 957.61k 2.72% −453.64k
JPMorgan Chase 838.42k 2.38% −51.47k
Invesco 658.31k 1.87% +51.73k
Norges Bank 471.56k 1.34% +471.56k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 9 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.62m 21.20m 1,814.51
2024 8.18m 14.55m 821.48
2023 6.64m 10.68m 397.06
2022 5.39m 6.95m 221.05
2021 4.50m 7.81m 188.98

Ownership

Directors and executive officers, together 1.24%
THE VANGUARD GROUP, INC. 12.21%
BLACKROCK, INC. 8.30%
FMR LLC 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Comfort Systems USA, Inc. (FIX) Latest News

6 Nov

Impact 3 · · Insider Monkey
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25 Oct

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23 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
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Impact 3 · · StockStory
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FIX metrics, ten years each

stockrow.com/FIX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com