Comfort Systems USA, Inc.

Electrical Work

FIXStrong11 of 11 basics passed

$1 714.00

+0.45%

Market cap $60.3B

$1 714.00

+0.45%

Market cap $60.3B

Comfort Systems USA Inc provides comprehensive mechanical contracting services, including heating, ventilation, & air conditioning, or HVAC; plumbing; piping & controls; construction; and other electrical components.

It is a $60.3B industrial company. Revenue grew 46.1% over the last year, it keeps 13¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 42.1× earnings — in the most expensive third of its own history.

Website: comfortsystemsusa.com
Location: Houston, TX
Employees: 22 700
Sector: Industrials

Share price · 3 years

$168.96 → $1 714.00+914.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $11.2B
Profit: keeps 13¢ of every $1 sold; $1.43B
Free cash flow: cash left after running the business; $2.16B
Net cash: more cash than debt; $843M
P/E: years of profit in the price; 42.1
EPS: earnings per share, TTM; $40.50
Dividend: pays out 6% of profit · 4% of FCF; 0.15%
Shares: down 6% since 2016 — buybacks; 35.4M
Volatility: beta vs the market — under 1 swings less; 1.61

Revenue, last 10 years

52-week range

Low $790.72$1 714.00High $2 066.51

Today's price is 72% of the way from the year's low to its high.

P/E vs its history5y

42.1×median 26.6×

Higher than 88% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

42.1×

12%

P/S

5.4×

EV/EBITDA

31.8×

11%

P/B

18.8×

FCF yield

3.6%

31%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$43.2Mnet selling

Purchases$0

Sales$43.2M

Insiders trading, last 14d0 buy · 0 sell

Standing in Industrials

Size$60.3Btop 21%
Revenue growth+30%top 3%
Net margin13%top 31%
Return on equity54%top 9%
P/E42.1×top 83%
Dividend yield0.15%top 92%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong growth, profitability, health and quality; Valuation lags behind.

Valuation29

P/E vs own history88th pct · 0/25
FCF yield3.6% · 12/25
P/S5.4x · 12/25
EV/EBITDA30.6x · 5/25

Growth100

Revenue CAGR31.2% · 25/25
Net income CAGR63.4% · 25/25
EPS CAGR ~5Y47.9% · 25/25
Fwd implied growth47.6% · 25/25

Profitability90

ROIC63.7% · 25/25
ROE53.5% · 25/25
Net margin12.8% · 20/25
Operating margin16.5% · 20/25

Health87

Altman Z8.70 · 25/25
Current ratio1.21 · 12/25
Interest coverage66.1x · 25/25
Net cash / debtNet cash · 25/25

Quality100

Piotroski F8/9 · 25/25
Beneish M-2.53 · 25/25
FCF conversion151% · 25/25
Margin stabilityσ 3.4% · 25/25

Moat68

ROIC >12% years10/10 yrs · 25/25
Median gross margin19.8% · 6/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 3.1% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$1.02B net income
FY2023Financial
Became debt-free
cash now exceeds total debt
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$1.63B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
1997IPO
12 companies were merged into the newly-formed Comfort Systems USA

Achievements

Verifiable track record, straight from the reported numbers.

#28 largest of 130 Industrials companies by market cap

$10 000 invested in 2021 would be worth ~$238 685 today — price return only

$9.1B revenue in FY2025

Revenue up 46.1% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

22 700 employees

ROIC of 63.7%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 46.1% year over year
Strong cash conversion — FCF is 19.2% of revenue
Net cash position after subtracting debt from cash
Interest covered 66.1× by operating earnings
High returns on invested capital (ROIC 63.7%)

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

11 of 11 checks passed

Revenue growing — the company sells more than a year ago+46.1% YoY
Profitable — makes more than it spends$1.43B TTM
Profit growing — earnings are higher than last year+61.8% YoY
Generates cash — cash left after running and investing$2.16B TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$60.3B market cap
Not printing shares — share count not ballooning — you keep your slice-3.6% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 8.7 — safe
Pays a dividend — returns cash to shareholdersyield 0.15%
Valuation not extreme — price not wildly above earningsP/E 42.1

Peer comparisonComfort Systems USA, Inc. vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
FIX this company	$60.3B	42.1	+46.1%	12.8%	Strong
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: FIX vs LRCX · FIX vs CAT · FIX vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 7Hold 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $11.2B · net income $1.43B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$11.2B

YoY 46.1%

Net income (TTM)

$1.43B

Margin 12.8%

Gross margin

25.7%

Operating margin

16.5%

P/E ratio

42.1

Dividend yield

0.15%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	2.9	3.1	4.1	5.2	7.0	9.1
Gross profit	0.5	0.6	0.7	1.0	1.5	2.2
Operating income (EBIT)	0.2	0.2	0.3	0.4	0.7	1.3
Net income	0.2	0.1	0.2	0.3	0.5	1.0
EPS (diluted)	4.09	3.93	6.82	9.01	14.60	28.88

Cash flowFree cash flow $2.16B · operating cash flow $2.55B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.16B

Margin 19.2%

Operating cash flow (TTM)

$2.55B

FCF margin

19.2%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.3	0.2	0.3	0.6	0.8	1.2
Capital expenditure	-0.0	-0.0	-0.0	-0.1	-0.1	-0.2
Free cash flow	0.3	0.2	0.3	0.5	0.7	1.0
FCF margin	9.2%	5.1%	6.1%	10.5%	10.5%	11.3%

Balance sheetAssets $6.44B · net cash $843M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $6.44B of assets is financed

62%

38%

Liabilities $3.99B — borrowed moneyEquity $2.45B — owners' stake

Cash vs debt

Total debt $139M − cash $982M = net cash $843M

Cash on hand covers all debt.

Altman Z-Score

8.70

Safe zone

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

66.1x

EBIT ÷ interest expense

ROE

53.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.1	0.2	0.5	1.0
Total assets	1.8	2.2	2.6	3.3	4.7	6.4
Total liabilities	1.1	1.4	1.6	2.0	3.0	4.0
Total debt	0.2	0.4	0.2	0.0	0.1	0.1
Equity	0.7	0.8	1.0	1.3	1.7	2.4
Net debt	0.2	0.3	0.2	-0.2	-0.5	-0.8

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Deeper analysis of FIX on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $1 714.00 · market cap $60.3B.