Comfort Systems USA (FIX)
Industrials · $56.6B market cap · SEC CIK 0001035983
fundamentals score out of 100
Next reports on Oct 22, 2026, with analysts expecting $12.94 in earnings per share.
The case for FIX
- Revenue up 46.1% on the year.
- Earns 54% back on shareholder equity.
- Generated $1.0B of free cash flow in FY2025, 56% of revenue.
- Holds more cash ($982M) than long-term debt ($139M).
- Earnings per share up 108.9%.
- A PEG of 0.36: a P/E of 39.5× is low for EPS growing 109%.
The case against
- Pricey at 39.5× earnings, against a long-run market average nearer 20×.
- Swings harder than the market (beta 1.62).
- Priced at 22× book value. Very little hard asset backing here.
- Free-cash-flow yield of 1.8% is lower than 91% of Industrials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 22 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 95 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 69 |
| Momentumhow the price has behaved lately | 60 |
| Stabilityhow violently it moves, what it owes and what it pays you | 32 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 39.5× |
|---|---|
| Price / book | 21.69× |
| Price / sales | 5.0× |
| Revenue growth (YoY) | +46.1% |
| EPS growth (YoY) | +108.9% |
| Gross margin | 26% |
| Operating margin | 16% |
| Net margin | 13% |
| Return on equity | 54% |
| Debt / equity | 0.02× |
| Current ratio | 1.21 |
| Dividend yield | 0.50% |
| Beta | 1.62 |
| 52-week range | $757.00 – $2,074 |
| Position in that range | 66% of the way up |
| 3-month return | -17.0% |
| 1-year return | +104.7% |
Five years of financials, as filed
Pulled from Comfort Systems USA's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $1.8B | $7.0B | $5.2B | $4.1B | $3.1B |
| Gross profit | $403M | $1.5B | $991M | $742M | $563M |
| Operating income | $209M | $749M | $418M | $254M | $188M |
| Net income | $1.0B | $522M | $323M | $246M | $143M |
| Operating cash flow | $1.2B | $849M | $640M | $302M | $180M |
| Capital expenditure | $155M | $111M | $94.8M | $48.4M | $22.3M |
| Total assets | $6.4B | $4.7B | $3.3B | $2.6B | $2.2B |
| Total liabilities | $4.0B | $3.0B | $2.0B | $1.6B | $1.4B |
| Shareholder equity | $2.4B | $1.7B | $1.3B | $1000M | $806M |
| Cash | $982M | $550M | $205M | $57.2M | $58.8M |
| Long-term debt | $139M | $62.3M | $39.3M | $247M | $385M |
| Free cash flow | $1.0B | $738M | $545M | $253M | $158M |
| Gross margin | 22.0% | 21.0% | 19.0% | 17.9% | 18.3% |
| Operating margin | 11.4% | 10.7% | 8.0% | 6.1% | 6.1% |
| Net margin | 55.8% | 7.4% | 6.2% | 5.9% | 4.7% |
| Diluted shares | 35.4M | 35.8M | 35.9M | 36.0M | 36.5M |
Share count is essentially flat over 4 years.
What Comfort Systems USA says it does
_523507"> ITEM 1. Business Comfort Systems USA, Inc., a Delaware corporation, was established in 1997. We provide mechanical and electrical contracting services. Our mechanical segment principally includes heating, ventilation and air conditioning ("HVAC"), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes installation and servicing of electrical systems. We build, install, maintain, repair and replace mechanical, electrical and plumbing ("MEP") systems through our 50 operating units with 190 locations in 142 cities throughout the United States. We operate primarily in the commercial, industrial and institutional MEP markets and perform most of our services in manufacturing, healthcare, education, office, technology, retail and government facilities. Substantially all of our consolidated 2025 revenue was derived from commercial, industrial and institutional…
Risk factors FIX lists in its 10-K
- Economic downturns in the markets in which we operate may materially and adversely affect our business because our business is dependent on levels of construction activity
- Because we bear the risk of cost overruns in most of our contracts, we may experience reduced profits or, in some cases, losses under these contracts if costs increase above our estimates
- Our backlog is subject to unexpected adjustments and cancellations, which means that amounts included in our backlog may not result in actual revenue or translate into profits
- The loss of one or a few customers could adversely affect our business, financial condition, results of operations and cash flows
- Rising inflation, interest rate volatility and an economic recession or downturn may have an adverse effect on our business, financial condition, results of operations, and cash flows
- Intense competition in our industry could reduce our market share and our profit
- Our recent and future acquisitions may not be successful
- Third parties contribute significantly to our completion of many projects and labor shortages or increased labor costs from third parties could adversely impact our results of operations
- Earnings for future periods may be impacted by impairment charges for goodwill and intangible assets
- Our use of the cost-to-cost input method of accounting could result in a reduction or reversal of previously recorded revenue or profits
- A significant portion of our business depends on our ability to provide surety bonds. Any difficulties in the financial and surety markets may adversely affect our bonding capacity and availability
- If we experience delays and/or defaults in customer payments, we could be unable to recover all expenditures
- Our business may be affected by the work environment
- We are susceptible to adverse weather conditions, which may harm our business and financial results