Comfort Systems USA, Inc. FIX

IndustrialsConstruction & EngineeringUnited States of America

Last close 1,200.14 USD on Nov 2, 2026, +28.8% year to date

Quant rating

Quant rating A Rank 1 of 486 in Industrials

Growth A 26 of 486
Valuation A 68 of 486
Quality A 2 of 486
Revisions A 11 of 486
Momentum C 316 of 486

Wall Street consensus Buy (1.58)Average target 1,940.05 USD +61.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 42.0B
Enterprise value: 39.9B
52-week range: 846.60 – 2,072.84
3-year range: 185.08 – 2,072.84
Dividend yield: 0.32%
Beta (5 years): 1.64
Shares outstanding: 35.0M
Next earnings: Feb 17, 2027

About the company

Comfort Systems USA, Inc. is a provider of commercial, industrial and institutional heating, ventilation, air conditioning (HVAC), mechanical and electrical contracting services. Its segments include Mechanical and Electrical. The Mechanical segment includes HVAC, plumbing, piping, and controls, as well as off-site construction, monitoring and fire protection. It also installs connecting and distribution elements, such as piping and ducting. The Electrical segment includes installation and servicing of electrical systems. It builds, installs, maintains, repairs and replaces mechanical, electrical and plumbing systems throughout its over 50 operating units with 190 locations in 142 cities throughout the United States. It is engaged in offering engineering, design-assist and turnkey, direct hire construction services of modular systems serving the advanced technology, power and industrial sectors. It also provides mechanical construction services to the commercial and industrial sectors.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	9,102	7,027	5,207	4,140	3,074	–
Revenue growth	29.5%	35.0%	25.8%	34.7%	7.6%	26.1%
EPS (basic, normalized)	28.88	14.60	8.74	5.29	3.93	–
EPS growth	97.8%	67.0%	65.2%	34.6%	–	–
Gross margin	24.1%	21.0%	19.0%	17.9%	18.3%	20.1%
Net margin	11.2%	7.4%	6.2%	5.9%	4.7%	7.1%
ROE	49.2%	35.0%	28.4%	27.2%	19.1%	31.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,158
Current ratio	1.15x
Long-term debt (mil)	43.8
Net debt (mil)	−2,108
Total equity (mil)	3,335
Net debt / equity	−0.63x
Net debt / EBITDA	−1.45x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	9,102	+29.5%	4.4x	1,455	+74.2%	27.4x	28.88	+97.8%	41.6x
2026	13,648	+50.0%	2.9x	2,462	+69.2%	16.2x	50.93	+76.4%	23.6x
2027	17,090	+25.2%	2.3x	3,148	+27.9%	12.7x	66.23	+30.0%	18.1x
2028	19,591	+14.6%	2.0x	3,705	+17.7%	10.8x	79.05	+19.4%	15.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	13,648	+5.1%	+5.1%	+14.2%	50.93	+3.9%	+4.0%	+18.3%
2027	17,090	+10.6%	+10.9%	+22.7%	66.23	+10.1%	+10.3%	+26.4%
2028	19,591	+9.5%	+9.5%	+31.6%	79.05	+4.8%	+4.8%	+19.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,537	1,810	1,812	1,868	1,831	2,173	2,451	2,646	2,865	3,266
Sales mean (mil)	1,480	1,688	1,839	1,769	1,766	1,970	2,158	2,337	2,384	2,995
Surprise	+3.8%	+7.3%	−1.5%	+5.6%	+3.7%	+10.3%	+13.6%	+13.2%	+20.2%	+9.0%
EPS reported	2.69	3.74	4.09	4.09	4.75	6.53	8.25	9.37	10.51	12.53
EPS mean	2.01	3.14	3.97	3.69	3.71	4.78	6.23	6.76	6.80	10.46
Surprise	+33.5%	+19.1%	+2.9%	+10.7%	+28.1%	+36.6%	+32.4%	+38.7%	+54.5%	+19.8%

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FIX Comfort Systems USA, Inc.	42.0B	−1.45x	11.2%	12.59x	23.6x	18.1x	16.2x	12.7x
PWR Quanta Services Inc	93.6B	1.66x	3.6%	8.88x	34.8x	29.3x	22.6x	19.2x
EME EMCOR Group, Inc.	29.9B	−0.40x	7.5%	7.02x	20.1x	16.9x	13.1x	11.2x
APG APi Group Corporation	19.3B	3.38x	−3.6%	5.55x	25.6x	22.1x	18.3x	15.9x
MTZ MasTec Inc	15.6B	3.33x	2.8%	3.84x	21.2x	15.9x	12.2x	9.8x
STRL Sterling Infrastructure, Inc.	10.2B	−0.15x	11.7%	6.81x	17.5x	13.2x	10.5x	8.2x
Mean		1.06x	5.5%	7.45x	23.8x	19.3x	15.5x	12.8x
Median		0.75x	5.6%	6.92x	22.4x	17.5x	14.6x	11.9x

Technical analysis

1M−30.5%
3M−30.6%
1Y+24.6%
3Y+545.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Comfort Systems USA, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	9,102	7,027	5,207	4,140	3,074	2,857
Cost of revenue	6,906	5,551	4,216	3,399	2,510	2,310
Gross profit	2,196	1,476	991	742	563	547
Selling, general & administrative expenses	822	675	536	453	346	331
Research & development	–	–	–	–	–	–
Depreciation/amortization	60.9	55.4	38.2	36.4	30.2	26.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−2.0	−3.0	−2.3	−1.6	−1.5	−1.4
Other operating expenses	0	0	0	0	0	0
Operating income	1,315	749	418	254	188	191
Net interest income (expense)	−19.9	−82.3	−29.7	−17.3	2.3	1.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.3	−0.5	−0.5	−0.7	−0.5	−0.8
Net income before taxes	1,293	667	388	236	190	192
Provision for taxes	271	144	64.8	−10.1	46.9	41.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,023	522	323	246	143	150
Extraordinary items	–	–	–	–	–	–
Net income	1,023	522	323	246	143	150
EBIT, normalized	1,313	746	416	252	187	189
EBITDA, normalized	1,455	892	498	334	256	250
Basic EPS, normalized	28.88	14.60	8.74	5.29	3.93	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Comfort Systems USA, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	982	550	205	57.2	58.8	54.9
Receivables	2,906	2,135	1,586	1,167	923	728
Total inventory	84.1	59.2	65.5	35.3	21.9	13.5
Prepaid expenses	139	46.2	54.3	48.5	23.7	15.5
Other current assets	0	0	0	0	0	0
Total current assets	4,111	2,790	1,911	1,308	1,027	812
Property, plant & equipment	711	506	414	275	253	212
Goodwill	1,026	875	667	612	592	464
Intangibles	485	434	280	274	305	232
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	109	105	33.0	130	31.6	37.4
Total assets	6,441	4,711	3,306	2,597	2,209	1,757
Liabilities
Accounts payable	696	655	420	337	255	204
Payable/accrued	–	–	–	–	–	–
Accrued expenses	446	342	245	195	184	202
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	6.2	6.0	4.9	9.0	2.8	–
Other current liabilities	2,245	1,579	1,051	629	395	286
Total current liabilities	3,394	2,583	1,721	1,171	837	693
Long-term debt	139	62.3	39.3	247	385	236
Minority interest	–	–	–	–	–	–
Other liabilities	459	361	267	180	182	132
Total liabilities	3,992	3,006	2,028	1,598	1,403	1,061
Shareholders' equity
Preferred stock	–	–	–	0	–	–
Common stock	0.4	0.4	0.4	0.4	0.4	0.4
Additional paid-in capital	363	351	340	332	327	322
Retained earnings (accumulated deficit)	2,581	1,627	1,148	855	629	503
Treasury stock	−496	−274	−210	−187	−151	−129
Other equity	0	0	0	0	0	0
Total equity	2,449	1,705	1,278	1,000	806	696
Total liabilities & shareholders' equity	6,441	4,711	3,306	2,597	2,209	1,757

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Comfort Systems USA, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,023	522	323	246	143	150
Depreciation, depletion & amortization	142	145	81.6	81.3	68.9	60.6
Deferred taxes	−5.3	−66.6	95.3	−94.5	6.9	−8.0
Non-cash items	94.8	140	65.8	38.8	17.9	18.9
Changes in working capital	−67.7	107	73.5	30.0	−57.0	64.8
Cash from operations	1,186	849	640	302	180	287
Investing activities
Capital expenditures	−155	−111	−94.8	−48.4	−22.3	−24.1
Other investing cash flows	−312	−232	−98.2	−48.8	−224	−184
Cash from investing	−467	−344	−193	−97.2	−247	−208
Financing activities
Financing cash flow items	−60.0	−34.3	−20.0	−10.6	−6.2	−11.6
Cash dividends paid	−68.8	−42.8	−30.4	−20.1	−17.4	−15.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−158	−83.7	−248	−175	94.1	−47.5
Cash from financing	−287	−161	−299	−206	70.5	−74.6
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	432	345	148	−1.6	3.9	4.1
Free cash flow	1,031	738	545	253	158	262

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.