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COMFORT SYSTEMS USA INC

FIX· NYSE· Electrical Work

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
11.3%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+26.1%
We record prices for the companies we cover; FIX is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
35.4M
Revenue
$9.1B
Free cash flow
$1.0B
Owner earnings
$1.0B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
24.1%
Operating
14.4%
Net
11.2%
Free cash flow
11.3%
Owner earnings
11.1%
Stock pay
0.2%

Returns

ROIC, FY2025
64.5%
ROIC, 5 yr avg
–
ROE, FY2025
41.8%
ROE, 5 yr avg
28.0%

Growth (CAGR)

Revenue, 3 yr
30.0%
Revenue, 5 yr
26.1%
Revenue, 9 yr
21.0%
Diluted EPS, 3 yr
61.8%
Diluted EPS, 5 yr
47.8%
Diluted EPS, 9 yr
36.8%
Free cash flow, 3 yr
59.7%
Free cash flow, 5 yr
31.5%
Free cash flow, 9 yr
35.3%

Financial health · FY2025

Cash and investments
$981.9M
Total debt
$145.2M
Net cash
$836.7M
Debt/Equity
0.1x
Debt/FCF
0.1x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
6.7%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-0.7%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$9.1B

+21.0% a year over 9 years

FY2016: Revenue $1.6BFY2017: Revenue $1.8BFY2018: Revenue $2.2BFY2019: Revenue $2.6BFY2020: Revenue $2.9BFY2021: Revenue $3.1BFY2022: Revenue $4.1BFY2023: Revenue $5.2BFY2024: Revenue $7.0BFY2025: Revenue $9.1B
FY2016FY2025

Margins

Gross24.1%Operating14.4%Net11.2%

FY2025

FY2016: Gross 21.0%, Operating 6.2%, Net 4.0%FY2017: Gross 20.5%, Operating 5.6%, Net 3.1%FY2018: Gross 20.4%, Operating 6.9%, Net 5.2%FY2019: Gross 19.2%, Operating 6.3%, Net 4.4%FY2020: Gross 19.1%, Operating 6.7%, Net 5.3%FY2021: Gross 18.3%, Operating 6.1%, Net 4.7%FY2022: Gross 17.9%, Operating 6.1%, Net 5.9%FY2023: Gross 19.0%, Operating 8.0%, Net 6.2%FY2024: Gross 21.0%, Operating 10.7%, Net 7.4%FY2025: Gross 24.1%, Operating 14.4%, Net 11.2%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$1.0BOwner earnings$1.0B

Free cash flow +35.3% a year

FY2016: Free cash flow $68.0M, Owner earnings $62.9MFY2017: Free cash flow $78.6M, Owner earnings $72.2MFY2018: Free cash flow $119.9M, Owner earnings $112.8MFY2019: Free cash flow $110.3M, Owner earnings $104.4MFY2020: Free cash flow $262.4M, Owner earnings $255.4MFY2021: Free cash flow $157.8M, Owner earnings $147.2MFY2022: Free cash flow $253.2M, Owner earnings $242.6MFY2023: Free cash flow $544.7M, Owner earnings $531.8MFY2024: Free cash flow $738.0M, Owner earnings $721.3MFY2025: Free cash flow $1.0B, Owner earnings $1.0B
FY2016FY2025

Diluted shares

35.4M

-6.3% over 9 years, net buybacks

FY2016: Diluted shares 37.8MFY2017: Diluted shares 37.7MFY2018: Diluted shares 37.6MFY2019: Diluted shares 37.1MFY2020: Diluted shares 36.7MFY2021: Diluted shares 36.5MFY2022: Diluted shares 36.0MFY2023: Diluted shares 35.9MFY2024: Diluted shares 35.8MFY2025: Diluted shares 35.4M
FY2016FY2025

Return on invested capital

64.5%

FY2025

FY2016: ROIC 18.8%FY2017: ROIC 12.3%FY2018: ROIC 21.6%FY2019: ROIC 16.2%FY2020: ROIC 17.0%FY2021: ROIC 12.5%FY2022: ROIC –FY2023: ROIC 31.2%FY2024: ROIC 48.0%FY2025: ROIC 64.5%
FY2016FY2025

Net cash

$836.7M

$836.7M more cash than debt

FY2016: Net cash $29.5MFY2017: Net cash -$24.0MFY2018: Net cash -$31.3MFY2019: Net cash -$175.3MFY2020: Net cash -$180.8MFY2021: Net cash -$329.3MFY2022: Net cash -$199.0MFY2023: Net cash $160.9MFY2024: Net cash $481.6MFY2025: Net cash $836.7M
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$1.6B$1.8B$2.2B$2.6B$2.9B$3.1B$4.1B$5.2B$7.0B$9.1B
Revenue growth3.4%9.4%22.1%19.8%9.2%7.6%34.7%25.8%35.0%29.5%
Gross margin21.0%20.5%20.4%19.2%19.1%18.3%17.9%19.0%21.0%24.1%
Operating margin6.2%5.6%6.9%6.3%6.7%6.1%6.1%8.0%10.7%14.4%
Net income$64.9M$55.3M$112.9M$114.3M$150.1M$143.3M$245.9M$323.4M$522.4M$1.0B
Net margin4.0%3.1%5.2%4.4%5.3%4.7%5.9%6.2%7.4%11.2%
Diluted EPS$1.72$1.47$3.00$3.08$4.09$3.93$6.82$9.01$14.60$28.88
Return on invested capital?18.8%12.3%21.6%16.2%17.0%12.5%–31.2%48.0%64.5%
Cash
Operating cash flow$91.2M$114.1M$147.2M$142.0M$286.5M$180.2M$301.5M$639.6M$849.1M$1.2B
Capital expenditure$23.2M$35.5M$27.3M$31.8M$24.1M$22.3M$48.4M$94.8M$111.1M$154.9M
Free cash flow$68.0M$78.6M$119.9M$110.3M$262.4M$157.8M$253.2M$544.7M$738.0M$1.0B
Stock-based compensation$5.0M$6.4M$7.2M$5.9M$6.9M$10.6M$10.5M$12.9M$16.6M$21.8M
Owner earnings?$62.9M$72.2M$112.8M$104.4M$255.4M$147.2M$242.6M$531.8M$721.3M$1.0B
Free cash flow per share$1.80$2.09$3.19$2.97$7.14$4.33$7.02$15.18$20.63$29.13
Capital allocation
Dividends paid$10.3M$11.0M$12.3M$14.5M$15.5M$17.4M$20.1M$30.4M$42.8M$68.8M
Share repurchases$13.1M$9.0M$28.5M$19.6M$30.1M$27.1M$38.2M$21.2M$57.9M$216.0M
Diluted shares37.8M37.7M37.6M37.1M36.7M36.5M36.0M35.9M35.8M35.4M
Share count change?-0.2%-0.4%-0.2%-1.2%-1.1%-0.8%-1.1%-0.4%-0.3%-1.0%
Balance sheet
Cash and equivalents$32.1M$36.5M$45.6M$50.8M$54.9M$58.8M$57.2M$205.2M$549.9M$981.9M
Short-term investments––––––––––
Total debt$2.6M$60.5M$76.9M$226.1M$235.7M$388.0M$256.2M$44.2M$68.3M$145.2M
Net debt-$29.5M$24.0M$31.3M$175.3M$180.8M$329.3M$199.0M-$160.9M-$481.6M-$836.7M
Shareholders' equity$376.6M$417.9M$498.0M$585.3M$696.4M$805.7M$999.9M$1.3B$1.7B$2.4B

Latest filings

All on EDGAR
2026-10-2210-QQuarterly report
2026-10-228-KEarnings release
2026-07-2310-QQuarterly report
2026-07-238-KEarnings release
2026-04-2310-QQuarterly report
2026-04-238-KEarnings release
2026-04-09DEF 14AProxy statement
2026-02-1910-KAnnual report
2026-02-198-KEarnings release
2025-10-2310-QQuarterly report

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