NYSE: FIX · Construction & Engineering
Comfort Systems USA
Comfort Systems USA is a U.S. mechanical and electrical contractor that builds, installs, maintains, repairs and replaces HVAC, plumbing, piping, controls, fire protection and electrical systems through 50 operating units in 142 cities. 2025 revenue was $9,102 million (Mechanical 73%, Electrical 27%) and net income $1,023 million, with demand especially strong from technology customers, particularly data centers. Backlog reached $17.81 billion at September 30, 2026, up 90% from a year earlier, and revenue for the first nine months of 2026 rose 53% to $9,897 million.
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:52 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-10-22Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 26.1%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 14.4%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +34.3 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -0.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.16x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 23.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.58
Higher than 91% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 36% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 95% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 12% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 19% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$1,109.46close on 2026-11-04
Market cap$39.03B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 23.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 15.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 27.7x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.2%
At FY2025 year-end: 32.3x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 13.4x
Book value at FY2025 year-end
At FY2025 year-end: 23.2x
EBITDA for FY2025
At FY2025 year-end: 3.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Net income$292M → $489M (vs. a year earlier)↑ +67.7%$292M → $489M (vs. a year earlier)
- Diluted EPS$8.25 → $13.91 (vs. a year earlier)↑ +68.6%$8.25 → $13.91 (vs. a year earlier)
- Cash$1.85B → $2.16B (vs. previous quarter-end)↑ +16.3%$1.85B → $2.16B (vs. previous quarter-end)
- Long-term debt$54M → $50M (vs. previous quarter-end)↓ −8.3%$54M → $50M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 22, 2026.
Key changes
Revenue up 50% from a year earlier. Source sentence
As compared to the same quarter last year, Comfort Systems USA is reporting a 50% increase in revenue and a 70% jump in per share earnings.
Backlog $17.81B versus $9.38B a year earlier. Source sentence
Backlog as of September 30, 2026 was $17.81 billion as compared to $14.06 billion as of June 30, 2026 and $9.38 billion as of September 30, 2025.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- COMFORT SYSTEMS USA INC
- Headquarters
- HOUSTON, TX
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: FIX
- Industry
- Construction & Engineering
- CIK
- 1035983
Workforce (as of FY2025 year-end)
Employees
22,700
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 50–53 days after quarter end (Feb 19, 2026; Feb 20, 2025; Feb 22, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–53 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 22, 2026 (+22 days) | Oct 22, 2026 10-Q (+22 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 23, 2026 (+23 days) | Jul 23, 2026 10-Q (+23 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | Apr 23, 2026 10-Q (+23 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 19, 2026 (+50 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 23, 2025 (+23 days) | Oct 23, 2025 10-Q (+23 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 24, 2025 (+24 days) | Jul 24, 2025 10-Q (+24 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | Apr 24, 2025 10-Q (+24 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 20, 2025 (+51 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 24, 2024 (+24 days) | Oct 24, 2024 10-Q (+24 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 25, 2024 (+25 days) | Jul 25, 2024 10-Q (+25 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 25, 2024 10-Q (+25 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 22, 2024 (+53 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Mechanical
HVAC, plumbing and piping
Design-build and installation of HVAC, plumbing, piping and controls in commercial, industrial and institutional buildings.
Mechanical
Off-site construction, monitoring and fire protection
Modular fabrication, building monitoring and fire protection systems.
Electrical
Electrical systems
Installation and servicing of electrical systems.
Mechanical
Service
Maintenance, repair and replacement of MEP systems.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market share; the company calls itself “a leading provider” of commercial, industrial and institutional HVAC and electrical contracting services in its press releases.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Nine months to Sep 2026
Revenue $9,897M versus $6,456M; net income $1,301M versus $692M; diluted EPS $36.94 versus $19.52.
Source: Form 10-Q (quarter ended 2026-09-30)
Q3 2026
Revenue rose 53.7% to $3.77B.
Source: Form 10-Q (quarter ended 2026-09-30)
Backlog drivers
Sequential backlog growth came largely from technology-sector work at a Texas electrical operation ($687.8M) and manufacturing work at a Kentucky operation ($134.2M).
Source: Form 10-Q (quarter ended 2026-09-30)
Capex ÷ D&A (FY2025)
2.48x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$155M ÷ $62M = 2.48x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$1.08B
Latest year: $280M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $24M in FY2020 to $155M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$9.1B
As reported in the 10-K
Revenue CAGR (5 years)
+26.1%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($9,102M ÷ $2,857M) ^ (1÷5) − 1 = 26.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
14.4%▲favorable
+7.8pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,315M ÷ $9,102M × 100 = 14.4%
ROE (FY2025)
49.2%▲favorable
6-year average: 30.1%
As reported in the 10-K
P/B (FY2025 end)
13.41x
formulafiscal year-end closing price ÷ book value per share
e.g.$933.29 ÷ $69.61 = 13.41x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
23.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($32,830M + $145M − $982M) ÷ ($1,315M + $62M) = 23.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +26.1% a year over 5 years (strong growth)
From $2.86B in FY2020 to $9.1B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 6.7% → 14.4%
How much operating profit is left per $100 of revenue. It moved +7.8 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 38.0% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 30.1% over 6 years (latest: 49.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- HVAC, plumbing, piping and controls installation
- Electrical systems installation and service
- Maintenance, repair and replacement
06 · what it draws on
Key resources
- About 22,700 employees (end-2025)
- 50 operating units with 190 locations
- Bonding capacity and modular off-site construction
02 · why customers buy
Value propositions
- Mechanical, electrical and plumbing construction and service, with multi-location coverage and a broad range of services.
04 · how it keeps them
Customer relationships
- Service agreements of one or more years with automatic annual renewals.
03 · how it reaches them
Channels
- Local operating units bidding directly with building owners, developers and general contractors.
01 · who it serves
Customer segments
- Building owners, developers, property managers and general contractors
- Top customer 12.8% of 2025 revenue
09 · where money goes
Cost structure
FY2025, share of revenue ($9.1B)
- Cost of revenue15.7%
- Selling, general & administrative2.1%
- Other operating costs67.7%
Operating profit left: 14.4% of revenue. Depreciation & amortization (inside the costs above): $62M. Capital spending: $155M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Mechanical $6,674M
- Electrical $2,428M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Wins construction and service contracts from building owners, developers and general contractors, recognizing revenue over time as projects progress (cost-to-cost method), plus service and maintenance work.
01 what it draws on
Inputs & resources
- About 22,700 employees (end-2025)
- 50 operating units with 190 locations
- Bonding capacity and modular off-site construction
02 what it does
Activities
- HVAC, plumbing, piping and controls installation
- Electrical systems installation and service
- Maintenance, repair and replacement
03 who it serves
Customers
- Building owners, developers, property managers and general contractors
- Top customer 12.8% of 2025 revenue
04 how money comes in
How it earns
- Mechanical $6,674M
- Electrical $2,428M (2025)
How the business makes money
- Same-store revenue grew 26.1% in 2025.
- Backlog of $17.81B at Sep 30, 2026 versus $9.38B a year earlier.
- Project work generally lasts less than one year; backlog converts over 6–12 months.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Comfort Systems has small government-sector exposure and claimed research tax credits.
Government as customer
Government contracts
5.0% of 2025 revenue came from government-sector projects.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
Research tax credits
Filed amended 2019–2020 returns claiming the research credit.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade rules
Uses early commodity purchases and other steps to reduce tariff-related cost exposure.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Mechanical
6,673.7 (73%)Electrical
2,427.9 (27%)
Source: Form 10-K (FY2025) — Item 7, segment revenue Total revenue $9,101.6M; substantially all from U.S. operations.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Building owners, developers, property managers, general contractors, architects and consulting engineers in manufacturing, healthcare, education, office, technology, retail and government facilities.
Named by the company
No customer is named; the top customer was 12.8% of 2025 revenue.
What the filings disclose
Suppliers
Equipment manufacturers and specialty building material suppliers.
Named by the company
No supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The mechanical and electrical contracting industries consist of thousands of local and regional companies; the 10-K names no competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2025 compensation peer group (18 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Peers reviewed by the Compensation Committee; six were removed for 2026.
- EMCOR Groupsite ↗
- MasTecsite ↗
- KBRsite ↗
- ABM Industriessite ↗
- Tutor Perinisite ↗
- Valmont Industriessite ↗
- Granite Constructionsite ↗
- Dycom Industriessite ↗
- MYR Groupsite ↗
- Primoris Servicessite ↗
- Tetra Techsite ↗
- IES Holdingssite ↗
- APi Groupsite ↗
- Sterling Infrastructuresite ↗
- MDU Resourcessite ↗
- AECOMsite ↗
- Oshkoshsite ↗
- Fluorsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 2,857 | 3,074 | 4,140 | 5,207 | 7,027 | 9,102 |
| Operating income | 191 | 188 | 254 | 418 | 749 | 1,315 |
| Pretax income | 192 | 190 | 236 | 388 | 667 | 1,293 |
| Net income (attributable) | 150 | 143 | 246 | 323 | 522 | 1,023 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 7.6% | 34.7% | 25.8% | 35.0% | 29.5% |
| Operating margincalcoperating income ÷ revenue × 100 | 6.7% | 6.1% | 6.1% | 8.0% | 10.7% | 14.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 5.3% | 4.7% | 5.9% | 6.2% | 7.4% | 11.2% |
| Balance sheet ($M) | ||||||
| Total assets | 1,757 | 2,209 | 2,597 | 3,306 | 4,711 | 6,441 |
| Total equity | 696 | 806 | 1,000 | 1,278 | 1,705 | 2,449 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 236 | 388 | 256 | 44 | 68 | 145 |
| Equity ratio | 39.6% | 36.5% | 38.5% | 38.7% | 36.2% | 38.0% |
| ROE | 21.6% | 19.1% | 27.2% | 28.4% | 35.0% | 49.2% |
| Cash flow ($M) | ||||||
| Operating CF | 287 | 180 | 302 | 640 | 849 | 1,186 |
| Investing CF | -208 | -247 | -97 | -193 | -344 | -467 |
| Financing CF | -75 | 70 | -206 | -299 | -161 | -287 |
| Free cash flowcalccash flow from operations − capital expenditures | 262 | 158 | 253 | 545 | 738 | 1,031 |
| Cash and equivalents | 55 | 59 | 57 | 205 | 550 | 982 |
| Per share & other | ||||||
| EPS ($) | 4.09 | 3.93 | 6.82 | 9.01 | 14.60 | 28.88 |
| BVPS ($) | 19.24 | 22.32 | 27.96 | 35.81 | 47.94 | 69.61 |
| Dividend per share ($) | 0.43 | 0.48 | 0.56 | 0.85 | 1.20 | 1.95 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 10.4% | 12.2% | 8.2% | 9.4% | 8.2% | 6.8% |
| P/E (x) | 12.9 | 25.2 | 16.9 | 22.8 | 29.1 | 32.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 9.5 | 18.0 | 15.0 | 15.7 | 18.3 | 23.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.74 | 4.43 | 4.12 | 5.74 | 8.85 | 13.41 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Net income | Diluted EPS |
|---|---|---|
| 2026-09-30 | $489M+67.7% | $13.91 |
| 2026-06-30 | $442M+91.3% | $12.53 |
| 2026-03-31 | $370M+118.8% | $10.51 |
| 2025-12-31 † | $331M+126.8% | — |
| 2025-09-30 | $292M | $8.25 |
| 2025-06-30 | $231M | $6.53 |
| 2025-03-31 | $169M | $4.75 |
| 2024-12-31 † | $146M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
47.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,315M × (1 − 20.5%) ÷ $2,184M × 100 = 47.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
13.60%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $32.83B ÷ ($32.83B + $145M) = 99.6%
e.g.Debt weight: $145M ÷ ($32.83B + $145M) = 0.4%
e.g.WACC: 13.6% × 99.6% + 6.2% × (1 − 20.5%) × 0.4% = 13.60%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 11.1%–16.5% and ROIC − WACC runs +31.4 to +36.7 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 13.60% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.58 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 13.64%
- Cost of debt
- 6.20%
- Tax rate
- 20.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 13.60%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.58 (price-derived adjusted beta. Raw β 1.87, R² 0.28, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.866 + 0.33 = 1.580
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.58 × 5.5% = 13.6%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
10.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 13.6% − 2.7%
Past FCF growth (FY2020–FY2025)
+31.5%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+26.1%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.03B (operating CF − capex); enterprise value $38.19B = market cap $39.03B (latest close, 2026-11-04) + debt $145M − cash and short-term investments $982M; r = WACC of 13.6% using this page’s default assumptions (β 1.58, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$38.2B
FCF $1.03B ÷ (13.6% − 10.9%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 11.6% | 12.6% | 13.6% | 14.6% | 15.6% |
|---|---|---|---|---|---|
| 0% | 0.23x | 0.21x | 0.20x | 0.18x | 0.17x |
| 2% | 0.28x | 0.25x | 0.23x | 0.21x | 0.20x |
| 4% | 0.36x | 0.31x | 0.28x | 0.25x | 0.23x |
| 6% | 0.48x | 0.41x | 0.36x | 0.31x | 0.28x |
| 8% | 0.75x | 0.59x | 0.48x | 0.41x | 0.36x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.53x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.9%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 102%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,186M ÷ $1,023M = 1.16x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,315M ÷ $1,293M × 100 = 102%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($59M + $84M) ÷ 2 ÷ $1,428M × 365 = 18 days
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 92.7%
- Directors & officers (shares)
- 1.2%
- Everyone else (est.)
- 6.1%
- Directors & officers (voting power)
- 1.2%
- Institutional-ownership rank
- 153 of 416
- Beta (adjusted)
- 1.58
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 37% of covered companies have more
above 1 = swings more than the market
- 32.6M shares reported by 1,352 13F filers ÷ 35.2M shares outstanding on 2026-07-17. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-09 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-17)
18
Strengths & weaknessesSite analysis
Strengths
1. Rapid growth with rising margins
Operating income rose from $191M (2020) to $1,315M (2025) as revenue grew from $2,857M to $9,102M.
Evidence: SEC EDGAR XBRL
2. Record backlog
Backlog of $17.81B at Sep 30, 2026, up 90% year on year.
Evidence: Form 10-Q (quarter ended 2026-09-30)
3. Net cash
Cash of $982M versus debt of $145M at end-2025; cash rose to $2,158M at Sep 30, 2026.
Evidence: Form 10-Q (quarter ended 2026-09-30)
Weaknesses
1. Customer concentration
The top customer was 12.8% of 2025 revenue.
Evidence: Form 10-K (FY2025)
2. Cost-to-cost accounting
Revenue and profit can be reversed if estimated total costs at completion rise.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
32.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.21%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
7%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
3.1%
(Operating CF − capex) ÷ market cap
1. Earnings momentum
Diluted EPS rose from $4.09 (2020) to $28.88 (2025).
- What has to hold
- Data center and manufacturing demand persists.
- The other side
- Construction cycles and labor costs.
Evidence: SEC EDGAR XBRL
2. Growing dividend
Dividend per share rose from $0.425 (2020) to $1.95 (2025), alongside buybacks.
- What has to hold
- Cash flow keeps rising.
- The other side
- Small yield relative to price.
Evidence: SEC EDGAR XBRL
Interest-bearing debt fell in 2023 after the revolving credit facility was repaid.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
100x+
$982M vs. $6M
Interest coverage (operating income ÷ interest expense)
145.9x
$1.31B vs. $9M
Free cash flow ÷ dividends paid
15.0x
$1.03B vs. $69M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -1.2% in FY2021 ($191M → $188M) | Yes, by FY2022 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Service and replacement work
Comfort Systems focuses on the maintenance, repair and replacement market as well as new installation.
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Comfort Systems reports only ordinary-course claims, including project disputes and potential wage-and-hour suits, and expects no material effect.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-24. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
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Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Construction cycle
- Company disclosure (summarized from the 10-K)
- Economic downturns or project cancellations could keep backlog from turning into revenue or profit.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Labor & workforce
Skilled labor shortages
- Company disclosure (summarized from the 10-K)
- Shortages of labor or specialty materials, or cost increases, could hurt margins.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3Customer/supplier concentration
Technology sector concentration
- Company disclosure (summarized from the 10-K)
- Demand growth has come especially from technology customers and data centers; the largest customer was 12.8% of revenue.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Acquisitions
- Company disclosure (summarized from the 10-K)
- Grows through acquisitions (Right Way, Century, Summit, J&S, Meisner in 2025) that must be integrated.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Highly competitive industry of thousands of local and regional firms.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 6Funding & liquidity
Surety markets
- Company disclosure (summarized from the 10-K)
- Difficulties in financial and surety markets could limit bonding.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Low
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (5)
In the past we have been required to increase, and it is possible we will in the future be required to increase, the number and percentage of total contract dollars for which we utilize an underlying surety bond. Read more
Historically, surety
We face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our IT Systems and Confidential Information, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error (including the misuse of artificial intelligence tools by our employees), and as a result of malicious code embedded in open-source software, or misconfigurations, bugs or other vulnerabilities in commercial software that is integrated into our (or our suppliers’ or service providers’) IT Systems, products or services. Because we make extensive use of third-party suppliers and service providers, such as cloud services that support our internal and…
Changes in U.S. foreign relations, in particular foreign trade policies could lead to the imposition of additional trade barriers and tariffs.
We cannot predict the full extent of new, extended, or changed trade policies, including tariffs, that may be made by the current or a future presidential administration or Congress, including whether existing tariff policies will be maintained or modified or if changes in the U.S. trade policy could result in reactions from U.S. trading partners, such as adopting responsive trade policies making it more difficult or costly for us to purchase materials or supplies. These changes in U.S. trade policy or in laws and policies governing foreign trade or foreign relations generally, and any resulting negative sentiments towards the United States as a result of such changes, could have an adverse impact on our business, financial condition, results of operations, and cash flows.
We conduct business throughout the United States and file income taxes in federal and virtually all state jurisdictions. Read more
In the ordinary course of our business, there are transactions and calculations in which the ultimate tax determination is uncertain. Our accounting for income taxes requires significant judgments and may be impacted by changes to our assessment of our projected tax liability, including our ability to realize deductions or credits in various tax jurisdictions. Moreover, we may be affected by our ability to utilize, or in the valuation of, our deferred tax assets that are based on estimates of our future results, the prudence and feasibility of possible tax planning strategies, and the economic and political environments in which we do business. Changes in tax laws, tax rates and regulations, and/or changes in interpretations of tax laws, regulations or other tax…
No longer in the text (4)
We could be adversely impacted by the effects of inflation, supply chain disruptions, capital market volatility and an economic recession or downturn.
As cybersecurity threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities. Read more
The inability to implement, maintain and upgrade adequate safeguards could have a material adverse effect on our business.
The costs of employee health insurance have been increasing in recent years due to rising healthcare costs, legislative changes, and general economic conditions. Read more
Additionally, we may incur additional costs as a result of the Patient Protection and Affordable Care Act (the “Affordable Care Act”) that was signed into law in March 2010. Future legislation could also have an impact on our business, including potential healthcare reform efforts under the Trump administration, the nature and impact of which are uncertain. The status of the Affordable Care Act, any amendment, repeal or replacement thereof, is currently uncertain. For example, in December 2019, the United States Court of Appeals for the Fifth Circuit struck down a central provision of the Affordable Care Act, ruling that the requirement that people have health insurance was unconstitutional, sending the case back to a federal…
Changes in United States trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business and results of operations.
1 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
24
What to watch going forwardSite analysis
- Conversion of the $17.81 billion backlog into revenue and margins.
- Data center and technology-sector demand.
- CFO transition: Bill George retires after the 2026 10-K; Julie Shaeff becomes CFO.
- Capex jump (nine-month 2026 purchases of property and equipment $499M versus $89M).
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:52 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Comfort Systems USA’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.