Comfort Systems USA, Inc.

FIX · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$32,919	$15,093	$7,345	$4,115	$3,566	$1,898	$1,797	$1,574	$1,573	$1,200	$1,024	$643	$722	$451	$401	$495	$469	$420	$519	$509	$362	$295	$204	$126	$139	$80	$285	$589	$377
Enterprise value	$32,723	$14,852	$7,397	$4,447	$4,022	$2,176	$2,059	$1,606	$1,597	$1,171	$998	$666	$690	$435	$383	$438	$349	$314	$380	$418	$306	$271	$204	$132	$317	$338	$587	$819	$384
P/E (TTM) at period end	32.19×	28.89×	22.71×	16.73×	24.88×	12.64×	15.72×	13.94×	28.46×	18.49×	20.75×	27.87×	26.48×	33.52×	–	33.55×	13.73×	8.46×	15.97×	17.71×	–	27.53×	–	–	10.57×	–	6.73×	16.84×	–
P/S (TTM) at period end	3.62×	2.15×	1.41×	0.99×	1.16×	0.66×	0.69×	0.72×	0.88×	0.73×	0.65×	0.46×	0.53×	0.34×	0.33×	0.46×	0.42×	0.32×	0.47×	0.48×	0.41×	0.38×	0.27×	0.16×	0.16×	0.09×	0.21×	0.69×	1.27×
P/B at period end	13.44×	8.85×	5.75×	4.12×	4.43×	2.73×	3.07×	3.16×	3.76×	3.19×	2.95×	2.10×	2.44×	1.67×	1.51×	1.58×	1.53×	1.47×	1.97×	2.10×	1.69×	1.36×	1.02×	0.61×	0.34×	0.20×	0.68×	1.55×	1.73×
EV / EBITDA (TTM)	23.76×	18.62×	16.20×	15.47×	18.54×	9.95×	10.94×	9.29×	13.39×	9.79×	9.41×	11.92×	11.96×	12.75×	–	10.27×	5.24×	3.41×	6.69×	8.39×	7.65×	9.17×	19.14×	6.23×	8.70×	99.08×	5.05×	9.87×	34.88×
EV / Sales (TTM)	3.60×	2.11×	1.42×	1.07×	1.31×	0.76×	0.79×	0.74×	0.89×	0.72×	0.63×	0.47×	0.51×	0.33×	0.32×	0.41×	0.31×	0.24×	0.34×	0.40×	0.34×	0.35×	0.27×	0.17×	0.37×	0.37×	0.43×	0.96×	1.29×
Returns
Return on equity	41.8%	30.6%	25.3%	24.6%	17.8%	21.6%	19.5%	22.7%	13.2%	17.2%	14.2%	7.5%	9.2%	5.0%	(13.9%)	4.7%	11.2%	17.3%	12.4%	11.8%	(2.9%)	4.9%	(2.8%)	(101.9%)	3.2%	(4.2%)	10.1%	9.2%	(1.0%)
Return on invested capital	46.1%	40.1%	26.2%	19.1%	11.3%	15.3%	14.5%	21.6%	12.3%	18.8%	18.2%	9.1%	10.7%	4.7%	(14.8%)	7.9%	18.8%	27.2%	24.8%	18.0%	22.1%	6.7%	1.0%	2.9%	–	(2.9%)	7.4%	6.4%	–
Dividend yield	0.2%	0.3%	0.4%	0.5%	0.5%	0.8%	0.8%	0.8%	0.7%	0.9%	0.9%	1.3%	1.1%	1.7%	1.9%	1.5%	1.5%	1.7%	1.2%	1.1%	0.3%	–	–	–	–	–	–	0.2%	0.4%
Financial health
Current ratio	1.21×	1.08×	1.11×	1.12×	1.23×	1.17×	1.30×	1.31×	1.31×	1.31×	1.39×	1.39×	1.47×	1.39×	1.39×	1.50×	1.66×	1.49×	1.60×	1.73×	1.67×	1.66×	1.60×	1.51×	1.44×	1.67×	1.75×	1.74×	1.67×
Debt / equity	0.06×	0.04×	0.03×	0.26×	0.48×	0.34×	0.39×	0.15×	0.14×	0.01×	0.03×	0.13×	0.01×	0.01×	0.01×	0.09×	0.02×	0.04×	0.01×	–	–	0.04×	0.05×	0.06×	0.44×	0.69×	0.73×	0.62×	0.11×
Effective tax rate	20.9%	21.6%	16.7%	(4.3%)	24.7%	21.6%	24.7%	24.1%	45.2%	35.8%	35.2%	28.9%	38.8%	46.6%	14.4%	35.2%	38.3%	38.3%	38.2%	38.4%	(70704.8%)	39.2%	46.2%	49.2%	144.9%	9.6%	42.8%	43.5%	138.2%
Share count
Diluted shares outstanding	35	36	36	36	36	37	37	38	38	38	38	38	38	37	37	38	38	40	41	41	39	40	37	38	37	37	40	34	19

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$12,543	$9,102	$7,027	$5,207	$4,140	$3,074	$2,857	$2,615	$2,183	$1,788	$1,634	$1,581	$1,411	$1,357	$1,331	$1,217	$1,064	$1,129	$1,328	$1,110	$1,057	$893	$779	$746	$799	$864	$902	$1,370	$854	$298
Cost of revenue	($9,336)	($6,906)	($5,551)	($4,216)	($3,399)	($2,510)	($2,310)	($2,113)	($1,737)	($1,422)	($1,290)	($1,262)	($1,161)	($1,117)	($1,124)	($1,035)	($874)	($903)	($1,071)	($912)	($886)	($744)	($657)	($629)	($661)	($703)	($736)	($1,066)	($641)	($218)
Gross profit	$3,208	$2,196	$1,476	$991	$742	$563	$547	$502	$446	$366	$344	$318	$250	$240	$208	$182	$190	$226	$257	$197	$171	$148	$122	$117	$138	$161	$166	$304	$213	$80
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,119)	($883)	($730)	($574)	($489)	($376)	($358)	($340)	($297)	($267)	($243)	($229)	($208)	($194)	($186)	($167)	($159)	($169)	($182)	($147)	($127)	($113)	($108)	($115)	($124)	($141)	($154)	($188)	($130)	($69)
Total operating expenses	($1,113)	($881)	($727)	($572)	($488)	($375)	($356)	($338)	($296)	($267)	($242)	($228)	($208)	($194)	($185)	($224)	($158)	($169)	($178)	($147)	($126)	($113)	($101)	($114)	($126)	($149)	($188)	($211)	($144)	($74)
Total costs and expenses	($10,448)	($7,787)	($6,278)	($4,788)	($3,887)	($2,885)	($2,666)	($2,452)	($2,033)	($1,689)	($1,533)	($1,490)	($1,369)	($1,311)	($1,309)	($1,259)	($1,032)	($1,072)	($1,249)	($1,060)	($1,012)	($858)	($758)	($742)	($787)	($852)	($924)	($1,277)	($785)	($291)
Operating income	$2,095	$1,315	$749	$418	$254	$188	$191	$164	$150	$99	$102	$90	$42	$46	$22	($43)	$31	$57	$79	$50	$45	$35	$21	$4	$12	$12	($21)	$93	$69	$6
Earnings
EBITDA	–	$1,377	$798	$457	$287	$217	$219	$188	$173	$119	$120	$106	$56	$58	$34	($30)	$43	$67	$92	$57	$50	$40	$30	$11	$21	$36	$3	$116	$83	$11
Interest income	$44	$22	$12	$3	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1	$3	$3	$3	$1	$0	$0	$0	$0	$1	–	–	–
Interest expense	($5)	($9)	($7)	($10)	($13)	($6)	($8)	($9)	($4)	($3)	($2)	($2)	($2)	($1)	($2)	($2)	($2)	($1)	($1)	($1)	($1)	($1)	($2)	($4)	($5)	($22)	($27)	–	($8)	–
Pre-tax income	$2,102	$1,293	$667	$388	$236	$190	$192	$152	$149	$101	$101	$89	$40	$47	$22	($38)	$32	$56	$81	$53	$47	($0)	$19	($4)	$8	$4	($33)	$74	$62	$6
Income tax expense	($470)	($271)	($144)	($65)	$10	($47)	($41)	($37)	($36)	($46)	($36)	($31)	($12)	($18)	($10)	$5	($11)	($21)	($31)	($20)	($18)	($15)	($7)	$2	($4)	($6)	$3	($32)	($27)	($8)
Net income	$1,632	$1,023	$522	$323	$246	$143	$150	$114	$113	$55	$65	$49	$23	$27	$13	($37)	$15	$34	$50	$32	$29	($6)	$11	($6)	($209)	$13	($17)	$42	$35	($2)
Per share
Diluted EPS (GAAP)	$46.32	$28.88	$14.60	$9.01	$6.82	$3.93	$4.09	$3.08	$3.00	$1.47	$1.72	$1.30	$0.61	$0.73	$0.36	($0.99)	$0.39	$0.89	$1.24	$0.79	$0.70	($0.16)	$0.27	($0.15)	($5.48)	$0.35	($0.45)	$1.09	$1.04	($0.11)
Basic EPS (GAAP)	$46.37	$28.93	$14.64	$9.03	$6.84	$3.95	$4.11	$3.10	$3.03	$1.48	$1.74	$1.32	$0.61	$0.73	$0.36	($0.99)	$0.39	$0.90	$1.26	$0.80	$0.71	($0.16)	$0.28	($0.15)	($5.56)	$0.35	($0.45)	$1.10	$1.06	($0.11)
Basic shares outstanding	35	35	36	36	36	36	37	37	37	37	37	37	38	37	37	37	38	38	39	41	40	39	38	37	38	37	37	39	33	19
Margins
Gross margin	25.6%	24.1%	21.0%	19.0%	17.9%	18.3%	19.1%	19.2%	20.4%	20.5%	21.0%	20.1%	17.7%	17.7%	15.6%	14.9%	17.9%	20.0%	19.4%	17.8%	16.2%	16.6%	15.7%	15.7%	17.3%	18.7%	18.4%	22.2%	25.0%	26.9%
Operating margin	16.7%	14.4%	10.7%	8.0%	6.1%	6.1%	6.7%	6.3%	6.9%	5.6%	6.2%	5.7%	3.0%	3.4%	1.7%	(3.5%)	3.0%	5.0%	6.0%	4.5%	4.2%	3.9%	2.7%	0.5%	1.5%	1.4%	(2.4%)	6.8%	8.1%	2.1%
Net margin	13.0%	11.2%	7.4%	6.2%	5.9%	4.7%	5.3%	4.4%	5.2%	3.1%	4.0%	3.1%	1.6%	2.0%	1.0%	(3.0%)	1.4%	3.0%	3.7%	2.9%	2.7%	(0.7%)	1.4%	(0.7%)	(26.2%)	1.5%	(1.9%)	3.1%	4.1%	(0.7%)

Analyst consensus

Buy9 analysts

Bearish · 0 · Hold · 4 · Bullish · 5

Earnings history

	EPS	Estimate
Q4 2024	$4.09	$3.63	Beat
Q1 2025	$4.75	$3.66	Beat
Q2 2025	$6.53	$4.84	Beat
Q3 2025	$8.25	$6.29	Beat
Q4 2025	$9.37	$6.75	Beat
Q1 2026	$10.51	$6.81	Beat
Q2 2026	$12.53	$10.45	Beat
Q3 2026	$13.91	$12.85	Beat

Peers

Company overview

IPO dateJun 27, 1997

CEOBrian E. Lane

Employees22,700

SectorIndustrials

IndustryEngineering & Construction

CountryUS

ExchangeNew York Stock Exchange

Websitewww.comfortsystemsusa.com

Comfort Systems USA, Inc., together with its subsidiaries, provides mechanical and electrical installation, renovation, maintenance, repair, and replacement services for the mechanical and electrical services industry in the United States. The company operates through two segments: Mechanical and Electrical. It offers heating, ventilation, and air conditioning systems, as well as plumbing, electrical, piping and controls, off-site construction, monitoring, and fire protection. The company is also involved in the design, engineering, integration, installation, and start-up of mechanical, electrical, and plumbing (MEP) and related systems in new buildings; and renovation, expansion, maintenance, monitoring, repair, and replacement of systems in existing buildings. In addition, it provides remote monitoring of power usage, temperature, pressure, humidity and air flow for MEP and other building systems. The company serves building owners and developers, general contractors, architects, consulting engineers, and property managers in the commercial, industrial, and institutional markets. Comfort Systems USA, Inc. was founded in 1917 and is headquartered in Houston, Texas.

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