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Comfort Systems USA

FIX NYSE Construction & Engineering Financials FY2016–FY2025

Comfort Systems USA's revenue rose 29.5% to $9.1 billion in fiscal 2025. Its operating margin was 14.4%, up from 10.7% a year earlier. Free cash flow was $1.0 billion, up 39.8%. It paid out $285 million in dividends and buybacks, 28% of free cash flow. The diluted share count fell 1.0%.

Last close · Oct 23, 2026

$1,160.86

9.3%
Value it Compare
Revenue Total sales reported in the income statement.
$9.1B
29.5% vs prior year
Operating margin Operating income as a share of revenue.
14.4%
3.8 pts
Net income Profit after all expenses, interest and tax.
$1.0B
95.8%
Free cash flow Cash from operations minus capital spending.
$1.0B
39.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
73.3%
23.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$40.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.1x
On $46.31 EPS (TTM)

What Comfort Systems USA does

No business description yet.

Legal name
COMFORT SYSTEMS USA, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-017530
0001035983

Revenue and margins

Comfort Systems USA had $9.1B of revenue in fiscal 2025, up 29.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 36.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.0B in fiscal 2025, 11.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Comfort Systems USA returned $285M to shareholders in fiscal 2025, 28% of free cash flow. The diluted share count fell 1.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Comfort Systems USA yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $837M and divides by 35.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.1x · peers 27.3x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Comfort Systems USA can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $58.8M$57.2M$205M$550M$982M
Debt incl. finance leases $388M$256M$44.2M$68.3M$145M
Net debt / EBITDA 1.5x0.7x−0.4x−0.6x−0.6x
Debt / equity 0.5x0.3x0.0x0.0x0.1x
Interest coverage 30.4x19.0x40.7x112.7x145.9x
Current ratio 1.2x1.1x1.1x1.1x1.2x
Quick ratio 1.2x1.1x1.1x1.1x1.2x
Total assets $2.2B$2.6B$3.3B$4.7B$6.4B
Total liabilities $1.4B$1.6B$2.0B$3.0B$4.0B
Shareholders' equity $806M$1,000M$1.3B$1.7B$2.4B
Net debt (− = net cash) $330M$199M−$161M−$482M−$837M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$100M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 26, 2026 Brian E. LaneChief Executive Off., Director Sold 16,024 $1,608.21 $25.8M Form 4
Aug 17, 2026 William George IIIChief Financial Officer Sold 2,554 $1,859.65 $4.7M Form 4
Aug 11, 2026 Franklin MyersDirector Sold 4,000 $1,693.92 $6.8M Form 4
Aug 10, 2026 Franklin MyersDirector Sold 3,500 $1,690.47 $5.9M Form 4
Jun 24, 2026 Franklin MyersDirector Sold 6,700 $1,954.47 $13.1M Form 4
May 27, 2026 Rhoman J HardyDirector Sold 342 $1,900.08 $0.6M Form 4
May 11, 2026 Julie ShaeffChief Accounting Officer Sold 1,123 $2,000.37 $2.2M Form 4
May 11, 2026 William George IIIChief Financial Officer Sold 1,000 $2,020.97 $2.0M Form 4
May 8, 2026 William George IIIChief Financial Officer Sold 4,000 $1,948.17 $7.8M Form 4
May 7, 2026 Franklin MyersDirector Sold 4,500 $1,902.57 $8.6M Form 4
May 5, 2026 Brian E. LaneChief Executive Off., Director Sold 11,113 $1,969.84 $21.9M Form 4
Apr 30, 2026 Pablo G. MercadoDirector Sold 500 $1,779.78 $0.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 8 / 97 / 97 / 9
Accruals ratio −10.7%−8.2%−2.9%
Altman Z'' 3.023.084.05

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Comfort Systems USA FIX $40.9B 29.5% 14.4% 11.3% 73.3% 25.1x 7
APi Group APG $17.2B 12.7% 7.0% 8.4% 7.7% — 8 Compare →
Jacobs Solutions J $17.2B 4.6% 7.2% 5.1% 10.1% 50.9x 7 Compare →
MasTec MTZ $13.5B 16.2% — 2.0% 11.2% 27.3x 7 Compare →
Dycom Industries DY $6.8B 18.0% — 7.2% 10.9% 20.5x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.6B $1.8B $2.2B $2.6B $2.9B $3.1B $4.1B $5.2B $7.0B $9.1B
Gross profit $344M $366M $446M $502M $547M $563M $742M $991M $1.5B $2.2B
Operating income $102M $99.3M $150M $164M $191M $188M $254M $418M $749M $1.3B
Interest expense $2.3M $3.2M $3.7M $9.3M $8.4M $6.2M $13.4M $10.3M $6.6M $9.0M
Pretax income $101M $101M $149M $152M $192M $190M $236M $388M $667M $1.3B
Income tax $36.2M $45.7M $35.8M $37.4M $41.4M $46.9M −$10.1M $64.8M $144M $271M
Net income $64.9M $55.3M $113M $114M $150M $143M $246M $323M $522M $1.0B
Diluted EPS $1.72 $1.47 $3.00 $3.08 $4.09 $3.93 $6.82 $9.01 $14.60 $28.88
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $91.2M $114M $147M $142M $287M $180M $302M $640M $849M $1.2B
Capital expenditure $23.2M $35.5M $27.3M $31.8M $24.1M $22.3M $48.4M $94.8M $111M $155M
Free cash flow $68.0M $78.6M $120M $110M $262M $158M $253M $545M $738M $1.0B
Depreciation and amortization $26.2M $37.5M $42.7M $24.5M $27.9M $28.4M $33.6M $38.2M $48.2M $62.4M
Stock-based compensation $5.0M $6.4M $7.2M $5.9M $6.9M $10.6M $10.5M $12.9M $16.6M $21.8M
Acquisitions $57.2M $94.9M $70.1M $197M $186M $228M $49.2M $102M $236M $280M
Share buybacks $13.1M $9.0M $28.5M $19.6M $30.1M $27.1M $38.2M $21.2M $57.9M $216M
Dividends paid $10.3M $11.0M $12.3M $14.5M $15.5M $17.4M $20.1M $30.4M $42.8M $68.8M
Dividends and buybacks $23.4M $20.0M $40.8M $34.1M $45.6M $44.4M $58.3M $51.6M $101M $285M
Balance sheet
Cash and short-term investments $32.1M $36.5M $45.6M $50.8M $54.9M $58.8M $57.2M $205M $550M $982M
Total debt $2.6M $59.9M $76.9M $226M $236M $388M $256M $44.2M $68.3M $145M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.3M $0.0M $0.0M $0.0M $0.0M
Current assets $416M $489M $610M $790M $812M $1.0B $1.3B $1.9B $2.8B $4.1B
Current liabilities $318M $374M $467M $608M $693M $837M $1.2B $1.7B $2.6B $3.4B
Inventory $9.2M $10.3M $12.4M $10.1M $13.5M $21.9M $35.3M $65.5M $59.2M $84.1M
Property and equipment, net $68.2M $87.6M $99.6M $110M $117M $129M $144M $209M $277M $388M
Total assets $709M $881M $1.1B $1.5B $1.8B $2.2B $2.6B $3.3B $4.7B $6.4B
Total liabilities $332M $463M $565M $920M $1.1B $1.4B $1.6B $2.0B $3.0B $4.0B
Shareholders' equity $377M $418M $498M $585M $696M $806M $1,000M $1.3B $1.7B $2.4B
Margins
Gross margin 21.1% 20.5% 20.4% 19.2% 19.2% 18.3% 17.9% 19.0% 21.0% 24.1%
Operating margin 6.2% 5.6% 6.9% 6.3% 6.7% 6.1% 6.1% 8.0% 10.7% 14.4%
EBITDA margin 7.8% 7.7% 8.8% 7.2% 7.7% 7.1% 6.9% 8.8% 11.4% 15.1%
Net margin 4.0% 3.1% 5.2% 4.4% 5.3% 4.7% 5.9% 6.2% 7.4% 11.2%
FCF margin 4.2% 4.4% 5.5% 4.2% 9.2% 5.1% 6.1% 10.5% 10.5% 11.3%
Returns
Return on capital 19.6% 13.8% 23.5% 19.1% 18.3% 14.1% 21.8% 30.1% 50.2% 73.3%
Return on capital employed 26.1% 22.1% 27.2% 21.9% 19.4% 15.5% 18.1% 27.8% 40.4% 50.8%
Return on equity 17.9% 13.9% 24.7% 21.1% 23.4% 19.1% 27.2% 28.4% 35.0% 49.2%
Return on assets 9.3% 7.0% 11.6% 8.9% 9.2% 7.2% 10.2% 11.0% 13.0% 18.3%
Growth
Revenue growth 3.4% 9.4% 22.1% 19.8% 9.2% 7.6% 34.7% 25.8% 35.0% 29.5%
Net income growth 31.5% −14.8% 104.3% 1.3% 31.3% −4.5% 71.6% 31.5% 61.5% 95.7%
EPS growth 32.3% −14.5% 104.1% 2.7% 32.8% −3.9% 73.5% 32.1% 62.0% 97.8%
FCF growth −11.8% 15.7% 52.5% −8.0% 137.9% −39.9% 60.4% 115.2% 35.5% 39.8%
Share count change −0.2% −0.4% −0.2% −1.2% −1.1% −0.8% −1.1% −0.4% −0.3% −1.0%
Financial health
Net debt / EBITDA −0.2x 0.2x 0.2x 0.9x 0.8x 1.5x 0.7x −0.4x −0.6x −0.6x
Debt / equity 0.0x 0.1x 0.2x 0.4x 0.3x 0.5x 0.3x 0.0x 0.0x 0.1x
Interest coverage 43.3x 31.5x 40.5x 17.6x 22.7x 30.4x 19.0x 40.7x 112.7x 145.9x
Current ratio 1.3x 1.3x 1.3x 1.3x 1.2x 1.2x 1.1x 1.1x 1.1x 1.2x
Quick ratio 1.3x 1.3x 1.3x 1.3x 1.2x 1.2x 1.1x 1.1x 1.1x 1.2x
Capital allocation
Capex / revenue 1.4% 2.0% 1.3% 1.2% 0.8% 0.7% 1.2% 1.8% 1.6% 1.7%
Stock comp / revenue 0.3% 0.4% 0.3% 0.2% 0.2% 0.3% 0.3% 0.3% 0.2% 0.2%
Payouts / FCF 34.4% 25.4% 34.0% 30.9% 17.4% 28.2% 23.0% 9.5% 13.6% 27.6%
Quality scores
Piotroski F-score 7.0 6.0 5.0 4.0 5.0 5.0 7.0 8.0 7.0 7.0
Altman Z'' 3.6 3.2 3.6 3.0 2.8 2.7 2.7 3.0 3.1 4.1
Accruals ratio −3.8% −7.4% −3.5% −2.2% −8.4% −1.9% −2.3% −10.7% −8.2% −2.9%

Source: SEC EDGAR XBRL filings (CIK 0001035983). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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