Dycom Industries
DY · Construction & Engineering
$224.56
0.3%Comfort Systems USA
FIX · Construction & Engineering
$1,160.86
9.3%The short version
- Comfort Systems USA is the larger business, with $9.1B of revenue in fiscal 2025 against $5.5B for Dycom Industries, about 1.6 times as much.
- Comfort Systems USA grew revenue faster (29.5%, against 18.0%).
- Comfort Systems USA turned more of its sales into free cash flow (11.3% FCF margin, against 7.2% FCF margin).
- Comfort Systems USA earned a higher return on the capital invested in it (73.3%, against 10.9%).
- Investors pay more for each dollar of Comfort Systems USA’s earnings: a P/E of 25.1x against 20.5x for Dycom Industries.
| Latest fiscal year | DY · FY26 | FIX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.8B | $40.9B |
| Revenue | $5.5B | $9.1B |
| Free cash flow | $402M | $1.0B |
| Net income | $281M | $1.0B |
| Growth | ||
| Revenue growth | 18.0% | 29.5% |
| 5-year growth | 11.6% | 26.1% |
| Share count change | −0.2% | −1.0% |
| Profitability | ||
| Gross margin | — | 24.1% |
| Operating margin | — | 14.4% |
| Net margin | 5.1% | 11.2% |
| FCF margin | 7.2% | 11.3% |
| Return on capital | 10.9% | 73.3% |
| Return on equity | 18.2% | 49.2% |
| Balance sheet | ||
| Net debt | $2.1B | −$837M |
| Net debt / EBITDA | 3.0x | −0.6x |
| Dividends and buybacks | $30.2M | $285M |
| Valuation & quality | ||
| P/E | 20.5x | 25.1x |
| Piotroski F-score | 6 | 7 |
FY17
DY $3.1B
FIX $1.8B
FY18
DY —
FIX $2.2B
FY19
DY $3.1B
FIX $2.6B
FY20
DY $3.3B
FIX $2.9B
FY21
DY $3.2B
FIX $3.1B
FY22
DY $3.1B
FIX $4.1B
FY23
DY $3.8B
FIX $5.2B
FY24
DY $4.2B
FIX $7.0B
FY25
DY $4.7B
FIX $9.1B
FY26
DY $5.5B
FIX —
DY
FIX
FY17
DY —
FIX 5.6%
FY18
DY —
FIX 6.9%
FY19
DY —
FIX 6.3%
FY20
DY —
FIX 6.7%
FY21
DY —
FIX 6.1%
FY22
DY —
FIX 6.1%
FY23
DY —
FIX 8.0%
FY24
DY —
FIX 10.7%
FY25
DY —
FIX 14.4%
FY26
DY —
FIX —
DY
FIX
FY17
DY $55.3M
FIX $78.6M
FY18
DY —
FIX $120M
FY19
DY −$40.5M
FIX $110M
FY20
DY −$62.6M
FIX $262M
FY21
DY $324M
FIX $158M
FY22
DY $152M
FIX $253M
FY23
DY −$36.2M
FIX $545M
FY24
DY $40.5M
FIX $738M
FY25
DY $98.6M
FIX $1.0B
FY26
DY $402M
FIX —
DY
FIX
FY17
DY 12.7%
FIX 13.8%
FY18
DY —
FIX 23.5%
FY19
DY —
FIX 19.1%
FY20
DY 4.8%
FIX 18.3%
FY21
DY 3.0%
FIX 14.1%
FY22
DY 5.2%
FIX 21.8%
FY23
DY 12.5%
FIX 30.1%
FY24
DY 15.9%
FIX 50.2%
FY25
DY 14.4%
FIX 73.3%
FY26
DY 10.9%
FIX —
DY
FIX
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