Comfort Systems USA

FIX · Construction & Engineering

$1,160.86

9.3%

Jacobs Solutions

J · Construction & Engineering

$145.06

0.8%

The short version

Jacobs Solutions is the larger business, with $12.0B of revenue in fiscal 2025 against $9.1B for Comfort Systems USA.
Comfort Systems USA grew revenue faster (29.5%, against 4.6%).
Comfort Systems USA kept more of each dollar of sales as operating profit (14.4% operating margin, against 7.2% operating margin).
Comfort Systems USA turned more of its sales into free cash flow (11.3% FCF margin, against 5.1% FCF margin).
Comfort Systems USA earned a higher return on the capital invested in it (73.3%, against 10.1%).
Investors pay more for each dollar of Jacobs Solutions’s earnings: a P/E of 50.9x against 25.1x for Comfort Systems USA.

Latest fiscal year	FIX · FY25	J · FY25
Size
Market cap	$40.9B	$17.2B
Revenue	$9.1B	$12.0B
Free cash flow	$1.0B	$607M
Net income	$1.0B	$289M
Growth
Revenue growth	29.5%	4.6%
5-year growth	26.1%	−2.4%
Share count change	−1.0%	−3.1%
Profitability
Gross margin	24.1%	24.8%
Operating margin	14.4%	7.2%
Net margin	11.2%	2.4%
FCF margin	11.3%	5.1%
Return on capital	73.3%	10.1%
Return on equity	49.2%	7.1%
Balance sheet
Net debt	−$837M	$1.0B
Net debt / EBITDA	−0.6x	1.1x
Dividends and buybacks	$285M	$907M
Valuation & quality
P/E	25.1x	50.9x
Piotroski F-score	7	7

Revenue

FY16

FIX $1.6B

J $11.0B

FY17

FIX $1.8B

J $10.0B

FY18

FIX $2.2B

J $15.0B

FY19

FIX $2.6B

J $12.7B

FY20

FIX $2.9B

J $13.6B

FY21

FIX $3.1B

J $14.1B

FY22

FIX $4.1B

J $9.8B

FY23

FIX $5.2B

J $10.9B

FY24

FIX $7.0B

J $11.5B

FY25

FIX $9.1B

J $12.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FIX J

Operating margin

FY16

FIX 6.2%

J 3.1%

FY17

FIX 5.6%

J 2.4%

FY18

FIX 6.9%

J 2.6%

FY19

FIX 6.3%

J 3.2%

FY20

FIX 6.7%

J 4.0%

FY21

FIX 6.1%

J 4.9%

FY22

FIX 6.1%

J 5.5%

FY23

FIX 8.0%

J 6.2%

FY24

FIX 10.7%

J 6.0%

FY25

FIX 14.4%

J 7.2%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FIX J

Free cash flow

FY16

FIX $68.0M

J $612M

FY17

FIX $78.6M

J $457M

FY18

FIX $120M

J $386M

FY19

FIX $110M

J −$502M

FY20

FIX $262M

J $689M

FY21

FIX $158M

J $633M

FY22

FIX $253M

J $347M

FY23

FIX $545M

J $837M

FY24

FIX $738M

J $934M

FY25

FIX $1.0B

J $607M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FIX J

Return on capital

FY16

FIX 19.6%

J 5.9%

FY17

FIX 13.8%

J 4.2%

FY18

FIX 23.5%

J 3.4%

FY19

FIX 19.1%

J 5.3%

FY20

FIX 18.3%

J 7.2%

FY21

FIX 14.1%

J 5.7%

FY22

FIX 21.8%

J 5.7%

FY23

FIX 30.1%

J 6.4%

FY24

FIX 50.2%

J 8.0%

FY25

FIX 73.3%

J 10.1%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FIX J

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