Comfort Systems USA vs Tetra Tech

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The short version

Comfort Systems USA is the larger business, with $9.1B of revenue in fiscal 2025 against $5.4B for Tetra Tech, about 1.7 times as much.
Comfort Systems USA grew revenue faster (29.5%, against 4.7%).
Comfort Systems USA kept more of each dollar of sales as operating profit (14.4% operating margin, against 7.5%).
Comfort Systems USA turned more of its sales into free cash flow (11.3% FCF margin, against 8.1%).
Comfort Systems USA earned a higher return on the capital invested in it (73.3%, against 11.2%).
Investors pay more for each dollar of Comfort Systems USA’s earnings: a P/E of 25.1x against 22.3x for Tetra Tech.

Latest fiscal year	FIX · FY25	TTEK · FY25
Size
Market cap	$40.9B	$9.6B
Revenue	$9.1B	$5.4B
Free cash flow	$1.0B	$439M
Net income	$1.0B	$248M
Growth
Revenue growth	29.5%	4.7%
5-year growth	26.1%	12.7%
Share count change	−1.0%	−1.1%
Profitability
Gross margin	24.1%	17.7%
Operating margin	14.4%	7.5%
Net margin	11.2%	4.6%
FCF margin	11.3%	8.1%
Return on capital	73.3%	11.2%
Return on equity	49.2%	13.7%
Balance sheet
Net debt	−$837M	$596M
Net debt / EBITDA	−0.6x	1.3x
Dividends and buybacks	$285M	$315M
Valuation & quality
P/E	25.1x	22.3x
Piotroski F-score	7	6

Revenue

FY16

FIX $1.6B

TTEK $2.6B

FY17

FIX $1.8B

TTEK $2.8B

FY18

FIX $2.2B

TTEK $3.0B

FY19

FIX $2.6B

TTEK $3.1B

FY20

FIX $2.9B

TTEK $3.0B

FY21

FIX $3.1B

TTEK $3.2B

FY22

FIX $4.1B

TTEK $3.5B

FY23

FIX $5.2B

TTEK $4.5B

FY24

FIX $7.0B

TTEK $5.2B

FY25

FIX $9.1B

TTEK $5.4B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FIX TTEK

Operating margin

FY16

FIX 6.2%

TTEK 5.3%

FY17

FIX 5.6%

TTEK 6.7%

FY18

FIX 6.9%

TTEK 6.4%

FY19

FIX 6.3%

TTEK 6.1%

FY20

FIX 6.7%

TTEK 8.1%

FY21

FIX 6.1%

TTEK 8.7%

FY22

FIX 6.1%

TTEK 9.7%

FY23

FIX 8.0%

TTEK 7.9%

FY24

FIX 10.7%

TTEK 9.6%

FY25

FIX 14.4%

TTEK 7.5%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FIX TTEK

Free cash flow

FY16

FIX $68.0M

TTEK $130M

FY17

FIX $78.6M

TTEK $132M

FY18

FIX $120M

TTEK $176M

FY19

FIX $110M

TTEK $192M

FY20

FIX $262M

TTEK $250M

FY21

FIX $158M

TTEK $296M

FY22

FIX $253M

TTEK $326M

FY23

FIX $545M

TTEK $342M

FY24

FIX $738M

TTEK $341M

FY25

FIX $1.0B

TTEK $439M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FIX TTEK

Return on capital

FY16

FIX 19.6%

TTEK 9.3%

FY17

FIX 13.8%

TTEK 11.7%

FY18

FIX 23.5%

TTEK 13.6%

FY19

FIX 19.1%

TTEK 15.3%

FY20

FIX 18.3%

TTEK 15.9%

FY21

FIX 14.1%

TTEK 19.8%

FY22

FIX 21.8%

TTEK 20.3%

FY23

FIX 30.1%

TTEK 14.5%

FY24

FIX 50.2%

TTEK 15.9%

FY25

FIX 73.3%

TTEK 11.2%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

FIX TTEK

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.