APi Group vs Comfort Systems USA

Add, change or remove companies; up to four.

The short version

Comfort Systems USA is the larger business, with $9.1B of revenue in fiscal 2025 against $7.9B for APi Group.
Comfort Systems USA grew revenue faster (29.5%, against 12.7%).
Comfort Systems USA kept more of each dollar of sales as operating profit (14.4% operating margin, against 7.0%).
Comfort Systems USA turned more of its sales into free cash flow (11.3% FCF margin, against 8.4%).
Comfort Systems USA earned a higher return on the capital invested in it (73.3%, against 7.7%).

Latest fiscal year	APG · FY25	FIX · FY25
Size
Market cap	$17.2B	$40.9B
Revenue	$7.9B	$9.1B
Free cash flow	$663M	$1.0B
Net income	$302M	$1.0B
Growth
Revenue growth	12.7%	29.5%
5-year growth	17.1%	26.1%
Share count change	3.5%	−1.0%
Profitability
Gross margin	31.4%	24.1%
Operating margin	7.0%	14.4%
Net margin	3.8%	11.2%
FCF margin	8.4%	11.3%
Return on capital	7.7%	73.3%
Return on equity	9.5%	49.2%
Balance sheet
Net debt	$1.9B	−$837M
Net debt / EBITDA	2.1x	−0.6x
Dividends and buybacks	$75.0M	$285M
Valuation & quality
P/E	—	25.1x
Piotroski F-score	8	7

Revenue

FY16

APG —

FIX $1.6B

FY17

APG —

FIX $1.8B

FY18

APG —

FIX $2.2B

FY19

APG —

FIX $2.6B

FY20

APG $3.6B

FIX $2.9B

FY21

APG $3.9B

FIX $3.1B

FY22

APG $6.6B

FIX $4.1B

FY23

APG $6.9B

FIX $5.2B

FY24

APG $7.0B

FIX $7.0B

FY25

APG $7.9B

FIX $9.1B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

APG FIX

Operating margin

FY16

APG —

FIX 6.2%

FY17

APG —

FIX 5.6%

FY18

APG —

FIX 6.9%

FY19

APG —

FIX 6.3%

FY20

APG −4.6%

FIX 6.7%

FY21

APG 3.5%

FIX 6.1%

FY22

APG 2.5%

FIX 6.1%

FY23

APG 5.2%

FIX 8.0%

FY24

APG 6.9%

FIX 10.7%

FY25

APG 7.0%

FIX 14.4%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

APG FIX

Free cash flow

FY16

APG —

FIX $68.0M

FY17

APG —

FIX $78.6M

FY18

APG —

FIX $120M

FY19

APG —

FIX $110M

FY20

APG $458M

FIX $262M

FY21

APG $127M

FIX $158M

FY22

APG $191M

FIX $253M

FY23

APG $428M

FIX $545M

FY24

APG $536M

FIX $738M

FY25

APG $663M

FIX $1.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

APG FIX

Return on capital

FY16

APG —

FIX 19.6%

FY17

APG —

FIX 13.8%

FY18

APG —

FIX 23.5%

FY19

APG —

FIX 19.1%

FY20

APG —

FIX 18.3%

FY21

APG 3.0%

FIX 14.1%

FY22

APG 3.5%

FIX 21.8%

FY23

APG 5.7%

FIX 30.1%

FY24

APG 8.0%

FIX 50.2%

FY25

APG 7.7%

FIX 73.3%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

APG FIX

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.