Comfort Systems USA vs MasTec
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The short version
- MasTec is the larger business, with $14.3B of revenue in fiscal 2025 against $9.1B for Comfort Systems USA, about 1.6 times as much.
- Comfort Systems USA grew revenue faster (29.5%, against 16.2%).
- Comfort Systems USA turned more of its sales into free cash flow (11.3% FCF margin, against 2.0%).
- 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 MasTec’s earnings: a P/E of 27.3x against 25.1x for Comfort Systems USA.
| Latest fiscal year | FIX · FY25 | MTZ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $40.9B | $13.5B |
| Revenue | $9.1B | $14.3B |
| Free cash flow | $1.0B | $286M |
| Net income | $1.0B | $399M |
| Growth | ||
| Revenue growth | 29.5% | 16.2% |
| 5-year growth | 26.1% | 17.7% |
| Share count change | −1.0% | −0.2% |
| Profitability | ||
| Gross margin | 24.1% | — |
| Operating margin | 14.4% | — |
| Net margin | 11.2% | 2.8% |
| FCF margin | 11.3% | 2.0% |
| Return on capital | 73.3% | 11.2% |
| Return on equity | 49.2% | 12.9% |
| Balance sheet | ||
| Net debt | −$837M | $1.9B |
| Net debt / EBITDA | −0.6x | 1.7x |
| Dividends and buybacks | $285M | $77.3M |
| Valuation & quality | ||
| P/E | 25.1x | 27.3x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
FIX $1.6B
MTZ $5.1B
FY17
FIX $1.8B
MTZ $6.6B
FY18
FIX $2.2B
MTZ $6.9B
FY19
FIX $2.6B
MTZ $7.2B
FY20
FIX $2.9B
MTZ $6.3B
FY21
FIX $3.1B
MTZ $8.0B
FY22
FIX $4.1B
MTZ $9.8B
FY23
FIX $5.2B
MTZ $12.0B
FY24
FIX $7.0B
MTZ $12.3B
FY25
FIX $9.1B
MTZ $14.3B
FIX
MTZ
Operating margin
FY16
FIX 6.2%
MTZ —
FY17
FIX 5.6%
MTZ —
FY18
FIX 6.9%
MTZ —
FY19
FIX 6.3%
MTZ —
FY20
FIX 6.7%
MTZ —
FY21
FIX 6.1%
MTZ —
FY22
FIX 6.1%
MTZ —
FY23
FIX 8.0%
MTZ —
FY24
FIX 10.7%
MTZ —
FY25
FIX 14.4%
MTZ —
FIX
MTZ
Free cash flow
FY16
FIX $68.0M
MTZ $88.5M
FY17
FIX $78.6M
MTZ $20.7M
FY18
FIX $120M
MTZ $350M
FY19
FIX $110M
MTZ $424M
FY20
FIX $262M
MTZ $724M
FY21
FIX $158M
MTZ $623M
FY22
FIX $253M
MTZ $88.9M
FY23
FIX $545M
MTZ $494M
FY24
FIX $738M
MTZ $973M
FY25
FIX $1.0B
MTZ $286M
FIX
MTZ
Return on capital
FY16
FIX 19.6%
MTZ 8.0%
FY17
FIX 13.8%
MTZ 16.7%
FY18
FIX 23.5%
MTZ 11.5%
FY19
FIX 19.1%
MTZ 15.5%
FY20
FIX 18.3%
MTZ 12.3%
FY21
FIX 14.1%
MTZ 10.7%
FY22
FIX 21.8%
MTZ 2.4%
FY23
FIX 30.1%
MTZ 2.3%
FY24
FIX 50.2%
MTZ 7.0%
FY25
FIX 73.3%
MTZ 11.2%
FIX
MTZ
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.