CoverageForm 410-K10-Q8-K13D13G13F

FIX · Comfort Systems USA Inc - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · FIX

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue$9.10B$7.03B$5.21B$4.14B$3.07B$2.86B
Cost of Revenue$6.91B$5.55B$4.22B$3.40B$2.51B$2.31B
Gross Profit$2.20B$1.48B$990.51M$741.61M$563.21M$546.98M
R&D------
SG&A$883.28M$730.07M$574.42M$489.34M$376.31M$357.78M
Total Operating Expenses------
D&A$62.40M$48.20M$38.20M$33.60M$27.90M$27.93M
Operating Income$1.31B$749.37M$418.39M$253.85M$188.44M$190.65M
Interest Expense$9.01M$6.65M$10.28M$13.35M$6.20M$8.38M
Income Tax$270.89M$144.13M$64.80M($10.09M)$46.93M$41.40M
Net Income$1.02B$522.43M$323.40M$245.95M$143.35M$150.14M
EPS - Basic$28.93$14.64$9.03$6.84$3.95$4.11
EPS - Diluted$28.88$14.60$9.01$6.82$3.93$4.09

Balance Sheet

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash & Equivalents$981.90M$549.94M$205.15M$57.21M$58.78M$54.90M
Accounts Receivable------
Inventory$84.07M$59.22M$65.54M$35.31M$21.85M$13.47M
Accounts Payable$696.35M$654.94M$419.96M$337.38M$254.79M$204.15M
Current Assets$4.11B$2.79B$1.91B$1.31B$1.03B$811.85M
Total Assets$6.44B$4.71B$3.31B$2.60B$2.21B$1.76B
Current Liabilities$3.39B$2.58B$1.72B$1.17B$836.55M$692.90M
Long-term Debt$139.06M$62.29M$39.34M$247.25M$385.24M$235.73M
Total Liabilities$3.99B$3.01B$2.03B$1.60B$1.40B$1.06B
Stockholders' Equity$2.45B$1.70B$1.28B$999.92M$805.67M$696.43M
Retained Earnings$2.58B$1.63B$1.15B$854.64M$628.77M$502.81M

Cash Flow

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Operating Cash Flow$1.19B$849.06M$639.57M$301.53M$180.15M$286.51M
Investing Cash Flow($467.27M)($343.51M)($193.01M)($97.18M)($246.72M)($207.80M)
Financing Cash Flow($287.13M)($160.76M)($298.62M)($205.91M)$70.45M($74.60M)
CapEx$154.90M$111.07M$94.84M$48.36M$22.33M$24.13M
Free Cash Flow$1.03B$737.99M$544.73M$253.17M$157.82M$262.38M

Ratios

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin24.1%21.0%19.0%17.9%18.3%19.1%
Operating margin14.4%10.7%8.0%6.1%6.1%6.7%
EBITDA margin15.1%11.3%8.8%6.9%7.0%7.7%
Net margin11.2%7.4%6.2%5.9%4.7%5.3%
Free cash flow margin11.3%10.5%10.5%6.1%5.1%9.2%
FCF / Net income1.011.411.681.031.101.75
R&D / Revenue------
SG&A / Revenue9.7%10.4%11.0%11.8%12.2%12.5%
Effective tax rate20.9%21.6%16.7%-4.3%24.7%21.6%
Return on assets15.9%11.1%9.8%9.5%6.5%8.5%
Return on equity41.8%30.6%25.3%24.6%17.8%21.6%
Return on invested capital40.2%33.2%26.5%20.4%11.9%16.0%
Liquidity
Current ratio1.211.081.111.121.231.17
Quick ratio1.191.061.071.091.201.15
Cash ratio0.290.210.120.050.070.08
Leverage
Debt / Equity0.060.040.030.250.480.34
Debt / Assets0.020.010.010.100.170.13
Debt / EBITDA0.100.080.090.861.781.08
Interest coverage145.9x112.7x40.7x19.0x30.4x22.7x
Equity multiplier2.632.762.592.602.742.52
Liabilities / Assets0.620.640.610.620.640.60
Efficiency
Asset turnover1.411.491.581.591.391.63
Inventory turnover82.1593.7364.3396.26114.88171.44
Days sales outstanding------
Days inventory outstanding4d4d6d4d3d2d
Days payable outstanding37d43d36d36d37d32d
Cash conversion cycle------
Valuation
P / E32.3x29.0x22.8x16.9x25.2x12.9x
P / B13.5x8.9x5.8x4.1x4.5x2.8x
P / S3.6x2.2x1.4x1.0x1.2x0.7x
EV / EBITDA23.4x18.4x15.8x15.1x18.2x9.7x
Growth
Revenue growth (YoY)29.5%35.0%25.8%34.7%7.6%9.2%
Revenue CAGR (3y)30.0%31.7%22.2%16.5%12.1%16.9%
Revenue CAGR (5y)26.1%21.9%19.0%18.3%13.5%12.6%
Gross profit growth (YoY)48.7%49.1%33.6%31.7%3.0%9.0%
Operating income growth (YoY)75.4%79.1%64.8%34.7%-1.2%16.5%
Net income growth (YoY)95.7%61.5%31.5%71.6%-4.5%31.3%
EPS growth (YoY)97.8%62.0%32.1%73.5%-3.9%32.8%
EPS CAGR (3y)61.8%54.9%30.1%30.3%9.4%40.6%
EPS CAGR (5y)47.8%36.5%24.6%35.9%18.0%25.8%
FCF growth (YoY)39.8%35.5%115.2%60.4%-39.8%137.9%
FCF CAGR (5y)31.5%46.3%35.3%26.3%18.3%27.8%
Book value growth (YoY)43.7%33.4%27.8%24.1%15.7%19.0%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$18.20B total
Mechanical Segment$6.67B · 36.7%
New Construction$5.75B · 31.6%
Electrical Segment$2.43B · 13.3%
Existing Building Construction$2.12B · 11.6%
Service Calls Maintenance And Monitoring$661.65M · 3.6%
Service Projects$568.85M · 3.1%

Product / service

$9.10B total
Mechanical Segment$6.67B · 73.3%
Electrical Segment$2.43B · 26.7%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

2.72
Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

7/9
Strong
  • Net income positive
  • Operating cash flow positive
  • ROA improved YoY
  • Cash flow > net income
  • Long-term debt decreased
  • Current ratio improved
  • No share dilution
  • Gross margin improved
  • Asset turnover improved

Peer comparison

Same SIC group: Electrical Work

CompanyRevenue (last FY)Net marginROE
EME$16.99B7.5%34.6%
PWR$28.48B3.6%11.5%
IESC$3.37B9.1%145.2%

Comparing COMFORT SYSTEMS USA INC against the 3 most active filers in the same SIC group.

Dividends

$2.60/share trailing 12 months · +73.3% YoY

Ex-datePer share
May 15, 2026$0.8000
Mar 6, 2026$0.7000
Nov 13, 2025$0.6000
Aug 14, 2025$0.5000
May 16, 2025$0.4500
Mar 10, 2025$0.4000
Nov 14, 2024$0.3500
Aug 12, 2024$0.3000
May 10, 2024$0.3000
Mar 7, 2024$0.2500
Nov 15, 2023$0.2500
Aug 16, 2023$0.2250
May 17, 2023$0.2000
Mar 9, 2023$0.1750
Nov 16, 2022$0.1500
Aug 17, 2022$0.1400
May 13, 2022$0.1400
Mar 10, 2022$0.1300
Nov 10, 2021$0.1300
Aug 12, 2021$0.1200
May 13, 2021$0.1150
Mar 11, 2021$0.1150
Nov 6, 2020$0.1100
Aug 13, 2020$0.1050