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.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 24.1% | 21.0% | 19.0% | 17.9% | 18.3% | 19.1% |
| Operating margin | 14.4% | 10.7% | 8.0% | 6.1% | 6.1% | 6.7% |
| EBITDA margin | 15.1% | 11.3% | 8.8% | 6.9% | 7.0% | 7.7% |
| Net margin | 11.2% | 7.4% | 6.2% | 5.9% | 4.7% | 5.3% |
| Free cash flow margin | 11.3% | 10.5% | 10.5% | 6.1% | 5.1% | 9.2% |
| FCF / Net income | 1.01 | 1.41 | 1.68 | 1.03 | 1.10 | 1.75 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 9.7% | 10.4% | 11.0% | 11.8% | 12.2% | 12.5% |
| Effective tax rate | 20.9% | 21.6% | 16.7% | -4.3% | 24.7% | 21.6% |
| Return on assets | 15.9% | 11.1% | 9.8% | 9.5% | 6.5% | 8.5% |
| Return on equity | 41.8% | 30.6% | 25.3% | 24.6% | 17.8% | 21.6% |
| Return on invested capital | 40.2% | 33.2% | 26.5% | 20.4% | 11.9% | 16.0% |
| Liquidity | ||||||
| Current ratio | 1.21 | 1.08 | 1.11 | 1.12 | 1.23 | 1.17 |
| Quick ratio | 1.19 | 1.06 | 1.07 | 1.09 | 1.20 | 1.15 |
| Cash ratio | 0.29 | 0.21 | 0.12 | 0.05 | 0.07 | 0.08 |
| Leverage | ||||||
| Debt / Equity | 0.06 | 0.04 | 0.03 | 0.25 | 0.48 | 0.34 |
| Debt / Assets | 0.02 | 0.01 | 0.01 | 0.10 | 0.17 | 0.13 |
| Debt / EBITDA | 0.10 | 0.08 | 0.09 | 0.86 | 1.78 | 1.08 |
| Interest coverage | 145.9x | 112.7x | 40.7x | 19.0x | 30.4x | 22.7x |
| Equity multiplier | 2.63 | 2.76 | 2.59 | 2.60 | 2.74 | 2.52 |
| Liabilities / Assets | 0.62 | 0.64 | 0.61 | 0.62 | 0.64 | 0.60 |
| Efficiency | ||||||
| Asset turnover | 1.41 | 1.49 | 1.58 | 1.59 | 1.39 | 1.63 |
| Inventory turnover | 82.15 | 93.73 | 64.33 | 96.26 | 114.88 | 171.44 |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | 4d | 4d | 6d | 4d | 3d | 2d |
| Days payable outstanding | 37d | 43d | 36d | 36d | 37d | 32d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 32.3x | 29.0x | 22.8x | 16.9x | 25.2x | 12.9x |
| P / B | 13.5x | 8.9x | 5.8x | 4.1x | 4.5x | 2.8x |
| P / S | 3.6x | 2.2x | 1.4x | 1.0x | 1.2x | 0.7x |
| EV / EBITDA | 23.4x | 18.4x | 15.8x | 15.1x | 18.2x | 9.7x |
| 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 totalMechanical 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 totalMechanical 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
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-date | Per 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 |