Comfort Systems USA, Inc. (FIX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$6.81	$10.5	+54.3%	—	$2.9B	—
Q4 25	$6.75	$9.37	+38.8%	—	$2.6B	—
Q3 25	$6.29	$8.25	+31.2%	—	$2.5B	—
Q2 25	$4.84	$6.53	+34.9%	—	$2.2B	—
Q1 25	$3.71	$4.75	+28.0%	—	$1.8B	—
Q4 24	$3.67	$4.08	+11.2%	—	$1.9B	—
Q3 24	$3.99	$4.09	+2.5%	—	$1.8B	—
Q2 24	$3.19	$3.74	+17.2%	—	$1.8B	—
Q1 24	$2.08	$2.69	+29.3%	—	$1.5B	—
Q4 23	$2.18	$2.55	+17.0%	—	$1.4B	—
Q3 23	$2.15	$2.74	+27.4%	—	$1.4B	—
Q2 23	$1.6	$1.93	+20.6%	—	$1.3B	—
Q1 23	$1.06	$1.51	+42.5%	—	$1.2B	—
Q4 22	$1.39	$1.54	+10.8%	—	$1.1B	—
Q3 22	$1.37	$1.67	+21.9%	—	$1.1B	—
Q2 22	$0.99	$1.17	+18.2%	—	$1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$28.9	—	—	$9.1B	—
FY24	—	$14.6	—	—	$7B	—
FY23	—	$9.03	—	—	$5.2B	—
FY22	—	$6.84	—	—	$4.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.6B	$1.8B	$2.2B	$2.6B	$2.9B	$3.1B	$4.1B	$5.2B	$7B	$9.1B
YoY change	+3.41%	+9.4%	+22.1%	+19.8%	+9.23%	+7.6%	+34.7%	+25.8%	+35%	+29.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.6B	1.8B	2.2B	2.6B	2.9B	3.1B	4.1B	5.2B	7B	9.1B
Cost of revenue	1.3B	1.4B	1.7B	2.1B	2.3B	2.5B	3.4B	4.2B	5.6B	6.9B
Gross profit	344M	366.3M	446.3M	501.9M	547M	563.2M	741.6M	990.5M	1.5B	2.2B
Gross margin	21%	20.5%	20.4%	19.2%	19.1%	18.3%	17.9%	19%	21%	24.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	243.2M	266.6M	297M	340M	357.8M	376.3M	489.3M	574.4M	730.1M	883.3M
Operating expenses	243.2M	266.6M	297M	340M	357.8M	376.3M	489.3M	574.4M	730.1M	883.3M
Operating income	100.8M	99.7M	149.3M	161.9M	189.2M	186.9M	252.3M	416.1M	746.3M	1.3B
Operating margin	6.17%	5.58%	6.84%	6.19%	6.62%	6.08%	6.09%	7.99%	10.6%	14.4%
Non-operating income, net	2.6M	4.3M	3M	-1.1M	10.6M	9.5M	-3.1M	-21.1M	-84.7M	-31.8M
Pretax income	101.1M	100.9M	148.7M	151.7M	191.5M	190.3M	235.9M	388.2M	666.6M	1.3B
Income tax	36.2M	45.7M	35.8M	37.4M	41.4M	46.9M	-10.1M	64.8M	144.1M	270.9M
Net income	64.9M	55.3M	112.9M	114.3M	150.1M	143.3M	245.9M	323.4M	522.4M	1B
Net margin	3.97%	3.09%	5.17%	4.37%	5.26%	4.66%	5.94%	6.21%	7.43%	11.2%
EBITDA	127.1M	137.3M	195.3M	213M	248.6M	254.8M	332.5M	499.9M	902.2M	1.5B
EPS	1.74	1.48	3.03	3.1	4.11	3.95	6.84	9.03	14.6	28.9
Diluted EPS	1.72	1.47	3	3.08	4.09	3.93	6.82	9.01	14.6	28.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.4B	1.4B	1.5B	1.8B	1.8B	1.9B	1.8B	2.2B	2.5B	2.6B	2.9B	3.3B
Cost of revenue	1.1B	1.1B	1.2B	1.4B	1.4B	1.4B	1.4B	1.7B	1.8B	2B	2.1B	2.4B
Gross profit	277.5M	279.7M	297.4M	363.6M	381.7M	433.7M	403.4M	509.9M	607.9M	674.7M	754.4M	844.2M
Gross margin	20.1%	20.6%	19.3%	20.1%	21.1%	23.2%	22%	23.5%	24.8%	25.5%	26.3%	25.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	142.9M	160M	162.7M	179.5M	180.2M	207.6M	194.9M	210.5M	229.6M	248.4M	269M	287M
Operating expenses	142.9M	160M	162.7M	179.5M	180.2M	207.6M	194.9M	210.5M	229.6M	248.4M	269M	287M
Operating income	134.6M	119.7M	134.6M	184.1M	201.5M	226.1M	208.5M	299.4M	378.3M	426.4M	485.4M	557.2M
Operating margin	9.76%	8.81%	8.76%	10.2%	11.1%	12.1%	11.4%	13.8%	15.4%	16.1%	16.9%	17.1%
Non-operating income, net	-8.2M	-8.6M	-11.6M	-14M	-15.8M	-43.4M	-3.2M	-4.2M	-11.2M	-13.2M	-9.6M	-552K
Pretax income	125.4M	111.7M	123.1M	169.7M	187.8M	186M	208M	296.5M	370.5M	418.5M	482.1M	566.2M
Income tax	20.3M	20.1M	26.7M	35.6M	41.6M	40.2M	38.7M	65.6M	78.8M	87.7M	111.8M	124.6M
Net income	105.1M	91.6M	96.3M	134M	146.2M	145.9M	169.3M	230.8M	291.6M	330.8M	370.4M	441.6M
Net margin	7.63%	6.75%	6.27%	7.4%	8.07%	7.81%	9.24%	10.6%	11.9%	12.5%	12.9%	13.5%
EBITDA	155.9M	141.1M	171.5M	224.1M	242.2M	264.4M	247M	336.4M	420.5M	470M	533.4M	612.3M
EPS	2.93	2.56	2.7	3.75	4.1	4.1	4.77	6.54	8.26	9.38	10.5	12.5
Diluted EPS	2.93	2.55	2.69	3.74	4.09	4.09	4.75	6.53	8.25	9.37	10.5	12.5

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.2B	1.6B	1.6B	1.8B	1.9B	3.6B	4.1B	7.4B	15.1B	33B	58.4B
Enterprise value	1.2B	1.6B	1.7B	2.1B	2.2B	4B	4.5B	7.4B	14.9B	32.5B	56.8B
Shares outstanding	37.3M	37.2M	37.2M	36.9M	36.5M	36.3M	35.9M	35.8M	35.7M	35.3M	35.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.2	29.4	14.4	16.1	12.8	25	16.8	22.8	29	32.3	40.8
P/S	0.76	0.91	0.74	0.7	0.67	1.17	1	1.41	2.15	3.62	5.2
P/B	3.3	3.89	3.26	3.14	2.76	4.46	4.14	5.76	8.88	13.5	18.1
EV/EBITDA	9.55	12	8.48	9.85	8.86	15.9	13.4	14.8	16.5	22	28.3
EV/Sales	0.74	0.92	0.76	0.8	0.77	1.32	1.08	1.42	2.12	3.57	5.05
Earnings yield	5.22%	3.4%	6.95%	6.22%	7.8%	3.99%	5.95%	4.39%	3.45%	3.1%	2.45%
FCF yield	5.47%	4.84%	7.38%	6%	13.6%	4.4%	6.12%	7.4%	4.88%	3.13%	3.16%
PEG	—	—	—	—	—	—	—	—	—	—	0.44

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	21%	20.5%	20.4%	19.2%	19.1%	18.3%	17.9%	19%	21%	24.1%	25.9%
Operating margin	6.17%	5.58%	6.84%	6.19%	6.62%	6.08%	6.09%	7.99%	10.6%	14.4%	17.1%
Net margin	3.97%	3.09%	5.17%	4.37%	5.26%	4.66%	5.94%	6.21%	7.43%	11.2%	12.8%
ROE	17.2%	13.2%	22.7%	19.5%	21.6%	17.8%	24.6%	25.3%	30.6%	41.8%	55.3%
ROA	9.15%	6.27%	10.6%	7.6%	8.54%	6.49%	9.47%	9.78%	11.1%	15.9%	17%
ROIC	18.6%	12.4%	21.4%	14.4%	15.2%	11.2%	18.9%	26.1%	40%	53.2%	85.3%
Return on tangible assets	19.9%	16.9%	28.1%	22%	41.1%	34.5%	29.8%	22.9%	25%	29.9%	27.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.31	1.31	1.31	1.3	1.17	1.23	1.12	1.11	1.08	1.21	1.21
Quick ratio	1.28	1.28	1.28	1.28	1.15	1.2	1.09	1.07	1.06	1.19	1.19
Debt / equity	0.01	0.14	0.15	0.53	0.48	0.64	0.39	0.2	0.18	0.2	0.11
Debt / assets	0	0.07	0.07	0.21	0.19	0.23	0.15	0.08	0.07	0.08	0.04
Net debt / EBITDA	-0.23	0.17	0.16	1.23	1.12	1.79	1	0.1	-0.27	-0.34	-0.75
Interest coverage	77.5	46.3	53.1	19	28.3	39.2	20.5	44.8	133	186.3	250.2
Effective tax rate	35.8%	45.2%	24.1%	24.7%	21.6%	24.7%	0%	16.7%	21.6%	20.9%	21.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	43.8	48	58.7	71	78.2	84.7	115.2	145.4	196.9	257.5	318.5
EPS (basic)	1.74	1.48	3.03	3.1	4.11	3.95	6.84	9.03	14.6	28.9	28.9
EPS (diluted)	1.72	1.47	3	3.08	4.09	3.93	6.82	9.01	14.6	28.9	40.6
Book value per share	10.1	11.2	13.4	15.9	19.1	22.2	27.8	35.7	47.8	69.3	91.5
FCF per share	1.82	2.11	3.22	2.99	7.18	4.35	7.05	15.2	20.7	29.2	61.3
Cash per share	0.86	0.98	1.23	1.38	1.5	1.62	1.59	5.73	15.4	27.8	54.3
Capex per share	0.59	0.92	0.69	0.8	0.6	0.53	1.27	2.48	2.96	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.36%	1.91%	1.17%	1.13%	0.77%	0.63%	1.1%	1.71%	1.5%	—	—
Capex / operating cash flow	22.6%	38.4%	26.6%	23.6%	7.91%	9.76%	19.5%	17.4%	12.4%	—	—
Payout ratio	15.8%	19.9%	10.9%	12.7%	10.3%	12.1%	8.16%	9.39%	8.19%	6.73%	6.4%
Dividend yield	0.83%	0.68%	0.75%	0.79%	0.81%	0.48%	0.49%	0.41%	0.28%	0.21%	0.22%

Yield

0.22%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.90

ex-dividend Aug 13, 2026

Payout ratio

of earnings

Dividend growth

13 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 13, 2026	$0.90
May 15, 2026	$0.80
Mar 6, 2026	$0.70

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.4B	$1.4B	$1.5B	$1.8B	$1.8B	$1.9B	$1.8B	$2.2B	$2.5B	$2.6B	$2.9B	$3.3B
YoY change	+23%	+21.5%	+30.8%	+39.6%	+31.5%	+37.6%	+19.1%	+20.1%	+35.2%	+41.7%	+56.5%	+50.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	32.1M	36.5M	45.6M	50.8M	54.9M	58.8M	57.2M	205.2M	549.9M	981.9M
Receivables	318.8M	382.9M	481.4M	619M	619.5M	773.7M	1B	1.3B	1.9B	2.6B
Inventory	9.2M	10.3M	12.4M	10.1M	13.5M	21.9M	35.3M	65.5M	59.2M	84.1M
Total current assets	416M	489.4M	609.7M	790.2M	811.9M	1B	1.3B	1.9B	2.8B	4.1B
Property, plant & equipment	33M	49.2M	46.1M	131.6M	142.3M	178.3M	194.3M	312.7M	377.6M	537.3M
Goodwill & intangibles	383.3M	553.3M	660.9M	984.8M	1.4B	1.8B	1.8B	1.9B	2.6B	3B
Total assets	708.9M	881.1M	1.1B	1.5B	1.8B	2.2B	2.6B	3.3B	4.7B	6.4B
Accounts payable	103.4M	132M	176.2M	196.2M	204.1M	254.8M	337.4M	420M	654.9M	696.3M
Short-term debt	763K	613K	3.3M	34.8M	16.6M	21.8M	30.2M	29.3M	34.2M	41.7M
Total current liabilities	317.7M	373.7M	467.1M	608M	692.9M	836.6M	1.2B	1.7B	2.6B	3.4B
Long-term debt	2M	59.9M	73.6M	278M	316.3M	492.9M	359M	227.5M	274.4M	441.7M
Total liabilities	332.3M	463.2M	564.5M	919.7M	1.1B	1.4B	1.6B	2B	3B	4B
Shareholders' equity	376.6M	417.9M	498M	585.3M	696.4M	805.7M	999.9M	1.3B	1.7B	2.4B
Total debt	2.8M	60.5M	76.9M	312.8M	332.9M	514.8M	389.1M	256.8M	308.6M	483.4M
Net debt	-29.3M	24M	31.3M	262.1M	278M	456M	331.9M	51.6M	-241.3M	-498.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	137.6M	205.2M	100.8M	199.4M	415.6M	549.9M	204.8M	331.7M	860.5M	981.9M	1.1B	1.9B
Receivables	1.3B	1.3B	1.6B	1.7B	1.7B	1.9B	1.7B	2.2B	2.3B	2.6B	2.8B	3.3B
Inventory	53.9M	65.5M	71.1M	63.8M	55.7M	59.2M	63M	70.7M	78.8M	84.1M	93.9M	104.8M
Total current assets	1.8B	1.9B	2B	2.3B	2.5B	2.8B	2.6B	3B	3.7B	4.1B	4.5B	5.8B
Property, plant & equipment	396M	312.7M	453.4M	467M	475.5M	377.6M	521.7M	537.7M	612.1M	537.3M	837.4M	953.5M
Goodwill & intangibles	1.8B	1.9B	2.7B	2.7B	2.7B	2.6B	2.7B	2.8B	2.7B	3B	3B	3.3B
Total assets	3.1B	3.3B	3.9B	4.2B	4.4B	4.7B	4.6B	5.1B	5.8B	6.4B	6.9B	8.5B
Accounts payable	441.1M	420M	557.9M	590.5M	603.5M	654.9M	560.7M	573.3M	665.1M	696.3M	719.6M	771.9M
Short-term debt	13.3M	29.3M	12.9M	17.7M	6M	34.2M	4.1M	11.7M	4.7M	41.7M	25K	215K
Total current liabilities	1.6B	1.7B	2.1B	2.3B	2.4B	2.6B	2.4B	2.7B	3B	3.4B	3.6B	4.8B
Long-term debt	225.4M	227.5M	286.7M	282.1M	270.6M	274.4M	274.1M	272M	389.4M	441.7M	339.1M	327.8M
Total liabilities	1.9B	2B	2.5B	2.7B	2.8B	3B	2.8B	3.1B	3.5B	4B	4.1B	5.3B
Shareholders' equity	1.2B	1.3B	1.4B	1.5B	1.6B	1.7B	1.8B	2B	2.2B	2.4B	2.8B	3.2B
Total debt	238.7M	256.8M	299.6M	299.8M	276.6M	308.6M	278.2M	283.6M	394.1M	483.4M	339.1M	328M
Net debt	101.1M	51.6M	198.8M	100.4M	-139M	-241.3M	73.4M	-48.1M	-466.5M	-498.5M	-711.1M	-1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	64.9M	55.3M	112.9M	114.3M	150.1M	143.3M	245.9M	323.4M	522.4M	1B
Depreciation & amortization	26.2M	37.5M	42.7M	51.6M	60.6M	68.9M	81.3M	81.6M	145.5M	142M
Stock-based compensation	5M	6.4M	7.2M	5.9M	6.9M	10.6M	10.5M	12.9M	16.6M	21.8M
Change in working capital	3.6M	-11M	-73.5M	-62.6M	58.6M	-43.2M	-36.9M	-51.9M	115.3M	23.7M
Operating cash flow	98.1M	88.9M	96.2M	125.2M	276.5M	196.9M	233.6M	511.6M	853M	1.2B
Capital expenditure	-22.2M	-34.1M	-25.6M	-29.6M	-21.9M	-19.2M	-45.5M	-88.9M	-105.5M	—
Investing cash flow	-158.6M	-257.9M	-95.7M	-224.4M	-207.8M	-246.7M	-97.2M	-193M	-343.5M	-316.1M
Dividends paid	-10.3M	-11M	-12.3M	-14.5M	-15.5M	-17.4M	-20.1M	-30.4M	-42.8M	-68.8M
Share repurchases	-13.1M	-9M	-28.5M	-19.6M	-30.1M	-27.1M	-38.2M	-21.2M	-57.9M	-216M
Financing cash flow	-47.8M	62.3M	-40.5M	213.2M	-34.7M	214.8M	-207M	-298.6M	-160.9M	-287.9M
Net change in cash	-108.4M	-106.7M	-40M	114M	33.9M	165M	-70.6M	19.9M	348.6M	582.4M
Free cash flow	68M	78.6M	119.9M	110.3M	262.4M	157.8M	253.2M	544.7M	738M	1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	105.1M	91.6M	96.3M	134M	146.2M	145.9M	169.3M	230.8M	291.6M	330.8M	370.4M	441.6M
Depreciation & amortization	20.4M	21.6M	35.2M	38.7M	36.8M	34.9M	34.1M	34.6M	35.6M	37.6M	39M	43.3M
Stock-based compensation	880K	3.8M	7.4M	2.7M	2M	4.5M	8M	4.2M	3.6M	6.1M	19.4M	9.2M
Change in working capital	-158.7M	122.3M	-112.6M	-168.7M	44.1M	-150.5M	-311.8M	-35.5M	86.3M	240.7M	-49M	611.3M
Operating cash flow	157M	234.1M	32.8M	9.7M	254.5M	53.1M	-86.7M	244.8M	553.3M	468.5M	388.8M	1.1B
Capital expenditure	-25.4M	-24.4M	-23.9M	-22.6M	-20.3M	-38.7M	-21.1M	-30.3M	—	—	—	—
Investing cash flow	-25.5M	-73.9M	-221.6M	-60.8M	-21.6M	-39.5M	-96.8M	-86.2M	-18.8M	-165.7M	-37.4M	-143.4M
Dividends paid	-8M	-8.9M	-8.9M	-10.7M	-10.7M	-12.4M	-14.2M	-15.9M	-17.6M	-21.2M	-24.6M	-28.2M
Share repurchases	-1.8M	-12.6M	-295K	-10.8M	-30.9M	-15.9M	-91.4M	-19.9M	-13.1M	-91.6M	-2.5M	-5.7M
Financing cash flow	-496.1M	-31.6M	-191.3M	-30.4M	-64.4M	-36.8M	-160.4M	-39.8M	28.2M	-115.9M	-136.9M	-51.3M
Net change in cash	-364.6M	128.6M	-380.2M	-81.5M	168.5M	-23.1M	-344M	118.8M	562.7M	186.9M	214.5M	944.7M
Free cash flow	185.8M	147.7M	121.6M	166.5M	280.1M	169.8M	-110.2M	221.2M	517.9M	402.4M	241.4M	998.1M

Comfort Systems USA, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement