NYSE: FIX
Comfort Systems USA
Industrials · Electrical Work
52-week range
$841.66$2,073.99
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$57.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.24B |
| FY2017, ended Dec 31, 2017 | $1.62B |
| FY2018, ended Dec 31, 2018 | $1.61B |
| FY2019, ended Dec 31, 2019 | $1.83B |
| FY2020, ended Dec 31, 2020 | $1.91B |
| FY2021, ended Dec 31, 2021 | $3.56B |
| FY2022, ended Dec 31, 2022 | $4.11B |
| FY2023, ended Dec 31, 2023 | $7.34B |
| FY2024, ended Dec 31, 2024 | $15.1B |
| FY2025, ended Dec 31, 2025 | $32.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $57.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.27B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.63B |
| FY2017, ended Dec 31, 2017 | $1.79B |
| FY2018, ended Dec 31, 2018 | $2.18B |
| FY2019, ended Dec 31, 2019 | $2.62B |
| FY2020, ended Dec 31, 2020 | $2.86B |
| FY2021, ended Dec 31, 2021 | $3.07B |
| FY2022, ended Dec 31, 2022 | $4.14B |
| FY2023, ended Dec 31, 2023 | $5.21B |
| FY2024, ended Dec 31, 2024 | $7.03B |
| FY2025, ended Dec 31, 2025 | $1.83B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.27B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $64.9M | $68.0M |
| FY2017, ended Dec 31, 2017 | $55.3M | $78.6M |
| FY2018, ended Dec 31, 2018 | $113M | $120M |
| FY2019, ended Dec 31, 2019 | $114M | $110M |
| FY2020, ended Dec 31, 2020 | $150M | $262M |
| FY2021, ended Dec 31, 2021 | $143M | $158M |
| FY2022, ended Dec 31, 2022 | $246M | $253M |
| FY2023, ended Dec 31, 2023 | $323M | $545M |
| FY2024, ended Dec 31, 2024 | $522M | $738M |
| FY2025, ended Dec 31, 2025 | $1.02B | $1.03B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.63B | $2.44B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.16B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $32.1M |
| FY2017, ended Dec 31, 2017 | $36.5M |
| FY2018, ended Dec 31, 2018 | $45.6M |
| FY2019, ended Dec 31, 2019 | $50.8M |
| FY2020, ended Dec 31, 2020 | $54.9M |
| FY2021, ended Dec 31, 2021 | $58.8M |
| FY2022, ended Dec 31, 2022 | $57.2M |
| FY2023, ended Dec 31, 2023 | $205M |
| FY2024, ended Dec 31, 2024 | $550M |
| FY2025, ended Dec 31, 2025 | $982M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.16B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$49.6M
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.56M |
| FY2017, ended Dec 31, 2017 | $59.9M |
| FY2018, ended Dec 31, 2018 | $76.9M |
| FY2019, ended Dec 31, 2019 | $226M |
| FY2020, ended Dec 31, 2020 | $236M |
| FY2021, ended Dec 31, 2021 | $388M |
| FY2022, ended Dec 31, 2022 | $256M |
| FY2023, ended Dec 31, 2023 | $44.2M |
| FY2024, ended Dec 31, 2024 | $68.3M |
| FY2025, ended Dec 31, 2025 | $145M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $49.6M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 6.0% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.35.0M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 37.2M |
| FY2017, ended Dec 31, 2017 | 37.2M |
| FY2018, ended Dec 31, 2018 | 36.9M |
| FY2019, ended Dec 31, 2019 | 36.6M |
| FY2020, ended Dec 31, 2020 | 36.2M |
| FY2021, ended Dec 31, 2021 | 36.0M |
| FY2022, ended Dec 31, 2022 | 35.7M |
| FY2023, ended Dec 31, 2023 | 35.7M |
| FY2024, ended Dec 31, 2024 | 35.6M |
| FY2025, ended Dec 31, 2025 | 35.2M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 35.0M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $400M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $13.1M | $5.04M |
| FY2017, ended Dec 31, 2017 | $9.01M | $6.38M |
| FY2018, ended Dec 31, 2018 | $28.5M | $7.16M |
| FY2019, ended Dec 31, 2019 | $19.6M | $5.88M |
| FY2020, ended Dec 31, 2020 | $30.1M | $6.93M |
| FY2021, ended Dec 31, 2021 | $27.1M | $10.6M |
| FY2022, ended Dec 31, 2022 | $38.2M | $10.5M |
| FY2023, ended Dec 31, 2023 | $21.2M | $12.9M |
| FY2024, ended Dec 31, 2024 | $57.9M | $16.6M |
| FY2025, ended Dec 31, 2025 | $216M | $21.8M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $438M | $37.3M |
Revenue (TTM)
$5.27B
−36.6% YoY
Net income (TTM)
$1.63B
+94.8% YoY
Cash
$2.16B
+151% YoY
Total debt
$49.6M
−63.6% YoY
Valuation
At current price- Market Cap
- $43.1B
- P/E
- 26.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 8.2×
- Price / Book
- 12.9×
- EV / EBITDA
- 39.1×
Growth
Trailing 12 months- Revenue (TTM)
- $5.27B
- Revenue Growth YoY
- −36.6%
- Revenue CAGR 3Y
- −23.8%
- Revenue CAGR 5Y
- −8.5%
- EPS Growth YoY
- 96.2%
- Net Income Growth YoY
- 94.8%
Profitability
Trailing 12 months- Gross Margin
- 26.8%
- Operating Margin
- 18.8%
- Net Margin
- 30.9%
- FCF Margin
- 46.3%
- Return on Equity
- 58.6%
Earnings
Trailing 12 months- Net Income
- $1.63B
- EPS (diluted)
- $46.30
- EBITDA
- $1.05B
- Operating Income
- $990M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.16B
- Total Debt
- $49.6M
- Net Cash
- $2.11B
- Total Assets
- $9.81B
- Total Liabilities
- $6.47B
- Shareholders' Equity
- $3.34B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.01B
- Capital Expenditure
- $566M
- Free Cash Flow
- $2.44B
Dividends and risk
Last 12 months- Dividend Yield
- 0.2%
- Dividend / Share
- $3.00
- Beta (5Y)
- 1.64
Every ratio is calculated from the company’s reported figures.
Watch
Revenue fell 36.6% over the last year, to $5.27B.
Strength
Operating margin widened 5.4 pts in a year, to 18.8%.
Strength
Holds more cash than debt, with $2.11B in net cash.
Strength
Turns 46.3% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 22, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K74Good news
74Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 19, 2026 · Read the filing on EDGAR
- Revenue rose 29.5% to $9.10 billion. Existing businesses grew 26.1%, driven mostly by data center and other technology work.
- Operating income rose 75% to $1.31 billion and net income nearly doubled to $1.02 billion, as gross margin widened to 24.1%.
- Backlog nearly doubled to a record $11.94 billion, and free cash flow rose to $1.04 billion.
- The company borrowed $100 million on its credit line, which was enlarged to $1.1 billion, and bought back $218 million of its own stock.
Business momentum
Strong improvement
“Revenue increased $2.07 billion, or 29.5%, to $9.10 billion in 2025 compared to 2024.”
Outlook
Positive
“Considering our substantial advance bookings, we anticipate high ongoing demand leading to solid earnings in 2026.”
Financial stress
Low
“As of December 31, 2025, we had $100.0 million of outstanding borrowings on the revolving credit facility, $79.0 million in letters of credit outstanding and $921.0 million of credit available.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Record backlog nearly doubled
“a 99.3% increase from December 31, 2024 backlog of $5.99 billion”
Much wider profit margins
“As a percentage of revenue, gross profit increased from 21.0% in 2024 to 24.1% in 2025”
Free cash flow topped $1 billion
“We have generated positive free cash flow in each of the last 27 calendar years and will continue our emphasis in this area.”
Concerns
One customer brings in about an eighth of revenue
“For example, in 2025, one customer represented approximately 12.8% of our consolidated revenue.”
Rising labor costs and supply delays continue
“We anticipate that cost pressures and intermittent delays in our supply chain will persist over the next several quarters.”
Heavy reliance on the technology sector
“The increase in demand has been especially strong in the technology sector, particularly for data centers.”
New risks since the previous report
Growth heavily concentrated in a few Texas and North Carolina operations
“The same-store revenue increase primarily resulted from an increase in activity in the technology sector at our Texas electrical operation ($649.3 million).”
Strain from a backlog that nearly doubled
“Further, we may undertake contractual commitments that exceed our labor, managerial or other resources, which could have a material adverse effect on our business”
Biggest risks named
- Cost overruns on fixed-price contracts
- Dependence on a few large technology and data center customers
- Skilled labor shortages and rising labor costs
- Backlog cancellations or downturn in nonresidential construction
- Strain of fast growth and integrating acquisitions
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1 | |
| Score | 74 | |
Written by AI (Claude Opus 5.5) from the report’s text. 11 of 11 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 22, 2026 | Pro | |||
| 10-K | Feb 19, 2026 | 74 | Strong improvement | None | |
| 10-K | Feb 20, 2025 | 75 | Strong improvement | 1 minor | |
| 10-K | Feb 22, 2024 | 75 | Strong improvement | None | |
| 10-K | Feb 22, 2023 | 76 | Strong improvement | None | |
| 10-K | Feb 23, 2022 | 68 | Improving | 1 minor | |
| 10-K | Feb 25, 2021 | 60 | Improving | None | |
| 10-K | Feb 26, 2020 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 21, 2019 | 76 | Strong improvement | None | |
| 10-K | Feb 22, 2018 | 61 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 22, 2026. View filings on SEC EDGAR