Overview
COMFORT SYSTEMS USA INC
Latest 10-K: FY2025, filed Feb 19, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $9.10B
- 29.5%YoYup from FY2024
- TotalRevenue
- Gross profit
- $2.20B
- 48.7%YoYup from FY2024
- GrossProfit
- Operating income
- $1.31B
- 75.4%YoYup from FY2024
- OperatingIncome
- Net income
- $1.02B
- 95.7%YoYup from FY2024
- NetIncome
- Diluted EPS
- $28.88
- 97.8%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 35.4M
- 1.0%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- COMFORT SYSTEMS USA INC reported revenue of $9.10B for fiscal 2025, up 29.5% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 4 of the last 5 fiscal years.
Profitability
- Operating margin was 14.4% and net margin was 11.2%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $28.88, up 97.8% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $9.10B29.5%up Benchmark median 6.4% | $7.03B35.0%up Benchmark median 4.5% | $5.21B25.8%up Benchmark median 4.8% | $4.14B34.7%up Benchmark median 10.3% | $3.07B7.6%up Benchmark median 13.8% | 31.2% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $2.20B48.7%up Benchmark median 6.8% | $1.48B49.1%up Benchmark median 5.5% | $0.99B33.6%up Benchmark median 5.2% | $0.74B31.7%up Benchmark median 8.3% | $0.56B3.0%up Benchmark median 15.7% | 40.5% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.31B75.4%up Benchmark median 7.3% | $0.75B79.1%up Benchmark median 7.4% | $0.42B64.8%up Benchmark median 4.9% | $0.25B34.7%up Benchmark median 7.5% | $0.19B1.2%down Benchmark median 23.5% | 62.5% Benchmark median 7.2% |
| Net Income | $1.02B95.7%up Benchmark median 4.8% | $0.52B61.5%up Benchmark median 5.7% | $0.32B31.5%up Benchmark median 1.9% | $0.25B71.6%up Benchmark median 1.3% | $0.14B4.5%down Benchmark median 33.9% | 63.4% Benchmark median 4.1% |
| EPS (Diluted) | $28.8897.8%up Benchmark median 6.2% | $14.6062.0%up Benchmark median 7.9% | $9.0132.1%up Benchmark median 1.9% | $6.8273.5%up Benchmark median 1.5% | $3.933.9%down Benchmark median 34.8% | 64.6% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $6.44B36.7%up Benchmark median 5.6% | $4.71B42.5%up Benchmark median 3.4% | $3.31B27.3%up Benchmark median 4.1% | $2.60B17.6%up Benchmark median 2.2% | $2.21B25.7%up Benchmark median 6.7% | 30.7% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $3.99B32.8%up Benchmark median 6.4% | $3.01B48.3%up Benchmark median 1.9% | $2.03B26.9%up Benchmark median 2.9% | $1.60B13.8%up Benchmark median 2.0% | $1.40B32.3%up Benchmark median 5.2% | 29.9% Benchmark median 4.4% |
| Stockholders' Equity | $2.45B43.7%up Benchmark median 6.8% | $1.70B33.4%up Benchmark median 5.4% | $1.28B27.8%up Benchmark median 7.3% | $1.00B24.1%up Benchmark median 2.5% | $0.81B15.7%up Benchmark median 9.0% | 32.0% Benchmark median 6.1% |
| Cash & Equivalents | $981.90M78.5%up Benchmark median 5.2% | $549.94M168.1%up Benchmark median 1.9% | $205.15M258.6%up Benchmark median 6.7% | $57.21M2.7%down Benchmark median -8.6% | $58.78M7.1%up Benchmark median -2.9% | 102.2% Benchmark median 2.0% |
| Total Debt | $145.23M112.5%up Benchmark median 2.1% | $68.33M54.6%up Benchmark median 0.2% | $44.21M82.7%down Benchmark median 0.3% | $256.25M34.0%down Benchmark median 0.1% | $388.03M64.4%up Benchmark median -0.1% | -21.8% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.19B39.7%up Benchmark median 6.3% | $0.85B32.8%up Benchmark median 4.8% | $0.64B112.1%up Benchmark median 9.9% | $0.30B67.4%up Benchmark median -0.7% | $0.18B37.1%down Benchmark median 10.7% | 60.2% Benchmark median 7.0% |
| Capital Expenditures | $154.90M39.5%up Benchmark median 5.4% | $111.07M17.1%up Benchmark median 2.8% | $94.84M96.1%up Benchmark median 11.3% | $48.36M116.6%up Benchmark median 14.0% | $22.33M7.5%down Benchmark median 8.1% | 62.3% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $1.03B39.8%up Benchmark median 7.3% | $0.74B35.5%up Benchmark median 6.1% | $0.54B115.2%up Benchmark median 8.8% | $0.25B60.4%up Benchmark median -11.3% | $0.16B39.8%down Benchmark median 10.2% | 59.9% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
3.1%
Wall Street
on net earnings
FY2024 3.4%
3.1%
Value investor
on free cash flow
FY2024 4.9%
Gap Same: Both views read the same
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 32.3×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
4.3%
Wall Street
on EBITDA
FY2024 5.8%
24.8%
Value investor
on EBIT
FY2024 5.1%
Gap +20.5 pts: Value-investor figure 20.5 points higher
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 23.1×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
7.4%
Wall Street
on book equity
FY2024 11.2%
2.8%
Value investor
on tangible book
FY2024 2.6%
Gap −4.6 pts: Value-investor figure 4.6 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 13.5×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
49.2%
Wall Street
ROE: net income ÷ equity
FY2024 35.0%
6.6%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 36.9%
Gap −42.6 pts: Value-investor figure 42.6 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
2.5%
Wall Street
EBITDA margin
FY2024 12.0%
11.3%
Value investor
Free-cash-flow margin
FY2024 10.5%
Gap +8.8 pts: Value-investor figure 8.8 points higher
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.21×
Wall Street
Current ratio
FY2024 1.08×
1.19×
Value investor
Quick ratio, inventory excluded
FY2024 1.06×
Gap −0.02×: Value-investor figure 0.02 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
1.58×
Wall Street
EBITDA ÷ total debt
FY2024 12.39×
7.10×
Value investor
FCF ÷ total debt
FY2024 10.80×
Gap +5.52×: Value-investor figure 5.52 higher
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
25.4×
Wall Street
EBITDA ÷ interest
FY2024 127.4×
23.2×
Value investor
EBIT ÷ interest
FY2024 112.7×
Gap −2.2×: Value-investor figure 2.2 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on FIX yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on FIX and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/FIX
Valuein. (2026, October 31). COMFORT SYSTEMS USA INC (FIX) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/FIX
@misc{valuein_fix_2026,
author = {{Valuein}},
title = {COMFORT SYSTEMS USA INC (FIX) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/FIX}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 19, 2026 · accession 0001104659-26-017530
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point-in-time · survivorship-free · every number traceable to its SEC filing
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