COMFORT SYSTEMS USA INC FIX
Comfort Systems USA, Inc., a Delaware corporation, was established in 1997. We provide mechanical and electrical contracting services. Our mechanical segment principally includes heating, ventilation and air conditioning ("HVAC"), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes installation and servicing of electrical systems. We build, install, maintain, repair and replace mechanical, electrical and plumbing ("MEP") systems through our 50 operating units with 190 locations in 142 cities throughout the United States.
We operate primarily in the commercial, industrial and institutional MEP markets and perform most of our services in manufacturing, healthcare, education, office, technology, retail and government facilities. Substantially all of our consolidated 2025 revenue was derived from commercial, industrial and institutional customers and multi-family residential projects. Approximately 63.2% of our revenue was attributable to installation services in newly constructed facilities and 36.8% was attributable to renovation, expansion, maintenance, repair and replacement services in existing buildings. Our consolidated 2025 revenue was derived from the following service industries:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.10B | $7.03B | $5.21B | $4.14B | $3.07B | $2.86B | $2.62B | $2.18B | $1.79B | $1.63B |
| Cost of revenue | $6.91B | $5.55B | $4.22B | $3.40B | $2.51B | $2.31B | $2.11B | $1.74B | $1.42B | $1.29B |
| Gross profit | $2.20B | $1.48B | $990.5M | $741.6M | $563.2M | $547.0M | $501.9M | $446.3M | $366.3M | $344.0M |
| SG&A | $883.3M | $730.1M | $574.4M | $489.3M | $376.3M | $357.8M | $340.0M | $297.0M | $266.6M | $243.2M |
| Operating income | $1.31B | $749.4M | $418.4M | $253.8M | $188.4M | $190.7M | $163.6M | $150.2M | $99.3M | $101.6M |
| Interest expense | $9.0M | $6.6M | $10.3M | $13.4M | $6.2M | $8.4M | $9.3M | $3.7M | $3.2M | $2.3M |
| Pre-tax income | $1.29B | $666.6M | $388.2M | $235.9M | $190.3M | $191.5M | $151.7M | $148.7M | $100.9M | $101.1M |
| Income tax | $270.9M | $144.1M | $64.8M | $10.1M | $46.9M | $41.4M | $37.4M | $35.8M | $45.7M | $36.2M |
| Net income | $1.02B | $522.4M | $323.4M | $245.9M | $143.3M | $150.1M | $114.3M | $112.9M | $55.3M | $64.9M |
| EPS, basic | 28.93 | 14.64 | 9.03 | 6.84 | 3.95 | 4.11 | 3.10 | 3.03 | 1.48 | 1.74 |
| EPS, diluted | 28.88 | 14.60 | 9.01 | 6.82 | 3.93 | 4.09 | 3.08 | 3.00 | 1.47 | 1.72 |
| Shares, diluted (wtd. avg.) | $35.4M | $35.8M | $35.9M | $36.0M | $36.5M | $36.7M | $37.1M | $37.6M | $37.7M | $37.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $981.9M | $549.9M | $205.2M | $57.2M | $58.8M | $54.9M | $50.8M | $45.6M | $36.5M | $32.1M |
| Receivables | — | — | — | — | — | — | — | — | $382.9M | $318.8M |
| Inventory | $84.1M | $59.2M | $65.5M | $35.3M | $21.9M | $13.5M | $10.1M | $12.4M | $10.3M | $9.2M |
| Total current assets | $4.11B | $2.79B | $1.91B | $1.31B | $1.03B | $811.9M | $790.2M | $609.7M | $489.4M | $416.0M |
| Property, plant and equipment | $388.0M | $277.2M | $208.6M | $143.9M | $128.6M | $117.2M | $109.8M | $99.6M | $87.6M | $68.2M |
| Goodwill | $1.03B | $875.3M | $666.8M | $611.8M | $592.1M | $464.4M | $332.4M | $235.2M | $200.6M | $149.2M |
| Other intangibles | $485.2M | $434.4M | $280.4M | $273.9M | $304.8M | $231.8M | $160.0M | $95.3M | $76.0M | $42.4M |
| Total assets | $6.44B | $4.71B | $3.31B | $2.60B | $2.21B | $1.76B | $1.51B | $1.06B | $881.1M | $708.9M |
| Accounts payable | $696.3M | $654.9M | $420.0M | $337.4M | $254.8M | $204.1M | $196.2M | $176.2M | $132.0M | $103.4M |
| Short-term debt | $6.2M | $6.0M | $4.9M | $9.0M | $2.8M | — | $20.8M | $3.3M | $613.0K | $600.0K |
| Total current liabilities | $3.39B | $2.58B | $1.72B | $1.17B | $836.6M | $692.9M | $608.0M | $467.1M | $373.7M | $317.7M |
| Long-term debt | $139.1M | $62.3M | $39.3M | $247.2M | $385.2M | $235.7M | $205.3M | $73.6M | $59.9M | $2.0M |
| Total liabilities | $3.99B | $3.01B | $2.03B | $1.60B | $1.40B | $1.06B | $919.7M | $564.5M | $463.2M | $332.3M |
| Retained earnings | $2.58B | $1.63B | $1.15B | $854.6M | $628.8M | $502.8M | $368.7M | $268.9M | $168.3M | $124.0M |
| Total equity | $2.45B | $1.70B | $1.28B | $999.9M | $805.7M | $696.4M | $585.3M | $498.0M | $417.9M | $376.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.19B | $849.1M | $639.6M | $301.5M | $180.2M | $286.5M | $142.0M | $147.2M | $114.1M | $91.2M |
| Depreciation and amortisation | $62.4M | $48.2M | $38.2M | $33.6M | $28.4M | $27.9M | $24.5M | $22.6M | $20.1M | $18.0M |
| Stock-based compensation | $21.8M | $16.6M | $12.9M | $10.5M | $10.6M | $6.9M | $5.9M | $7.2M | $6.4M | $5.0M |
| Capital expenditure | $154.9M | $111.1M | $94.8M | $48.4M | $22.3M | $24.1M | $31.8M | $27.3M | $35.5M | $23.2M |
| Investing cash flow | -$467.3M | -$343.5M | -$193.0M | -$97.2M | -$246.7M | -$207.8M | -$224.4M | -$95.7M | -$129.0M | -$79.3M |
| Financing cash flow | -$287.1M | -$160.8M | -$298.6M | -$205.9M | $70.5M | -$74.6M | $87.6M | -$42.4M | $19.3M | -$36.3M |
| Dividends paid | $68.8M | $42.8M | $30.4M | $20.1M | $17.4M | $15.5M | $14.5M | $12.3M | $11.0M | $10.3M |
| Buybacks | $216.0M | $57.9M | $21.2M | $38.2M | $27.1M | $30.1M | $19.6M | $28.5M | $9.0M | $13.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000245.
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