COMFORT SYSTEMS USA INC FIX

Industrials SIC 1731 - Electrical Work NAICS Construction › Specialty Trade Contractors › Building Equipment Contractors › Electrical Contractors and Other Wiring Installation Contractors derived NYSE

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:

Last close 1,160.86 2026-10-23
Market cap $40.86B 2026-06-30 share count
52-week range 841.66 - 2,073.99

Valuation FY2025 figures against the last close

P/S4.5x
P/E40.2x
P/FCF39.6x
EV/EBITDA29.1x
Dividend yield0.2%
Diluted EPS28.88

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • New Construction
  • Existing Building Construction
  • Service Calls, Maintenance and Monitoring
  • Service Projects
Revenue by segment, 4 categories over 3 years. The same figures are in the table below. FY2025 New Construction, FY2025: 5.8B (63.2%) 63% New Construction Existing Building Construction, FY2025: 2.1B (23.3%) 23% Existing Building Construction Service Calls, Maintenance and Monitoring, FY2025: 661.6M (7.3%) 7% Service Projects, FY2025: 568.8M (6.2%) 6% FY2024 New Construction, FY2024: 4B (56.7%) 57% Existing Building Construction, FY2024: 1.9B (27.7%) 28% Service Calls, Maintenance and Monitoring, FY2024: 628.9M (8.9%) 9% Service Projects, FY2024: 468.9M (6.7%) 7% FY2023 New Construction, FY2023: 2.9B (54.8%) 55% Existing Building Construction, FY2023: 1.3B (25.7%) 26% Service Calls, Maintenance and Monitoring, FY2023: 570.3M (11.0%) 11% Service Projects, FY2023: 446.2M (8.6%) 9%
Segment FY2025FY2024FY2023
New Construction $5.75B $3.98B $2.85B
Existing Building Construction $2.12B $1.95B $1.34B
Service Calls, Maintenance and Monitoring $661.6M $628.9M $570.3M
Service Projects $568.8M $468.9M $446.2M

As the company reported it, from the “Revenue from Contracts with Customers - Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 28.9314.649.036.843.954.113.103.031.481.74
EPS, diluted 28.8814.609.016.823.934.093.083.001.471.72
Shares, diluted (wtd. avg.) 35.4M35.8M35.9M36.0M36.5M36.7M37.1M37.6M37.7M37.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2.5B 5B 7.5B 10B Revenue, FY2016: 1.6B Gross profit, FY2016: 344M Net income, FY2016: 64.9M Revenue, FY2017: 1.8B Gross profit, FY2017: 366.3M Net income, FY2017: 55.3M Revenue, FY2018: 2.2B Gross profit, FY2018: 446.3M Net income, FY2018: 112.9M Revenue, FY2019: 2.6B Gross profit, FY2019: 501.9M Net income, FY2019: 114.3M Revenue, FY2020: 2.9B Gross profit, FY2020: 547M Net income, FY2020: 150.1M Revenue, FY2021: 3.1B Gross profit, FY2021: 563.2M Net income, FY2021: 143.3M Revenue, FY2022: 4.1B Gross profit, FY2022: 741.6M Net income, FY2022: 245.9M Revenue, FY2023: 5.2B Gross profit, FY2023: 990.5M Net income, FY2023: 323.4M Revenue, FY2024: 7B Gross profit, FY2024: 1.5B Net income, FY2024: 522.4M Revenue, FY2025: 9.1B Gross profit, FY2025: 2.2B Net income, FY2025: 1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.63B $1.79B $2.18B $2.62B $2.86B $3.07B $4.14B $5.21B $7.03B $9.10B
Gross profit $344.0M $366.3M $446.3M $501.9M $547.0M $563.2M $741.6M $990.5M $1.48B $2.20B
Net income $64.9M $55.3M $112.9M $114.3M $150.1M $143.3M $245.9M $323.4M $522.4M $1.02B

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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