Comfort Systems USA, Inc. (FIX) 10-Year Financial Performance & Capital Metrics

FIX • • Industrial / General

IndustrialsEngineering & ConstructionElectrical & Mechanical ContractingHVAC & Energy Services

AboutComfort Systems USA, Inc. provides mechanical and electrical installation, renovation, maintenance, repair, and replacement services for the mechanical and electrical services industry in the United States. It engages in the design, engineering, integration, installation, and start-up of mechanical, electrical, and plumbing (MEP) systems; and renovation, expansion, maintenance, monitoring, repair, and replacement of existing buildings. The company offers its services for heating, ventilation, and air conditioning (HVAC) systems, as well as plumbing, piping and controls, off-site construction, electrical, monitoring, and fire protection. It serves building owners and developers, general contractors, architects, consulting engineers, and property managers in the commercial, industrial, and institutional MEP markets. Comfort Systems USA, Inc. was founded in 1917 and is headquartered in Houston, Texas.Show more

Revenue $7.03B +35.0%
EBITDA $895M +79.0%
Net Income $522M +61.5%
EPS (Diluted) 14.60 +62.0%
Gross Margin 21.01% +10.4%
EBITDA Margin 12.73% +32.6%
Operating Margin 10.66% +32.7%
Net Margin 7.43% +19.7%
ROE 35.03% +23.4%
ROIC 40.25% +70.7%
Debt/Equity 0.18 -9.9%
Interest Coverage 112.72 +177.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.2%
✓Strong 5Y profit CAGR of 35.5%
✓Strong Piotroski F-Score: 7/9
✓19 consecutive years of dividend growth
✓Momentum leader: RS Rating 90 (top 10%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Expensive at 22.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.42%

5Y21.86%

3Y31.74%

TTM27.71%

Profit (Net Income) CAGR

10Y36.62%

5Y35.51%

3Y53.89%

TTM78.92%

EPS CAGR

10Y37.37%

5Y36.51%

3Y54.88%

TTM80.72%

ROCE

10Y Avg24.2%

5Y Avg24.24%

3Y Avg28.77%

Latest40.37%

Peer Comparison

HVAC & Energy Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LGNLegence Corp. Class A Common stock	2.83B	46.31	484.92	29.94%	0.46%		0.36%
FIXComfort Systems USA, Inc.	38.48B	1091.04	74.73	34.97%	10.06%	37.5%	1.92%	0.18
LMBLimbach Holdings, Inc.	1.01B	86.67	33.72	0.47%	6.06%	20.16%	2.9%	0.32
WXMWF International Limited Ordinary Shares	5.22M	0.61	4.65	1.4%	6.2%	25.91%	11.96%	0.58
BLNKBlink Charging Co.	122.89M	0.87	-0.44	-11.16%	-118.72%	-139.09%		0.09
BNCCEA Industries Inc. Common Stock	262.62M	5.96	-1.41	-59.43%	220.3%	0.06%		0.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.58B	1.63B	1.79B	2.18B	2.62B	2.86B	3.07B	4.14B	5.21B	7.03B
Revenue Growth %	0.12%	0.03%	0.09%	0.22%	0.2%	0.09%	0.08%	0.35%	0.26%	0.35%
Cost of Goods Sold+	1.26B	1.29B	1.42B	1.74B	2.11B	2.31B	2.51B	3.4B	4.22B	5.55B
COGS % of Revenue	0.8%	0.79%	0.8%	0.8%	0.81%	0.81%	0.82%	0.82%	0.81%	0.79%
Gross Profit+	318.13M	344.01M	366.28M	446.28M	501.94M	546.98M	563.21M	741.61M	990.51M	1.48B
Gross Margin %	0.2%	0.21%	0.2%	0.2%	0.19%	0.19%	0.18%	0.18%	0.19%	0.21%
Gross Profit Growth %	0.27%	0.08%	0.06%	0.22%	0.12%	0.09%	0.03%	0.32%	0.34%	0.49%
Operating Expenses+	228.09M	242.44M	267.02M	296.04M	338.3M	356.33M	374.77M	487.76M	572.12M	727.04M
OpEx % of Revenue	0.14%	0.15%	0.15%	0.14%	0.13%	0.12%	0.12%	0.12%	0.11%	0.1%
Selling, General & Admin	228.97M	243.2M	266.59M	296.99M	340M	357.78M	376.31M	489.34M	574.42M	730.07M
SG&A % of Revenue	0.14%	0.15%	0.15%	0.14%	0.13%	0.13%	0.12%	0.12%	0.11%	0.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-880K	-761K	435K	-945K	-1.7M	-1.45M	-1.54M	-1.58M	-2.3M	-3.03M
Operating Income+	90.04M	101.57M	99.26M	150.24M	163.64M	190.65M	188.44M	253.85M	418.39M	749.37M
Operating Margin %	0.06%	0.06%	0.06%	0.07%	0.06%	0.07%	0.06%	0.06%	0.08%	0.11%
Operating Income Growth %	1.13%	0.13%	-0.02%	0.51%	0.09%	0.17%	-0.01%	0.35%	0.65%	0.79%
EBITDA+	113.46M	127.73M	136.72M	192.93M	215.21M	251.28M	257.38M	335.2M	499.95M	894.85M
EBITDA Margin %	0.07%	0.08%	0.08%	0.09%	0.08%	0.09%	0.08%	0.08%	0.1%	0.13%
EBITDA Growth %	0.79%	0.13%	0.07%	0.41%	0.12%	0.17%	0.02%	0.3%	0.49%	0.79%
D&A (Non-Cash Add-back)	23.42M	26.17M	37.46M	42.69M	51.57M	60.63M	68.94M	81.35M	81.57M	145.49M
EBIT	89.38M	102.38M	103.17M	151.53M	160.16M	198.55M	195.25M	247.96M	397.07M	671.61M
Net Interest Income+	-1.68M	-2.34M	-3.09M	-3.64M	-9.09M	-7.94M	-5.67M	-13.64M	-6.79M	4.91M
Interest Income	72K	9K	70K	73K	224K	103K	24K	46K	3.49M	11.55M
Interest Expense	1.75M	2.35M	3.16M	3.71M	9.32M	8.04M	5.7M	13.68M	10.28M	6.65M
Other Income/Expense	-1.38M	-508K	1.68M	-1.56M	-11.9M	889K	1.84M	-17.99M	-30.19M	-82.81M
Pretax Income+	88.66M	101.06M	100.94M	148.68M	151.74M	191.54M	190.27M	235.86M	388.19M	666.56M
Pretax Margin %	0.06%	0.06%	0.06%	0.07%	0.06%	0.07%	0.06%	0.06%	0.07%	0.09%
Income Tax+	31.22M	36.16M	45.67M	35.77M	37.42M	41.4M	46.93M	-10.09M	64.8M	144.13M
Effective Tax Rate %	0.56%	0.64%	0.55%	0.76%	0.75%	0.78%	0.75%	1.04%	0.83%	0.78%
Net Income+	49.36M	64.9M	55.27M	112.9M	114.32M	150.14M	143.35M	245.95M	323.4M	522.43M
Net Margin %	0.03%	0.04%	0.03%	0.05%	0.04%	0.05%	0.05%	0.06%	0.06%	0.07%
Net Income Growth %	1.14%	0.31%	-0.15%	1.04%	0.01%	0.31%	-0.05%	0.72%	0.31%	0.62%
Net Income (Continuing)	57.44M	64.9M	55.27M	112.9M	114.32M	150.14M	143.35M	245.95M	323.4M	522.43M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	18.28M	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.30	1.72	1.47	3.00	3.08	4.09	3.93	6.82	9.01	14.60
EPS Growth %	1.13%	0.32%	-0.15%	1.04%	0.03%	0.33%	-0.04%	0.74%	0.32%	0.62%
EPS (Basic)	1.32	1.74	1.48	3.03	3.10	4.11	3.95	6.84	9.03	14.64
Diluted Shares Outstanding	37.87M	37.81M	37.67M	37.59M	37.13M	36.74M	36.45M	36.05M	35.9M	35.77M
Basic Shares Outstanding	37.44M	37.34M	37.24M	37.2M	36.85M	36.54M	36.28M	35.93M	35.8M	35.69M
Dividend Payout Ratio	0.19%	0.16%	0.2%	0.11%	0.13%	0.1%	0.12%	0.08%	0.09%	0.08%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	424.27M	415.96M	489.36M	609.7M	790.18M	811.85M	1.03B	1.31B	1.91B	2.79B
Cash & Short-Term Investments	56.46M	32.07M	36.54M	45.62M	50.79M	54.9M	58.78M	57.21M	205.15M	549.94M
Cash Only	56.46M	32.07M	36.54M	45.62M	50.79M	54.9M	58.78M	57.21M	205.15M	549.94M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	354.03M	368.57M	434.22M	545.12M	714.95M	727.97M	922.99M	1.17B	1.59B	2.13B
Days Sales Outstanding	81.76	82.31	88.64	91.15	99.78	93.01	109.61	102.85	111.19	110.88
Inventory	7.94M	9.21M	10.3M	12.42M	10.05M	13.47M	21.85M	35.31M	65.54M	59.22M
Days Inventory Outstanding	2.3	2.6	2.65	2.61	1.74	2.13	3.18	3.79	5.67	3.89
Other Current Assets	0	0	0	0	0	0	0	48.46M	54.31M	46.21M
Total Non-Current Assets+	267.32M	292.95M	391.76M	452.86M	714.83M	945.5M	1.18B	1.29B	1.39B	1.92B
Property, Plant & Equipment	60.81M	68.19M	87.59M	99.62M	193.87M	211.93M	253.31M	274.62M	414.28M	506.29M
Fixed Asset Turnover	25.99x	23.97x	20.41x	21.91x	13.49x	13.48x	12.13x	15.08x	12.57x	13.88x
Goodwill	143.87M	149.21M	200.58M	235.18M	332.45M	464.39M	592.11M	611.79M	666.83M	875.27M
Intangible Assets	41.08M	42.44M	76.04M	95.28M	159.97M	231.81M	304.78M	273.9M	280.4M	434.42M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	5.28M	5.94M	4.58M	5.16M	6.62M	7.97M	8.68M	13.84M	15.24M	19.43M
Total Assets+	691.59M	708.9M	881.12M	1.06B	1.51B	1.76B	2.21B	2.6B	3.31B	4.71B
Asset Turnover	2.29x	2.31x	2.03x	2.05x	1.74x	1.63x	1.39x	1.59x	1.58x	1.49x
Asset Growth %	0.04%	0.03%	0.24%	0.21%	0.42%	0.17%	0.26%	0.18%	0.27%	0.43%
Total Current Liabilities+	305.39M	317.68M	373.73M	467.06M	608M	692.9M	836.55M	1.17B	1.72B	2.58B
Accounts Payable	106.68M	103.44M	132.01M	176.17M	196.19M	204.15M	254.79M	337.38M	419.96M	654.94M
Days Payables Outstanding	30.85	29.26	33.89	37.03	33.89	32.26	37.04	36.23	36.36	43.06
Short-Term Debt	500K	600K	613K	3.28M	20.82M	0	2.79M	9M	4.87M	6.04M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	69.25M	80.77M	89.92M	104.37M	152.38M	177.41M	194.79M	208.91M	273.7M	408.69M
Current Ratio	1.39x	1.31x	1.31x	1.31x	1.30x	1.17x	1.23x	1.12x	1.11x	1.08x
Quick Ratio	1.36x	1.28x	1.28x	1.28x	1.28x	1.15x	1.20x	1.09x	1.07x	1.06x
Cash Conversion Cycle	53.21	55.66	57.4	56.73	67.63	62.88	75.74	70.41	80.51	71.71
Total Non-Current Liabilities+	21.2M	14.59M	89.45M	97.46M	311.71M	368.02M	566.89M	426.75M	306.55M	423.64M
Long-Term Debt	10.5M	1.96M	59.93M	73.64M	205.32M	235.73M	385.24M	247.25M	39.34M	62.29M
Capital Lease Obligations	256K	93K	0	0	72.7M	80.58M	107.7M	111.74M	188.14M	212.11M
Deferred Tax Liabilities	1.81M	2.29M	2.26M	1.39M	1.43M	1.34M	1.75M	0	1.12M	2.23M
Other Non-Current Liabilities	8.63M	10.25M	27.26M	22.43M	32.27M	50.37M	72.21M	67.76M	77.94M	147.02M
Total Liabilities	326.59M	332.27M	463.18M	564.52M	919.71M	1.06B	1.4B	1.6B	2.03B	3.01B
Total Debt+	11.51M	2.81M	60.54M	76.92M	312.85M	332.89M	514.78M	389.14M	256.77M	308.6M
Net Debt	-44.96M	-29.26M	24M	31.3M	262.06M	278M	456M	331.93M	51.62M	-241.34M
Debt / Equity	0.03x	0.01x	0.14x	0.15x	0.53x	0.48x	0.64x	0.39x	0.20x	0.18x
Debt / EBITDA	0.10x	0.02x	0.44x	0.40x	1.45x	1.32x	2.00x	1.16x	0.51x	0.34x
Net Debt / EBITDA	-0.40x	-0.23x	0.18x	0.16x	1.22x	1.11x	1.77x	0.99x	0.10x	-0.27x
Interest Coverage	51.37x	43.31x	31.45x	40.50x	17.56x	23.70x	33.08x	18.55x	40.70x	112.72x
Total Equity+	365M	376.63M	417.94M	498.05M	585.3M	696.43M	805.67M	999.92M	1.28B	1.7B
Equity Growth %	0.14%	0.03%	0.11%	0.19%	0.18%	0.19%	0.16%	0.24%	0.28%	0.33%
Book Value per Share	9.64	9.96	11.09	13.25	15.76	18.96	22.10	27.74	35.60	47.65
Total Shareholders' Equity	346.72M	376.63M	417.94M	498.05M	585.3M	696.43M	805.67M	999.92M	1.28B	1.7B
Common Stock	411K	411K	411K	411K	411K	411K	411K	411K	411K	411K
Retained Earnings	69.39M	123.98M	168.27M	268.9M	368.69M	502.81M	628.77M	854.64M	1.15B	1.63B
Treasury Stock	-46.84M	-57.39M	-63.52M	-87.75M	-103.96M	-129.24M	-150.58M	-187.21M	-209.81M	-273.8M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	18.28M	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	97.87M	91.19M	114.09M	147.19M	142.03M	286.51M	180.15M	301.53M	639.57M	849.06M
Operating CF Margin %	0.06%	0.06%	0.06%	0.07%	0.05%	0.1%	0.06%	0.07%	0.12%	0.12%
Operating CF Growth %	1.3%	-0.07%	0.25%	0.29%	-0.04%	1.02%	-0.37%	0.67%	1.12%	0.33%
Net Income	57.44M	64.9M	55.27M	112.9M	114.32M	150.14M	143.35M	245.95M	323.4M	522.43M
Depreciation & Amortization	23.42M	26.17M	37.46M	42.69M	51.57M	60.63M	68.94M	81.35M	81.57M	145.49M
Stock-Based Compensation	5.61M	5.04M	6.38M	7.16M	5.88M	6.93M	10.59M	10.53M	12.94M	16.65M
Deferred Taxes	-414K	-1.24M	4.18M	4.46M	-4.25M	-7.95M	6.9M	-94.5M	95.3M	-66.61M
Other Non-Cash Items	764K	-1.15M	-2.72M	5.07M	21.54M	11.93M	7.32M	28.25M	52.9M	123.7M
Working Capital Changes	11.05M	-2.52M	13.53M	-25.09M	-47.04M	64.84M	-56.95M	29.96M	73.47M	107.4M
Change in Receivables	-3.58M	7.04M	-37.8M	-68.62M	-49.51M	38.49M	-58.05M	-223.18M	-374.2M	-415.31M
Change in Inventory	956K	213K	-584K	-1.54M	2.37M	-1.46M	-5.65M	-13.49M	-29.69M	6.54M
Change in Payables	11.62M	2.74M	22.07M	28.29M	-4.27M	8.37M	-37.88M	165.89M	136.47M	502.89M
Cash from Investing+	-25.63M	-79.32M	-128.97M	-95.71M	-224.45M	-207.8M	-246.72M	-97.18M	-193.01M	-343.51M
Capital Expenditures	-20.81M	-23.22M	-35.47M	-27.27M	-31.75M	-24.13M	-22.33M	-48.36M	-94.84M	-111.07M
CapEx % of Revenue	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.34M	1.06M	1.36M	1.7M	2.16M	2.27M	3.1M	2.86M	5.95M	5.54M
Cash from Financing+	-47.84M	-36.26M	19.35M	-42.4M	87.59M	-74.6M	70.45M	-205.91M	-298.62M	-160.76M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-9.36M	-10.26M	-10.99M	-12.27M	-14.54M	-15.5M	-17.38M	-20.08M	-30.38M	-42.77M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.21M	-2.34M	-4.57M	-5.47M	-2.53M	-9.45M	-610K	-6.22M	-20.03M	-34.15M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	77.06M	67.97M	78.62M	119.92M	110.28M	262.38M	157.82M	253.17M	544.73M	737.99M
FCF Margin %	0.05%	0.04%	0.04%	0.05%	0.04%	0.09%	0.05%	0.06%	0.1%	0.11%
FCF Growth %	2.3%	-0.12%	0.16%	0.53%	-0.08%	1.38%	-0.4%	0.6%	1.15%	0.35%
FCF per Share	2.03	1.80	2.09	3.19	2.97	7.14	4.33	7.02	15.18	20.63
FCF Conversion (FCF/Net Income)	1.98x	1.41x	2.06x	1.30x	1.24x	1.91x	1.26x	1.23x	1.98x	1.63x
Interest Paid	1.41M	0	0	0	0	0	0	0	0	0
Taxes Paid	35.54M	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.38%	17.5%	13.91%	24.65%	21.11%	23.43%	19.09%	27.24%	28.4%	35.03%
Return on Invested Capital (ROIC)	20.79%	22.83%	18.86%	23.2%	17.83%	15.7%	12.64%	14.68%	23.58%	40.25%
Gross Margin	20.13%	21.05%	20.49%	20.44%	19.19%	19.15%	18.32%	17.91%	19.02%	21.01%
Net Margin	3.12%	3.97%	3.09%	5.17%	4.37%	5.26%	4.66%	5.94%	6.21%	7.43%
Debt / Equity	0.03x	0.01x	0.14x	0.15x	0.53x	0.48x	0.64x	0.39x	0.20x	0.18x
Interest Coverage	51.37x	43.31x	31.45x	40.50x	17.56x	23.70x	33.08x	18.55x	40.70x	112.72x
FCF Conversion	1.98x	1.41x	2.06x	1.30x	1.24x	1.91x	1.26x	1.23x	1.98x	1.63x
Revenue Growth	12.03%	3.41%	9.4%	22.09%	19.81%	9.23%	7.6%	34.71%	25.76%	34.97%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Mechanical	-	-	-	-	-	-	-	-	3.95B	5.53B
Mechanical Growth	-	-	-	-	-	-	-	-	-	40.08%
Electrical	-	-	-	-	-	-	-	-	1.26B	1.5B
Electrical Growth	-	-	-	-	-	-	-	-	-	18.97%
Mechanical Services	-	-	-	-	2.25B	2.41B	2.54B	3.18B	-	-
Mechanical Services Growth	-	-	-	-	-	7.17%	5.37%	25.01%	-	-
Electrical Services	-	-	-	-	363.72M	443.64M	531.01M	961.89M	-	-
Electrical Services Growth	-	-	-	-	-	21.97%	19.69%	81.14%	-	-
Heating Ventilation And Air Conditioning And Plumbing	-	-	-	1.98B	-	-	-	-	-	-
Heating Ventilation And Air Conditioning And Plumbing Growth	-	-	-	-	-	-	-	-	-	-
Product And Service Other	-	-	-	111.41M	-	-	-	-	-	-
Product And Service Other Growth	-	-	-	-	-	-	-	-	-	-
Building Automation Control Systems	79.03M	98.06M	94.04M	95.09M	-	-	-	-	-	-
Building Automation Control Systems Growth	-	24.09%	-4.10%	1.12%	-	-	-	-	-	-
Heating Ventilation And Air Conditioning	1.22B	1.23B	1.62B	-	-	-	-	-	-	-
Heating Ventilation And Air Conditioning Growth	-	0.72%	31.79%	-	-	-	-	-	-	-
Other Services	63.22M	65.37M	78.41M	-	-	-	-	-	-	-
Other Services Growth	-	3.41%	19.95%	-	-	-	-	-	-	-
Plumbing	221.27M	245.15M	-	-	-	-	-	-	-	-
Plumbing Growth	-	10.79%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Comfort Systems USA, Inc. (FIX) has a price-to-earnings (P/E) ratio of 74.7x. This suggests investors expect higher future growth.

Growth & Financials

Comfort Systems USA, Inc. (FIX) reported $8.32B in revenue for fiscal year 2024. This represents a 571% increase from $1.24B in 2011.

Comfort Systems USA, Inc. (FIX) grew revenue by 35.0% over the past year. This is strong growth.

Yes, Comfort Systems USA, Inc. (FIX) is profitable, generating $837.6M in net income for fiscal year 2024 (7.4% net margin).

Dividend & Returns

Yes, Comfort Systems USA, Inc. (FIX) pays a dividend with a yield of 0.11%. This makes it attractive for income-focused investors.

Comfort Systems USA, Inc. (FIX) has a return on equity (ROE) of 35.0%. This is excellent, indicating efficient use of shareholder capital.

Comfort Systems USA, Inc. (FIX) generated $798.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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