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FIXComfort Systems USA

Industrials · Electrical Contractors · NYSE

Comfort Systems USA, Inc., a Delaware corporation, was established in 1997. 10-K, Item 1

FIX quote by TradingView
Employees
22,700
Headquarters
Houston, TX
CEO
Brian E. Lane
Next results
around Feb 18, 2027
Compare with peers → Embed
All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)46.30Sales (ttm)12.5BNet income (ttm)1.6BSales growth+29.5%EPS growth+97.8%Sales Q/Q+53.7%
Free cash flow2.4BGross margin25.6%Oper. margin16.7%Net margin13.0%FCF margin19.5%ROE48.9%
ROA16.6%R&D / sales-Dividend1.95Debt/Eq0.01Curr. ratio1.15Cash2.2B
Op. cash flow (ttm)3.0BEBITDA1.4BEBITDA margin15.1%Net debt-2.1BQuick ratio1.13Interest cover145.92
ROIC30.7%Payout ratio6.8%Tax rate20.9%Stock pay / sales0.2%Shares out.35.0MShares Y/Y-1.0%
Book / share95.33Cash / share61.68Sales / share358.53Asset turnover1.28Inventory turns82.15Days sales out.15
Sales 3Y CAGR+30.0%Sales 5Y CAGR+26.1%EPS 3Y CAGR+61.8%EPS 5Y CAGR+47.8%Employees22,700Sales / employee553K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 40%$738.0M → $1.0B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth slowed to +29.5%+35.0% → +29.5% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 14.4%10.7% → 14.4% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

FIX against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
FIXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+29.5%4th of 82 · median +4.8%
Net margin
13.0%41st of 82 · median 13.0%
Return on equity
48.9%11th of 77 · median 24.9%
Free cash flow margin
19.5%13th of 79 · median 13.0%
Debt / equity (less is better)
0.012nd of 72 · median 0.72
FIX and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
FIX Comfort Systems USA$12.5B +29.5%25.6%13.0%48.9%19.5%0.01
JBHT J.B. Hunt$13.3B -0.7%-5.1%18.6%7.3%0.31
EXPD Expeditors International$13.2B +4.4%-7.9%44.5%7.0%-
VRT Vertiv$13.1B +27.7%38.1%16.0%38.1%24.0%0.53
NSC Norfolk Southern$13.0B +0.5%-20.7%16.0%12.7%0.99
WAB Wabtec$12.2B +7.5%35.6%11.2%12.1%14.6%0.56

From $3.1B of sales to $143.3M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $563.2MRevenue to Cost of revenue: $2.5BGross profit to Operating profit: $188.4MGross profit to Operating expenses: $374.8MOperating profit to Net profit: $143.3MOperating profit to Tax & other: $45.1M Revenue: $3.1B Revenue$3.1B +8% Y/Y Gross profit: $563.2M · 18% margin Gross profit$563.2M18% margin +3% Y/Y Cost of revenue: $2.5B · 82% of revenue Cost of revenue$2.5B82% of revenue Operating profit: $188.4M · 6% margin Operating profit$188.4M6% margin −1% Y/Y Operating expenses: $374.8M · 12% of revenue Operating expenses$374.8M12% of revenue Net profit: $143.3M · 5% margin Net profit$143.3M5% margin −5% Y/Y Tax & other: $45.1M · 1% of revenue Tax & other$45.1M1% of revenue

Swipe sideways for the whole flow →

From $4.1B of sales to $245.9M of profit

FY2022, from the 10-K income statement and revenue by product
Mechanical Segment to Revenue: $3.2BElectrical Segment to Revenue: $961.9MRevenue to Gross profit: $741.6MRevenue to Cost of revenue: $3.4BGross profit to Operating profit: $253.8MGross profit to Operating expenses: $487.8MOperating profit to Net profit: $245.9MOperating profit to Interest, tax, other: $7.9M Mechanical Segment: $3.2B · 77% Mechanical Segment$3.2B77% Electrical Segment: $961.9M · 23% Electrical Segment$961.9M23% Revenue: $4.1B Revenue$4.1B +35% Y/Y Gross profit: $741.6M · 18% margin Gross profit$741.6M18% margin +32% Y/Y Cost of revenue: $3.4B · 82% of revenue Cost of revenue$3.4B82% of revenue Operating profit: $253.8M · 6% margin Operating profit$253.8M6% margin +35% Y/Y Operating expenses: $487.8M · 12% of revenue Operating expenses$487.8M12% of revenue Net profit: $245.9M · 6% margin Net profit$245.9M6% margin +72% Y/Y Interest, tax, other: $7.9M · 0% of revenue Interest, tax, other$7.9M0% of revenue

Swipe sideways for the whole flow →

From $5.2B of sales to $323.4M of profit

FY2023, from the 10-K income statement and revenue by product
Mechanical Segment to Revenue: $3.9BElectrical Segment to Revenue: $1.3BRevenue to Gross profit: $990.5MRevenue to Cost of revenue: $4.2BGross profit to Operating profit: $418.4MGross profit to Operating expenses: $572.1MOperating profit to Net profit: $323.4MOperating profit to Tax & other: $95.0M Mechanical Segment: $3.9B · 76% Mechanical Segment$3.9B76% Electrical Segment: $1.3B · 24% Electrical Segment$1.3B24% Revenue: $5.2B Revenue$5.2B +26% Y/Y Gross profit: $990.5M · 19% margin Gross profit$990.5M19% margin +34% Y/Y Cost of revenue: $4.2B · 81% of revenue Cost of revenue$4.2B81% of revenue Operating profit: $418.4M · 8% margin Operating profit$418.4M8% margin +65% Y/Y Operating expenses: $572.1M · 11% of revenue Operating expenses$572.1M11% of revenue Net profit: $323.4M · 6% margin Net profit$323.4M6% margin +31% Y/Y Tax & other: $95.0M · 2% of revenue Tax & other$95.0M2% of revenue

Swipe sideways for the whole flow →

From $7.0B of sales to $522.4M of profit

FY2024, from the 10-K income statement and revenue by product
Mechanical Segment to Revenue: $5.5BElectrical Segment to Revenue: $1.5BRevenue to Gross profit: $1.5BRevenue to Cost of revenue: $5.6BGross profit to Operating profit: $749.4MGross profit to Operating expenses: $727.0MOperating profit to Net profit: $522.4MOperating profit to Tax & other: $226.9M Mechanical Segment: $5.5B · 79% Mechanical Segment$5.5B79% Electrical Segment: $1.5B · 21% Electrical Segment$1.5B21% Revenue: $7.0B Revenue$7.0B +35% Y/Y Gross profit: $1.5B · 21% margin Gross profit$1.5B21% margin +49% Y/Y Cost of revenue: $5.6B · 79% of revenue Cost of revenue$5.6B79% of revenue Operating profit: $749.4M · 11% margin Operating profit$749.4M11% margin +79% Y/Y Operating expenses: $727.0M · 10% of revenue Operating expenses$727.0M10% of revenue Net profit: $522.4M · 7% margin Net profit$522.4M7% margin +62% Y/Y Tax & other: $226.9M · 3% of revenue Tax & other$226.9M3% of revenue

Swipe sideways for the whole flow →

From $9.1B of sales to $1.0B of profit

FY2025, from the 10-K income statement and revenue by product
Mechanical Segment to Revenue: $6.7BElectrical Segment to Revenue: $2.4BRevenue to Gross profit: $2.2BRevenue to Cost of revenue: $6.9BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $881.3MOperating profit to Net profit: $1.0BOperating profit to Tax & other: $292.0M Mechanical Segment: $6.7B · 73% Mechanical Segment$6.7B73% Electrical Segment: $2.4B · 27% Electrical Segment$2.4B27% Revenue: $9.1B Revenue$9.1B +30% Y/Y Gross profit: $2.2B · 24% margin Gross profit$2.2B24% margin +49% Y/Y Cost of revenue: $6.9B · 76% of revenue Cost of revenue$6.9B76% of revenue Operating profit: $1.3B · 14% margin Operating profit$1.3B14% margin +75% Y/Y Operating expenses: $881.3M · 10% of revenue Operating expenses$881.3M10% of revenue Net profit: $1.0B · 11% margin Net profit$1.0B11% margin +96% Y/Y Tax & other: $292.0M · 3% of revenue Tax & other$292.0M3% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median13.0% vs 13.0%
  • ✓
    Gross margin up over 5 years19.1% → 24.1%
  • ✓
    Return on equity above 15%48.9%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 4.0% → 11.2%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is over 100× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.01 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.15
  • ✓
    More cash than debtNet cash $2.1B
Debt / equity at each year end, FY2016 to FY2025: 0.01 → 0.06
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$1.0B last year
  • ✓
    Share count down over 5 years−3.6%
  • ✓
    Dividend per share up over 5 years$0.42 → $1.95
  • ✓
    Cash from operations above net income$1.2B vs $1.0B
Free cash flow, FY2016 to FY2025: 68.0M → 1.0B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $145.2M Debt$145.2M Next 12 months: $6.2M · 4% Next 12 months$6.2M · 4% Year 2: $24.2M · 17% Year 2$24.2M · 17% Year 3: $14.3M · 10% Year 3$14.3M · 10% Year 4: $545K · 0% Year 4$545K · 0% Year 5: $100.0M · 69% Year 5$100.0M · 69%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
Notes to former ownersNotes and bonds–not stated$44.6M
Other debt––not stated$651K

From the debt note in the 10-K's XBRL (0001104659-26-017530), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 9.1B Net income 1.0B
FY2016 revenue 1.6B · Revenues, 0001558370-19-000857 FY2016 net income 64.9M · NetIncomeLoss, 0001558370-19-000857 1.6B FY2016 FY2017 revenue 1.8B · Revenues, 0001558370-20-001491 FY2017 net income 55.3M · NetIncomeLoss, 0001558370-20-001491 1.8B FY2017 FY2018 revenue 2.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-20-001491 FY2018 net income 112.9M · NetIncomeLoss, 0001558370-21-001828 2.2B FY2018 FY2019 revenue 2.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-21-001828 FY2019 net income 114.3M · NetIncomeLoss, 0001558370-22-001753 2.6B FY2019 FY2020 revenue 2.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-21-001828 FY2020 net income 150.1M · NetIncomeLoss, 0001558370-23-001757 2.9B FY2020 FY2021 revenue 3.1B · Revenues, 0001558370-24-001529 FY2021 net income 143.3M · NetIncomeLoss, 0001558370-24-001529 3.1B FY2021 FY2022 revenue 4.1B · Revenues, 0001558370-25-001222 FY2022 net income 245.9M · NetIncomeLoss, 0001558370-25-001222 4.1B FY2022 FY2023 revenue 5.2B · Revenues, 0001104659-26-017530 FY2023 net income 323.4M · NetIncomeLoss, 0001104659-26-017530 5.2B FY2023 FY2024 revenue 7.0B · Revenues, 0001104659-26-017530 FY2024 net income 522.4M · NetIncomeLoss, 0001104659-26-017530 7.0B FY2024 FY2025 revenue 9.1B · Revenues, 0001104659-26-017530 FY2025 net income 1.0B · NetIncomeLoss, 0001104659-26-017530 9.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

FIX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue9.1B
FY2016: 1.6BFY2017: 1.8BFY2018: 2.2BFY2019: 2.6BFY2020: 2.9BFY2021: 3.1BFY2022: 4.1BFY2023: 5.2BFY2024: 7.0BFY2025: 9.1B FY2017FY2019FY2021FY2023FY2025
Net income1.0B
FY2016: 64.9MFY2017: 55.3MFY2018: 112.9MFY2019: 114.3MFY2020: 150.1MFY2021: 143.3MFY2022: 245.9MFY2023: 323.4MFY2024: 522.4MFY2025: 1.0B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.0B
FY2016: 68.0MFY2017: 78.6MFY2018: 119.9MFY2019: 110.3MFY2020: 262.4MFY2021: 157.8MFY2022: 253.2MFY2023: 544.7MFY2024: 738.0MFY2025: 1.0B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)28.88
FY2016: 1.72FY2017: 1.47FY2018: 3.00FY2019: 3.08FY2020: 4.09FY2021: 3.93FY2022: 6.82FY2023: 9.01FY2024: 14.60FY2025: 28.88 FY2017FY2019FY2021FY2023FY2025
Dividend per share1.95
FY2016: 0.28FY2017: 0.29FY2018: 0.33FY2019: 0.40FY2020: 0.42FY2021: 0.48FY2022: 0.56FY2023: 0.85FY2024: 1.20FY2025: 1.95 FY2017FY2019FY2021FY2023FY2025
Diluted shares35.4M
FY2016: 37.8MFY2017: 37.7MFY2018: 37.6MFY2019: 37.1MFY2020: 36.7MFY2021: 36.5MFY2022: 36.0MFY2023: 35.9MFY2024: 35.8MFY2025: 35.4M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Mechanical 6.7B73.3% +20.7%
New Construction 5.8B63.2% +44.4%
Electrical 2.4B26.7% +61.9%
Existing Building Construction 2.1B23.3% +8.9%
Service Calls, Maintenance and Monitoring 661.6M7.3% +5.2%
Service Projects 568.8M6.2% +21.3%

10-K 0001104659-26-017530, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Mechanical Segment 6.7B73.3% +20.7%
Electrical Segment 2.4B26.7% +61.9%

10-K 0001104659-26-017530, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.6B1.8B2.2B2.6B2.9B3.1B4.1B5.2B7.0B9.1B
Cost of revenue1.3B1.4B1.7B2.1B2.3B2.5B3.4B4.2B5.6B6.9B
Gross profit344.0M366.3M446.3M501.9M547.0M563.2M741.6M990.5M1.5B2.2B
SG&A243.2M266.6M297.0M340.0M357.8M376.3M489.3M574.4M730.1M883.3M
Operating income101.6M99.3M150.2M163.6M190.7M188.4M253.8M418.4M749.4M1.3B
Interest expense2.3M3.2M3.7M9.3M8.4M6.2M13.4M10.3M6.6M9.0M
Pretax income101.1M100.9M148.7M151.7M191.5M190.3M235.9M388.2M666.6M1.3B
Income tax36.2M45.7M35.8M37.4M41.4M46.9M-10.1M64.8M144.1M270.9M
Net income64.9M55.3M112.9M114.3M150.1M143.3M245.9M323.4M522.4M1.0B
EPS (diluted)1.721.473.003.084.093.936.829.0114.6028.88
Diluted shares37.8M37.7M37.6M37.1M36.7M36.5M36.0M35.9M35.8M35.4M
Depreciation & amortization18.0M20.1M22.6M24.5M27.9M28.4M33.6M38.2M48.2M62.4M
EBITDA119.5M119.3M172.8M188.1M218.6M216.8M287.4M456.6M797.6M1.4B
Gross margin21.0%20.5%20.4%19.2%19.1%18.3%17.9%19.0%21.0%24.1%
Operating margin6.2%5.6%6.9%6.3%6.7%6.1%6.1%8.0%10.7%14.4%
Net margin4.0%3.1%5.2%4.4%5.3%4.7%5.9%6.2%7.4%11.2%
Revenue growth-+9.4%+22.1%+19.8%+9.2%+7.6%+34.7%+25.8%+35.0%+29.5%
EPS growth--14.5%+104%+2.7%+32.8%-3.9%+73.5%+32.1%+62.0%+97.8%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash32.1M36.5M45.6M50.8M54.9M58.8M57.2M205.2M549.9M981.9M
Receivables318.8M382.9M--------
Inventory9.2M10.3M12.4M10.1M13.5M21.9M35.3M65.5M59.2M84.1M
Current assets416.0M489.4M609.7M790.2M811.9M1.0B1.3B1.9B2.8B4.1B
Property & equipment68.2M87.6M99.6M109.8M117.2M128.6M143.9M208.6M277.2M388.0M
Goodwill149.2M200.6M235.2M332.4M464.4M592.1M611.8M666.8M875.3M1.0B
Total assets708.9M881.1M1.1B1.5B1.8B2.2B2.6B3.3B4.7B6.4B
Accounts payable103.4M132.0M176.2M196.2M204.1M254.8M337.4M420.0M654.9M696.3M
Current liabilities317.7M373.7M467.1M608.0M692.9M836.6M1.2B1.7B2.6B3.4B
Total debt2.6M59.9M76.9M226.1M235.7M388.0M256.2M44.2M68.3M145.2M
Total liabilities332.3M463.2M564.5M919.7M1.1B1.4B1.6B2.0B3.0B4.0B
Shareholders' equity376.6M417.9M498.0M585.3M696.4M805.7M999.9M1.3B1.7B2.4B
Retained earnings124.0M168.3M268.9M368.7M502.8M628.8M854.6M1.1B1.6B2.6B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow91.2M114.1M147.2M142.0M286.5M180.2M301.5M639.6M849.1M1.2B
Capital spending23.2M35.5M27.3M31.8M24.1M22.3M48.4M94.8M111.1M154.9M
Free cash flow68.0M78.6M119.9M110.3M262.4M157.8M253.2M544.7M738.0M1.0B
Stock-based pay (added back)5.0M6.4M7.2M5.9M6.9M10.6M10.5M12.9M16.6M21.8M
Dividends paid10.3M11.0M12.3M14.5M15.5M17.4M20.1M30.4M42.8M68.8M
Buybacks13.1M9.0M28.5M19.6M30.1M27.1M38.2M21.2M57.9M216.0M
Acquisitions57.2M94.9M70.1M196.5M185.9M227.5M49.2M102.3M235.5M279.6M
Debt repaid----15.0M15.0M120.0M---
Investing cash flow-79.3M-129.0M-95.7M-224.4M-207.8M-246.7M-97.2M-193.0M-343.5M-467.3M
Financing cash flow-36.3M19.3M-42.4M87.6M-74.6M70.5M-205.9M-298.6M-160.8M-287.1M
Dividend per share0.280.290.330.400.420.480.560.851.201.95

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)5.0M6.4M7.2M5.9M6.9M10.6M10.5M12.9M16.6M21.8M
Stock-based pay / revenue0.3%0.4%0.3%0.2%0.2%0.3%0.3%0.2%0.2%0.2%
Operating lease cash paid---16.9M20.4M22.2M26.7M29.5M39.7M45.5M
Finance lease principal paid-----3.8M899K---
Right-of-use assets---84.1M94.7M124.8M130.7M205.7M229.1M322.9M
Operating lease liabilities---86.7M97.2M126.8M132.9M212.6M240.3M338.1M
Finance lease liabilities-----266K----

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on FIX in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/FIX/export.csv") into a cell.