FirmAtlas

Company handbook · FIX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17

FIX · CIK 1035983 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026

Comfort Systems USA, Inc.

$1,439.07 −42.20 (−2.85%)

Close, Oct 16, 2026 · 52-week $770–2,074

Last fiscal year

Comfort Systems USA, Inc. reported revenue of $9.1B for the year ended Dec 31, 2025 (FY25), up 29.5% from FY24. Net income was $1.0B, operating cash flow $1.2B and free cash flow $1.0B. Source: 10-K filed Feb 19, 2026.

Market cap

$50.6B

P/E

35.3

EV/EBITDA

36.2x

P/B

15.7

Div yield

0.21%

ROIC

73.3%

Revenue 1Y

29.5%/yr

EPS 1Y

97.8%/yr

Shares 1Y

−1%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOBrian E. Lane

HQHouston, TX

AuditorDeloitte & Touche LLP

Employees22,700

Year endsDecember

Revenue by segment · FY25

New Construction63%

Existing Building Construction23%

Service Calls Maintenance And Monitoring7%

Service Projects6%

Compounded growth & averages

10Y

TTM

Share price

48.4%

78.1%

107.9%

71.6%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$1.2B deployed

Capex $266M 22.8%

Acquisitions $515M 44.2%

Dividends $112M 9.6%

Buybacks $274M 23.5%

Operating cash flow over the period: $2.0B. Total debt changed by +$77M.

More cash than debt at the end of FY25.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Aug 3, 2026 Other announcement 8-K Jul 23, 2026 Quarterly results 8-K Jun 22, 2026 Executive or director change 8-K May 21, 2026 Shareholder vote results 8-K May 1, 2026 Other announcement 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

7,027

9,102+29.5%

11,228

YoY

+29.5%

Gross profit

1,476

2,196+48.7%

2,881

Gross margin

21.0%

24.1%+3.1 pp

—

Operating income

749

1,315+75.4%

1,849

Operating margin

10.7%

14.4%+3.8 pp

—

EBITDA

798

1,377+72.6%

—

EBITDA margin

11.3%

15.1%+3.8 pp

—

Interest expense

9+35.5%

—

Interest coverage

119.97x

152.85x+32.87x

—

Net income

522

1,023+95.7%

1,434

YoY

+95.7%

Net margin

7.4%

11.2%+3.8 pp

—

EPS (diluted, $)

14.60

28.88+97.8%

40.69

YoY

+97.8%

Balance sheet

FY24 FY25

TTM

Total assets

4,711

6,441+36.7%

8,488

Cash & short-term investments

550

982+78.5%

—

Inventory

84+41.9%

—

Net PP&E

277

388+40.0%

—

Other assets

3,825

4,987+30.4%

—

Total liabilities

3,006

3,992+32.8%

5,271

Accounts payable

655

696+6.3%

—

Total debt

145+112.5%

Other liabilities

2,283

3,151+38.0%

—

Shareholders’ equity

1,705

2,449+43.7%

3,217

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

849

1,186+39.7%

2,550

Net income

522

1,023+95.7%

—

Depreciation & amortization

62+29.5%

—

Stock-based compensation

22+31.0%

—

Working capital & other

262

80−69.6%

—

Cash from investing

(344)

(467)n/m

—

Capex

(111)

(155)n/m

—

PP&E sold

4−33.3%

—

Acquisitions

(235)

(280)n/m

—

Investments bought

(3)

(64)n/m

—

Investments sold / matured

—

Other investing

0n/m

—

Cash from financing

(161)

(287)n/m

—

Dividends

(43)

(69)n/m

—

Buybacks

(58)

(216)n/m

—

Shares issued

0.2

0.8+331.0%

—

Other financing

(60)

(3)n/m

—

Net change in cash

345

432+25.3%

—

Free cash flow (OCF − capex)

738

1,031+39.8%

2,160

Where the cash went

FY24 FY25

TTM

Operating cash flow

849

1,186+39.7%

2,550

Reinvested in the business

347

435+25.4%

—

% of operating cash flow

40.8%

36.6%

Capex

111

155+39.5%

390

Acquisitions

235

280+18.7%

—

Free cash flow

738

1,031+39.8%

2,160

YoY

+39.8%

Returned to shareholders

101

285+182.9%

—

% of free cash flow

13.6%

27.6%

Dividends

69+61.0%

—

Buybacks

216+273.0%

—

Change in total debt

—

Cash left over

—

544

—

FCF conversion (FCF ÷ net income)

141.3%

100.9%−40.4 pp

—

Owner earnings

—

947

—

Owner earnings margin

—

10.4%

—

Buyback yield

0.4%

0.7%+0.3 pp

—

Returns & ratios

FY24 FY25

TTM

ROIC (all capital)

48.0%

73.3%+25.3 pp

—

Net debt / EBITDA

−0.60x

−0.61x−0.00x

—

Debt / equity

0.04x

0.06x+0.02x

—

ROE

30.6%

41.8%+11.1 pp

—

ROA

11.1%

15.9%+4.8 pp

—

ROCE

35.2%

43.1%+7.9 pp

—

NOPAT

587

1,039+76.9%

—

Invested capital (operating)

(319)

(224)n/m

—

Invested capital (all)

1,223

1,612+31.8%

—

Reinvestment rate

—

9.1%

—

Income

Sep '25

Dec '25

Mar '26

Jun '26

Revenue

2,451

2,646

2,865

3,266

vs year-ago quarter

Gross profit

608

675

754

844

Gross margin

24.8%

25.5%

26.3%

25.9%

Operating income

379

427

486

558

Net income

292

331

370

442

vs year-ago quarter

Net margin

11.9%

12.5%

12.9%

13.5%

EPS (diluted, $)

8.25

9.40

10.51

12.53

vs year-ago quarter

Balance sheet

Sep '25

Dec '25

Mar '26

Jun '26

Total assets

5,778

6,441

6,938

8,488

Cash & equivalents

861

982

1,050

1,855

Total debt

136

145

Shareholders’ equity

2,233

2,449

2,815

3,217

Cash flow

Sep '25

Dec '25

Mar '26

Jun '26

Operating cash flow

553

469

389

1,139

Capex

147

141

Free cash flow

518

402

241

998

vs year-ago quarter