FIX

COMFORT SYSTEMS USA INC

Materials • CIK: 0001035983

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Market Cap
$48.64B
P/E (TTM)
39.7x
Rev Growth (TTM)
-60.9%
Net Margin (TTM)
42.7%
FCF Yield (TTM)
2.8%
FCF Margin (TTM)
48.3%

LATEST EARNINGS

•
Q1 2026
•
25 days ago
•View source
Revenue
$2.87B
+56.5%
Net Income
$370.38M
+118.8%
EPS
$10.51
+121.3%
Gross
26.3%↑ +4.3%
Operating
17.0%↑ +5.6%
Net
12.9%↑ +3.7%
  • •Revenue increased by 51% year-over-year to $2.87 billion, significantly exceeding the prior year's performance.
  • •Diluted EPS more than doubled to $10.51, up from $4.75 in the prior year's quarter.
  • •Operating income grew substantially to $485.7 million, representing a 17.0% operating margin, up from 11.4% in the prior year.
  • •Backlog increased to $12.45 billion, up from $11.94 billion at the end of the prior year and $6.89 billion in the prior year.
View Full Earnings →

Cash Flow Health

Free Cash Flow7/8 positive
TTM$1.4B
Q1 '26
$241M-40%
Q4 '25
$402M-22%
FCF Margin
TTM48.3%
Q1 '268.4%+197%
Sector: 0.9%Top 10%
OCF Margin58.0%
OCF/NI1.36x
CapEx Coverage5.9x
FCF Yield2.8%
FCF Growth (2Y)+65%
Cash Conversion Cycle
199 days
DSO: 297+DIO: 13−DPO: 111
View Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Accumulating Cash
Total Shareholder YieldTTM
TTM0.4%
Div Yield0.2%
+
Buyback (TTM)0.3%

Limited capital returns

Dividend & Payout Metrics
Dividend Yield (TTM)0.2%
FCF Payout Ratio5.7%
Free Cash Flow (TTM)$1.4B
Stock Repurchases (TTM)$127.2M
Capital Return / FCF14.9%
Est. Dividends Paid (TTM)$79.3M
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
5.3%
Volatile
-0.3% YoY-46.9%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
4.9%
8Q: 10.1%
Asset Turnover
0.50x
8Q: 1.70x
Leverage (1+D/E)
1.01x
D/E: 0.01x
DuPont: 2.5% ≈ 5.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
7.95x
8Q:28.51x
-3615.1%
Invested Cap Turn
1.09x
8Q:3.84x
-451.2%
CapEx Intensity
10.7%
8Q:5.8%
CapEx/Depreciation
15.09x
Depreciation Rate Trend
⚠ Declining -11.9%
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ1 2026Q4 2025Q3 2025Q2 2025Q3 2025Q4 2024Q3 2024Q2 2024
Revenue
$2.9B
$2.9B↑162.0%
$-4.6B↓288.7%
$2.5B↑12.8%
$2.2B↑18.7%
$1.8B↓2.0%
$1.9B↑3.1%
$1.8B↑0.1%
$1.8B
Operating Income
$485.7M
$485.7M↑171.6%
$-678.7M↓279.1%
$378.9M↑26.3%
$299.9M↑43.4%
$209.1M↓7.6%
$226.4M↑11.6%
$202.9M↑9.9%
$184.7M
Net Income
$1.2B
$370.4M↑12.0%
$330.8M↑13.4%
$291.6M↑26.3%
$230.8M↑36.4%
$169.3M↑16.1%
$145.9M↓0.2%
$146.2M↑9.1%
$134.0M
Operating Cash Flow
$1.7B
$388.8M↓17.0%
$468.5M↓15.3%
$553.3M↑119.1%
$252.5M↑387.1%
$-88.0M↓141.8%
$210.5M↓30.4%
$302.2M↑59.2%
$189.9M
Free Cash Flow
$1.4B
$241.4M↓40.0%
$402.4M↓22.3%
$517.9M↑134.1%
$221.2M↑300.8%
$-110.2M↓164.9%
$169.8M↓39.4%
$280.1M↑68.3%
$166.5M
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
39.7x
Volatile
8Q: 97.3x+3124%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
39.7x
vs – sector
Cash Flow
34.7x
EV/FCF vs –
Growth-Adj
0.4xPEG
Undervalued for growth
Quality-Adj
7.5P/E per %ROIC
ROIC: 5.3%
Shareholder Returns
Dividend
0.2%
Buyback
0.3%
Total Yield
0.4%
Market Cap$48.64B
EV$48.04B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
70/100
High Quality

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Top 10%
54.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
5.3%
8Q:–
-46.9%
vs Sector:0.0%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 4.9%
Asset Turnover: 0.50x

Earnings Quality

Cash Conversion

1.36x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin26.3%

Capital Efficiency

Invested Capital Turnover1.09x

Working Capital

Cash Conversion Cycle199 days

Growth Quality & Momentum

Low Quality
Growth Quality Score
40/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
-60.9%
OpInc Growth YoY
132.3%
EPS Growth YoY
107.8%
FCF 3Y CAGR
64.8%

Growth Quality Analysis

✓Efficient Growth: Free cash flow growing faster than revenue

Margin Quality & Sustainability

Moderate
Profitability Cascade
Gross
26.3%
Operating
17.0%
Above Avg in sector
Net
42.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+5.6 pts
FCF: 48.3% | Net: 42.7%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.01B
Interest Coverage
–
+Net cash position: $1.01B
Leverage Metrics
Debt-to-Equity
0.01x
Balance sheet risk & solvency analysis

Research

All research