FIX
COMFORT SYSTEMS USA INC
Materials • CIK: 0001035983
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Market Cap
$32.99B
P/E (TTM)
32.2x
Rev Growth (TTM)
+29.5%
Net Margin (TTM)
11.2%
FCF Yield (TTM)
3.1%
FCF Margin (TTM)
11.3%
Filing Intelligence
6.0/10
10-K filed Feb 19, 2026 • FY 2025
Executive Summary
Operating lease liabilities total $338.1 million, with significant payments due in the next five years.. Mechanical Segment revenue increased by 20.75% See detailed pass outputs for comprehensive...
Key Concerns
- ●Management anticipates continued high demand in 2026, especially from industrial and technology customers, but acknowledges persistent cost...
- ●Increase in allowance for credit losses requires monitoring for potential credit deterioration.
- ●Operating lease liabilities total $338.1 million, with significant payments due in the next five years.
Key Strengths
- ●The company experienced robust revenue growth in 2025, driven by strong market conditions, particularly in the technology sector, and...
- ●Gross profit and operating income margins improved significantly due to higher revenues, improved operational execution, and leverage from...
- ●Strong operating cash flow generation continued, with a substantial increase driven by higher earnings and favorable working capital...
Cash Flow Health
Free Cash Flow7/8 positive
TTM$1.0B
Q4 '25
$402M-22%
Q3 '25
$518M+134%
FCF Margin
TTM11.3%
Q4 '2515.2%-28%
Sector: 0.4%Top 25%
OCF Margin13.0%
OCF/NI1.16x
CapEx Coverage7.7x
FCF Yield3.1%
FCF Growth (2Y)+60%
Cash Conversion Cycle
56 days
DSO: 84+DIO: 4−DPO: 33
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM0.9%
Div Yield0.2%
+Buyback (TTM)0.7%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.2%
FCF Payout Ratio6.7%
Free Cash Flow (TTM)$1.0B
Stock Repurchases (TTM)$216.0M
Capital Return / FCF27.6%
Est. Dividends Paid (TTM)$68.8M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
44.0%
Moderate
+0.1% YoY+21.7%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
11.4%
8Q: 9.4%
Asset Turnover
1.73x
8Q: 1.72x
Leverage (1+D/E)
1.06x
D/E: 0.06x
DuPont: 21.0% ≈ 44.0% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
28.52x
8Q:28.93x
-26.6%
Invested Cap Turn
3.86x
8Q:3.84x
Flat
CapEx Intensity
6.6%
8Q:5.8%
CapEx/Depreciation
2.48x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $9.1B | $2.6B↑8.0% | $2.5B↑12.8% | $2.2B↑18.7% | $1.8B↓2.0% | $1.9B↑3.1% | $1.8B↑0.1% | $1.8B↑17.8% | $1.5B |
Operating Income | $1.3B | $426.7M↑12.6% | $378.9M↑26.3% | $299.9M↑43.4% | $209.1M↓7.6% | $226.4M↑11.6% | $202.9M↑9.9% | $184.7M↑36.3% | $135.5M |
Net Income | $1.0B | $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↑39.1% | $96.3M |
Operating Cash Flow | $1.2B | $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↑29.5% | $146.6M |
Free Cash Flow | $1.0B | $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↑36.9% | $121.6M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
32.2x
Volatile
8Q: 97.4x-906%
Valuation Lenses
Earnings
32.2x
vs – sector
Cash Flow
31.6x
EV/FCF vs –
Growth-Adj
0.3xPEG
Undervalued for growth
Quality-Adj
0.7P/E per %ROIC
ROIC: 44.0%
Shareholder Returns
Dividend
0.2%
Buyback
0.7%
Total Yield
0.9%
Market Cap$32.99B
EV$32.55B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
88/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
50.8%
8Q:–
Return on Invested Capital (ROIC)Top 25%
44.0%
8Q:–
+21.7%
vs Sector:0.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 11.4%
Asset Turnover: 1.73x
Earnings Quality
Cash Conversion
1.16x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin24.1%
Capital Efficiency
Invested Capital Turnover3.86x
Working Capital
Cash Conversion Cycle56 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
29.5%
OpInc Growth YoY
88.5%
EPS Growth YoY
97.9%
FCF 3Y CAGR
59.7%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
24.1%
Operating
14.4%
Above Avg in sector
Net
11.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+0.1 pts
FCF: 11.3% | Net: 11.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $836.67M
Interest Coverage
–
+Net cash position: $836.67M
Balance sheet risk & solvency analysis