FIX
COMFORT SYSTEMS USA INC
Materials • CIK: 0001035983
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Market Cap
$29.24B
P/E (TTM)
34.9x
Rev Growth (TTM)
+1.4%
Net Margin (TTM)
12.7%
FCF Yield (TTM)
2.7%
FCF Margin (TTM)
12.1%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$799M
Q3 '25
$518M+134%
Q2 '25
$221M+301%
FCF Margin
TTM12.1%
Q3 '2521.1%+108%
Sector: 4.7%Top 25%
OCF Margin14.1%
OCF/NI1.11x
CapEx Coverage7.2x
FCF Yield2.7%
FCF Growth (2Y)+72%
Cash Conversion Cycle
76 days
DSO: 107+DIO: 4−DPO: 35
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM0.7%
Div Yield0.2%
+Buyback (TTM)0.5%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.2%
FCF Payout Ratio7.5%
Free Cash Flow (TTM)$798.8M
Stock Repurchases (TTM)$140.3M
Capital Return / FCF25.1%
Est. Dividends Paid (TTM)$60.1M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
40.8%
Moderate
+0.4% YoY+20.7%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
13.3%
8Q: 9.0%
Asset Turnover
1.36x
8Q: 1.70x
Leverage (1+D/E)
1.06x
D/E: 0.06x
DuPont: 19.2% ≈ 40.8% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
22.44x
8Q:28.48x
-186.1%
Invested Cap Turn
3.07x
8Q:3.83x
-6.8%
CapEx Intensity
6.0%
8Q:5.8%
CapEx/Depreciation
2.24x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $6.6B | $2.5B↑12.8% | $2.2B↑18.7% | $1.8B↑1120.0% | $150.1M↓91.7% | $1.8B↑0.1% | $1.8B↑17.8% | $1.5B↑13.2% | $1.4B |
Operating Income | $1.1B | $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↑12.6% | $120.3M |
Net Income | $837.6M | $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↑5.2% | $91.6M |
Operating Cash Flow | $928.3M | $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↓15.3% | $173.0M |
Free Cash Flow | $798.8M | $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↓17.7% | $147.7M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
34.9x
Volatile
8Q: 88.6x-615%
Valuation Lenses
Earnings
34.9x
vs – sector
Cash Flow
20.5x
EV/FCF vs –
Growth-Adj
0.4xPEG
Undervalued for growth
Quality-Adj
0.9P/E per %ROIC
ROIC: 40.8%
Shareholder Returns
Dividend
0.2%
Buyback
0.5%
Total Yield
0.7%
Market Cap$29.24B
EV–
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%
45.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
40.8%
8Q:–
+20.7%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 13.3%
Asset Turnover: 1.36x
Earnings Quality
Cash Conversion
1.11x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin29.6%
Capital Efficiency
Invested Capital Turnover3.07x
Working Capital
Cash Conversion Cycle76 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
61/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
1.4%
OpInc Growth YoY
86.7%
EPS Growth YoY
80.6%
FCF 3Y CAGR
72.4%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
29.6%
Operating
16.9%
Above Avg in sector
Net
12.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-0.6 pts
FCF: 12.1% | Net: 12.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $745.23M
Interest Coverage
–
+Net cash position: $745.23M
Leverage Metrics
Debt-to-Equity
0.06x
Balance sheet risk & solvency analysis