Comfort Systems USA, Inc.FIX
NYSE•Industrials•Engineering & Construction
Comfort Systems USA, Inc., together with its subsidiaries, provides mechanical and electrical installation, renovation, maintenance, repair, and replacement services for the mechanical and electrical services industry in the United States. The company operates through two segments: Mechanical and Electrical. It offers heating, ventilation, and air conditioning systems, as well as plumbing, electrical, piping and controls, off-site construction, monitoring, and fire protection. The company is also involved in the design, engineering, integration, installation, and start-up of mechanical, electrical, and plumbing (MEP) and related systems in new buildings; and renovation, expansion, maintenance, monitoring, repair, and replacement of systems in existing buildings. In addition, it provides remote monitoring of power usage, temperature, pressure, humidity and air flow for MEP and other building systems. The company serves building owners and developers, general contractors, architects, consulting engineers, and property managers in the commercial, industrial, and institutional markets. Comfort Systems USA, Inc. was founded in 1917 and is headquartered in Houston, Texas.
Comfort Systems USA, Inc. (FIX) reported trailing twelve months revenue of $10.14B as of March 2026, a 38.4% increase year-over-year. Quarterly revenue reached $2.87B, reflecting continued top-line momentum.
Comfort Systems USA, Inc. generated $1.22B in TTM net income, with quarterly EBITDA of $485.72M. The operating margin expanded from 11.4% to 17.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (17.0%) and net margin (12.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 9.2% a year ago, signaling stronger bottom-line efficiency.
FIX trades at a P/E of 36.6x (a premium multiple) and a P/S of 4.4x. The price-to-book ratio of 15.9x indicates a significant premium over book value.
The company generated $241.35M in free cash flow over the trailing twelve months, a 319.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.94B in total assets with $39.05M in long-term debt against $2.82B in stockholders equity for a debt-to-equity ratio of 0.0, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~13.4%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 35.0% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~66.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~15.6% — no sign of cost or pricing stress.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
D/E ratio is 0.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation