Comfort Systems USA, Inc.
- Open
- 1511.17
- Day high
- 1549.31
- Day low
- 1505.73
- Prev close
- 1518.73
- Volume
- 505K
- Mkt cap
- $54.4B
- P/E (TTM)
- 38.0
- EPS (TTM)
- $40.70
- P/B
- 16.9
- P/S
- 4.8
- Yield
- 0.19%
- Per share
- $3.00
- ▼Insiders net selling -$56.3M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
Comfort Systems USA, Inc. (FIX) is a Industrials company listed on NYSE. The stock is up 118% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
Comfort Systems USA, Inc. (FIX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FIX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 24, 2026 | $10.51 | $12.53 | +19.2% | $3.3B | +9.2% |
| Apr 24, 2026 | $6.86 | $10.51 | +53.2% | $2.9B | +19.8% |
| Feb 19, 2026 | $6.76 | $9.37 | +38.5% | $2.6B | +13.1% |
| Oct 23, 2025 | $6.30 | $8.25 | +31.0% | $2.5B | +13.2% |
| Jul 24, 2025 | $4.87 | $6.53 | +34.1% | $2.2B | +9.2% |
| Apr 24, 2025 | $3.68 | $4.75 | +29.2% | $1.8B | +2.7% |
| Feb 20, 2025 | $3.63 | $4.09 | +12.7% | $1.9B | +5.6% |
| Oct 24, 2024 | $3.97 | $4.09 | +3.0% | $1.8B | +3.4% |
| Jul 25, 2024 | $3.14 | $3.74 | +19.1% | $1.8B | +7.3% |
| Apr 25, 2024 | $2.01 | $2.69 | +33.8% | $1.5B | +3.8% |
| Feb 22, 2024 | $2.20 | $2.55 | +15.9% | $1.4B | +2.1% |
| Oct 26, 2023 | $2.15 | $2.74 | +27.4% | $1.4B | +6.2% |
FIX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 27, 2026 | Lane Brian E.director, officer: CHIEF EXECUTIVE OFF. | Sell | 16,024 | $1608.21 |
| Aug 18, 2026 | GEORGE WILLIAM IIIofficer: CHIEF FINANCIAL OFFICER | Sell | 2,554 | $1859.65 |
| Aug 12, 2026 | MYERS FRANKLINdirector | Sell | 3,500 | $1690.47 |
| Aug 12, 2026 | MYERS FRANKLINdirector | Sell | 4,000 | $1693.92 |
| Jun 26, 2026 | MYERS FRANKLINdirector | Sell | 6,700 | $1954.47 |
| May 28, 2026 | Hardy Rhoman Jdirector | Sell | 342 | $1900.08 |
| May 19, 2026 | Wallis-Lage Cindy L.director | Grant | 105 | — |
| May 19, 2026 | Kapoor Gauravdirector | Grant | 105 | — |
| May 19, 2026 | Mercado, Pablo G.director | Grant | 105 | — |
| May 19, 2026 | BULLS HERMAN Edirector | Grant | 105 | — |
| May 19, 2026 | ANDERSON DARCYdirector | Grant | 105 | — |
| May 19, 2026 | Hardy Rhoman Jdirector | Grant | 105 | — |
| May 19, 2026 | MYERS FRANKLINdirector | Grant | 105 | — |
| May 19, 2026 | SANDBROOK WILLIAM Jdirector | Grant | 105 | — |
| May 19, 2026 | Skidmore Constance Ellendirector | Grant | 105 | — |
Source: FIX SEC Form 4 filings, latest Aug 27, 2026. For informational purposes only — not investment advice.
See the full FIX insider & 13F page →Comfort Systems USA, Inc. company profile
Overview
Comfort Systems USA, Inc. (NYSE:FIX) is a leading provider of mechanical, electrical, and plumbing (MEP) services in the United States, founded in 1917 and headquartered in Houston, Texas. The company went public in 1997 and has grown through strategic acquisitions and organic expansion to become one of the largest specialty contractors in the country. With approximately 18,000 employees, Comfort Systems operates through a network of subsidiary companies that provide comprehensive building systems installation, maintenance, and repair services across commercial, industrial, and institutional markets.
Business
Comfort Systems USA operates in the mechanical, electrical, and plumbing (MEP) services industry, which encompasses the critical building systems that make modern structures functional and habitable. The MEP industry is essential to construction and building operations, as these systems control heating, ventilation, air conditioning (HVAC), electrical power distribution, lighting, plumbing, fire protection, and building automation. The company operates through two primary business segments. The Mechanical Services segment represents the larger portion of the business, focusing on HVAC systems, plumbing, piping, controls, and fire protection systems. This segment has experienced significant growth, with revenue increasing 40% in recent periods, and includes the company's expanding modular construction operations. The Electrical Services segment handles electrical installation, power distribution, lighting systems, and related electrical infrastructure, contributing approximately 25-30% of total revenue with strong margin performance. The company's service offerings span the entire lifecycle of building systems, from initial design and engineering through installation, commissioning, ongoing maintenance, and eventual replacement. Construction services account for approximately 84% of total revenue, involving new installations and major renovations. Service and maintenance operations represent about 16% of revenue, providing recurring income through ongoing maintenance contracts, emergency repairs, and system monitoring services that exceeded $1 billion annually in recent years. Comfort Systems has developed particular expertise in complex, technology-intensive projects, with modular construction representing approximately 17% of total revenue. This involves pre-fabricating building system components in controlled factory environments before installing them on-site, offering improved quality control, faster installation times, and reduced labor costs for large-scale projects, particularly data centers and industrial facilities.
Revenue model
Comfort Systems generates revenue primarily through project-based construction contracts and ongoing service agreements. For construction projects, the company typically operates under fixed-price contracts where it bids on specific installations, earning revenue based on the contracted amount minus material and labor costs. The company's gross margins have improved significantly, reaching approximately 22% in recent periods, driven by disciplined project selection, operational efficiency, and strong market demand. The company's customer base consists of building owners and developers, general contractors, architects, consulting engineers, and property managers. Industrial customers represent approximately 60% of total revenue, including technology companies building data centers, semiconductor fabrication facilities, and other high-tech manufacturing operations. Institutional markets account for about 24% of revenue, encompassing healthcare facilities, educational institutions, and government buildings. Commercial sector projects represent approximately 14% of revenue, including office buildings, retail centers, and mixed-use developments. Several factors influence the company's profitability. Positive margin drivers include the growing complexity of building systems that require specialized expertise, strong demand in high-margin technology and industrial sectors, the company's selective approach to project bidding, and economies of scale in procurement and operations. The expansion of modular construction capabilities also provides margin advantages through improved productivity and reduced field labor requirements. Potential margin pressures include labor cost inflation in skilled trades, material cost volatility, increased competition for projects, potential economic downturns affecting construction spending, and the cyclical nature of construction markets. The company mitigates these risks through long-term supplier relationships, proactive pricing strategies, workforce development programs, and maintaining a strong balance sheet to weather economic cycles.
Competitive moat
Comfort Systems USA possesses several competitive advantages that create barriers to entry, though the strength of these moats varies by market segment. The company's primary moat stems from its specialized technical expertise in complex MEP systems, particularly in high-tech industrial applications like data centers and semiconductor facilities. These projects require deep engineering knowledge, proven execution capabilities, and established relationships with sophisticated customers who prioritize reliability over lowest-cost bidding. The company's scale advantages provide significant competitive positioning through its ability to handle large, complex projects that smaller contractors cannot manage, national presence that serves multi-location customers, and purchasing power that reduces material costs. The modular construction capabilities represent a developing competitive advantage, as the company has invested in specialized facilities and expertise that competitors would find difficult to replicate quickly. Relationship-based business model creates switching costs, as customers value proven performance and reliability in mission-critical building systems. The company's long-term relationships with major technology companies and industrial customers provide recurring project opportunities and insider knowledge of future expansion plans. However, the moat faces several challenges. The MEP services industry remains highly fragmented with numerous regional competitors, and barriers to entry for basic mechanical and electrical work are relatively low. Potential disruption could come from new construction technologies, prefabrication methods that reduce field labor requirements, or economic downturns that increase price competition. The company's moat is strongest in complex, high-tech applications and weakest in commodity-type construction services where competition is primarily price-based.
Risks & safety
Comfort Systems USA demonstrates a strong financial position with adequate margin of safety, though some metrics warrant monitoring. • Liquidity and Solvency: Strong cash position of $205 million with minimal debt levels, debt-to-equity ratio of 0.16, and current ratio of 1.08 indicating adequate short-term liquidity • Cash Flow: Seasonal working capital variations cause quarterly cash flow volatility, with Q1 2025 showing negative $88 million operating cash flow, but strong annual cash generation of $849 million in 2024 • Valuation Metrics: Trading at 16.9x earnings with EV/EBITDA of 11.8x, indicating reasonable but not cheap valuation levels given growth trajectory • Balance Sheet Strength: Total assets of $4.6 billion with shareholders' equity of $1.8 billion, providing substantial financial cushion • Other Considerations: Record backlog of $6.9 billion provides revenue visibility, though working capital intensity and project-based revenue create some earnings volatility
Recent development
Over the past few years, Comfort Systems USA has executed several strategic initiatives that have transformed its business profile and market positioning. The company has significantly expanded its presence in the high-growth technology sector, with data center projects growing from 13% of revenue in 2022 to 33% by 2024, driven by unprecedented demand from hyperscale cloud providers and AI infrastructure development. The company has made strategic acquisitions to enhance capabilities and geographic reach, including Summit Industrial, J&S Mechanical, Eldeco, and most recently Century Contract in January 2025. These acquisitions have particularly strengthened the electrical services segment and industrial capabilities. Modular construction has emerged as a key growth driver, expanding from 10% of revenue in 2022 to 17% by 2024. The company has doubled its modular production capacity to over 2 million square feet and continues to invest in automation and productivity improvements in this high-margin business line. The company has maintained disciplined capital allocation, returning significant cash to shareholders through dividend increases from $0.175 per share quarterly in 2022 to $0.40 per share by 2024, while also conducting share repurchases. This balanced approach reflects management's confidence in sustainable cash generation while maintaining flexibility for growth investments. Workforce development has been a consistent focus, with continuous recruiting and training programs to address skilled labor shortages in the trades. The company has emphasized selective project bidding to ensure adequate workforce capacity and maintain service quality standards.
FIX company profile · for informational purposes only — not investment advice.
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