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Mechanical and electrical contractor installing and servicing HVAC systems, with growing demand from data-center construction.
Mechanical and electrical contractor installing and servicing HVAC systems, with growing demand from data-center construction.
Is paid mostly under construction contracts, booked as the work progresses, with a backlog showing future work, plus steadier income from service contracts on installed systems. It operates as a group of local mechanical and electrical contractors bought over the years, and data-center work has become a large and growing part.
Moat: narrow (process know-how, scale, installed base). Skilled-labor scale and long contractor relationships in a fragmented, hard-to-staff trade.
Headquarters: Houston, Texas, US · Founded: 1997 · Employees: 22,700
Size Comfort Systems USA (FIX) is a United States Industrials company (Engineering & Construction) with a market value of $35.6B, the 323rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $1,018 on 6 Nov 2026.
Performance Over six months the shares fell 47.9%, against -12.9% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 50.7% over the last twelve months (peer median +6.7%); the operating margin is 16.7% (peer median 7.1%).
Valuation It trades at 16.2× forward earnings against a peer median of 17.9× (10th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 98.1 points above its cost of capital (13.0% WACC).
Short interest Short interest is 2.2% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $12.5B | $9.10B | $7.03B | $5.21B | $4.14B |
| Revenue growth | — | +30% | +35% | +26% | — |
| Gross profit | $3.14B | $2.20B | $1.42B | $952M | $742M |
| EBITDA | $2.26B | $1.45B | $892M | $498M | $334M |
| Net income | $1.63B | $1.02B | $522M | $323M | $246M |
| Free cash flow | $2.44B | $1.03B | $738M | $545M | $253M |
| Capital expenditure | $566M | $155M | $111M | $94.8M | $48.4M |
| Total debt | $374M | $483M | $309M | $257M | $389M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Comfort Systems USA FIX | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% |
| Emcor EME | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% |
| MYR MYRG | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% |
| Legence LGN | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FIX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -40.4% | +3.4% | lowest of 21 |
| 6-month return | -47.9% | -12.9% | 2nd lowest of 21 |
| Distance from 52-week high | -50.9% | -27.4% | 3rd lowest of 21 |
| Revenue growth (TTM) | +50.7% | +6.7% | highest of 21 |
| Operating margin | 16.7% | 7.1% | 2nd highest of 20 |
| Forward P/E | 16.2× | 17.9× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 12.4% | 6.4% | 7th most demanding of 17 |
| Growth delivered (Del g) | +26.1% | +12.7% | highest of 17 |
| Hurdle (Req g minus delivered) | -13.7 pp | -0.2 pp | 4th least demanding of 17 |
| ROIC minus cost of capital | +98.1 pp | -0.8 pp | highest of 20 |
| EV / EBITDA | 15.0× | 12.8× | 7th most expensive of 15 |
| Net debt / EBITDA | -0.8× | 2.9× | least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Comfort Systems USA FIX | United States | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% | +26.1% |
| Samsung C&t 028260.KS | South Korea | $31.3B | -8% | +14% | 8% | 15.0× | 5.9% | +6.2% |
| HOCHTIEF Aktiengesellschaft HOT.DE | Germany | $30.9B | -31% | +8% | 4% | 25.1× | 2.6% | +10.7% |
| Otis Worldwide OTIS | United States | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% | +2.5% |
| Ferrovial FER.MC | Spain | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% | +8.1% |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 5.6× | n/a | n/a |
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% | +14.1% |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| Larsen & Toubro LT.NS | India | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% | +16.1% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| Vinci DG.PA | France | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% | +11.4% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| Quanta Services PWR | United States | $81.5B | -27% | +37% | 7% | 26.4× | 24.3% | +20.5% |
| China Railway 601390.SS | China | $15.1B | -13% | -7% | 4% | 6.0× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 6.8× | n/a | n/a |