Comfort Systems USA (FIX) Financials

$498.38 -0.64 (-0.13%)

Closing price 06/20/2025 03:59 PM Eastern

Extended Trading

$500.86 +2.48 (+0.50%)

As of 06/20/2025 07:34 PM Eastern

Annual Income Statements for Comfort Systems USA

This table shows Comfort Systems USA's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	49	65	55	113	114	150	143	246	323	522
Consolidated Net Income / (Loss)	57	65	55	113	114	150	143	246	323	522
Net Income / (Loss) Continuing Operations	57	65	55	113	114	150	143	246	323	522
Total Pre-Tax Income	89	101	101	149	152	192	190	236	388	667
Total Operating Income	90	102	99	150	164	191	188	254	418	749
Total Gross Profit	318	344	366	446	502	547	563	742	991	1,476
Total Revenue	1,581	1,634	1,788	2,183	2,615	2,857	3,074	4,140	5,207	7,027
Operating Revenue	1,581	1,634	1,788	2,183	2,615	2,857	3,074	4,140	5,207	7,027
Total Cost of Revenue	1,262	1,290	1,422	1,737	2,113	2,310	2,510	3,399	4,216	5,551
Operating Cost of Revenue	1,262	1,290	1,422	1,737	2,113	2,310	2,510	3,399	4,216	5,551
Total Operating Expenses	228	242	267	296	338	356	375	488	572	727
Selling, General & Admin Expense	229	243	267	297	340	358	376	489	574	730
Other Special Charges / (Income)	-0.88	-0.76	-0.67	-0.95	-1.70	-1.45	-1.54	-1.59	-2.30	-3.03
Total Other Income / (Expense), net	-1.38	-0.51	1.68	-1.56	-12	0.89	1.84	-18	-30	-83
Interest Expense	1.75	2.35	3.16	3.71	9.32	8.39	6.20	13	10	6.65
Interest & Investment Income	0.07	0.01	0.07	0.07	0.22	0.10	0.02	0.05	3.49	12
Other Income / (Expense), net	0.30	1.83	4.76	2.08	-2.80	9.17	8.01	-4.69	-23	-88
Income Tax Expense	31	36	46	36	37	41	47	-10	65	144
Basic Earnings per Share	$1.32	$1.74	$1.48	$3.03	$3.10	$4.11	$3.95	$6.84	$9.03	$14.64
Weighted Average Basic Shares Outstanding	37.44M	37.34M	37.24M	37.20M	36.85M	36.54M	36.29M	35.93M	35.80M	35.69M
Diluted Earnings per Share	$1.30	$1.72	$1.47	$3.00	$3.08	$4.09	$3.93	$6.82	$9.01	$14.60
Weighted Average Diluted Shares Outstanding	37.87M	37.81M	37.67M	37.59M	37.13M	36.74M	36.45M	36.05M	35.90M	35.78M
Weighted Average Basic & Diluted Shares Outstanding	37.40M	37.30M	37.30M	37.30M	36.61M	36.19M	35.96M	35.74M	35.68M	35.55M
Cash Dividends to Common per Share	$0.25	$0.28	$0.30	$0.33	$0.40	$0.43	$0.48	$0.56	$0.85	$1.20

This table shows Comfort Systems USA's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	62	55	57	69	105	92	96	134	146	146	169
Consolidated Net Income / (Loss)	62	55	57	69	105	92	96	134	146	146	169
Net Income / (Loss) Continuing Operations	62	55	57	69	105	92	96	134	146	146	169
Total Pre-Tax Income	74	70	66	85	125	112	123	170	188	186	208
Total Operating Income	81	80	71	92	135	120	135	185	203	226	209
Total Gross Profit	202	211	205	228	277	280	297	364	382	434	403
Total Revenue	1,120	1,117	1,175	1,296	1,378	1,358	1,537	1,810	1,812	1,868	1,831
Operating Revenue	1,120	1,117	1,175	1,296	1,378	1,358	1,537	1,810	1,812	1,868	1,831
Total Cost of Revenue	918	906	969	1,069	1,101	1,078	1,240	1,447	1,431	1,434	1,428
Operating Cost of Revenue	918	906	969	1,069	1,101	1,078	1,240	1,447	1,431	1,434	1,428
Total Operating Expenses	121	131	135	136	142	159	162	179	179	207	194
Selling, General & Admin Expense	121	132	135	136	143	160	163	180	180	208	195
Other Special Charges / (Income)	-0.41	-0.47	-0.51	-0.59	-0.58	-0.62	-0.82	-0.61	-1.35	-0.25	-0.56
Total Other Income / (Expense), net	-7.00	-9.87	-5.06	-6.88	-9.71	-8.55	-12	-15	-15	-40	-1.09
Interest Expense	3.61	4.59	4.08	3.92	1.89	0.40	1.63	1.71	1.73	1.58	1.62
Interest & Investment Income	0.01	0.03	1.40	0.09	0.95	1.05	1.60	1.26	3.83	4.86	4.27
Other Income / (Expense), net	-3.40	-5.32	-2.38	-3.05	-8.77	-9.20	-12	-15	-17	-44	-3.73
Income Tax Expense	13	15	8.61	16	20	20	27	36	42	40	39
Basic Earnings per Share	$1.72	$1.55	$1.60	$1.94	$2.93	$2.56	$2.70	$3.75	$4.10	$4.09	$4.77
Weighted Average Basic Shares Outstanding	35.85M	35.93M	35.81M	35.82M	35.82M	35.80M	35.74M	35.75M	35.67M	35.69M	35.52M
Diluted Earnings per Share	$1.71	$1.54	$1.59	$1.93	$2.93	$2.56	$2.69	$3.74	$4.09	$4.08	$4.75
Weighted Average Diluted Shares Outstanding	35.97M	36.05M	35.91M	35.91M	35.92M	35.90M	35.83M	35.83M	35.76M	35.78M	35.61M
Weighted Average Basic & Diluted Shares Outstanding	35.76M	35.74M	35.77M	35.77M	35.71M	35.68M	35.72M	35.68M	35.59M	35.55M	35.27M
Cash Dividends to Common per Share	$0.14	-	$0.18	$0.20	$0.23	-	$0.25	$0.30	$0.30	-	$0.40

This table details how cash moves in and out of Comfort Systems USA's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	24	-24	4.47	9.08	5.17	4.11	3.88	-1.56	148	345
Net Cash From Operating Activities	98	91	114	147	142	287	180	302	640	849
Net Cash From Continuing Operating Activities	98	91	114	147	142	287	180	302	640	849
Net Income / (Loss) Continuing Operations	57	65	55	113	114	150	143	246	323	522
Consolidated Net Income / (Loss)	57	65	55	113	114	150	143	246	323	522
Depreciation Expense	16	18	20	23	24	28	28	34	38	48
Amortization Expense	7.80	8.55	18	20	27	33	41	49	44	98
Non-Cash Adjustments To Reconcile Net Income	6.28	-0.95	22	12	24	50	7.92	24	398	1.61
Changes in Operating Assets and Liabilities, net	10	0.71	-1.14	-21	-48	26	-41	-50	-164	179
Net Cash From Investing Activities	-26	-79	-129	-96	-224	-208	-247	-97	-193	-344
Net Cash From Continuing Investing Activities	-26	-79	-129	-96	-224	-208	-247	-97	-193	-344
Purchase of Property, Plant & Equipment	-21	-23	-35	-27	-32	-24	-22	-48	-95	-111
Acquisitions	-6.16	-57	-95	-70	-196	-186	-227	-49	-102	-235
Purchase of Investments	-	-	-	-	-	0.00	0.00	-2.46	-1.86	-2.51
Sale of Property, Plant & Equipment	1.34	1.06	1.36	1.70	2.16	2.27	3.10	2.86	5.95	5.54
Net Cash From Financing Activities	-48	-36	19	-42	88	-75	70	-206	-299	-161
Net Cash From Continuing Financing Activities	-48	-36	19	-42	88	-75	70	-206	-299	-161
Repayment of Debt	-53	-156	-133	-121	-233	-288	-156	-695	-512	-209
Repurchase of Common Equity	-8.33	-13	-9.01	-29	-20	-30	-27	-38	-21	-58
Payment of Dividends	-15	-10	-11	-12	-15	-15	-17	-20	-30	-43
Issuance of Debt	25	144	177	124	356	268	275	555	285	183
Other Financing Activities, net	4.04	-1.28	-4.57	-4.63	-1.13	-9.45	-4.42	-8.07	-20	-34

This table details how cash moves in and out of Comfort Systems USA's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	2.01	-14	-8.65	11	78	68	-104	99	216	134	-345
Net Cash From Operating Activities	61	132	127	125	214	173	147	190	302	210	-88
Net Cash From Continuing Operating Activities	61	132	127	125	214	173	147	190	302	210	-88
Net Income / (Loss) Continuing Operations	62	55	57	69	105	92	96	134	146	146	169
Consolidated Net Income / (Loss)	62	55	57	69	105	92	96	134	146	146	169
Depreciation Expense	8.35	8.91	9.19	9.07	9.46	10	11	12	12	13	14
Amortization Expense	12	11	11	11	11	11	24	27	25	22	20
Non-Cash Adjustments To Reconcile Net Income	-83	17	9.65	5.24	9.71	373	10	2.94	46	-58	-134
Changes in Operating Assets and Liabilities, net	63	39	40	30	79	-314	4.79	14	73	87	-158
Net Cash From Investing Activities	-23	-14	-69	-25	-25	-74	-222	-61	-22	-39	-97
Net Cash From Continuing Investing Activities	-23	-14	-69	-25	-25	-74	-222	-61	-22	-39	-97
Purchase of Property, Plant & Equipment	-15	-14	-17	-25	-28	-25	-25	-23	-22	-41	-22
Acquisitions	-9.13	-0.71	-53	-0.36	-	-49	-197	-38	-0.81	-	-68
Purchase of Investments	-0.37	-0.85	0.00	-1.18	-0.06	-0.62	-1.04	-0.23	-0.50	-0.74	-7.26
Sale of Property, Plant & Equipment	0.59	0.71	0.62	1.46	3.01	0.86	1.01	0.82	1.78	1.93	1.10
Net Cash From Financing Activities	-36	-132	-67	-89	-111	-32	-29	-30	-64	-37	-160
Net Cash From Continuing Financing Activities	-36	-132	-67	-89	-111	-32	-29	-30	-64	-37	-160
Repayment of Debt	-35	-184	-140	-222	145	-295	-162	-24	-23	-0.03	-5.99
Repurchase of Common Equity	-3.57	-1.79	-3.57	-3.21	-1.79	-13	-0.30	-11	-31	-16	-91
Payment of Dividends	-5.01	-5.37	-6.25	-7.15	-8.05	-8.92	-8.92	-11	-11	-12	-14
Issuance of Debt	10	60	85	160	-245	285	163	20	-	-	0.00
Other Financing Activities, net	-2.13	0.06	-1.78	-17	-1.28	-	-21	-5.06	-0.15	-8.26	-49

This table presents Comfort Systems USA's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	692	709	881	1,063	1,505	1,757	2,209	2,597	3,306	4,711
Total Current Assets	424	416	489	610	790	812	1,027	1,308	1,911	2,790
Cash & Equivalents	56	32	37	46	51	55	59	57	205	550
Note & Lease Receivable	21	20	21	16	38	44	57	38	166	86
Accounts Receivable	333	348	383	519	56	46	62	1,101	1,392	96
Inventories, net	7.94	9.21	10	12	10	13	22	35	66	59
Prepaid Expenses	5.84	6.11	8.29	6.54	14	16	24	48	54	46
Other Current Assets	-	-	30	10	622	638	804	27	28	1,953
Plant, Property, & Equipment, net	61	68	88	100	110	117	129	144	209	277
Total Noncurrent Assets	207	225	304	353	605	828	1,053	1,146	1,186	1,644
Goodwill	144	149	201	235	332	464	592	612	667	875
Intangible Assets	41	42	76	95	160	232	305	274	280	434
Noncurrent Deferred & Refundable Income Taxes	16	27	23	18	22	29	23	116	18	85
Other Noncurrent Operating Assets	5.28	5.94	4.58	5.16	91	103	133	145	221	249
Total Liabilities & Shareholders' Equity	692	709	881	1,063	1,505	1,757	2,209	2,597	3,306	4,711
Total Liabilities	327	332	463	565	920	1,061	1,403	1,598	2,028	3,006
Total Current Liabilities	305	318	374	467	608	693	837	1,171	1,721	2,583
Short-Term Debt	0.75	0.76	0.61	3.28	21	0.00	2.79	9.00	4.87	6.04
Accounts Payable	107	103	132	176	196	204	255	337	420	655
Current Deferred Revenue	85	84	106	131	167	226	321	548	910	1,149
Current Employee Benefit Liabilities	54	62	69	87	103	122	130	128	169	229
Other Current Liabilities	58	68	66	69	121	141	128	148	218	544
Total Noncurrent Liabilities	21	15	89	97	312	368	567	427	307	424
Long-Term Debt	11	1.96	60	74	205	236	385	247	39	62
Noncurrent Deferred & Payable Income Tax Liabilities	1.81	2.29	2.26	1.39	1.43	1.34	1.75	0.00	1.12	2.23
Other Noncurrent Operating Liabilities	8.63	10	27	22	105	131	180	180	266	359
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	365	377	418	498	585	696	806	1,000	1,278	1,705
Total Preferred & Common Equity	347	377	418	498	585	696	806	1,000	1,278	1,705
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	347	377	418	498	585	696	806	1,000	1,278	1,705
Common Stock	324	310	313	317	321	323	327	332	340	351
Retained Earnings	69	124	168	269	369	503	629	855	1,148	1,627
Treasury Stock	-47	-57	-64	-88	-104	-129	-151	-187	-210	-274

This table presents Comfort Systems USA's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	2,549	2,839	2,915	3,141	3,903	4,214	4,413	4,569
Total Current Assets	1,358	1,459	1,500	1,812	2,048	2,323	2,537	2,597
Cash & Equivalents	71	49	60	138	101	199	416	205
Note & Lease Receivable	83	42	60	212	136	156	135	204
Accounts Receivable	90	81	82	1,333	77	81	89	110
Inventories, net	38	37	42	54	71	64	56	63
Prepaid Expenses	27	47	50	43	63	45	36	51
Other Current Assets	1,048	1,203	1,206	33	1,601	1,778	1,805	1,965
Plant, Property, & Equipment, net	138	155	170	187	226	240	250	295
Total Noncurrent Assets	1,053	1,225	1,245	1,142	1,628	1,650	1,626	1,677
Goodwill	611	637	637	637	863	875	875	906
Intangible Assets	285	296	285	274	490	481	456	442
Noncurrent Deferred & Refundable Income Taxes	11	143	171	5.96	32	50	50	83
Other Noncurrent Operating Assets	146	149	151	224	244	244	244	246
Total Liabilities & Shareholders' Equity	2,549	2,839	2,915	3,141	3,903	4,214	4,413	4,569
Total Liabilities	1,598	1,786	1,804	1,933	2,530	2,732	2,825	2,792
Total Current Liabilities	1,044	1,407	1,481	1,629	2,140	2,335	2,429	2,411
Short-Term Debt	2.51	11	13	13	13	18	6.05	4.07
Accounts Payable	330	352	396	441	558	591	604	561
Current Deferred Revenue	412	717	696	775	1,132	1,150	1,198	1,267
Current Employee Benefit Liabilities	150	116	142	174	154	209	258	192
Other Current Liabilities	149	211	234	225	283	367	364	387
Total Noncurrent Liabilities	554	379	322	304	391	397	396	381
Long-Term Debt	378	198	134	34	77	73	62	64
Noncurrent Deferred & Payable Income Tax Liabilities	1.75	-	-	6.65	1.12	1.12	1.12	2.23
Other Noncurrent Operating Liabilities	174	182	188	264	313	322	332	315
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	951	1,053	1,111	1,207	1,373	1,482	1,588	1,777
Total Preferred & Common Equity	951	1,053	1,111	1,207	1,373	1,482	1,588	1,777
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	951	1,053	1,111	1,207	1,373	1,482	1,588	1,777
Common Stock	332	339	339	339	349	350	351	362
Retained Earnings	805	906	968	1,065	1,235	1,358	1,494	1,782
Treasury Stock	-186	-191	-195	-197	-212	-226	-257	-368

This table displays calculated financial ratios and metrics derived from Comfort Systems USA's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.03%	3.41%	9.40%	22.09%	19.81%	9.23%	7.60%	34.71%	25.76%	34.97%
EBITDA Growth	79.12%	13.90%	9.18%	37.73%	8.91%	22.65%	1.89%	24.58%	44.05%	69.27%
EBIT Growth	114.76%	14.45%	0.61%	46.42%	5.60%	24.24%	-1.69%	26.84%	58.52%	67.51%
NOPAT Growth	94.24%	11.81%	-16.66%	109.90%	8.06%	21.21%	-5.00%	86.46%	31.67%	68.51%
Net Income Growth	100.85%	12.98%	-14.83%	104.27%	1.26%	31.33%	-4.52%	71.57%	31.49%	61.54%
EPS Growth	113.11%	32.31%	-14.53%	104.08%	2.67%	32.79%	-3.91%	73.54%	32.11%	62.04%
Operating Cash Flow Growth	129.99%	-6.82%	25.12%	29.01%	-3.51%	101.73%	-37.12%	67.38%	112.11%	32.75%
Free Cash Flow Firm Growth	290.43%	-44.30%	-206.12%	166.35%	-504.77%	130.39%	-452.42%	273.46%	114.58%	11.74%
Invested Capital Growth	-2.95%	8.54%	27.23%	19.78%	43.70%	15.33%	29.37%	5.64%	-6.84%	9.51%
Revenue Q/Q Growth	1.76%	0.51%	4.01%	6.19%	5.28%	-0.72%	5.39%	6.73%	4.84%	7.83%
EBITDA Q/Q Growth	9.37%	1.87%	2.86%	5.75%	6.58%	3.79%	0.58%	7.55%	8.60%	11.76%
EBIT Q/Q Growth	12.04%	1.88%	0.30%	6.12%	8.03%	4.23%	-1.46%	9.71%	10.13%	12.15%
NOPAT Q/Q Growth	5.09%	2.41%	-15.86%	23.36%	6.35%	2.15%	-1.37%	12.67%	11.23%	15.51%
Net Income Q/Q Growth	5.63%	3.15%	-14.44%	18.49%	8.44%	6.22%	-3.53%	7.82%	12.59%	11.60%
EPS Q/Q Growth	6.56%	5.52%	-14.53%	18.58%	8.83%	6.51%	-3.44%	8.08%	12.77%	11.62%
Operating Cash Flow Q/Q Growth	22.87%	24.85%	6.50%	26.45%	-20.61%	10.74%	-19.13%	53.05%	6.85%	4.61%
Free Cash Flow Firm Q/Q Growth	40.59%	98.76%	-25.73%	292.56%	-48.20%	-61.70%	-790.59%	509.90%	-5.83%	25.04%
Invested Capital Q/Q Growth	-0.89%	-5.49%	-4.78%	-7.21%	0.18%	7.00%	16.19%	-4.90%	0.01%	-1.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.13%	21.05%	20.49%	20.44%	19.19%	19.15%	18.32%	17.91%	19.02%	21.01%
EBITDA Margin	7.22%	7.95%	7.93%	8.95%	8.14%	9.14%	8.65%	8.00%	9.17%	11.50%
Operating Margin	5.70%	6.21%	5.55%	6.88%	6.26%	6.67%	6.13%	6.13%	8.04%	10.66%
EBIT Margin	5.72%	6.33%	5.82%	6.98%	6.15%	7.00%	6.39%	6.02%	7.59%	9.42%
Profit (Net Income) Margin	3.63%	3.97%	3.09%	5.17%	4.37%	5.26%	4.66%	5.94%	6.21%	7.43%
Tax Burden Percent	64.78%	64.21%	54.76%	75.94%	75.34%	78.39%	75.34%	104.28%	83.31%	78.38%
Interest Burden Percent	98.14%	97.74%	97.03%	97.61%	94.35%	95.86%	96.86%	94.66%	98.28%	100.74%
Effective Tax Rate	35.22%	35.79%	45.24%	24.06%	24.66%	21.61%	24.66%	-4.28%	16.69%	21.62%
Return on Invested Capital (ROIC)	17.95%	19.54%	13.77%	23.49%	19.11%	18.25%	14.11%	22.68%	30.10%	50.20%
ROIC Less NNEP Spread (ROIC-NNEP)	22.84%	20.42%	-21.13%	19.20%	10.44%	18.64%	14.65%	15.58%	-101.97%	70.40%
Return on Net Nonoperating Assets (RNNOA)	-1.22%	-2.04%	0.14%	1.16%	1.99%	5.18%	4.98%	4.56%	-1.71%	-15.17%
Return on Equity (ROE)	16.74%	17.50%	13.91%	24.65%	21.11%	23.43%	19.09%	27.24%	28.40%	35.03%
Cash Return on Invested Capital (CROIC)	20.94%	11.36%	-10.19%	5.50%	-16.75%	4.01%	-11.50%	17.20%	37.19%	41.13%
Operating Return on Assets (OROA)	13.41%	14.77%	13.08%	15.67%	12.53%	12.25%	9.91%	10.37%	13.38%	16.51%
Return on Assets (ROA)	8.53%	9.27%	6.95%	11.62%	8.91%	9.20%	7.23%	10.23%	10.96%	13.03%
Return on Common Equity (ROCE)	15.92%	17.07%	13.91%	24.65%	21.11%	23.43%	19.09%	27.24%	28.40%	35.03%
Return on Equity Simple (ROE_SIMPLE)	16.57%	17.23%	13.22%	22.67%	19.53%	21.56%	17.79%	24.60%	25.31%	30.65%
Net Operating Profit after Tax (NOPAT)	58	65	54	114	123	149	142	265	349	587
NOPAT Margin	3.69%	3.99%	3.04%	5.23%	4.71%	5.23%	4.62%	6.39%	6.69%	8.36%
Net Nonoperating Expense Percent (NNEP)	-4.89%	-0.88%	34.90%	4.29%	8.68%	-0.39%	-0.54%	7.10%	132.07%	-20.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	21.07%	26.36%	33.13%
Cost of Revenue to Revenue	79.87%	78.95%	79.51%	79.56%	80.81%	80.85%	81.68%	82.09%	80.98%	78.99%
SG&A Expenses to Revenue	14.49%	14.88%	14.91%	13.61%	13.00%	12.52%	12.24%	11.82%	11.03%	10.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.43%	14.83%	14.93%	13.56%	12.94%	12.47%	12.19%	11.78%	10.99%	10.35%
Earnings before Interest and Taxes (EBIT)	90	103	104	152	161	200	196	249	395	662
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	114	130	142	195	213	261	266	331	477	808
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.89	3.12	3.71	3.14	3.03	2.70	4.37	4.08	5.73	8.85
Price to Tangible Book Value (P/TBV)	6.19	6.36	10.97	9.32	19.11	8,174.81	0.00	35.72	22.14	38.21
Price to Revenue (P/Rev)	0.63	0.72	0.87	0.72	0.68	0.66	1.14	0.99	1.41	2.15
Price to Earnings (P/E)	20.27	18.12	28.06	13.84	15.53	12.52	24.55	16.59	22.64	28.89
Dividend Yield	0.94%	0.87%	0.71%	0.78%	0.82%	0.82%	0.49%	0.49%	0.41%	0.28%
Earnings Yield	4.93%	5.52%	3.56%	7.22%	6.44%	7.99%	4.07%	6.03%	4.42%	3.46%
Enterprise Value to Invested Capital (EV/IC)	3.04	3.30	3.56	3.01	2.56	2.35	3.39	3.57	6.41	11.95
Enterprise Value to Revenue (EV/Rev)	0.62	0.70	0.88	0.73	0.75	0.72	1.25	1.03	1.38	2.08
Enterprise Value to EBITDA (EV/EBITDA)	8.54	8.83	11.10	8.16	9.17	7.90	14.47	12.92	15.00	18.09
Enterprise Value to EBIT (EV/EBIT)	10.78	11.09	15.14	10.47	12.13	10.31	19.59	17.18	18.13	22.08
Enterprise Value to NOPAT (EV/NOPAT)	16.70	17.58	28.97	13.97	15.82	13.79	27.11	16.17	20.54	24.88
Enterprise Value to Operating Cash Flow (EV/OCF)	9.95	12.58	13.80	10.83	13.73	7.19	21.36	14.19	11.19	17.21
Enterprise Value to Free Cash Flow (EV/FCFF)	14.32	30.26	0.00	59.73	0.00	62.78	0.00	21.33	16.63	30.37
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.03	0.01	0.14	0.15	0.39	0.34	0.48	0.26	0.03	0.04
Long-Term Debt to Equity	0.03	0.01	0.14	0.15	0.35	0.34	0.48	0.25	0.03	0.04
Financial Leverage	-0.05	-0.10	-0.01	0.06	0.19	0.28	0.34	0.29	0.02	-0.22
Leverage Ratio	1.96	1.89	2.00	2.12	2.37	2.55	2.64	2.66	2.59	2.69
Compound Leverage Factor	1.93	1.85	1.94	2.07	2.24	2.44	2.56	2.52	2.55	2.71
Debt to Total Capital	3.06%	0.74%	12.65%	13.38%	27.87%	25.29%	32.51%	20.40%	3.34%	3.85%
Short-Term Debt to Total Capital	0.20%	0.20%	0.13%	0.57%	2.57%	0.00%	0.23%	0.72%	0.37%	0.34%
Long-Term Debt to Total Capital	2.86%	0.54%	12.52%	12.81%	25.30%	25.29%	32.27%	19.68%	2.98%	3.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	92.09%	99.26%	87.35%	86.62%	72.13%	74.71%	67.49%	79.60%	96.66%	96.15%
Debt to EBITDA	0.10	0.02	0.43	0.39	1.06	0.90	1.46	0.77	0.09	0.08
Net Debt to EBITDA	-0.39	-0.23	0.17	0.16	0.82	0.69	1.24	0.60	-0.34	-0.60
Long-Term Debt to EBITDA	0.09	0.02	0.42	0.38	0.96	0.90	1.45	0.75	0.08	0.08
Debt to NOPAT	0.20	0.04	1.11	0.67	1.83	1.58	2.73	0.97	0.13	0.12
Net Debt to NOPAT	-0.77	-0.45	0.44	0.27	1.42	1.21	2.32	0.75	-0.46	-0.82
Long-Term Debt to NOPAT	0.18	0.03	1.10	0.65	1.67	1.58	2.71	0.93	0.11	0.11
Altman Z-Score	4.90	5.32	4.85	4.70	3.74	3.55	3.69	3.97	4.69	5.50
Noncontrolling Interest Sharing Ratio	4.87%	2.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.39	1.31	1.31	1.31	1.30	1.17	1.23	1.12	1.11	1.08
Quick Ratio	1.34	1.26	1.18	1.24	0.24	0.21	0.21	1.02	1.02	0.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	68	38	-40	27	-108	33	-116	201	431	481
Operating Cash Flow to CapEx	502.66%	411.59%	334.50%	575.64%	479.97%	1,310.60%	936.87%	662.69%	719.53%	804.54%
Free Cash Flow to Firm to Interest Expense	38.82	16.16	-12.74	7.19	-11.59	3.92	-18.67	15.03	41.88	72.38
Operating Cash Flow to Interest Expense	55.83	38.89	36.15	39.67	15.24	34.17	29.08	22.58	62.21	127.72
Operating Cash Flow Less CapEx to Interest Expense	44.72	29.44	25.34	32.78	12.07	31.56	25.97	19.18	53.56	111.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.35	2.33	2.25	2.25	2.04	1.75	1.55	1.72	1.76	1.75
Accounts Receivable Turnover	4.76	4.80	4.89	4.84	9.11	56.49	57.20	7.12	4.18	9.45
Inventory Turnover	152.21	150.48	145.73	152.88	188.11	196.36	142.13	118.92	83.62	88.99
Fixed Asset Turnover	27.12	25.34	22.95	23.32	24.98	25.17	25.01	30.39	29.54	28.93
Accounts Payable Turnover	11.86	12.28	12.08	11.27	11.35	11.54	10.94	11.48	11.13	10.33
Days Sales Outstanding (DSO)	76.74	76.11	74.62	75.36	40.06	6.46	6.38	51.26	87.37	38.63
Days Inventory Outstanding (DIO)	2.40	2.43	2.50	2.39	1.94	1.86	2.57	3.07	4.37	4.10
Days Payable Outstanding (DPO)	30.78	29.72	30.23	32.39	32.16	31.63	33.36	31.80	32.78	35.34
Cash Conversion Cycle (CCC)	48.36	48.82	46.90	45.36	9.85	-23.31	-24.41	22.53	58.96	7.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	320	347	442	529	761	877	1,135	1,199	1,117	1,223
Invested Capital Turnover	4.86	4.90	4.53	4.49	4.05	3.49	3.06	3.55	4.50	6.01
Increase / (Decrease) in Invested Capital	-9.71	27	95	87	231	117	258	64	-82	106
Enterprise Value (EV)	974	1,147	1,575	1,594	1,951	2,061	3,848	4,280	7,160	14,612
Market Capitalization	1,001	1,176	1,551	1,563	1,775	1,880	3,519	4,081	7,321	15,093
Book Value per Share	$9.26	$10.12	$11.26	$13.41	$15.96	$19.14	$22.35	$27.96	$35.78	$47.89
Tangible Book Value per Share	$4.32	$4.97	$3.81	$4.51	$2.53	$0.01	($2.53)	$3.19	$9.26	$11.10
Total Capital	377	379	478	575	811	932	1,194	1,256	1,322	1,773
Total Debt	12	2.81	61	77	226	236	388	256	44	68
Total Long-Term Debt	11	2.05	60	74	205	236	385	247	39	62
Net Debt	-45	-29	24	31	175	181	329	199	-161	-482
Capital Expenditures (CapEx)	19	22	34	26	30	22	19	46	89	106
Debt-free, Cash-free Net Working Capital (DFCFNWC)	63	67	80	100	152	64	135	89	-10	-336
Debt-free Net Working Capital (DFNWC)	120	99	116	146	203	119	194	146	195	214
Net Working Capital (NWC)	119	98	116	143	182	119	191	137	190	207
Net Nonoperating Expense (NNE)	0.89	0.33	-0.92	1.19	8.96	-0.70	-1.38	19	25	65
Net Nonoperating Obligations (NNO)	-45	-29	24	31	175	181	329	199	-161	-482
Total Depreciation and Amortization (D&A)	24	27	38	43	52	61	69	82	82	146
Debt-free, Cash-free Net Working Capital to Revenue	4.00%	4.10%	4.46%	4.59%	5.82%	2.24%	4.39%	2.14%	-0.20%	-4.79%
Debt-free Net Working Capital to Revenue	7.57%	6.06%	6.50%	6.68%	7.76%	4.16%	6.30%	3.52%	3.74%	3.04%
Net Working Capital to Revenue	7.52%	6.01%	6.47%	6.53%	6.97%	4.16%	6.21%	3.31%	3.65%	2.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.32	$1.74	$1.48	$3.03	$3.10	$4.11	$3.95	$6.84	$9.03	$14.64
Adjusted Weighted Average Basic Shares Outstanding	37.44M	37.34M	37.24M	37.20M	36.85M	36.54M	36.29M	35.93M	35.80M	35.69M
Adjusted Diluted Earnings per Share	$1.30	$1.72	$1.47	$3.00	$3.08	$4.09	$3.93	$6.82	$9.01	$14.60
Adjusted Weighted Average Diluted Shares Outstanding	37.87M	37.81M	37.67M	37.59M	37.13M	36.74M	36.45M	36.05M	35.90M	35.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.32M	37.21M	37.18M	36.87M	36.61M	36.19M	35.96M	35.74M	35.68M	35.55M
Normalized Net Operating Profit after Tax (NOPAT)	58	65	55	113	122	148	141	177	347	585
Normalized NOPAT Margin	3.65%	3.96%	3.05%	5.19%	4.67%	5.19%	4.58%	4.27%	6.66%	8.32%
Pre Tax Income Margin	5.61%	6.18%	5.65%	6.81%	5.80%	6.71%	6.19%	5.70%	7.46%	9.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	51.54	44.09	32.96	41.05	17.26	23.83	31.71	18.66	38.42	99.53
NOPAT to Interest Expense	33.28	27.81	17.22	30.75	13.23	17.82	22.91	19.83	33.90	88.35
EBIT Less CapEx to Interest Expense	40.43	34.64	22.15	34.16	14.09	21.22	28.60	15.25	29.77	83.65
NOPAT Less CapEx to Interest Expense	22.17	18.37	6.41	23.86	10.06	15.22	19.81	16.42	25.26	72.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.43%	15.82%	19.88%	10.87%	12.72%	10.32%	12.13%	8.16%	9.39%	8.19%
Augmented Payout Ratio	39.93%	35.98%	36.17%	36.14%	29.82%	30.38%	31.00%	23.70%	15.94%	19.27%

This table displays calculated financial ratios and metrics derived from Comfort Systems USA's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	34.31%	30.50%	32.70%	27.36%	23.05%	21.52%	30.85%	39.64%	31.51%	37.58%	19.15%
EBITDA Growth	20.48%	32.39%	45.04%	41.09%	49.92%	39.77%	79.64%	91.20%	51.53%	63.98%	51.28%
EBIT Growth	24.11%	41.84%	71.97%	57.47%	61.93%	48.59%	79.68%	91.06%	46.96%	64.52%	66.85%
NOPAT Growth	39.00%	73.74%	-24.97%	67.90%	68.29%	55.95%	72.08%	94.27%	39.48%	80.02%	60.50%
Net Income Growth	32.87%	47.42%	-34.05%	64.46%	70.89%	65.24%	68.34%	92.89%	39.11%	59.28%	75.76%
EPS Growth	34.65%	49.51%	-33.75%	64.96%	71.35%	66.23%	69.18%	93.78%	39.59%	59.38%	76.58%
Operating Cash Flow Growth	43.79%	380.08%	99.14%	181.42%	249.88%	31.06%	15.48%	51.39%	41.05%	21.65%	-160.01%
Free Cash Flow Firm Growth	-99.61%	99.63%	109.08%	133.27%	218.72%	22,244.34%	-282.31%	-126.74%	-86.67%	-60.53%	-161.28%
Invested Capital Growth	29.06%	5.64%	3.31%	-2.81%	-11.41%	-6.84%	12.15%	14.62%	11.08%	9.51%	20.45%
Revenue Q/Q Growth	10.03%	-0.25%	5.14%	10.37%	6.30%	-1.49%	13.22%	17.78%	0.11%	3.06%	-1.96%
EBITDA Q/Q Growth	26.52%	-3.03%	-7.20%	23.92%	34.45%	-9.60%	19.27%	31.89%	6.55%	-2.17%	10.03%
EBIT Q/Q Growth	38.04%	-4.21%	-8.36%	29.96%	41.95%	-12.10%	10.81%	38.20%	9.18%	-1.60%	12.37%
NOPAT Q/Q Growth	50.49%	-6.07%	-2.54%	21.86%	50.84%	-12.95%	7.55%	37.58%	8.30%	12.35%	-4.12%
Net Income Q/Q Growth	45.61%	-9.90%	3.23%	21.43%	51.31%	-12.88%	5.17%	39.13%	9.12%	-0.25%	16.05%
EPS Q/Q Growth	46.15%	-9.94%	3.25%	21.38%	51.81%	-12.63%	5.08%	39.03%	9.36%	-0.24%	16.42%
Operating Cash Flow Q/Q Growth	37.41%	115.59%	-3.86%	-1.18%	70.83%	-19.25%	-15.29%	29.55%	59.16%	-30.35%	-141.79%
Free Cash Flow Firm Q/Q Growth	34.32%	99.62%	2,886.77%	382.56%	134.40%	-29.75%	-122.94%	29.23%	216.85%	108.03%	-251.88%
Invested Capital Q/Q Growth	2.22%	-4.90%	1.27%	-1.27%	-6.83%	0.01%	21.91%	0.90%	-9.71%	-1.40%	34.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.06%	18.91%	17.49%	17.58%	20.14%	20.60%	19.35%	20.09%	21.06%	23.22%	22.03%
EBITDA Margin	8.75%	8.51%	7.51%	8.43%	10.66%	9.78%	10.31%	11.54%	12.28%	11.66%	13.09%
Operating Margin	7.27%	7.17%	6.03%	7.10%	9.81%	8.86%	8.81%	10.20%	11.19%	12.12%	11.42%
EBIT Margin	6.97%	6.69%	5.83%	6.87%	9.17%	8.18%	8.01%	9.40%	10.25%	9.78%	11.21%
Profit (Net Income) Margin	5.49%	4.96%	4.87%	5.36%	7.63%	6.75%	6.27%	7.40%	8.07%	7.81%	9.24%
Tax Burden Percent	82.64%	78.95%	86.92%	81.54%	83.81%	81.97%	78.27%	78.99%	77.86%	78.41%	81.38%
Interest Burden Percent	95.38%	93.91%	96.09%	95.70%	99.26%	100.59%	99.98%	99.74%	101.13%	101.80%	101.29%
Effective Tax Rate	17.36%	21.05%	13.08%	18.46%	16.19%	18.03%	21.73%	21.01%	22.14%	21.59%	18.62%
Return on Invested Capital (ROIC)	20.84%	20.08%	19.45%	22.42%	34.33%	32.66%	29.83%	38.10%	48.20%	57.07%	45.33%
ROIC Less NNEP Spread (ROIC-NNEP)	18.59%	17.13%	17.53%	19.78%	26.91%	-4.14%	16.86%	150.61%	53.56%	66.91%	46.53%
Return on Net Nonoperating Assets (RNNOA)	5.55%	5.01%	4.15%	4.17%	2.73%	-0.07%	1.04%	-1.22%	-8.39%	-14.42%	-2.18%
Return on Equity (ROE)	26.39%	25.09%	23.60%	26.60%	37.07%	32.59%	30.87%	36.88%	39.81%	42.66%	43.15%
Cash Return on Invested Capital (CROIC)	-4.38%	17.20%	16.58%	24.83%	38.46%	37.19%	19.07%	22.44%	32.65%	41.13%	24.89%
Operating Return on Assets (OROA)	12.01%	11.53%	10.04%	12.08%	16.01%	14.43%	13.23%	16.04%	17.68%	17.15%	19.38%
Return on Assets (ROA)	9.47%	8.55%	8.38%	9.42%	13.32%	11.90%	10.35%	12.63%	13.92%	13.69%	15.98%
Return on Common Equity (ROCE)	26.39%	25.09%	23.60%	26.60%	37.07%	32.59%	30.87%	36.88%	39.81%	42.66%	43.15%
Return on Equity Simple (ROE_SIMPLE)	23.98%	0.00%	20.54%	21.92%	23.79%	0.00%	26.41%	28.81%	29.49%	0.00%	33.51%
Net Operating Profit after Tax (NOPAT)	67	63	62	75	113	99	106	146	158	177	170
NOPAT Margin	6.01%	5.66%	5.25%	5.79%	8.22%	7.26%	6.90%	8.06%	8.72%	9.50%	9.29%
Net Nonoperating Expense Percent (NNEP)	2.25%	2.95%	1.92%	2.65%	7.42%	36.79%	12.97%	-112.50%	-5.36%	-9.84%	-1.20%
Return On Investment Capital (ROIC_SIMPLE)	-	5.03%	-	-	-	7.46%	-	-	-	10.01%	9.22%
Cost of Revenue to Revenue	81.94%	81.09%	82.51%	82.42%	79.86%	79.40%	80.65%	79.92%	78.94%	76.78%	77.97%
SG&A Expenses to Revenue	10.82%	11.78%	11.50%	10.52%	10.37%	11.79%	10.59%	9.92%	9.94%	11.12%	10.64%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.78%	11.74%	11.45%	10.48%	10.33%	11.74%	10.53%	9.88%	9.87%	11.10%	10.61%
Earnings before Interest and Taxes (EBIT)	78	75	69	89	126	111	123	170	186	183	205
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	98	95	88	109	147	133	158	209	223	218	240
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.63	4.08	4.92	5.26	5.03	5.73	8.25	7.32	8.77	8.85	6.45
Price to Tangible Book Value (P/TBV)	62.75	35.72	43.20	30.93	20.55	22.14	574.41	85.82	54.39	38.21	26.67
Price to Revenue (P/Rev)	0.89	0.99	1.17	1.24	1.22	1.41	2.03	1.78	2.14	2.15	1.57
Price to Earnings (P/E)	15.13	16.59	23.95	23.98	21.14	22.64	31.24	25.42	29.75	28.89	19.25
Dividend Yield	0.56%	0.49%	0.42%	0.41%	0.44%	0.41%	0.29%	0.34%	0.28%	0.28%	0.42%
Earnings Yield	6.61%	6.03%	4.18%	4.17%	4.73%	4.42%	3.20%	3.93%	3.36%	3.46%	5.20%
Enterprise Value to Invested Capital (EV/IC)	2.98	3.57	4.40	4.95	5.36	6.41	8.31	7.82	10.95	11.95	6.90
Enterprise Value to Revenue (EV/Rev)	0.97	1.03	1.21	1.26	1.20	1.38	2.03	1.77	2.08	2.08	1.55
Enterprise Value to EBITDA (EV/EBITDA)	12.21	12.92	14.90	15.19	13.61	15.00	20.67	16.60	18.79	18.09	12.74
Enterprise Value to EBIT (EV/EBIT)	16.56	17.18	19.23	19.11	16.68	18.13	25.17	20.25	23.02	22.08	15.22
Enterprise Value to NOPAT (EV/NOPAT)	16.01	16.17	22.55	22.18	19.09	20.54	28.79	23.17	26.70	24.88	17.37
Enterprise Value to Operating Cash Flow (EV/OCF)	19.09	14.19	14.65	13.31	9.99	11.19	17.16	14.85	16.73	17.21	18.42
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	21.33	26.98	19.64	13.08	16.63	46.08	37.23	35.29	30.37	30.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.26	0.20	0.13	0.04	0.03	0.07	0.06	0.04	0.04	0.04
Long-Term Debt to Equity	0.40	0.25	0.19	0.12	0.03	0.03	0.06	0.05	0.04	0.04	0.04
Financial Leverage	0.30	0.29	0.24	0.21	0.10	0.02	0.06	-0.01	-0.16	-0.22	-0.05
Leverage Ratio	2.61	2.66	2.66	2.67	2.64	2.59	2.78	2.75	2.70	2.69	2.69
Compound Leverage Factor	2.49	2.50	2.56	2.55	2.62	2.61	2.78	2.74	2.73	2.74	2.72
Debt to Total Capital	28.59%	20.40%	16.57%	11.70%	3.77%	3.34%	6.15%	5.79%	4.13%	3.85%	3.68%
Short-Term Debt to Total Capital	0.19%	0.72%	0.91%	1.06%	1.06%	0.37%	0.88%	1.12%	0.37%	0.34%	0.22%
Long-Term Debt to Total Capital	28.40%	19.68%	15.66%	10.64%	2.71%	2.98%	5.27%	4.66%	3.76%	3.51%	3.46%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	71.42%	79.60%	83.43%	88.30%	96.23%	96.66%	93.85%	94.21%	95.87%	96.15%	96.32%
Debt to EBITDA	1.24	0.77	0.58	0.38	0.11	0.09	0.16	0.14	0.09	0.08	0.08
Net Debt to EBITDA	1.00	0.60	0.45	0.22	-0.21	-0.34	-0.02	-0.17	-0.48	-0.60	-0.15
Long-Term Debt to EBITDA	1.23	0.75	0.55	0.34	0.08	0.08	0.14	0.11	0.09	0.08	0.07
Debt to NOPAT	1.62	0.97	0.88	0.55	0.15	0.13	0.23	0.20	0.13	0.12	0.10
Net Debt to NOPAT	1.32	0.75	0.68	0.33	-0.29	-0.46	-0.03	-0.23	-0.68	-0.82	-0.21
Long-Term Debt to NOPAT	1.61	0.93	0.83	0.50	0.11	0.11	0.20	0.16	0.12	0.11	0.10
Altman Z-Score	3.51	3.75	3.85	4.13	4.14	4.41	4.63	4.41	5.08	5.17	4.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.30	1.12	1.04	1.01	1.11	1.11	0.96	1.00	1.04	1.08	1.08
Quick Ratio	0.23	1.02	0.12	0.14	1.03	1.02	0.15	0.19	0.26	0.28	0.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-217	-0.82	23	110	257	181	-41	-29	34	71	-108
Operating Cash Flow to CapEx	437.81%	1,026.57%	798.27%	541.82%	842.24%	708.87%	612.24%	841.23%	1,490.26%	543.14%	-416.57%
Free Cash Flow to Firm to Interest Expense	-60.02	-0.18	5.58	28.00	136.35	450.50	-25.38	-17.16	19.81	45.24	-66.89
Operating Cash Flow to Interest Expense	16.97	28.77	31.14	32.01	113.60	431.44	89.75	111.09	174.67	133.54	-54.32
Operating Cash Flow Less CapEx to Interest Expense	13.09	25.97	27.24	26.10	100.11	370.58	75.09	97.89	162.95	108.96	-67.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.72	1.72	1.72	1.76	1.75	1.76	1.65	1.71	1.73	1.75	1.73
Accounts Receivable Turnover	51.93	7.12	58.27	58.07	6.98	4.18	70.44	74.37	9.16	9.45	78.11
Inventory Turnover	110.06	118.92	117.42	105.99	87.87	83.62	83.03	92.31	94.82	88.99	85.59
Fixed Asset Turnover	30.57	30.39	31.34	31.10	30.55	29.54	29.22	29.64	29.83	28.93	28.09
Accounts Payable Turnover	11.28	11.48	11.75	11.19	10.49	11.13	9.87	9.86	9.95	10.33	10.26
Days Sales Outstanding (DSO)	7.03	51.26	6.26	6.29	52.30	87.37	5.18	4.91	39.84	38.63	4.67
Days Inventory Outstanding (DIO)	3.32	3.07	3.11	3.44	4.15	4.37	4.40	3.95	3.85	4.10	4.26
Days Payable Outstanding (DPO)	32.37	31.80	31.06	32.62	34.81	32.78	36.99	37.02	36.70	35.34	35.57
Cash Conversion Cycle (CCC)	-22.02	22.53	-21.68	-22.89	21.65	58.96	-27.41	-28.15	6.99	7.39	-26.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,261	1,199	1,214	1,199	1,117	1,117	1,362	1,374	1,241	1,223	1,640
Invested Capital Turnover	3.47	3.55	3.71	3.87	4.18	4.50	4.32	4.73	5.53	6.01	4.88
Increase / (Decrease) in Invested Capital	284	64	39	-35	-144	-82	147	175	124	106	278
Enterprise Value (EV)	3,761	4,280	5,343	5,930	5,982	7,160	11,315	10,745	13,579	14,612	11,323
Market Capitalization	3,451	4,081	5,183	5,843	6,072	7,321	11,326	10,853	13,926	15,093	11,460
Book Value per Share	$26.59	$27.96	$29.48	$31.07	$33.75	$35.78	$38.40	$41.50	$44.50	$47.89	$49.98
Tangible Book Value per Share	$1.54	$3.19	$3.36	$5.28	$8.26	$9.26	$0.55	$3.54	$7.18	$11.10	$12.09
Total Capital	1,332	1,256	1,263	1,259	1,254	1,322	1,462	1,573	1,656	1,773	1,845
Total Debt	381	256	209	147	47	44	90	91	68	68	68
Total Long-Term Debt	378	247	198	134	34	39	77	73	62	62	64
Net Debt	310	199	161	87	-90	-161	-11	-108	-347	-482	-137
Capital Expenditures (CapEx)	14	13	16	23	25	24	24	23	20	39	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	245	89	15	-28	59	-10	-179	-193	-302	-336	-14
Debt-free Net Working Capital (DFNWC)	317	146	64	32	197	195	-79	6.11	114	214	190
Net Working Capital (NWC)	314	137	52	19	183	190	-91	-12	108	207	186
Net Nonoperating Expense (NNE)	5.79	7.79	4.40	5.61	8.13	7.01	9.71	12	12	32	0.88
Net Nonoperating Obligations (NNO)	310	199	161	87	-90	-161	-11	-108	-347	-482	-137
Total Depreciation and Amortization (D&A)	20	20	20	20	21	22	35	39	37	35	34
Debt-free, Cash-free Net Working Capital to Revenue	6.33%	2.14%	0.34%	-0.59%	1.19%	-0.20%	-3.22%	-3.18%	-4.63%	-4.79%	-0.20%
Debt-free Net Working Capital to Revenue	8.16%	3.52%	1.44%	0.68%	3.96%	3.74%	-1.41%	0.10%	1.75%	3.04%	2.60%
Net Working Capital to Revenue	8.10%	3.31%	1.18%	0.40%	3.69%	3.65%	-1.64%	-0.19%	1.65%	2.95%	2.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.72	$1.55	$1.60	$1.94	$2.93	$2.56	$2.70	$3.75	$4.10	$4.09	$4.77
Adjusted Weighted Average Basic Shares Outstanding	35.85M	35.93M	35.81M	35.82M	35.82M	35.80M	35.74M	35.75M	35.67M	35.69M	35.52M
Adjusted Diluted Earnings per Share	$1.71	$1.54	$1.59	$1.93	$2.93	$2.56	$2.69	$3.74	$4.09	$4.08	$4.75
Adjusted Weighted Average Diluted Shares Outstanding	35.97M	36.05M	35.91M	35.91M	35.92M	35.90M	35.83M	35.83M	35.76M	35.78M	35.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.76M	35.74M	35.77M	35.77M	35.71M	35.68M	35.72M	35.68M	35.59M	35.55M	35.27M
Normalized Net Operating Profit after Tax (NOPAT)	67	63	61	75	113	98	105	145	157	177	170
Normalized NOPAT Margin	5.98%	5.63%	5.21%	5.75%	8.18%	7.22%	6.86%	8.03%	8.66%	9.49%	9.27%
Pre Tax Income Margin	6.65%	6.28%	5.60%	6.57%	9.10%	8.23%	8.01%	9.37%	10.36%	9.96%	11.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	21.62	16.29	16.81	22.72	67.01	277.01	75.37	99.53	107.35	115.96	126.85
NOPAT to Interest Expense	18.65	13.78	15.12	19.16	60.05	245.86	64.93	85.35	91.31	112.62	105.11
EBIT Less CapEx to Interest Expense	17.75	13.49	12.91	16.82	53.52	216.14	60.72	86.33	95.63	91.37	113.81
NOPAT Less CapEx to Interest Expense	14.77	10.98	11.22	13.26	46.56	184.99	50.27	72.15	79.59	88.03	92.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.51%	8.16%	10.01%	9.76%	9.34%	9.39%	9.12%	8.57%	8.38%	8.19%	8.06%
Augmented Payout Ratio	25.14%	23.70%	22.80%	14.74%	12.94%	15.94%	14.06%	14.55%	20.06%	19.27%	33.09%

Key Financial Trends

Comfort Systems USA (FIX) continues to deliver strong top-line and bottom-line growth while maintaining a healthy balance sheet. Here are the key financial trends over the last several years, focusing on Q1 2025 versus comparable prior‐year periods:

Robust revenue growth: Q1 2025 revenue of $1.831 billion was up 19.15% year-over-year, continuing a multi‐quarter trend of double-digit gains.
Strong earnings acceleration: Net income rose 75.8% YoY to $169.3 million in Q1 2025, driving diluted EPS of $4.75 (up 77.6%).
Margin expansion: Q1 2025 gross margin improved to 22.03% (from 19.35% in Q1 2024), operating margin to 11.42% (from 8.81%), and net margin to 9.24% (from 6.27%).
High returns on capital: Q1 2025 ROE was 43.15% and ROIC 45.33%, a marked improvement over mid-teens percentages two years ago.
Net cash position: The company held net cash of $136.9 million as of Q1 2025 (negative net debt), down from a net debt position in early 2023.
Dividend policy: Quarterly dividend increased to $0.40/share (8.06% payout), up from $0.25/share in Q1 2024; payout remains modest.
Capital investment: CapEx of $21.1 million in Q1 2025 is in line with prior periods, supporting maintenance and organic growth.
Valuation metrics: Trading at ~19.3× P/E and ~12.7× EV/EBITDA, roughly in line with historical averages.
Operating cash flow: Q1 2025 posted a negative $87.9 million (versus +$146.6 million in Q1 2024), driven by working‐capital outflows.
Free cash flow: FCFF remained negative at –$108.3 million in Q1 2025, reflecting acquisitions, CapEx, and cash flow timing.

06/22/25 12:17 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Comfort Systems USA's Financials

When does Comfort Systems USA's fiscal year end?

According to the most recent income statement we have on file, Comfort Systems USA's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Comfort Systems USA's net income changed over the last 9 years?

Comfort Systems USA's net income appears to be on an upward trend, with a most recent value of $522.43 million in 2024, rising from $57.44 million in 2015. The previous period was $323.40 million in 2023. See Comfort Systems USA's forecast for analyst expectations on what’s next for the company.

What is Comfort Systems USA's operating income?

Comfort Systems USA's total operating income in 2024 was $749.37 million, based on the following breakdown:

Total Gross Profit: $1.48 billion
Total Operating Expenses: $727.04 million

How has Comfort Systems USA's revenue changed over the last 9 years?

Over the last 9 years, Comfort Systems USA's total revenue changed from $1.58 billion in 2015 to $7.03 billion in 2024, a change of 344.6%.

How much debt does Comfort Systems USA have?

Comfort Systems USA's total liabilities were at $3.01 billion at the end of 2024, a 48.3% increase from 2023, and a 820.5% increase since 2015.

How much cash does Comfort Systems USA have?

In the past 9 years, Comfort Systems USA's cash and equivalents has ranged from $32.07 million in 2016 to $549.94 million in 2024, and is currently $549.94 million as of their latest financial filing in 2024.

How has Comfort Systems USA's book value per share changed over the last 9 years?

Over the last 9 years, Comfort Systems USA's book value per share changed from 9.26 in 2015 to 47.89 in 2024, a change of 417.3%.

Related Companies

This page (NYSE:FIX) was last updated on 6/22/2025 by MarketBeat.com Staff

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Comfort Systems USA (FIX) Financials

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Comfort Systems USA (FIX) Financials

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