Comfort Systems USA (FIX) Financials

$1,968.68 +76.73 (+4.06%)

Closing price 03:59 PM Eastern

Extended Trading

$1,983.51 +14.83 (+0.75%)

As of 08:00 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	49	65	55	113	114	150	143	246	323	522	1,023
Consolidated Net Income / (Loss)	57	65	55	113	114	150	143	246	323	522	1,023
Net Income / (Loss) Continuing Operations	57	65	55	113	114	150	143	246	323	522	1,023
Total Pre-Tax Income	89	101	101	149	152	192	190	236	388	667	1,293
Total Operating Income	90	102	99	150	164	191	188	254	418	749	1,315
Total Gross Profit	318	344	366	446	502	547	563	742	991	1,476	2,196
Total Revenue	1,581	1,634	1,788	2,183	2,615	2,857	3,074	4,140	5,207	7,027	9,102
Operating Revenue	1,581	1,634	1,788	2,183	2,615	2,857	3,074	4,140	5,207	7,027	9,102
Total Cost of Revenue	1,262	1,290	1,422	1,737	2,113	2,310	2,510	3,399	4,216	5,551	6,906
Operating Cost of Revenue	1,262	1,290	1,422	1,737	2,113	2,310	2,510	3,399	4,216	5,551	6,906
Total Operating Expenses	228	242	267	296	338	356	375	488	572	727	881
Selling, General & Admin Expense	229	243	267	297	340	358	376	489	574	730	883
Other Special Charges / (Income)	-0.88	-0.76	-0.67	-0.95	-1.70	-1.45	-1.54	-1.59	-2.30	-3.03	-1.97
Total Other Income / (Expense), net	-1.38	-0.51	1.68	-1.56	-12	0.89	1.84	-18	-30	-83	-21
Interest Expense	1.75	2.35	3.16	3.71	9.32	8.39	6.20	13	10	6.65	9.01
Interest & Investment Income	0.07	0.01	0.07	0.07	0.22	0.10	0.02	0.05	3.49	12	22
Other Income / (Expense), net	0.30	1.83	4.76	2.08	-2.80	9.17	8.01	-4.69	-23	-88	-34
Income Tax Expense	31	36	46	36	37	41	47	-10	65	144	271
Basic Earnings per Share	$1.32	$1.74	$1.48	$3.03	$3.10	$4.11	$3.95	$6.84	$9.03	$14.64	$28.93
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	35.35M
Diluted Earnings per Share	$1.30	$1.72	$1.47	$3.00	$3.08	$4.09	$3.93	$6.82	$9.01	$14.60	$28.88
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	35.41M
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	35.17M
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	$1.95

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	105	92	96	134	146	146	169	231	292	331	370
Consolidated Net Income / (Loss)	105	92	96	134	146	146	169	231	292	331	370
Net Income / (Loss) Continuing Operations	105	92	96	134	146	146	169	231	292	331	370
Total Pre-Tax Income	125	112	123	170	188	186	208	296	370	418	482
Total Operating Income	135	120	135	185	203	226	209	300	379	427	486
Total Gross Profit	277	280	297	364	382	434	403	510	608	675	754
Total Revenue	1,378	1,358	1,537	1,810	1,812	1,868	1,831	2,173	2,451	2,646	2,865
Operating Revenue	1,378	1,358	1,537	1,810	1,812	1,868	1,831	2,173	2,451	2,646	2,865
Total Cost of Revenue	1,101	1,078	1,240	1,447	1,431	1,434	1,428	1,663	1,843	1,971	2,111
Operating Cost of Revenue	1,101	1,078	1,240	1,447	1,431	1,434	1,428	1,663	1,843	1,971	2,111
Total Operating Expenses	142	159	162	179	179	207	194	210	229	248	269
Selling, General & Admin Expense	143	160	163	180	180	208	195	210	230	248	269
Other Special Charges / (Income)	-0.58	-0.62	-0.82	-0.61	-1.35	-0.25	-0.56	-0.44	-0.58	-0.39	-0.30
Total Other Income / (Expense), net	-9.71	-8.55	-12	-15	-15	-40	-1.09	-3.39	-8.42	-8.25	-3.57
Interest Expense	1.89	0.40	1.63	1.71	1.73	1.58	1.62	1.61	2.97	2.81	2.18
Interest & Investment Income	0.95	1.05	1.60	1.26	3.83	4.86	4.27	2.82	6.38	8.14	8.51
Other Income / (Expense), net	-8.77	-9.20	-12	-15	-17	-44	-3.73	-4.60	-12	-14	-9.91
Income Tax Expense	20	20	27	36	42	40	39	66	79	88	112
Basic Earnings per Share	$2.93	$2.56	$2.70	$3.75	$4.10	$4.09	$4.77	$6.54	$8.26	$9.36	$10.52
Weighted Average Basic Shares Outstanding	35.82M	35.80M	35.74M	35.75M	35.67M	35.69M	35.52M	35.31M	35.31M	35.35M	35.21M
Diluted Earnings per Share	$2.93	$2.56	$2.69	$3.74	$4.09	$4.08	$4.75	$6.53	$8.25	$9.35	$10.51
Weighted Average Diluted Shares Outstanding	35.92M	35.90M	35.83M	35.83M	35.76M	35.78M	35.61M	35.37M	35.37M	35.41M	35.25M
Weighted Average Basic & Diluted Shares Outstanding	35.71M	35.68M	35.72M	35.68M	35.59M	35.55M	35.27M	35.28M	35.27M	35.17M	35.20M
Cash Dividends to Common per Share	$0.23	-	$0.25	$0.30	-	-	$0.40	$0.45	-	-	$0.70

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	24	-24	4.47	9.08	5.17	4.11	3.88	-1.56	148	345	432
Net Cash From Operating Activities	98	91	114	147	142	287	180	302	640	849	1,186
Net Cash From Continuing Operating Activities	98	91	114	147	142	287	180	302	640	849	1,186
Net Income / (Loss) Continuing Operations	57	65	55	113	114	150	143	246	323	522	1,023
Consolidated Net Income / (Loss)	57	65	55	113	114	150	143	246	323	522	1,023
Depreciation Expense	16	18	20	23	24	28	28	34	38	48	62
Amortization Expense	7.80	8.55	18	20	27	33	41	49	44	98	81
Non-Cash Adjustments To Reconcile Net Income	6.28	-0.95	22	12	24	50	7.92	24	49	1.61	40
Changes in Operating Assets and Liabilities, net	10	0.71	-1.14	-21	-48	26	-41	-50	185	179	-20
Net Cash From Investing Activities	-26	-79	-129	-96	-224	-208	-247	-97	-193	-344	-467
Net Cash From Continuing Investing Activities	-26	-79	-129	-96	-224	-208	-247	-97	-193	-344	-467
Purchase of Property, Plant & Equipment	-21	-23	-35	-27	-32	-24	-22	-48	-95	-111	-155
Acquisitions	-6.16	-57	-95	-70	-196	-186	-227	-49	-102	-235	-280
Purchase of Investments	-	-	-	-	-	0.00	0.00	-2.46	-1.86	-2.51	-64
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	3.70
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	0.00	0.00	28
Net Cash From Financing Activities	-48	-36	19	-42	88	-75	70	-206	-299	-161	-287
Net Cash From Continuing Financing Activities	-48	-36	19	-42	88	-75	70	-206	-299	-161	-287
Repayment of Debt	-53	-156	-133	-121	-233	-288	-156	-695	-512	-209	-147
Repurchase of Common Equity	-8.33	-13	-9.01	-29	-20	-30	-27	-38	-21	-58	-216
Payment of Dividends	-15	-10	-11	-12	-15	-15	-17	-20	-30	-43	-69
Issuance of Debt	25	144	177	124	356	268	275	555	285	183	200
Other Financing Activities, net	4.04	-1.28	-4.57	-4.63	-1.13	-9.45	-4.42	-8.07	-20	-34	-56

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	78	68	-104	99	216	134	-345	127	529	121	68
Net Cash From Operating Activities	214	173	147	190	302	210	-88	252	553	469	389
Net Cash From Continuing Operating Activities	214	173	147	190	302	210	-88	252	553	469	389
Net Income / (Loss) Continuing Operations	105	92	96	134	146	146	169	231	292	331	370
Consolidated Net Income / (Loss)	105	92	96	134	146	146	169	231	292	331	370
Depreciation Expense	9.46	10	11	12	12	13	14	15	16	17	19
Amortization Expense	11	11	24	27	25	22	20	20	20	20	21
Non-Cash Adjustments To Reconcile Net Income	9.71	373	10	2.94	46	-58	-134	-0.14	56	118	-20
Changes in Operating Assets and Liabilities, net	79	-314	4.79	14	73	87	-158	-13	169	-18	-0.78
Net Cash From Investing Activities	-25	-74	-222	-61	-22	-39	-97	-86	-53	-231	-184
Net Cash From Continuing Investing Activities	-25	-74	-222	-61	-22	-39	-97	-86	-53	-231	-184
Purchase of Property, Plant & Equipment	-28	-25	-25	-23	-22	-41	-22	-31	-35	-66	-147
Acquisitions	-	-49	-197	-38	-0.81	-	-68	-56	-4.50	-151	-6.10
Purchase of Investments	-0.06	-0.62	-1.04	-0.23	-0.50	-0.74	-7.26	-0.22	-22	-35	-45
Sale of Property, Plant & Equipment	3.01	0.86	1.01	0.82	1.78	1.93	1.10	0.97	1.09	0.54	0.87
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	20	14
Net Cash From Financing Activities	-111	-32	-29	-30	-64	-37	-160	-39	29	-116	-137
Net Cash From Continuing Financing Activities	-111	-32	-29	-30	-64	-37	-160	-39	29	-116	-137
Repayment of Debt	145	-295	-162	-24	-23	-0.03	-5.99	-0.02	-141	-0.02	-106
Repurchase of Common Equity	-1.79	-13	-0.30	-11	-31	-16	-91	-20	-13	-92	-2.55
Payment of Dividends	-8.05	-8.92	-8.92	-11	-11	-12	-14	-16	-18	-21	-25
Other Financing Activities, net	-1.28	-	-21	-5.06	-0.15	-8.26	-49	-3.52	0.06	-3.14	-3.24

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	2025
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	12/31/2025
Total Assets	692	709	881	1,063	1,505	1,757	2,209	2,597	3,306	4,711	6,441
Total Current Assets	424	416	489	610	790	812	1,027	1,308	1,911	2,790	4,111
Cash & Equivalents	56	32	37	46	51	55	59	57	205	550	982
Note & Lease Receivable	21	20	21	16	38	44	57	38	166	86	116
Accounts Receivable	333	348	383	519	56	46	62	1,101	1,392	96	123
Inventories, net	7.94	9.21	10	12	10	13	22	35	66	59	84
Prepaid Expenses	5.84	6.11	8.29	6.54	14	16	24	48	54	46	139
Other Current Assets	-	-	30	10	622	638	804	27	28	1,953	2,667
Plant, Property, & Equipment, net	61	68	88	100	110	117	129	144	209	277	388
Total Noncurrent Assets	207	225	304	353	605	828	1,053	1,146	1,186	1,644	1,943
Goodwill	144	149	201	235	332	464	592	612	667	875	1,026
Intangible Assets	41	42	76	95	160	232	305	274	280	434	485
Noncurrent Deferred & Refundable Income Taxes	16	27	23	18	22	29	23	116	18	85	84
Other Noncurrent Operating Assets	5.28	5.94	4.58	5.16	91	103	133	145	221	249	348
Total Liabilities & Shareholders' Equity	692	709	881	1,063	1,505	1,757	2,209	2,597	3,306	4,711	6,441
Total Liabilities	327	332	463	565	920	1,061	1,403	1,598	2,028	3,006	3,992
Total Current Liabilities	305	318	374	467	608	693	837	1,171	1,721	2,583	3,394
Short-Term Debt	0.75	0.76	0.61	3.28	21	0.00	2.79	9.00	4.87	6.04	6.16
Accounts Payable	107	103	132	176	196	204	255	337	420	655	696
Current Deferred Revenue	85	84	106	131	167	226	321	548	910	1,149	2,120
Current Employee Benefit Liabilities	54	62	69	87	103	122	130	128	169	229	292
Other Current Liabilities	58	68	66	69	121	141	128	148	218	544	279
Total Noncurrent Liabilities	21	15	89	97	312	368	567	427	307	424	599
Long-Term Debt	11	1.96	60	74	205	236	385	247	39	62	139
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	3.89
Other Noncurrent Operating Liabilities	8.63	10	27	22	105	131	180	180	266	359	456
Commitments & Contingencies	0.00	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	2,449
Total Preferred & Common Equity	347	377	418	498	585	696	806	1,000	1,278	1,705	2,449
Preferred Stock	0.00	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	2,449
Common Stock	324	310	313	317	321	323	327	332	340	351	364
Retained Earnings	69	124	168	269	369	503	629	855	1,148	1,627	2,581
Treasury Stock	-47	-57	-64	-88	-104	-129	-151	-187	-210	-274	-496

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,549	2,839	2,915	3,141	3,903	4,214	4,413	4,569	5,064	5,778	6,938
Total Current Assets	1,358	1,459	1,500	1,812	2,048	2,323	2,537	2,597	3,043	3,704	4,501
Cash & Equivalents	71	49	60	138	101	199	416	205	332	861	1,050
Note & Lease Receivable	83	42	60	212	136	156	135	204	87	86	109
Accounts Receivable	90	81	82	1,333	77	81	89	110	150	146	137
Inventories, net	38	37	42	54	71	64	56	63	71	79	94
Prepaid Expenses	27	47	50	43	63	45	36	51	38	63	178
Other Current Assets	1,048	1,203	1,206	33	1,601	1,778	1,805	1,965	2,366	2,470	2,933
Plant, Property, & Equipment, net	138	155	170	187	226	240	250	295	311	337	516
Total Noncurrent Assets	1,053	1,225	1,245	1,142	1,628	1,650	1,626	1,677	1,709	1,737	1,922
Goodwill	611	637	637	637	863	875	875	906	928	928	1,026
Intangible Assets	285	296	285	274	490	481	456	442	451	432	465
Noncurrent Deferred & Refundable Income Taxes	11	143	171	5.96	32	50	50	83	84	78	83
Other Noncurrent Operating Assets	146	149	151	224	244	244	244	246	246	299	348
Total Liabilities & Shareholders' Equity	2,549	2,839	2,915	3,141	3,903	4,214	4,413	4,569	5,064	5,778	6,938
Total Liabilities	1,598	1,786	1,804	1,933	2,530	2,732	2,825	2,792	3,093	3,544	4,123
Total Current Liabilities	1,044	1,407	1,481	1,629	2,140	2,335	2,429	2,411	2,700	3,032	3,631
Short-Term Debt	2.51	11	13	13	13	18	6.05	4.07	12	4.68	0.03
Accounts Payable	330	352	396	441	558	591	604	561	573	665	720
Current Deferred Revenue	412	717	696	775	1,132	1,150	1,198	1,267	1,546	1,734	2,345
Current Employee Benefit Liabilities	150	116	142	174	154	209	258	192	264	356	278
Other Current Liabilities	149	211	234	225	283	367	364	387	304	272	288
Total Noncurrent Liabilities	554	379	322	304	391	397	396	381	393	512	493
Long-Term Debt	378	198	134	34	77	73	62	64	61	131	39
Noncurrent Deferred & Payable Income Tax Liabilities	1.75	-	-	6.65	1.12	1.12	1.12	2.23	2.23	2.23	3.89
Other Noncurrent Operating Liabilities	174	182	188	264	313	322	332	315	329	379	450
Commitments & Contingencies	0.00	0.00	0.00	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	1,971	2,233	2,815
Total Preferred & Common Equity	951	1,053	1,111	1,207	1,373	1,482	1,588	1,777	1,971	2,233	2,815
Preferred Stock	0.00	0.00	0.00	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	1,971	2,233	2,815
Common Stock	332	339	339	339	349	350	351	362	362	363	389
Retained Earnings	805	906	968	1,065	1,235	1,358	1,494	1,782	1,997	2,271	2,927
Treasury Stock	-186	-191	-195	-197	-212	-226	-257	-368	-388	-401	-500

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.03%	3.41%	9.40%	22.09%	19.81%	9.23%	7.60%	34.71%	25.76%	34.97%	29.52%
EBITDA Growth	79.12%	13.90%	9.18%	37.73%	8.91%	22.65%	1.89%	24.58%	44.05%	69.27%	76.25%
EBIT Growth	114.76%	14.45%	0.61%	46.42%	5.60%	24.24%	-1.69%	26.84%	58.52%	67.51%	93.58%
NOPAT Growth	94.24%	11.81%	-16.66%	109.90%	8.06%	21.21%	-5.00%	86.46%	31.67%	68.51%	76.95%
Net Income Growth	100.85%	12.98%	-14.83%	104.27%	1.26%	31.33%	-4.52%	71.57%	31.49%	61.54%	95.73%
EPS Growth	113.11%	32.31%	-14.53%	104.08%	2.67%	32.79%	-3.91%	73.54%	32.11%	62.04%	97.81%
Operating Cash Flow Growth	129.99%	-6.82%	25.12%	29.01%	-3.51%	101.73%	-37.12%	67.38%	112.11%	32.75%	39.73%
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%	35.14%
Invested Capital Growth	-2.95%	8.54%	27.23%	19.78%	43.70%	15.33%	29.37%	5.64%	-6.84%	9.51%	31.81%
Revenue Q/Q Growth	1.76%	0.51%	4.01%	6.19%	5.28%	-0.72%	5.39%	6.73%	4.84%	7.83%	9.35%
EBITDA Q/Q Growth	9.37%	1.87%	2.86%	5.75%	6.58%	3.79%	0.58%	7.55%	8.60%	11.76%	19.59%
EBIT Q/Q Growth	12.04%	1.88%	0.30%	6.12%	8.03%	4.23%	-1.46%	9.71%	10.13%	12.15%	21.94%
NOPAT Q/Q Growth	5.09%	2.41%	-15.86%	23.36%	6.35%	2.15%	-1.37%	12.67%	11.23%	15.51%	18.15%
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%	22.08%
EPS Q/Q Growth	6.56%	5.52%	-14.53%	18.58%	8.83%	6.51%	-3.44%	8.08%	12.77%	11.62%	22.32%
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%	27.80%
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%	6.38%
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%	6.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.13%	21.05%	20.49%	20.44%	19.19%	19.15%	18.32%	17.91%	19.02%	21.01%	24.13%
EBITDA Margin	7.22%	7.95%	7.93%	8.95%	8.14%	9.14%	8.65%	8.00%	9.17%	11.50%	15.64%
Operating Margin	5.70%	6.21%	5.55%	6.88%	6.26%	6.67%	6.13%	6.13%	8.04%	10.66%	14.44%
EBIT Margin	5.72%	6.33%	5.82%	6.98%	6.15%	7.00%	6.39%	6.02%	7.59%	9.42%	14.07%
Profit (Net Income) Margin	3.63%	3.97%	3.09%	5.17%	4.37%	5.26%	4.66%	5.94%	6.21%	7.43%	11.23%
Tax Burden Percent	64.78%	64.21%	54.76%	75.94%	75.34%	78.39%	75.34%	104.28%	83.31%	78.38%	79.06%
Interest Burden Percent	98.14%	97.74%	97.03%	97.61%	94.35%	95.86%	96.86%	94.66%	98.28%	100.74%	100.98%
Effective Tax Rate	35.22%	35.79%	45.24%	24.06%	24.66%	21.61%	24.66%	-4.28%	16.69%	21.62%	20.94%
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%	73.31%
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%	75.85%
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%	-24.07%
Return on Equity (ROE)	16.74%	17.50%	13.91%	24.65%	21.11%	23.43%	19.09%	27.24%	28.40%	35.03%	49.24%
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%	45.87%
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%	22.97%
Return on Assets (ROA)	8.53%	9.27%	6.95%	11.62%	8.91%	9.20%	7.23%	10.23%	10.96%	13.03%	18.34%
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%	49.24%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	58	65	54	114	123	149	142	265	349	587	1,039
NOPAT Margin	3.69%	3.99%	3.04%	5.23%	4.71%	5.23%	4.62%	6.39%	6.69%	8.36%	11.42%
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%	-2.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	21.07%	26.36%	33.13%	40.06%
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%	75.87%
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%	9.70%
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	14.43%	14.83%	14.93%	13.56%	12.94%	12.47%	12.19%	11.78%	10.99%	10.35%	9.68%
Earnings before Interest and Taxes (EBIT)	90	103	104	152	161	200	196	249	395	662	1,281
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	114	130	142	195	213	261	266	331	477	808	1,424
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	13.44
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	35.09
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	3.62
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	32.19
Dividend Yield	0.94%	0.87%	0.71%	0.78%	0.82%	0.82%	0.49%	0.49%	0.41%	0.28%	0.21%
Earnings Yield	4.93%	5.52%	3.56%	7.22%	6.44%	7.99%	4.07%	6.03%	4.42%	3.46%	3.11%
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	19.90
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	3.52
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	22.53
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	25.05
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	30.87
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	27.04
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	49.34
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	0.06
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	0.06
Financial Leverage	-0.05	-0.10	-0.01	0.06	0.19	0.28	0.34	0.29	0.02	-0.22	-0.32
Leverage Ratio	1.96	1.89	2.00	2.12	2.37	2.55	2.64	2.66	2.59	2.69	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	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%	5.60%
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%	0.24%
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%	5.36%
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	4.86%	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	92.09%	99.26%	87.35%	86.62%	72.13%	74.71%	67.49%	79.60%	96.66%	96.15%	94.40%
Debt to EBITDA	0.10	0.02	0.43	0.39	1.06	0.90	1.46	0.77	0.09	0.08	0.10
Net Debt to EBITDA	-0.39	-0.23	0.17	0.16	0.82	0.69	1.24	0.60	-0.34	-0.60	-0.59
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	0.10
Debt to NOPAT	0.20	0.04	1.11	0.67	1.83	1.58	2.73	0.97	0.13	0.12	0.14
Net Debt to NOPAT	-0.77	-0.45	0.44	0.27	1.42	1.21	2.32	0.75	-0.46	-0.82	-0.81
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	0.13
Altman Z-Score	4.90	5.32	4.85	4.70	3.74	3.55	3.69	3.97	4.69	5.50	7.71
Noncontrolling Interest Sharing Ratio	4.87%	2.47%	0.00%	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	1.21
Quick Ratio	1.34	1.26	1.18	1.24	0.24	0.21	0.21	1.02	1.02	0.28	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	68	38	-40	27	-108	33	-116	201	431	481	650
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%	784.59%
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	72.18
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	131.69
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	114.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.35	2.33	2.25	2.25	2.04	1.75	1.55	1.72	1.76	1.75	1.63
Accounts Receivable Turnover	4.76	4.80	4.89	4.84	9.11	56.49	57.20	7.12	4.18	9.45	83.13
Inventory Turnover	152.21	150.48	145.73	152.88	188.11	196.36	142.13	118.92	83.62	88.99	96.39
Fixed Asset Turnover	27.12	25.34	22.95	23.32	24.98	25.17	25.01	30.39	29.54	28.93	27.37
Accounts Payable Turnover	11.86	12.28	12.08	11.27	11.35	11.54	10.94	11.48	11.13	10.33	10.22
Days Sales Outstanding (DSO)	76.74	76.11	74.62	75.36	40.06	6.46	6.38	51.26	87.37	38.63	4.39
Days Inventory Outstanding (DIO)	2.40	2.43	2.50	2.39	1.94	1.86	2.57	3.07	4.37	4.10	3.79
Days Payable Outstanding (DPO)	30.78	29.72	30.23	32.39	32.16	31.63	33.36	31.80	32.78	35.34	35.71
Cash Conversion Cycle (CCC)	48.36	48.82	46.90	45.36	9.85	-23.31	-24.41	22.53	58.96	7.39	-27.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	320	347	442	529	761	877	1,135	1,199	1,117	1,223	1,612
Invested Capital Turnover	4.86	4.90	4.53	4.49	4.05	3.49	3.06	3.55	4.50	6.01	6.42
Increase / (Decrease) in Invested Capital	-9.71	27	95	87	231	117	258	64	-82	106	389
Enterprise Value (EV)	974	1,147	1,575	1,594	1,951	2,061	3,848	4,280	7,160	14,612	32,082
Market Capitalization	1,001	1,176	1,551	1,563	1,775	1,880	3,519	4,081	7,321	15,093	32,919
Book Value per Share	$9.26	$10.12	$11.26	$13.41	$15.96	$19.14	$22.35	$27.96	$35.78	$47.89	$69.43
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	$26.60
Total Capital	377	379	478	575	811	932	1,194	1,256	1,322	1,773	2,594
Total Debt	12	2.81	61	77	226	236	388	256	44	68	145
Total Long-Term Debt	11	2.05	60	74	205	236	385	247	39	62	139
Net Debt	-45	-29	24	31	175	181	329	199	-161	-482	-837
Capital Expenditures (CapEx)	19	22	34	26	30	22	19	46	89	106	151
Debt-free, Cash-free Net Working Capital (DFCFNWC)	63	67	80	100	152	64	135	89	-10	-336	-259
Debt-free Net Working Capital (DFNWC)	120	99	116	146	203	119	194	146	195	214	723
Net Working Capital (NWC)	119	98	116	143	182	119	191	137	190	207	717
Net Nonoperating Expense (NNE)	0.89	0.33	-0.92	1.19	8.96	-0.70	-1.38	19	25	65	17
Net Nonoperating Obligations (NNO)	-45	-29	24	31	175	181	329	199	-161	-482	-837
Total Depreciation and Amortization (D&A)	24	27	38	43	52	61	69	82	82	146	143
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%	-2.85%
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%	7.94%
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%	7.87%
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	$28.93
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	35.35M
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	$28.88
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	35.41M
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	37.32M	37.21M	37.18M	36.87M	36.61M	36.19M	35.96M	35.74M	35.68M	35.55M	35.17M
Normalized Net Operating Profit after Tax (NOPAT)	58	65	55	113	122	148	141	177	347	585	1,038
Normalized NOPAT Margin	3.65%	3.96%	3.05%	5.19%	4.67%	5.19%	4.58%	4.27%	6.66%	8.32%	11.40%
Pre Tax Income Margin	5.61%	6.18%	5.65%	6.81%	5.80%	6.71%	6.19%	5.70%	7.46%	9.49%	14.21%
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	142.18
NOPAT to Interest Expense	33.28	27.81	17.22	30.75	13.23	17.82	22.91	19.83	33.90	88.35	115.36
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	125.39
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	98.57
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%	6.73%
Augmented Payout Ratio	39.93%	35.98%	36.17%	36.14%	29.82%	30.38%	31.00%	23.70%	15.94%	19.27%	27.85%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,174,967.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,174,967.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	10.53
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.05%	21.52%	30.85%	39.64%	31.51%	37.58%	19.15%	20.05%	35.24%	41.67%	56.47%
EBITDA Growth	49.92%	39.77%	79.64%	91.20%	51.53%	63.98%	51.28%	57.97%	81.04%	107.07%	114.89%
EBIT Growth	61.93%	48.59%	79.68%	91.06%	46.96%	64.52%	66.85%	73.59%	97.64%	126.08%	131.69%
NOPAT Growth	68.29%	55.95%	72.08%	94.27%	39.48%	80.02%	60.50%	60.07%	88.79%	90.06%	119.26%
Net Income Growth	70.89%	65.24%	68.34%	92.89%	39.11%	59.28%	75.76%	72.26%	99.42%	126.78%	118.78%
EPS Growth	71.35%	66.23%	69.18%	93.78%	39.59%	59.38%	76.58%	74.60%	101.71%	129.17%	121.26%
Operating Cash Flow Growth	249.88%	31.06%	15.48%	51.39%	41.05%	21.65%	-160.01%	32.99%	83.09%	122.62%	542.10%
Free Cash Flow Firm Growth	218.72%	22,244.34%	-282.31%	-126.74%	-86.67%	-60.53%	-161.28%	-258.28%	-12.82%	-172.52%	293.23%
Invested Capital Growth	-11.41%	-6.84%	12.15%	14.62%	11.08%	9.51%	20.45%	24.64%	21.63%	31.81%	9.99%
Revenue Q/Q Growth	6.30%	-1.49%	13.22%	17.78%	0.11%	3.06%	-1.96%	18.68%	12.78%	7.96%	8.29%
EBITDA Q/Q Growth	34.45%	-9.60%	19.27%	31.89%	6.55%	-2.17%	10.03%	37.73%	22.11%	11.90%	14.19%
EBIT Q/Q Growth	41.95%	-12.10%	10.81%	38.20%	9.18%	-1.60%	12.37%	43.78%	24.31%	12.57%	15.16%
NOPAT Q/Q Growth	50.84%	-12.95%	7.55%	37.58%	8.30%	12.35%	-4.12%	37.21%	27.73%	13.10%	10.61%
Net Income Q/Q Growth	51.31%	-12.88%	5.17%	39.13%	9.12%	-0.25%	16.05%	36.36%	26.32%	13.44%	11.96%
EPS Q/Q Growth	51.81%	-12.63%	5.08%	39.03%	9.36%	-0.24%	16.42%	37.47%	26.34%	13.33%	12.41%
Operating Cash Flow Q/Q Growth	70.83%	-19.25%	-15.29%	29.55%	59.16%	-30.35%	-141.79%	387.09%	119.12%	-15.31%	-17.01%
Free Cash Flow Firm Q/Q Growth	134.40%	-29.75%	-122.94%	29.23%	216.85%	108.03%	-251.88%	2.95%	128.43%	-273.05%	504.70%
Invested Capital Q/Q Growth	-6.83%	0.01%	21.91%	0.90%	-9.71%	-1.40%	34.10%	4.42%	-11.89%	6.84%	11.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.14%	20.60%	19.35%	20.09%	21.06%	23.22%	22.03%	23.46%	24.80%	25.50%	26.33%
EBITDA Margin	10.66%	9.78%	10.31%	11.54%	12.28%	11.66%	13.09%	15.19%	16.45%	17.04%	17.97%
Operating Margin	9.81%	8.86%	8.81%	10.20%	11.19%	12.12%	11.42%	13.80%	15.46%	16.13%	16.95%
EBIT Margin	9.17%	8.18%	8.01%	9.40%	10.25%	9.78%	11.21%	13.59%	14.98%	15.61%	16.61%
Profit (Net Income) Margin	7.63%	6.75%	6.27%	7.40%	8.07%	7.81%	9.24%	10.62%	11.90%	12.50%	12.93%
Tax Burden Percent	83.81%	81.97%	78.27%	78.99%	77.86%	78.41%	81.38%	77.86%	78.72%	79.05%	76.82%
Interest Burden Percent	99.26%	100.59%	99.98%	99.74%	101.13%	101.80%	101.29%	100.41%	100.93%	101.29%	101.33%
Effective Tax Rate	16.19%	18.03%	21.73%	21.01%	22.14%	21.59%	18.62%	22.14%	21.28%	20.95%	23.18%
Return on Invested Capital (ROIC)	34.33%	32.66%	29.83%	38.10%	48.20%	57.07%	45.33%	53.50%	73.68%	81.85%	76.65%
ROIC Less NNEP Spread (ROIC-NNEP)	26.91%	-4.14%	16.86%	150.61%	53.56%	66.91%	46.53%	54.94%	74.91%	82.84%	77.12%
Return on Net Nonoperating Assets (RNNOA)	2.73%	-0.07%	1.04%	-1.22%	-8.39%	-14.42%	-2.18%	-5.84%	-21.01%	-26.29%	-19.28%
Return on Equity (ROE)	37.07%	32.59%	30.87%	36.88%	39.81%	42.66%	43.15%	47.66%	52.66%	55.56%	57.37%
Cash Return on Invested Capital (CROIC)	38.46%	37.19%	19.07%	22.44%	32.65%	41.13%	24.89%	25.97%	44.47%	45.87%	62.61%
Operating Return on Assets (OROA)	16.01%	14.43%	13.23%	16.04%	17.68%	17.15%	19.38%	22.51%	24.46%	25.49%	29.25%
Return on Assets (ROA)	13.32%	11.90%	10.35%	12.63%	13.92%	13.69%	15.98%	17.60%	19.44%	20.41%	22.77%
Return on Common Equity (ROCE)	37.07%	32.59%	30.87%	36.88%	39.81%	42.66%	43.15%	47.66%	52.66%	55.56%	57.37%
Return on Equity Simple (ROE_SIMPLE)	23.79%	0.00%	26.41%	28.81%	29.49%	0.00%	33.51%	35.12%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	113	99	106	146	158	177	170	233	298	337	373
NOPAT Margin	8.22%	7.26%	6.90%	8.06%	8.72%	9.50%	9.29%	10.74%	12.17%	12.75%	13.02%
Net Nonoperating Expense Percent (NNEP)	7.42%	36.79%	12.97%	-112.50%	-5.36%	-9.84%	-1.20%	-1.44%	-1.24%	-0.99%	-0.48%
Return On Investment Capital (ROIC_SIMPLE)	-	7.46%	-	-	-	10.01%	9.22%	11.42%	12.59%	13.00%	13.07%
Cost of Revenue to Revenue	79.86%	79.40%	80.65%	79.92%	78.94%	76.78%	77.97%	76.54%	75.20%	74.50%	73.67%
SG&A Expenses to Revenue	10.37%	11.79%	10.59%	9.92%	9.94%	11.12%	10.64%	9.68%	9.37%	9.39%	9.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.33%	11.74%	10.53%	9.88%	9.87%	11.10%	10.61%	9.66%	9.34%	9.37%	9.38%
Earnings before Interest and Taxes (EBIT)	126	111	123	170	186	183	205	295	367	413	476
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	147	133	158	209	223	218	240	330	403	451	515
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.03	5.73	8.25	7.32	8.77	8.85	6.45	9.60	13.04	13.44	17.23
Price to Tangible Book Value (P/TBV)	20.55	22.14	574.41	85.82	54.39	38.21	26.67	31.95	33.34	35.09	36.61
Price to Revenue (P/Rev)	1.22	1.41	2.03	1.78	2.14	2.15	1.57	2.46	3.50	3.62	4.79
Price to Earnings (P/E)	21.14	22.64	31.24	25.42	29.75	28.89	19.25	27.32	34.76	32.19	39.64
Dividend Yield	0.44%	0.41%	0.29%	0.34%	0.28%	0.28%	0.42%	0.28%	0.21%	0.21%	0.16%
Earnings Yield	4.73%	4.42%	3.20%	3.93%	3.36%	3.46%	5.20%	3.66%	2.88%	3.11%	2.52%
Enterprise Value to Invested Capital (EV/IC)	5.36	6.41	8.31	7.82	10.95	11.95	6.90	10.89	18.81	19.90	26.33
Enterprise Value to Revenue (EV/Rev)	1.20	1.38	2.03	1.77	2.08	2.08	1.55	2.43	3.41	3.52	4.69
Enterprise Value to EBITDA (EV/EBITDA)	13.61	15.00	20.67	16.60	18.79	18.09	12.74	18.47	23.84	22.53	27.95
Enterprise Value to EBIT (EV/EBIT)	16.68	18.13	25.17	20.25	23.02	22.08	15.22	21.47	27.03	25.05	30.62
Enterprise Value to NOPAT (EV/NOPAT)	19.09	20.54	28.79	23.17	26.70	24.88	17.37	25.23	32.27	30.87	38.24
Enterprise Value to Operating Cash Flow (EV/OCF)	9.99	11.19	17.16	14.85	16.73	17.21	18.42	27.55	30.58	27.04	28.56
Enterprise Value to Free Cash Flow (EV/FCFF)	13.08	16.63	46.08	37.23	35.29	30.37	30.31	46.54	46.44	49.34	44.05
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.03	0.07	0.06	0.04	0.04	0.04	0.04	0.06	0.06	0.01
Long-Term Debt to Equity	0.03	0.03	0.06	0.05	0.04	0.04	0.04	0.03	0.06	0.06	0.01
Financial Leverage	0.10	0.02	0.06	-0.01	-0.16	-0.22	-0.05	-0.11	-0.28	-0.32	-0.25
Leverage Ratio	2.64	2.59	2.78	2.75	2.70	2.69	2.69	2.69	2.67	2.69	2.51
Compound Leverage Factor	2.62	2.61	2.78	2.74	2.73	2.74	2.72	2.70	2.69	2.72	2.54
Debt to Total Capital	3.77%	3.34%	6.15%	5.79%	4.13%	3.85%	3.68%	3.57%	5.74%	5.60%	1.37%
Short-Term Debt to Total Capital	1.06%	0.37%	0.88%	1.12%	0.37%	0.34%	0.22%	0.57%	0.20%	0.24%	0.00%
Long-Term Debt to Total Capital	2.71%	2.98%	5.27%	4.66%	3.76%	3.51%	3.46%	3.00%	5.54%	5.36%	1.37%
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	96.23%	96.66%	93.85%	94.21%	95.87%	96.15%	96.32%	96.43%	94.26%	94.40%	98.63%
Debt to EBITDA	0.11	0.09	0.16	0.14	0.09	0.08	0.08	0.07	0.11	0.10	0.02
Net Debt to EBITDA	-0.21	-0.34	-0.02	-0.17	-0.48	-0.60	-0.15	-0.26	-0.61	-0.59	-0.60
Long-Term Debt to EBITDA	0.08	0.08	0.14	0.11	0.09	0.08	0.07	0.06	0.11	0.10	0.02
Debt to NOPAT	0.15	0.13	0.23	0.20	0.13	0.12	0.10	0.10	0.15	0.14	0.03
Net Debt to NOPAT	-0.29	-0.46	-0.03	-0.23	-0.68	-0.82	-0.21	-0.35	-0.82	-0.81	-0.81
Long-Term Debt to NOPAT	0.11	0.11	0.20	0.16	0.12	0.11	0.10	0.08	0.15	0.13	0.03
Altman Z-Score	4.14	4.41	4.63	4.41	5.08	5.17	4.81	6.01	7.27	7.27	9.49
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	1.11	1.11	0.96	1.00	1.04	1.08	1.08	1.13	1.22	1.21	1.24
Quick Ratio	1.03	1.02	0.15	0.19	0.26	0.28	0.22	0.21	0.36	0.36	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	257	181	-41	-29	34	71	-108	-105	30	-52	209
Operating Cash Flow to CapEx	842.24%	708.87%	612.24%	841.23%	1,490.26%	543.14%	-416.57%	833.21%	1,615.67%	714.82%	265.23%
Free Cash Flow to Firm to Interest Expense	136.35	450.50	-25.38	-17.16	19.81	45.24	-66.89	-65.48	10.05	-18.39	96.08
Operating Cash Flow to Interest Expense	113.60	431.44	89.75	111.09	174.67	133.54	-54.32	157.32	186.04	166.68	178.53
Operating Cash Flow Less CapEx to Interest Expense	100.11	370.58	75.09	97.89	162.95	108.96	-67.36	138.44	174.52	143.36	111.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.75	1.76	1.65	1.71	1.73	1.75	1.73	1.66	1.63	1.63	1.76
Accounts Receivable Turnover	6.98	4.18	70.44	74.37	9.16	9.45	78.11	66.56	70.85	83.13	81.88
Inventory Turnover	87.87	83.62	83.03	92.31	94.82	88.99	85.59	88.56	94.69	96.39	96.68
Fixed Asset Turnover	30.55	29.54	29.22	29.64	29.83	28.93	28.09	27.87	28.33	27.37	25.00
Accounts Payable Turnover	10.49	11.13	9.87	9.86	9.95	10.33	10.26	10.24	10.04	10.22	11.86
Days Sales Outstanding (DSO)	52.30	87.37	5.18	4.91	39.84	38.63	4.67	5.48	5.15	4.39	4.46
Days Inventory Outstanding (DIO)	4.15	4.37	4.40	3.95	3.85	4.10	4.26	4.12	3.85	3.79	3.78
Days Payable Outstanding (DPO)	34.81	32.78	36.99	37.02	36.70	35.34	35.57	35.66	36.36	35.71	30.79
Cash Conversion Cycle (CCC)	21.65	58.96	-27.41	-28.15	6.99	7.39	-26.63	-26.06	-27.35	-27.53	-22.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,117	1,117	1,362	1,374	1,241	1,223	1,640	1,713	1,509	1,612	1,804
Invested Capital Turnover	4.18	4.50	4.32	4.73	5.53	6.01	4.88	4.98	6.05	6.42	5.89
Increase / (Decrease) in Invested Capital	-144	-82	147	175	124	106	278	339	268	389	164
Enterprise Value (EV)	5,982	7,160	11,315	10,745	13,579	14,612	11,323	18,656	28,389	32,082	47,495
Market Capitalization	6,072	7,321	11,326	10,853	13,926	15,093	11,460	18,915	29,114	32,919	48,506
Book Value per Share	$33.75	$35.78	$38.40	$41.50	$44.50	$47.89	$49.98	$55.88	$63.30	$69.43	$80.03
Tangible Book Value per Share	$8.26	$9.26	$0.55	$3.54	$7.18	$11.10	$12.09	$16.78	$24.75	$26.60	$37.66
Total Capital	1,254	1,322	1,462	1,573	1,656	1,773	1,845	2,044	2,369	2,594	2,854
Total Debt	47	44	90	91	68	68	68	73	136	145	39
Total Long-Term Debt	34	39	77	73	62	62	64	61	131	139	39
Net Debt	-90	-161	-11	-108	-347	-482	-137	-259	-725	-837	-1,011
Capital Expenditures (CapEx)	25	24	24	23	20	39	21	30	34	66	147
Debt-free, Cash-free Net Working Capital (DFCFNWC)	59	-10	-179	-193	-302	-336	-14	24	-185	-259	-180
Debt-free Net Working Capital (DFNWC)	197	195	-79	6.11	114	214	190	355	676	723	870
Net Working Capital (NWC)	183	190	-91	-12	108	207	186	344	671	717	870
Net Nonoperating Expense (NNE)	8.13	7.01	9.71	12	12	32	0.88	2.64	6.62	6.52	2.74
Net Nonoperating Obligations (NNO)	-90	-161	-11	-108	-347	-482	-137	-259	-725	-837	-1,011
Total Depreciation and Amortization (D&A)	21	22	35	39	37	35	34	35	36	38	39
Debt-free, Cash-free Net Working Capital to Revenue	1.19%	-0.20%	-3.22%	-3.18%	-4.63%	-4.79%	-0.20%	0.31%	-2.22%	-2.85%	-1.78%
Debt-free Net Working Capital to Revenue	3.96%	3.74%	-1.41%	0.10%	1.75%	3.04%	2.60%	4.62%	8.12%	7.94%	8.59%
Net Working Capital to Revenue	3.69%	3.65%	-1.64%	-0.19%	1.65%	2.95%	2.54%	4.47%	8.07%	7.87%	8.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.93	$2.56	$2.70	$3.75	$4.10	$4.09	$4.77	$6.54	$8.26	$9.36	$10.52
Adjusted Weighted Average Basic Shares Outstanding	35.82M	35.80M	35.74M	35.75M	35.67M	35.69M	35.52M	35.31M	35.31M	35.35M	35.21M
Adjusted Diluted Earnings per Share	$2.93	$2.56	$2.69	$3.74	$4.09	$4.08	$4.75	$6.53	$8.25	$9.35	$10.51
Adjusted Weighted Average Diluted Shares Outstanding	35.92M	35.90M	35.83M	35.83M	35.76M	35.78M	35.61M	35.37M	35.37M	35.41M	35.25M
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	35.71M	35.68M	35.72M	35.68M	35.59M	35.55M	35.27M	35.28M	35.27M	35.17M	35.20M
Normalized Net Operating Profit after Tax (NOPAT)	113	98	105	145	157	177	170	233	298	337	373
Normalized NOPAT Margin	8.18%	7.22%	6.86%	8.03%	8.66%	9.49%	9.27%	10.73%	12.15%	12.74%	13.01%
Pre Tax Income Margin	9.10%	8.23%	8.01%	9.37%	10.36%	9.96%	11.36%	13.64%	15.11%	15.82%	16.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	67.01	277.01	75.37	99.53	107.35	115.96	126.85	183.97	123.42	146.98	218.46
NOPAT to Interest Expense	60.05	245.86	64.93	85.35	91.31	112.62	105.11	145.47	100.28	120.00	171.31
EBIT Less CapEx to Interest Expense	53.52	216.14	60.72	86.33	95.63	91.37	113.81	165.09	111.91	123.67	151.15
NOPAT Less CapEx to Interest Expense	46.56	184.99	50.27	72.15	79.59	88.03	92.07	126.59	88.77	96.68	104.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.34%	9.39%	9.12%	8.57%	8.38%	8.19%	8.06%	7.68%	7.18%	6.73%	6.48%
Augmented Payout Ratio	12.94%	15.94%	14.06%	14.55%	20.06%	19.27%	33.09%	30.51%	23.93%	27.85%	16.87%

Financials Breakdown Chart

Key Financial Trends

Comfort Systems USA (NYSE: FIX) – snapshot of trends from the last four years

The data below covers quarterly income statements, cash flow statements, and balance sheets from roughly 2022 through 2025. Key takeaways for retail investors are the continued growth in revenue, improving profitability metrics, and stronger cash generation in late-2025, alongside a still manageable balance sheet and modest near-term debt activity.

Revenue growth and scale: Revenue rose from the 1.12–1.18B range in 2022 to about 2.65B by Q4 2025, with successive quarters showing higher top-line figures (e.g., Q4 2025 operating revenue of 2.646B vs. 2.450B in Q3 2025 and 2.173B in Q2 2025).
Gross margin stability and improvement: Gross margin improved to roughly 25.5% in Q4 2025 (674.7M gross profit on 2.646B revenue) from the mid-20s in earlier periods, signaling better cost control or pricing leverage as revenue grew.
Operating margin expansion: Operating income as a percentage of revenue rose into the mid-teens by late 2025 (Q4 2025 operating income around 426.7M on 2.646B revenue, about 16.1% margin), up from lower levels in 2024/early 2025.
Net income margin and profitability: Net income attributable to common shareholders reached roughly 12.5% of revenue in Q4 2025 (330.8M net income on 2.646B revenue), reflecting improved efficiency and margin flow-through.
Operating cash flow strength and trend: Net cash from continuing operating activities and overall cash from operations improved meaningfully across 2025, with Q4 2025 net cash from continuing operating activities at about 468.5M and Q3 2025 at 553.3M, signaling stronger cash conversion of earnings.
Free cash flow potential: With operating cash flow strong in late-2025 and capital expenditures in the mid- to low- tens of millions per quarter (e.g., PPE purchases around 30–66M per quarter), the company generated positive trailing free cash flow in several 2025 quarters (example: Q3 2025 and Q4 2025 show meaningful OCF after capex).
Liquidity and balance sheet basics: Cash & equivalents remained healthy (e.g., 860.5M as of Q3 2025), and total current assets exceeded current liabilities in late 2025, contributing to a solid balance-sheet liquidity position (current ratio around 1.2x in some periods).
Dividend sustainability and capital returns: The company has a regular dividend program (cash dividends per share in multiple quarters around 0.40–0.45) and has conducted modest share repurchases in some quarters, signaling ongoing capital allocation to shareholders.
Debt and funding activity within a prudent range: Long-term debt remained modest (about $60–130M across 2024–2025 quarters), with occasional debt issuance (e.g., a $200M issuance in some 2025 quarters) to support capex and growth while the overall leverage remains manageable.
Balance-sheet growth tied to scale: Total assets and total liabilities grew notably from 2022 through 2025 as the business scaled, reflecting expansion in operations and working capital needs; this is common for a growing contractor with larger project backlogs and capex needs.

Seasonality and quarterly volatility: Net income and cash flow from operations show quarter-to-quarter fluctuations due to seasonality, non-cash adjustments, and working capital swings, a pattern typical for HVAC/contracting peers.
Financing activity can be lumpy: Several quarters show negative net cash from financing activities (dividends, buybacks, debt issuance/repayment), which can mask underlying operating strength on a short horizon.
Investing activity is spotty: Capital investments and acquisitions are lumped in at irregular intervals (e.g., PPE purchases and small acquisitions), contributing to uneven quarterly cash outflows and affecting the near-term cash trajectory.

Q1 2025 cash flow was negative: Operating cash flow for Q1 2025 was negative (approximately -87.9M), marking a near-term cash-flow dip despite overall strength later in the year.
Near-term financing outflows in late 2025: Net cash from financing activities in Q4 2025 was negative (about -115.9M), driven by activity such as debt-related cash flows and share repurchases, which temporarily reduced liquidity despite stronger operating cash flow.
Investing cash outflows remain a drag in some quarters: Net cash from investing activities in late 2025 was negative (e.g., around -231.3M in Q4 2025), reflecting PPE investments and other capex that reduce cash in the near term even as the business builds scale.
Debt level fluctuations: Long-term debt moved higher in some quarters (e.g., roughly $131M in Q3 2025), suggesting some incremental leverage to fund growth; while still manageable, this adds a layer of balance-sheet risk to monitor.

05/05/26 08:58 PM ETAI 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 2025 ended on December 31, 2025.

How has Comfort Systems USA's net income changed over the last 10 years?

Comfort Systems USA's net income appears to be on an upward trend, with a most recent value of $1.02 billion in 2025, rising from $57.44 million in 2015. The previous period was $522.43 million in 2024. View Comfort Systems USA's forecast to see where analysts expect Comfort Systems USA to go next.

What is Comfort Systems USA's operating income?

Comfort Systems USA's total operating income in 2025 was $1.31 billion, based on the following breakdown:

Total Gross Profit: $2.20 billion
Total Operating Expenses: $881.31 million

How has Comfort Systems USA's revenue changed over the last 10 years?

Over the last 10 years, Comfort Systems USA's total revenue changed from $1.58 billion in 2015 to $9.10 billion in 2025, a change of 475.9%.

How much debt does Comfort Systems USA have?

Comfort Systems USA's total liabilities were at $3.99 billion at the end of 2025, a 32.8% increase from 2024, and a 1,122.5% increase since 2015.

How much cash does Comfort Systems USA have?

In the past 10 years, Comfort Systems USA's cash and equivalents has ranged from $32.07 million in 2016 to $981.90 million in 2025, and is currently $981.90 million as of their latest financial filing in 2025.

How has Comfort Systems USA's book value per share changed over the last 10 years?

Over the last 10 years, Comfort Systems USA's book value per share changed from 9.26 in 2015 to 69.43 in 2025, a change of 649.9%.

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Financial statements for NYSE:FIX last updated on 4/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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