Comfort Systems USA, Inc., together with its subsidiaries, provides mechanical and electrical installation, renovation, maintenance, repair.
Profile & Fundamentals
Comfort Systems USA: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Comfort Systems USA Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Comfort Systems USA, Inc., together with its subsidiaries, provides mechanical and electrical installation, renovation, maintenance, repair, and replacement services for the mechanical and electrical services industry in the United States. The company operates through two segments: Mechanical and Electrical. It offers heating, ventilation, and air conditioning systems, as well as plumbing, electrical, piping and controls, off-site construction, monitoring, and fire protection. The company is also involved in the design, engineering, integration, installation, and start-up of mechanical, electrical, and plumbing (MEP) and related systems in new buildings; and renovation, expansion, maintenance, monitoring, repair, and replacement of systems in existing buildings. In addition, it provides remote monitoring of power usage, temperature, pressure, humidity and air flow for MEP and other building systems. The company serves building owners and developers, general contractors, architects, consulting engineers, and property managers in the commercial, industrial, and institutional markets. Comfort Systems USA, Inc. was founded in 1917 and is headquartered in Houston, Texas.
Company profile record
Comfort Systems USA Inc
Common Stock · Industrials · Construction & Engineering
Company
- Company / asset
- Comfort Systems USA Inc
- Security type
- Common Stock
- Sector
- Industrials
- Industry
- Construction & Engineering
- HQ
- 🇺🇸 United States
- Head office
- 9753 Katy Freeway, Houston, TX, United States, 77024
Leadership & scale
- Chief executive
- Mr. Brian E. Lane
- CEO year born
- 1957
- Full-time employees
- 22.7K
- Fiscal year end
- December
- IPO date
- 1997-06-27
Fundamentals snapshot
- Market Cap
- USD 64.1B
- P/E
- 44.7x
- Revenue (Q2 26)
- USD 3.3B
- Profit (Q2 26)
- USD 441.6M
- Dividend Yield
- 0.1%
- Revenue (FY 25)
- USD 9.1B
- Shares in public float
- 34.7M
- Insider ownership
- 1.08%
Reporting & identifiers
- Symbol
- FIX.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US1999081045
- Asset ID
- equity_5c0cca8f-0cd5-513b-a290-b3e43a456679
Ownership
Shares Outstanding
Latest: 35.3M | Max: 37.6M | Min: 35.3M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
98.48%
34.7M latest reported shares
Insider Ownership
1.08%
Latest reported insider stake
Short Float
0.03%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 37,634,000 |
| 2018-01-01 | 37,467,000 |
| 2019-01-01 | 36,674,000 |
| 2020-01-01 | 36,561,000 |
| 2021-01-01 | 36,434,000 |
| 2022-01-01 | 35,948,000 |
| 2023-01-01 | 35,852,000 |
| 2024-01-01 | 35,775,000 |
| 2025-01-01 | 35,318,000 |
| 2026-01-01 | 35,254,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 3,512,927 | 9.98% | 2026-03-31 |
| Vanguard Capital Management, LLC | 2,285,949 | 6.5% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 1,881,184 | 5.35% | 2026-03-31 |
| State Street Corp | 1,471,879 | 4.18% | 2026-03-31 |
| FMR Inc | 1,449,517 | 4.12% | 2026-03-31 |
| Geode Capital Management, LLC | 1,238,619 | 3.52% | 2026-03-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 1,118,084 | 3.18% | 2026-08-31 |
| AQR Capital Management LLC | 1,116,230 | 3.17% | 2026-03-31 |
| Vanguard 500 Index Investor | 934,399 | 2.66% | 2026-08-31 |
| JPMorgan Chase & Co | 889,891 | 2.53% | 2026-03-31 |
| Vanguard MStar Mid Cap Index Instl | 761,438 | 2.16% | 2026-08-31 |
| Capital World Investors | 720,244 | 2.05% | 2026-06-30 |
| Amvescap Plc. | 606,580 | 1.72% | 2026-03-31 |
| NORGES BANK | 471,564 | 1.34% | 2026-06-30 |
| iShares Core S&P 500 ETF | 467,745 | 1.33% | 2026-08-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Comfort Systems has delivered explosive financial growth, with trailing twelve-month revenue reaching $11.23 billion and net income climbing to $1.43 billion by mid-2026. This performance was driven by a surging $14.06 billion backlog, as high-tech projects expanded to nearly sixty percent of sales. In the second quarter of 2026 alone, revenue rose 50.3% year-over-year while net income almost doubled to $442 million, powered by strong demand for datacenter cooling and modular assemblies. However, headlines conceal important details about cash sustainability. Trailing operating cash flow was flattered by more than $1 billion in upfront customer deposits and advance billings. These funds represent future construction obligations rather than permanent recurring profit. As project completion schedules catch up and revenue growth naturally moderates from fifty percent toward sustainable mid-teens, cash flow conversion will normalize toward reported net income.
Comfort Systems has delivered explosive financial growth, with trailing twelve-month revenue reaching $11.23 billion and net income climbing to $1.43 billion by mid-2026. This performance was driven by a surging $14.06 billion backlog, as high-tech projects expanded to nearly sixty percent of sales. In the second quarter of 2026 alone, revenue rose 50.3% year-over-year while net income almost doubled to $442 million, powered by strong demand for datacenter cooling and modular assemblies. However, headlines conceal important details about cash sustainability. Trailing operating cash flow was flattered by more than $1 billion in upfront customer deposits and advance billings. These funds represent future construction obligations rather than permanent recurring profit. As project completion schedules catch up and revenue growth naturally moderates from fifty percent toward sustainable mid-teens, cash flow conversion will normalize toward reported net income.
Revenue, Net Income, and Free Cash Flow
Latest: USD 9.1B | Max: USD 9.1B | Min: USD 55.3M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 32x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profit margins have reached historic peaks, with gross margins climbing to 25.9% and operating margins touching 17.1% in the second quarter of 2026. This dramatic rise from historical 6% operating margins reflects extraordinary pricing power in specialized datacenter cooling, profitable project change orders, and the efficiency of factory prefabrication over traditional field contracting. Nevertheless, these record margins reflect peak-cycle market conditions that will face gravitational pull over the five-year horizon. As competing specialty contractors build their own modular facilities and union wage increases for electricians and pipefitters accumulate, emergency pricing power will fade. Sustainable operating margins are expected to normalize toward a healthy but lower through-cycle range of 12% to 13%.
Profit margins have reached historic peaks, with gross margins climbing to 25.9% and operating margins touching 17.1% in the second quarter of 2026. This dramatic rise from historical 6% operating margins reflects extraordinary pricing power in specialized datacenter cooling, profitable project change orders, and the efficiency of factory prefabrication over traditional field contracting. Nevertheless, these record margins reflect peak-cycle market conditions that will face gravitational pull over the five-year horizon. As competing specialty contractors build their own modular facilities and union wage increases for electricians and pipefitters accumulate, emergency pricing power will fade. Sustainable operating margins are expected to normalize toward a healthy but lower through-cycle range of 12% to 13%.
Profitability Margins
Latest: 24.1% | Max: 24.1% | Min: 3.1%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
24.1%
Gross profit / revenue
Operating Margin
14.4%
Operating income / revenue
Net Margin
11.2%
Net income / revenue
FCF Margin
11.3%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 1,634,340,000 | 64,896,000 | 67,971,000 |
| 2017-12-31 | 1,787,922,000 | 55,272,000 | 78,623,000 |
| 2018-12-31 | 2,182,879,000 | 112,903,000 | 119,922,000 |
| 2019-12-31 | 2,615,277,000 | 114,324,000 | 110,278,000 |
| 2020-12-31 | 2,856,659,000 | 150,139,000 | 262,379,000 |
| 2021-12-31 | 3,073,636,000 | 143,348,000 | 157,821,000 |
| 2022-12-31 | 4,140,364,000 | 245,947,000 | 253,172,000 |
| 2023-12-31 | 5,206,760,000 | 323,398,000 | 544,730,000 |
| 2024-12-31 | 7,027,476,000 | 522,433,000 | 737,986,000 |
| 2025-12-31 | 9,101,641,000 | 1,022,558,000 | 1,031,453,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 32.23 | Trailing four quarters |
| 2024-12-31 | 29.04 | Trailing four quarters |
| 2023-12-31 | 22.8 | Trailing four quarters |
| 2022-12-31 | 16.82 | Annual net income |
| 2021-12-31 | 25.15 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 21.05 | 6.21 | 3.97 | 4.16 |
| 2017-12-31 | 20.49 | 5.55 | 3.09 | 4.4 |
| 2018-12-31 | 20.44 | 6.88 | 5.17 | 5.49 |
| 2019-12-31 | 19.19 | 6.26 | 4.37 | 4.22 |
| 2020-12-31 | 19.15 | 6.67 | 5.26 | 9.18 |
| 2021-12-31 | 18.32 | 6.13 | 4.66 | 5.13 |
| 2022-12-31 | 17.91 | 6.13 | 5.94 | 6.11 |
| 2023-12-31 | 19.02 | 8.04 | 6.21 | 10.46 |
| 2024-12-31 | 21.01 | 10.66 | 7.43 | 10.5 |
| 2025-12-31 | 24.13 | 14.42 | 11.23 | 11.33 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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