Comfort Systems USA (FIX)
NYSE:FIX
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Comfort Systems
(NYSE:FIX)
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Rating:80Outperform
Price Target:
$2,116.00
▲(28.21% Upside)
Action:Reiterated
Date:05/02/26
The score is driven primarily by strong financial performance (scaled revenue, expanded margins, and high free cash flow) and a constructive earnings outlook supported by record backlog and upbeat FY2026 guidance. Technicals also reinforce the uptrend, though momentum is getting close to stretched levels. Valuation is the main offset, with a premium P/E and minimal dividend yield.
Positive Factors
Revenue & Margin Expansion
Sustained revenue scaling combined with material margin expansion indicates durable improvements in pricing, execution and scale economics. This structural profitability uplift supports long-term free cash flow generation, reinvestment capacity and resilience across construction cycles.
Negative Factors
Labor & Capacity Constraints
Persistent labor shortages and capacity limits can structurally slow backlog conversion, stretching project timelines and raising labor costs. Over months this constrains revenue realization and could pressure margins if hiring/training and productivity gains lag demand growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Margin Expansion
Sustained revenue scaling combined with material margin expansion indicates durable improvements in pricing, execution and scale economics. This structural profitability uplift supports long-term free cash flow generation, reinvestment capacity and resilience across construction cycles.
Read all positive factors
Comfort Systems (FIX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$65.28B
Dividend Yield0.2%
Average Volume (3M)394.07K
Price to Earnings (P/E)32.8
Beta (1Y)1.92
Revenue Growth38.43%
EPS Growth107.64%
CountryUS
Employees22,700
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)34.70
Shares Outstanding35,202,423
10 Day Avg. Volume390,619
30 Day Avg. Volume394,074
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)13.47
Price to Sales (P/S)3.62
P/FCF Ratio31.98
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue6.28
Enterprise Value/Gross Profit25.00
Enterprise Value/Ebitda36.74
Forecast
1Y Price Target
$1,949.17Price Target Upside18.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)42.15
Revenue Forecast (FY)$11.79B
Comfort Systems Business Overview & Revenue Model
Company Description
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. It oper...
How the Company Makes Money
Comfort Systems makes money primarily by performing mechanical contracting work for customers who need building mechanical systems installed, upgraded, or maintained. The company’s revenue model is largely project- and service-based: (1) Installat...
Comfort Systems Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presented robust top-line and profitability gains: 56% revenue growth, record $12.5B backlog, materially expanded margins and doubled EPS. Management highlighted sustained strong demand (especially data centers), strategic modular investments, a small tuck-in acquisition, and a dividend increase. The main concerns are supply-side constraints (labor and capacity), elevated CapEx commitments for modular expansion, a $43M one-time project benefit, and a higher tax rate. Overall, positive operational momentum and financial performance outweigh the manageable risks and one-time items.Positive Updates
Strong Revenue Growth
First quarter revenue of $2.9 billion, up 56% year-over-year. Same-store revenue grew 51% (an increase of $943 million).
Negative Updates
One-Time Project Closeout Benefit
First-quarter gross profit benefited from $43 million of favorable late-stage project developments and change orders. Management described these items as not reliably repeatable—removing them would reduce reported gross margin to ~25.2% in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
First quarter revenue of $2.9 billion, up 56% year-over-year. Same-store revenue grew 51% (an increase of $943 million).
Read all positive updates
Company Guidance
Comfort Systems guided that same‑store revenue for FY2026 is likely to be up in the mid‑ to high‑20% range versus 2025 (while noting tougher comparables in H2), and said gross profit margins should remain in the strong ranges seen recently (Q1 gross profit $754M, gross margin 26.3%); management expects a full‑year effective tax rate of ~23% and full‑year CapEx of roughly 5% of revenue (Q1 CapEx $147M, 5.1% of revenue), is targeting 4 million sq ft of modular capacity by year‑end, and highlighted record backlog of $12.5B (total backlog ~$5B higher YoY entering Q2); they also noted Q1 free cash flow of $242M, trailing‑12‑month EBITDA of $1.74B, an electrical acquisition expected to add ~$250M of annualized revenue at 8–10% EBITDA margins, and an increased quarterly dividend to $0.80.Comfort Systems Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.14B | 9.10B | 7.03B | 5.21B | 4.14B | 3.07B |
| Gross Profit | 2.55B | 2.20B | 1.48B | 990.51M | 741.61M | 563.21M |
| EBITDA | 1.73B | 1.44B | 817.10M | 478.63M | 329.30M | 264.20M |
| Net Income | 1.22B | 1.02B | 522.43M | 323.40M | 245.95M | 143.35M |
Balance Sheet | ||||||
| Total Assets | 6.94B | 6.44B | 4.71B | 3.31B | 2.60B | 2.21B |
| Cash, Cash Equivalents and Short-Term Investments | 1.11B | 981.90M | 549.94M | 205.15M | 57.21M | 58.78M |
| Total Debt | 378.56M | 785.95M | 308.60M | 256.77M | 389.14M | 514.78M |
| Total Liabilities | 4.12B | 3.99B | 3.01B | 2.03B | 1.60B | 1.40B |
| Stockholders Equity | 2.82B | 2.45B | 1.70B | 1.28B | 999.92M | 805.67M |
Cash Flow | ||||||
| Free Cash Flow | 1.38B | 1.03B | 737.99M | 544.73M | 253.17M | 157.82M |
| Operating Cash Flow | 1.66B | 1.19B | 849.06M | 639.57M | 301.53M | 180.15M |
| Investing Cash Flow | -554.49M | -467.27M | -343.51M | -193.01M | -97.18M | -246.72M |
| Financing Cash Flow | -263.24M | -287.13M | -160.76M | -298.62M | -205.91M | 70.45M |
Comfort Systems Technical Analysis
Neutral
1650.47
Price Trends
1638.99
Positive
1417.86
Positive
1130.09
Positive
Market Momentum
89.01
Positive
50.17
Neutral
27.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FIX, the sentiment is Neutral. The current price of 1650.47 is below the 20-day moving average (MA) of 1886.03, above the 50-day MA of 1638.99, and above the 200-day MA of 1130.09, indicating a neutral trend. The MACD of 89.01 indicates Positive momentum. The RSI at 50.17 is Neutral, neither overbought nor oversold. The STOCH value of 27.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FIX.
Comfort Systems Risk Analysis
Comfort Systems disclosed 39 risk factors in its most recent earnings report. Comfort Systems reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Comfort Systems Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $38.98B | 27.22 | 38.34% | 0.16% | 18.31% | 31.81% | |
80 Outperform | $65.28B | 32.77 | 51.69% | 0.20% | 38.43% | 107.64% | |
64 Neutral | $11.43B | 27.38 | 22.15% | ― | 6.38% | -9.90% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $343.80M | 97.14 | -10.79% | ― | 13.88% | 34.22% | |
58 Neutral | $5.89B | 111.18 | 15.21% | 0.25% | 13.40% | 19.67% | |
45 Neutral | $6.19B | 12.34 | 8.12% | ― | -8.32% | -87.53% |
* Industrials Sector Average
FIX
Comfort Systems
1,825.50
1,361.29
293.25%
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Comfort Systems Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Comfort Systems Highlights Strong Backlog and Financial Resilience
Positive
May 1, 2026
On May 1, 2026, Comfort Systems USA, Inc. posted a new investor presentation on its website outlining recent operating performance, market exposure and financial strength. The materials, which the company plans to use in meetings with analysts and...
Business Operations and StrategyDividendsFinancial Disclosures
Comfort Systems USA Reports Record Q1 Earnings and Backlog
Positive
Apr 23, 2026
On April 23, 2026, Comfort Systems USA reported a sharp increase in first-quarter 2026 earnings, with net income rising to $370.4 million, or $10.51 per diluted share, from $169.3 million, or $4.75 per diluted share, a year earlier. Revenue for th...
Business Operations and StrategyFinancial Disclosures
Comfort Systems Highlights Strong 2025 Results and Growth Outlook
Positive
Feb 20, 2026
On February 20, 2026, Comfort Systems USA posted a new investor presentation on its website outlining its recent financial performance, market positioning and growth trends. The slideshow highlights robust 2025 results, including $9.1 billion in r...
Business Operations and StrategyFinancial Disclosures
Comfort Systems Reports Record Q4 Earnings and Backlog Surge
Positive
Feb 19, 2026
On February 19, 2026, Comfort Systems USA reported that for the fourth quarter of 2025 net income more than doubled year-on-year to $330.8 million, or $9.37 per diluted share, on revenue of $2.65 billion, with operating cash flow rising to $468.5 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.