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Comfort Systems USA, Inc.

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Comfort Systems USA, Inc. • NYSE
$976.94 ▲ 0.62% (+5.99)
Market Cap $34.46 B
52w High $1020.26
52w Low $276.44
Dividend Yield 1.95%
P/E 41.33
Volume 172.48K
Outstanding Shares 35.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.451B ▲ $229.579M ▲ $291.615M ▲ 11.898% ▲ $8.26 ▲ $418.346M ▲
Q2-2025 $2.173B ▲ $210.024M ▲ $230.848M ▲ 10.622% ▲ $6.54 ▲ $332.736M ▲
Q1-2025 $1.831B ▼ $194.318M ▼ $169.289M ▲ 9.244% ▲ $4.77 ▲ $243.756M ▲
Q4-2024 $1.868B ▲ $207.383M ▲ $145.87M ▼ 7.81% ▼ $4.1 $220.9M ▼
Q3-2024 $1.812B $178.83M $146.235M 8.069% $4.1 $226.296M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $881.223M ▲ $5.778B ▲ $3.544B ▲ $2.233B ▲
Q2-2025 $331.71M ▲ $5.064B ▲ $3.093B ▲ $1.971B ▲
Q1-2025 $204.758M ▼ $4.569B ▼ $2.792B ▼ $1.777B ▲
Q4-2024 $549.939M ▲ $4.711B ▲ $3.006B ▲ $1.705B ▲
Q3-2024 $415.583M $4.413B $2.825B $1.588B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $291.615M ▲ $553.271M ▲ $-53.008M ▲ $28.55M ▲ $528.813M ▲ $517.939M ▲
Q2-2025 $230.848M ▲ $252.495M ▲ $-86.205M ▲ $-39.338M ▲ $126.952M ▲ $221.222M ▲
Q1-2025 $169.289M ▲ $-87.95M ▼ $-96.783M ▼ $-160.448M ▼ $-345.181M ▼ $-110.158M ▼
Q4-2024 $145.87M ▼ $210.463M ▼ $-39.489M ▼ $-36.618M ▲ $134.356M ▼ $169.787M ▼
Q3-2024 $146.235M $302.179M $-21.586M $-64.429M $216.164M $280.12M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Electrical Segment
Electrical Segment
 $770.00M ▲$430.00M ▼$530.00M ▲$640.00M ▲
Mechanical Segment
Mechanical Segment
 $2.64Bn ▲$1.40Bn ▼$1.64Bn ▲$1.81Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Comfort Systems USA has grown its sales steadily over the past five years, with particularly strong acceleration in the most recent periods. What stands out is not just the higher revenue but also the clear improvement in profitability: the company is keeping more of each dollar it earns. Gross profit, operating income, and net income have all expanded meaningfully, suggesting better project selection, cost control, or mix shift toward higher‑margin work. Earnings per share have moved up strongly as well, showing that growth is flowing through to the bottom line. The main caution is that this is still a construction and services business, so results can be influenced by the economic cycle and project timing, even if current trends look very strong.

Balance Sheet

Balance Sheet The balance sheet looks progressively stronger over time. Total assets and shareholders’ equity have both increased steadily, reflecting a larger and more capital‑solid business. Cash levels have risen meaningfully, giving the company more flexibility and a cushion against downturns. Debt has grown only modestly in comparison, so leverage appears quite manageable and lower relative to the size of the business than in earlier years. Overall, the company seems to be moving in the direction of higher financial strength and more optionality for future investments or acquisitions, though ongoing growth through deals always carries some integration risk.

Cash Flow

Cash Flow Cash generation has kept pace with, and even outperformed, the earnings growth story. Operating cash flow has increased significantly over the past five years, and free cash flow has followed a similar path, showing that profits are supported by real cash, not just accounting. The company does not appear to be especially capital‑intensive, with relatively modest spending on equipment and facilities compared with the cash it brings in. This combination of rising profits, strong cash conversion, and limited capital needs leaves room for the company to fund growth projects, acquisitions, and shareholder returns, while still maintaining financial flexibility. A potential risk is that working capital swings in project‑based businesses can be lumpy, so cash flow may not be smooth every year.

Competitive Edge

Competitive Edge Comfort Systems USA appears to have carved out a strong competitive position in mechanical, electrical, and plumbing services. Its national scale paired with local operating units gives it both reach and on‑the‑ground customer relationships, which can be hard for smaller rivals to match. The company is particularly focused on complex, high‑growth segments such as data centers and semiconductor facilities, where technical demands and reliability requirements create high barriers to entry. A sizable and growing backlog suggests good visibility into future work, and recurring revenue from service and maintenance adds stability beyond one‑off construction projects. Strategic acquisitions deepen capabilities and geographic coverage but also bring the ongoing challenge of blending different company cultures and systems. Overall, the moat rests on scale, specialization, and long‑term customer relationships rather than on any single technology.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of Comfort Systems USA’s strategy, even though it operates in a traditionally “old‑line” industry. The company is pushing modular, off‑site fabrication of building systems, which can shorten schedules, improve quality, and reduce reliance on scarce on‑site labor. It has also invested in digital tools such as workflow software, 3D modeling (BIM), and robotics to plan projects more precisely and execute them more efficiently. A strong emphasis on energy efficiency and sustainability, through initiatives like its R.E.A.L. program, positions it well as customers face tighter environmental standards. Looking ahead, the company is exploring smart‑building technologies, connected sensors, and decarbonization solutions, using a structured innovation framework to balance near‑term improvements with longer‑term bets. The opportunity is significant, but success will depend on consistent execution and the ability to scale these innovations across many local operations.

Summary

Comfort Systems USA combines strong recent financial performance with a balance sheet that has grown sturdier over time and cash flows that are both sizable and supportive of its expansion strategy. Its business benefits from a mix of project work and ongoing service, exposure to high‑growth technical markets, and a nationwide footprint built through acquisitions. At the same time, it is actively modernizing its operations with modular construction, digital tools, and sustainability‑focused solutions, which can deepen its competitive edge if rolled out effectively. Key uncertainties include the inherent cyclicality of construction‑related activity, reliance on a few fast‑growing sectors like data centers and semiconductors, and the usual integration risks that come with ongoing acquisitions. Overall, the company appears to be transforming a traditional contracting business into a more technology‑enabled, higher‑margin service platform, with both meaningful opportunities and execution risks along the way.

NEWS

November 21, 2025 · 9:00 AM UTC

Fortis Construction Appoints Michele Leiva and Briston Blair to Board of Directors Amid Continued Growth

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October 23, 2025 · 4:09 PM UTC

Comfort Systems USA Reports Third Quarter 2025 Results

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October 17, 2025 · 4:10 PM UTC

Comfort Systems USA Announces Third Quarter 2025 Conference Call and Webcast

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