YouTube · Q1 2026 · 2026-05-01
FIX · NYSE
Comfort Systems USA Inc.
Engineering & Construction · United States
USD 1.16K5.0% daily changeQuote 2026-11-11 · USD
- Market cap (USD)
- US$40.88B
- Trailing P/E
- 25.09x
- Forward P/E
- 17.30x
- Quarterly revenue growth
- 53.7%
- Trailing net margin
- 13.0%
- Indicated dividend yield
- 0.3%
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Company background
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 websiteQ3 2026
Go beyond the headline.
FIX Stock: A Billion in Cash—and the Work Still Owed | Q3 2026
Published 2026-10-23
Short takes Q3 2026
FIX Stock: The Cash Has Work Attached | Q3 2026
Watch Short on YouTube
Q3 2026 REPORT HIGHLIGHTS
What’s changed for FIX
HOLD · 3/5. Comfort Systems is executing strongly, but customer-funded cash and rising capacity spending deserve separate treatment. Our three valuation routes support a rounded $1,100 anchor versus the saved $1,160.41 intraday quote. High uncertainty calls for a wider margin of safety before adding.
Cash conversion surged.
Quarterly operating cash flow reached $1,010.126M; the nine-month bridge shows substantial billings-related customer funding.
Reinvestment accelerated.
Quarterly capex reached $210.600M, with $196.538M in the mechanical segment.
Technology exposure deepened.
Revenue from that industry vertical reached $2,290.001M, or a computed 60.80% of the quarter.
Profitability improved.
Operating margin rose to 16.58% from 15.46%; the full below-line bridge reconciles to $489.044M net income.
Valuation needs normalization.
Our three routes span approximately $1,004–$1,182; a strong backlog alone does not justify treating peak cash generation as permanent.
Comparable businesses
FIX peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | FIXComfort Systems USA, Inc.Snapshot 2026-11-11Financial period: 2026-09-30 | EMEEMCOR Group, Inc.Snapshot 2026-11-11Financial period: 2026-09-30 | PWRQuanta Services, Inc.Snapshot 2026-11-11Financial period: 2026-09-30 | Peer medianSimilar-size peers only |
|---|---|---|---|---|
| Market capMarket value, converted to USD | US$40.88B | US$29.19B | US$91.60B | US$60.40Bn=2 |
| Forward P/EProvider forward earnings estimate | 17.30x | 16.30x | 28.10x | 22.20xn=2 |
| EV / EBITDAEnterprise value / trailing EBITDA | 16.19x | 12.90x | 25.57x | 19.24xn=2 |
| Revenue growthLatest quarter vs prior-year quarter | 53.7% | 28.8% | 57.4% | 43.1%n=2 |
| Operating marginLatest reported quarter | 16.8% | 9.9% | 6.8% | 8.3%n=2 |
| Free cash flow yieldTrailing cash flow / market cap | 5.2% | 4.4% | 3.4% | 3.9%n=2 |
| Net debt / EBITDANet debt / trailing EBITDA | -0.81x | -0.10x | 1.43x | 0.67xn=2 |
| Debt / equityTotal debt / positive book equity | 0.11x | 0.13x | 0.71x | 0.42xn=2 |
| Trailing P/ETrailing twelve-month earnings | 25.09x | 19.28x | 55.02x | 37.15xn=2 |
| Price / bookPrice / positive book equity per share | 12.17x | 6.86x | 8.69x | 7.78xn=2 |
| EV / salesEnterprise value / trailing revenue | 2.93x | 1.41x | 2.50x | 1.96xn=2 |
| Earnings growthLatest quarter vs prior-year quarter | 68.6% | 37.6% | 103.1% | 70.3%n=2 |
| Gross marginTrailing twelve months | 25.7% | 19.6% | 15.8% | 17.7%n=2 |
| Net marginTrailing twelve months | 13.0% | 7.8% | 4.5% | 6.1%n=2 |
| Return on equityProvider trailing return; positive equity only | 58.6% | 40.6% | 18.0% | 29.3%n=2 |
| Free cash flow marginTrailing free cash flow / revenue | 17.0% | 6.5% | 8.3% | 7.4%n=2 |
| Dividend yieldIndicated annual dividend / price | 0.3% | 0.2% | 0.1% | 0.2%n=2 |
| Earnings payoutProvider trailing dividend payout | 6.5% | 4.2% | 4.0% | 4.1%n=2 |
| Current ratioCurrent assets / current liabilities | 1.15x | 1.17x | 1.16x | 1.17xn=2 |
| BetaProvider historical market sensitivity | 1.64 | 1.16 | 1.28 | 1.22n=2 |
YouTube · Q1 2026 · 2026-05-01
YouTube · Q2 2026 · 2026-08-03
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for FIX
Q3 20262026-10-23
FREE RESEARCH PACKET · Q3 2026
FIX: A billion dollars of cash—and the work still owed
<b>HOLD · 3/5.</b> Comfort Systems is executing strongly, but customer-funded cash and rising capacity spending deserve separate treatment. Our three valuation routes support a rounded $1,100 anchor versus the saved $1,160.41 intraday quote. High uncertainty calls for a wider margin of safety before adding.
Research published October 23, 2026 · Download original report
Read Research PacketFIX Stock: A Billion in Cash—and the Work Still Owed | Q3 2026
Presentation · 2026-10-23 · YouTube
Short takes Q3 2026
FIX Stock: The Cash Has Work Attached | Q3 2026
Watch Short on YouTube
Q2 20262026-07-23
Comfort Systems Stock (FIX): +92% EPS and a Record $14B Backlog — So Why We Say HOLD
Presentation · 2026-07-23 · YouTube
Q1 20262026-04-24
FIX Stock: EPS Beats by 54% — Q1 2026 Earnings Analysis
Presentation · 2026-04-24 · YouTube