Industrials · Construction & Engineering · US stock · price as of 22 Oct 2026
Key indicators
Price
$1,279.37
52-week range
$770.47 – $2,073.99
Market cap
$45.1B
P/E (trailing)
31.5×
EV / EBITDA
58.2×
Free-cash-flow yield
4.8%
Dividend yield
0.2%
Revenue (last 12 months)
$4.0B
Revenue growth (3y a year)
−23.8%
Operating margin
18.8%
Return on invested capital
30.1%
Net debt / EBITDA
-2.0×
Fair value
Fair value (average of valid models)$800.34 middle half of models $651 – $843
Versus priceOvervalued−37% to fair value
P/E multiple
$1,238.14
P/B multiple
$851.74
P/S multiple
$614.30
EV/EBITDA multiple
$978.92
EV/EBIT multiple
$816.12
EV/revenue multiple
$799.08
10-year DCF, EBITDA exit
$583.21
5-year DCF, EBITDA exit
$772.43
10-year DCF, revenue exit
$590.35
5-year DCF, revenue exit
$759.12
Model uncertainty
High
X-Ray Score
52/ 100 · High confidence · ahead of 54% of sector peers
Valuation21
Growth50
Profitability61
Financial health74
Dividends67
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Comfort Systems USA provides mechanical, electrical and plumbing contracting services, including the installation and maintenance of heating, cooling, ventilation and related systems. Its subsidiaries work on commercial, industrial and institutional buildings such as data centres, hospitals, factories and offices. Revenue comes from construction projects, which are recorded as work progresses, and from recurring service contracts, so backlog and project timing affect reported results.
Trailing twelve-month revenue stands at $4.0 billion, while revenue fell by 23.8% a year over the past three years. Return on invested capital is 30%, alongside an operating margin of 18.8%. Net debt to EBITDA sits at -2.0 times, a sign of more cash than debt. The company pays a dividend, and the yield is 0.2%. Taken together, these numbers give a factual snapshot of the business.
StocksXray gives Comfort Systems Usa Inc an X-Ray Score of 52 out of 100 (high confidence), ahead of 54% of the S&P 500 stocks in its sector. Its strongest lens is financial health (74) and its weakest is valuation (21).
Our fair value (the average of the valid models) is $800.34 (range $650.50 to $842.83). At $1,279.37 the stock trades 60% above that value, so the label is "Overvalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Comfort Systems Usa Inc (FIX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$97.07
$113.55
$203.96
$421.96
$931.96
$1,279.37
Market cap
$3.5B
$4.1B
$7.3B
$15.1B
$33.0B
$45.1B
P/E
24.7×
16.6×
22.6×
28.9×
32.3×
31.5×
EV / revenue
1.3×
1.0×
1.4×
2.1×
17.6×
10.9×
EV / EBITDA
17.8×
14.9×
15.7×
18.3×
118.5×
58.2×
Price / free cash flow
22.4×
16.2×
13.4×
20.5×
32.0×
20.9×
Free-cash-flow yield
4.5%
6.2%
7.4%
4.9%
3.1%
4.8%
Price / book
4.4×
4.1×
5.7×
8.9×
13.5×
14.0×
Dividend yield
0.49%
0.49%
0.42%
0.28%
0.21%
0.23%
Fundamentals checklist ● 8 Good · ● 4 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−13.1%Good
Free-cash-flow yield4.8%Good
Risk models
Altman Z score3.3×Average
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)61.8%Good
Free-cash-flow growth (3y)59.7%Good
Revenue growth (3y)−23.8%Bad
Growth consistency90%Average
Balance sheet
Current ratio1.2×Average
Net debt / EBITDA-2.0×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.6×Bad
EBIT / EV yield1.7%Bad
Profitability
Return on invested capital30.1%Good
Operating margin18.8%Average
Gross profitability12.8%Bad
XStocksXray
Comfort Systems Usa Inc (FIX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
3,074
4,140
5,207
7,027
1,831
3,958
Gross profit
563
742
991
1,476
403
1,089
Operating income
188
254
418
749
209
744
Net income
143
246
323
522
1,023
1,434
Diluted EPS ($)
3.93
6.82
9.01
14.60
28.88
40.61
Free cash flow
158
253
545
738
1,031
2,160
Gross margin
18.3%
17.9%
19.0%
21.0%
22.0%
27.5%
Operating margin
6.1%
6.1%
8.0%
10.7%
11.4%
18.8%
Net margin
4.7%
5.9%
6.2%
7.4%
55.8%
36.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
2,209
2,597
3,306
4,711
6,441
8,488
Cash
59
57
205
550
982
1,855
Total debt
388
256
44
68
145
54
Equity
806
1,000
1,278
1,705
2,449
3,217
Dividend per share ($)
0.48
0.56
0.85
1.20
1.95
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
