COMFORT SYSTEMS USA INC
$1,112.50
−15.59 (−1.38%) · delayed · Nov 13, 2026
Five-year price
52w $850.00 to $2,073.99
- Market cap
- $38.9B
- Enterprise value
- $38.1B
- P/E
- 38.5×
- 63.6× on 3y avg EPS
- EV / EBIT
- 29.0×
- FCF yield
- 2.7%
- ROIC
- 64.5%
- Debt / equity
- 0.06
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 35.5%
- ●ROE > 15% (5y avg)5y avg ROE 28.0%
- ●Stable operating marginsMargin volatility 3.2% (σ, 5y)
- ●Earnings convert to cashFCF / net income 125% (5y avg)
- ●Growing revenueRevenue CAGR 5y 26.1%
- ●Shrinking share countDiluted shares -3.6% over 5y
Value
0
- ○P/E below 15P/E 38.5
- ○EV/EBIT below 12EV/EBIT 29.0
- ○FCF yield above 6%FCF yield 2.7%
- ○Price below Graham NumberGraham Number $213.26
- ○P/B below 3P/B 15.9
Safety
80
- ●Debt / equity below 0.5D/E 0.06
- ●Debt payable in < 4 yrs of earningsNet debt $-0.8B
- ●Interest coverage > 8xCoverage 145.9x
- ○Current ratio > 1.5Current ratio 1.21
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $9.1B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.21
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 748%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 63.6
- ○P/E × P/B ≤ 22.5Product 1010.6
Valuation lab
What do you have to believe?
At $1,112.50, the market is pricing in about 13.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$837M · 35M shares · 5y revenue CAGR 26.1%
Intrinsic value
$1,759.43
Price
$1,112.50
Margin of safety
37%
What the price implies
The market is paying for 13.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,634 | 1,788 | 2,183 | 2,615 | 2,857 | 3,074 | 4,140 | 5,207 | 7,027 | 9,102 |
| Gross profit | 344 | 366 | 446 | 502 | 547 | 563 | 742 | 991 | 1,476 | 2,196 |
| Operating income | 102 | 99 | 150 | 164 | 191 | 188 | 254 | 418 | 749 | 1,315 |
| Operating margin | 6.2% | 5.6% | 6.9% | 6.3% | 6.7% | 6.1% | 6.1% | 8.0% | 10.7% | 14.4% |
| Pre-tax income | 101 | 101 | 149 | 152 | 192 | 190 | 236 | 388 | 667 | 1,293 |
| Income tax | 36 | 46 | 36 | 37 | 41 | 47 | (10) | 65 | 144 | 271 |
| Net income | 65 | 55 | 113 | 114 | 150 | 143 | 246 | 323 | 522 | 1,023 |
| EPS (diluted) | 1.72 | 1.47 | 3.00 | 3.08 | 4.09 | 3.93 | 6.82 | 9.01 | 14.60 | 28.88 |
| Diluted shares | 38 | 38 | 38 | 37 | 37 | 36 | 36 | 36 | 36 | 35 |
Who owns it