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FIX · Mechanical, Electrical & Plumbing Contractors · Industrials

Comfort Systems USA, Inc.

$1,128.09−2.9%Close 11/12
Compare FIX with another stock
What it sells
Mechanical is 73% of revenue (fiscal year to Dec 2025), down from 76% two years earlier.
Growing?
Yes: revenue up 54% on a year earlier (quarter ended Sep 2026); earnings per share up 96% over the last four quarters.
Expensive?
About usual: 24.4× trailing earnings; its five-year median is 27.6×. Priced 44% below the peer median of 43.2x (excludes 1 unprofitable peer).
Analysts?
83% of 12 say buy; average 12-month target $1,809, 60% above today's price.
Risky?
Much swingier than most large companies: its price swung 61% over the past year (the S&P 500's 14%), and it fell as much as 53% since Nov 2021.
Market cap$39.5B
Revenue (TTM)$12.5B
Net income (TTM)$1.6B
P/E (trailing)24.4x
52-week closing range$876 – $2,067
Forward P/E16.8x

Comfort Systems USA, Inc. provides mechanical and electrical contracting services—primarily HVAC, plumbing, piping and controls, building automation/monitoring, off-site/modular construction, and fire protection—with revenue largely generated from project-based installation plus ongoing service/maintenance work.

More about Comfort Systems USA

Market Position

The company operates through a network of 50+ operating companies across 184+ locations in the U.S., competing as a scaled consolidator in a fragmented specialty contracting market with national reach and local execution.

Key Segments

Comfort Systems reports two operating segments: Mechanical and Electrical.

How has the stock done?

Over the past year FIX rose 15.9%; the industrials ETF (XLI) rose 9.7% and the S&P 500 rose 10.8%.

FIX +15.9%Industrials ETF (XLI) +9.7%Earnings released
How much it movesRisk
Biggest fall
−53%

From Jun 22, 2026 to Nov 5, 2026, the deepest drop from a high since Nov 2021

Volatility, past year
61%

How much the price swings in a year; the S&P 500's was 14%

Beta, past year
2.51

When the S&P 500 moves 1%, the stock has moved about 2.5% the same way

Show the earnings releases
ReleasedQuarterRevenueEPS vs estimateStock, day after5 days after
Oct 22, 2026ended Sep 2026$3.8B (+54% vs a year earlier)$13.91 vs $12.85 (beat)−17.2%−5.4%
Jul 23, 2026ended Jun 2026$3.3B (+50% vs a year earlier)$12.53 vs $10.46 (beat)−3.2%−5.2%
Apr 23, 2026ended Mar 2026$2.9B (+56% vs a year earlier)$10.51 vs $6.81 (beat)+0.1%+6.7%
Feb 19, 2026ended Dec 2025$2.6B (+42% vs a year earlier)$9.37 vs $6.75 (beat)+10.8%+9.0%
Oct 23, 2025ended Sep 2025$2.5B (+35% vs a year earlier)—+24.1%+21.8%
Jul 24, 2025ended Jun 2025$2.2B (+20% vs a year earlier)—+25.7%+28.4%
Apr 24, 2025ended Mar 2025$1.8B (+19% vs a year earlier)—+11.7%+17.5%
Feb 20, 2025ended Dec 2024$1.9B (+38% vs a year earlier)—−8.0%−9.9%
Oct 24, 2024ended Sep 2024$1.8B (+32% vs a year earlier)—−10.1%−5.1%
Jul 25, 2024ended Jun 2024$1.8B (+40% vs a year earlier)—+3.3%+8.9%
Apr 25, 2024ended Mar 2024$1.5B (+31% vs a year earlier)—−2.2%−0.3%
Feb 22, 2024ended Dec 2023$1.4B (+22% vs a year earlier)—+15.4%+26.4%
Oct 26, 2023ended Sep 2023$1.4B (+23% vs a year earlier)—+15.6%+23.4%
Jul 26, 2023ended Jun 2023$1.3B (+27% vs a year earlier)—−1.3%+4.3%
Apr 26, 2023ended Mar 2023$1.2B (+33% vs a year earlier)—+12.9%+13.5%
Feb 22, 2023ended Dec 2022$1.1B (+30% vs a year earlier)—+10.0%+18.8%
Oct 26, 2022ended Sep 2022$1.1B (+34% vs a year earlier)—+7.5%+5.9%
Jul 27, 2022ended Jun 2022$1.0B (+43% vs a year earlier)—+8.3%+15.0%
Apr 27, 2022ended Mar 2022$885M (+32% vs a year earlier)—+2.1%+7.2%
Feb 23, 2022ended Dec 2021$856M (+22% vs a year earlier)—−3.7%+1.2%

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Revenue was $3.8B in the quarter ended Sep 2026, up 54% from a year earlier.

Revenue by quarter
Change from the same quarter a year earlier
Show the data
Quarter endedRevenuevs a year earlier
Dec 2022$1.1B+30%
Mar 2023$1.2B+33%
Jun 2023$1.3B+27%
Sep 2023$1.4B+23%
Dec 2023$1.4B+22%
Mar 2024$1.5B+31%
Jun 2024$1.8B+40%
Sep 2024$1.8B+32%
Dec 2024$1.9B+38%
Mar 2025$1.8B+19%
Jun 2025$2.2B+20%
Sep 2025$2.5B+35%
Dec 2025$2.6B+42%
Mar 2026$2.9B+56%
Jun 2026$3.3B+50%
Sep 2026$3.8B+54%
Revenue by productFiscal years, from Comfort Systems USA's 10-K

In the fiscal year to Dec 2025, Mechanical was 73% and Electrical was 27% of revenue; Mechanical fell from 76% in the fiscal year to Dec 2023.

MechanicalElectrical
Show the data
Fiscal yearPartRevenueShare
FY2023Mechanical$3.9B76%
FY2023Electrical$1.3B24%
FY2024Mechanical$5.5B79%
FY2024Electrical$1.5B21%
FY2025Mechanical$6.7B73%
FY2025Electrical$2.4B27%
Earnings per shareDiluted, GAAP
EPS, quarter ended Sep 2026
$13.91+69% on a year earlier

A year earlier $8.25

EPS, last four quarters
$46.32+96% on the four before

Diluted, from SEC filings

PEG, on the last year's growth
0.3

The P/E of 24.4× over the 96% EPS growth of the last four quarters; near 1 or below is cheap for the growth

Quarters: Comfort Systems USA, Inc.'s SEC filings, named by the month they end. Fiscal years: Comfort Systems USA, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $11.2 ends up as net income. Net margin rose from 5.9% to 11.2% over the past 3 years.

Where each $1 of revenue goesFiscal year ended 2025-12-31
RevenueGross profitOperating incomeNet income
Revenue
Total sales
$9.1B100%
Gross profit
Revenue minus direct costs
$2.2B24.1% of revenue
Cost of revenue
Direct cost of making or buying goods
$6.9B75.9% of revenue
Operating income
Profit from the core business
$1.3B14.4% of revenue
Operating expenses
R&D, marketing and admin
$890M9.7% of revenue
Net income
What is left for shareholders after tax
$1.0B11.2% of revenue
Taxes & other
Income tax and non-operating items
$290M3.2% of revenue
Margins by quarter
Gross 24.8%Operating 16.6%Net 13.0%
Show the data
Quarter endedGrossOperatingNet
Dec 202218.9%7.2%5.0%
Mar 202317.5%6.0%4.9%
Jun 202317.6%7.1%5.4%
Sep 202320.1%9.8%7.6%
Dec 202320.6%8.9%6.7%
Mar 202419.3%8.8%6.3%
Jun 202420.1%10.2%7.4%
Sep 202421.1%11.2%8.1%
Dec 202423.2%12.1%7.8%
Mar 202522.0%11.4%9.2%
Jun 202523.5%13.8%10.6%
Sep 202524.8%15.5%11.9%
Dec 202525.5%16.1%12.5%
Mar 202626.3%17.0%12.9%
Jun 202625.9%17.1%13.5%
Sep 202624.8%16.6%13.0%
Gross margin, fiscal year
24.1%

+6.2 pts over 3 years

Operating margin, fiscal year
14.4%

+8.3 pts over 3 years

Net margin, fiscal year
11.2%

+5.3 pts over 3 years

Each margin is that line of the income statement divided by revenue. Fiscal year: Comfort Systems USA, Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Comfort Systems USA buys from Trane, Carrier, York and 12 more; one customer it does not name accounts for 12.8% of its revenue.

Along the supply chainTwo steps either way, as each company’s latest annual report names the others

Suppliers

ABB ABBNY
Caterpillar CAT
Cummins CMI
Eaton ETN
Johnson Controls JCI
Trane TT
Automated Logic
Baltimore Aircoil
Carrier
Daikin
Kohler
Schneider Electric
Siemens SIE.DE
SPX
York
FIXComfort Systems USA

Customers

Unnamed customer 13%
Largest customersShare of revenue by year, as each filing labels them

Comfort Systems USA's 10-K for the year to Dec 2025 gives one customer's share of its revenue: Customer One (12.8%).

Customer One 12.8%
Show the filings' numbers
PeriodCustomerShare of revenueFiling
Year ended Dec 2023Customer One13.8%10-K filed Feb 19, 2026
Year ended Dec 2024Customer One13.3%10-K filed Feb 19, 2026
Year ended Dec 2025Customer One12.8%10-K filed Feb 19, 2026

From Comfort Systems USA, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Show the filing's words
CompanyRoleIn the filing's words
Our top customer (unnamed)customer“We have a diverse customer base, with our top customer representing 12.8% of consolidated 2025 revenue.”
Tranesupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Carriersupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Yorksupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Daikinsupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Baltimore Aircoilsupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
SPXsupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Schneider Electricsupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Eatonsupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
ABBsupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Caterpillarsupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Cumminssupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Kohlersupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Johnson Controlssupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Automated Logicsupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”
Siemenssupplier“The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).”

Only the companies Comfort Systems USA names in its 10-K filed Feb 19, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 24.4x, below the peer median of 43.2x, with earnings still growing.

24.4×P/E (trailing)

Priced 44% below the peer median of 43.2x (excludes 1 unprofitable peer).

Vs. peersP/E, trailing (x)
FIXPeersPeer median 43.2x
Show the data
CompanyP/E (trailing)
PWR · Quanta Services, Inc.54.9×
J · Jacobs Solutions Inc.52.7×
FER · Ferrovial N.V.33.6×
FIX · Comfort Systems USA, Inc.24.4×
EME · EMCOR Group, Inc.19.2×
APG · APi Group CorporationLoss
Against its own past five yearsTrailing P/E

At 24.4× trailing earnings FIX is inside the middle of its five-year range; the five-year median is 27.6×.

Trailing P/EMiddle half of five years 22.6×–36.0×Median 27.6×
Show the data
DateTrailing P/E
Nov 8, 202124.3×
Feb 8, 202221.9×
May 10, 202215.0×
Aug 10, 202217.5×
Nov 8, 202219.0×
Feb 9, 202317.4×
May 11, 202325.0×
Aug 11, 202326.3×
Nov 9, 202323.2×
Feb 12, 202427.1×
May 13, 202432.9×
Aug 13, 202426.9×
Nov 11, 202435.7×
Feb 13, 202527.1×
May 15, 202527.8×
Aug 15, 202535.0×
Nov 13, 202538.0×
Feb 17, 202646.3×
May 18, 202653.5×
Aug 18, 202642.8×
Nov 12, 202624.4×

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $1,809, 60% above the current price; 83% of 12 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

12-month price targetsCurrent price $1,128.09
12 mo agoTodayIn 12 mo
High target
$2,053+82%
Average target
$1,809+60%
Low target
$1,050−7%
Ratings12 analysts
Strong Buy 1Buy 9Hold 2Sell 0Strong Sell 0

Buy or Strong Buy: 10 analysts (83%). Sell or Strong Sell: 0.

Targets and ratings over the past year17 changes by 7 firms

Over the past year the average of the analysts' latest price targets went from $955.67 to $2,027.60 (+112%), while FIX went from $897.52 to $1,128.09 (+26%). In the past three months targets were raised once and cut 3 times. 1 upgrade and no downgrades over the year; the latest: Keybanc moved it to Overweight from Sector Weight on Apr 24, 2026.

Average target $2,027.60FIXMiddle half of targetsUpgrade
Targets raised, by monthTargets cut
Show every change
DateFirmChangeRatingTarget
Oct 26, 2026UBSTarget cutBuy$1,900.00, was $2,225.00
Oct 26, 2026OppenheimerTarget cutOutperform$2,000.00, was $2,400.00
Oct 26, 2026KeybancTarget cutOverweight$1,979.00, was $2,125.00
Oct 15, 2026KeybancTarget raisedOverweight$2,125.00, was $2,110.00
Aug 21, 2026DA DavidsonBegan coverageBuy$2,100.00
Jul 27, 2026UBSTarget raisedBuy$2,225.00, was $2,125.00
Jul 27, 2026KeybancTarget raisedOverweight$2,110.00, was $2,004.00
Jul 9, 2026Goldman SachsBegan coverageBuy$2,159.00
Jun 8, 2026UBSTarget raisedBuy$2,125.00, was $1,992.00
May 28, 2026OppenheimerBegan coverageOutperform$2,200.00
Apr 27, 2026UBSTarget raisedBuy$1,992.00, was $1,680.00
Apr 24, 2026KeybancUpgradeOverweight, was Sector Weight$2,004.00
Apr 21, 2026GLJ ResearchBegan coverageBuy$2,001.00
Feb 23, 2026DA DavidsonTarget raisedBuy$1,800.00, was $1,200.00
Jan 26, 2026StifelTarget raisedBuy$1,196.00, was $1,155.00
Dec 19, 2025DA DavidsonTarget keptBuy$1,200.00
Dec 16, 2025StifelTarget raisedBuy$1,155.00, was $1,069.00
Earnings against estimatesLast 4 quarters, per share
Average estimateReported, beat
Show the data
QuarterEstimateReportedSurprise
Dec ’25$6.75$9.37+38.8%
Mar ’26$6.81$10.51+54.3%
Jun ’26$10.46$12.53+19.8%
Sep ’26$12.85$13.91+8.2%

The day after each of these reports the stock moved +10.8% (Dec 2025, beat); +0.1% (Mar 2026, beat); −3.2% (Jun 2026, beat); −17.2% (Sep 2026, beat).

Expected nextConsensus of Nov 10, 2026

For the quarter ending Dec 2026, analysts expect adjusted earnings of $13.96 a share, 49% more than the $9.37 of a year earlier, and revenue of $3.8B, up 44% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $67.15 a share, and revenue of $17.4B, up 27% on the year before's estimate.

EPS, quarter ending Dec 2026
$13.96+49% on a year earlier

Adjusted. Dec 2025: $9.37; range $13.27 to $14.65; 11 analysts

Revenue, quarter ending Dec 2026
$3.8B+44% on a year earlier

Dec 2025: $2.6B; range $3.7B to $3.9B; 11 analysts

EPS, year ending Dec 2027
$67.15

Adjusted. The year to Dec 2026: $50.75 expected, with a quarter far from its estimate; range $62.75 to $71.32; 12 analysts

Revenue, year ending Dec 2027
$17.4B+27% on the year before's estimate

The year to Dec 2026: $13.7B expected; range $17.0B to $18.0B; 12 analysts

Show the data
PeriodFigureExpectedLow to highAnalystsA year earlierChange
Quarter ending Dec 2026EPS (adjusted)$13.96$13.27 to $14.6511$9.37 (Dec 2025)+49%
Quarter ending Dec 2026Revenue$3.8B$3.7B to $3.9B11$2.6B (Dec 2025)+44%
Quarter ending Mar 2027EPS (adjusted)$13.85$12.49 to $15.438$10.51 (Mar 2026)—
Quarter ending Mar 2027Revenue$3.8B$3.5B to $4.1B8$2.9B (Mar 2026)+33%
Year ending Dec 2026EPS (adjusted)$50.75$49.84 to $51.5811——
Year ending Dec 2026Revenue$13.7B$13.6B to $13.8B12$9.1B (year to Dec 2025)+51%
Year ending Dec 2027EPS (adjusted)$67.15$62.75 to $71.3212$50.75 (expected, year to Dec 2026)—
Year ending Dec 2027Revenue$17.4B$17.0B to $18.0B12$13.7B (expected, year to Dec 2026)+27%

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $2.4B in free cash flow over the year, of which $540M went back to shareholders (dividends plus buybacks), leaving $1.9B in the company.

Where a year of cash went4 quarters to Sep 2026
Show the data
LineAmount
Op. cash flow$3.0B
Capex−$570M
Free cash flow$2.4B
Dividends−$110M
Buybacks−$430M
Cash retained$1.9B
Free cash flow yield
6.2%

For every $100 of market cap, the company generates about $6.2 in free cash flow a year.

Dividend yield
0.3%

For every $100 of market cap, you receive about $0.3 in dividends a year.

Shareholder yield
1.4%

Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $1.4 went back to shareholders.

By quarter: free cash flow and what went back to shareholdersLast 12 quarters
Free cash flowDividendsBuybacks
Show the data
Quarter endedFree cash flowDividendsBuybacks
Dec 2023$148M$8.9M$13M
Mar 2024$122M$8.9M$295K
Jun 2024$166M$11M$11M
Sep 2024$280M$11M$31M
Dec 2024$170M$12M$16M
Mar 2025−$110M$14M$91M
Jun 2025$221M$16M$20M
Sep 2025$518M$18M$13M
Dec 2025$402M$21M$92M
Mar 2026$241M$25M$2.5M
Jun 2026$998M$28M$5.7M
Sep 2026$800M$32M$338M
Diluted sharesDown 0.6% in a year

Comfort Systems USA had 35M diluted shares in the quarter ended Sep 2026, 0.6% fewer than a year earlier, and 0.7% fewer each year on average since Jun 2020. It spent $438M on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 96.2% and its net income rose 94.8%: fewer shares added about 1 point.

Show the data
Quarter endedDiluted shares
Jun 202037M
Sep 202037M
Mar 202136M
Jun 202137M
Sep 202136M
Mar 202236M
Jun 202236M
Sep 202236M
Mar 202336M
Jun 202336M
Sep 202336M
Mar 202436M
Jun 202436M
Sep 202436M
Mar 202536M
Jun 202535M
Sep 202535M
Mar 202635M
Jun 202635M
Sep 202635M

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.2, short-term debt is manageable; debt-to-equity 0.1, debt is very low and the balance sheet is solid.

Current ratio
1.2Fair liquidity

Assets that can be turned into cash soon are 1.2x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.

Debt-to-equity
0.1Very low debt

For every $1 of shareholder funds, there is $0.1 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.

Net cash
$837MMore cash than debt

Cash and short-term investments of $982M against debt of $145M. Lease obligations of $338M are not counted: they are rent owed, not money borrowed.

AssetsTotal ~$6.4B
Cash
$980M15.2%
Receivables
$2.6B40.0%
Inventory
$80M1.3%
Property & equipment
$710M11.0%
Goodwill
$1.0B15.9%
Intangibles
$490M7.5%
Other
$570M9.1%
Liabilities & equityTotal ~$6.4B
Current
$3.4B52.7%
Long-term
$600M9.3%
Equity
$2.4B38.0%

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 9 funds whose copy leaves FIX out (on the exchange, not in the app yet): Temasek Holdings (Private), Bridgewater Associates, Baillie Gifford &, Norges Bank, Swiss National Bank, Coatue Management and 3 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 15 held FIX at the end of their latest quarter (for most, Q3 2026). Over that quarter 7 added shares, 6 cut, 1 bought new and 1 held the same. The largest of them is Norges Bank, 471,564 shares worth $935M at Jun 30, 2026, 6.3% fewer than at Dec 31, 2025.

Funds that added shares
8

1 of them new holders

Funds that cut
6

Over their latest quarter

Change in shares over the latest quarterThe 12 largest holdings
Added or newCut or sold all
Show every fund
FundQuarterSharesValueChange in sharesChangeFiled
Norges BankQ2 2026 vs Q4 2025471,564$935M−31,609−6.3%Aug 12, 2026
Renaissance TechnologiesQ3 2026168,030$278M+91,870+121%Nov 12, 2026
Baillie Gifford &Q3 2026162,344$269M−50,311−24%Nov 9, 2026
Temasek Holdings (Private)Q3 2026132,304$219M+7,868+6.3%Oct 28, 2026
Swiss National BankQ3 202696,280$159M−2,970−3.0%Nov 12, 2026
National Pension ServiceQ3 202666,494$110M−1,095−1.6%Nov 12, 2026
Bridgewater AssociatesQ2 202648,506$96.1M−37,956−44%Aug 14, 2026
Korea InvestmentQ2 202646,407$92.0M+3,311+7.7%Aug 12, 2026
Canada Pension Plan Investment BoardQ2 202632,880$65.2M−727−2.2%Aug 14, 2026
Mirae Asset Global InvestmentsQ3 202622,429$37.1M+4,954+28%Nov 3, 2026
Coatue ManagementQ2 202617,793$35.3M+17,793NewAug 14, 2026
Markel GroupQ3 202613,000$21.5M00.0%Oct 30, 2026
Tudor Investment Corp Et AlQ2 20267,108$14.1M+6,915+3583%Aug 14, 2026
Nomura HoldingsQ2 20263,352$6.6M+1,903+131%Aug 14, 2026
Fisher Asset ManagementQ3 2026491$812K+180+58%Nov 6, 2026

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of FIX at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $172M of FIX on the open market in the 12 months to Nov 12, 2026; none bought. The largest was Brian E. Lane (Chief Executive Off.; director), who sold $68.1M in 4 sales.

Sold
$172M

26 sales

Bought
None

0 purchases

Under 10b5-1 plans
0%

Share of the sales' value

Trades on the priceA dot a day, sized by value
FIXSale
Who tradedOpen-market trades, last 12 months
Brian E. Lane
Chief Executive Off.; director
−$68.1M4 trades
Franklin Myers
Director
−$47.1M5 trades
William George Iii
Chief Financial Officer
−$31.7M5 trades
William J Sandbrook
Director
−$6.2M2 trades
Darcy Anderson
Director
−$6.2M1 trade
Show every trade
DateInsiderRoleTradeSharesPriceValueFiled
Aug 26, 2026Brian E. LaneChief Executive Off.; directorSale16,024$1,608.21$25.8MAug 27, 2026
Aug 17, 2026William George IiiChief Financial OfficerSale2,554$1,859.65$4.7MAug 18, 2026
Aug 11, 2026Franklin MyersDirectorSale4,000$1,693.92$6.8MAug 12, 2026
Aug 10, 2026Franklin MyersDirectorSale3,500$1,690.47$5.9MAug 12, 2026
Jun 24, 2026Franklin MyersDirectorSale6,700$1,954.47$13.1MJun 26, 2026
May 27, 2026Rhoman J HardyDirectorSale342$1,900.08$650KMay 28, 2026
May 11, 2026William George IiiChief Financial OfficerSale1,000$2,020.96$2.0MMay 12, 2026
May 11, 2026Julie ShaeffChief Accounting OfficerSale1,123$2,000.37$2.2MMay 11, 2026
May 8, 2026William George IiiChief Financial OfficerSale4,000$1,948.17$7.8MMay 12, 2026
May 7, 2026Franklin MyersDirectorSale4,500$1,902.57$8.6MMay 8, 2026
May 5, 2026Brian E. LaneChief Executive Off.; directorSale11,113$1,969.84$21.9MMay 6, 2026
Apr 30, 2026Mercado, Pablo G.DirectorSale500$1,779.78$890KMay 1, 2026
Apr 29, 2026William J SandbrookDirectorSale1,500$1,732.67$2.6MApr 30, 2026
Mar 3, 2026Darcy AndersonDirectorSale4,500$1,369.74$6.2MMar 5, 2026
Mar 3, 2026Terrence ReedSVP & CHROSale1,116$1,397.33$1.6MMar 5, 2026
Mar 3, 2026Julie ShaeffChief Accounting OfficerSale2,287$1,382.15$3.2MMar 4, 2026
Feb 25, 2026Franklin MyersDirectorSale8,636$1,472.56$12.7MFeb 27, 2026
Feb 25, 2026Brian E. LanePresident/Chief Executive Off.; directorSale9,365$1,453.12$13.6MFeb 26, 2026
Feb 24, 2026Terrence ReedSVP & CHROSale671$1,457.17$978KMar 5, 2026
Feb 24, 2026William J SandbrookDirectorSale2,500$1,443.32$3.6MFeb 26, 2026
Feb 24, 2026Constance Ellen SkidmoreDirectorSale1,000$1,425.00$1.4MFeb 24, 2026
Feb 23, 2026William George IiiChief Financial OfficerSale9,000$1,434.97$12.9MFeb 24, 2026
Feb 23, 2026Mercado, Pablo G.DirectorSale500$1,405.00$702KFeb 24, 2026
Dec 4, 2025Laura Finley HowellSVP & General CounselSale1,000$996.16$996KDec 5, 2025
Dec 1, 2025William George IiiChief Financial OfficerSale4,370$958.88$4.2MDec 3, 2025
Nov 24, 2025Brian E. LanePresident/Chief Executive Off.; directorSale7,158$947.98$6.8MNov 25, 2025

From the Form 4s filed with the SEC about Comfort Systems USA, Inc. (47 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 52 other transactions (grants, option exercises, shares withheld for tax and gifts).