COMFORT SYSTEMS USA INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COMFORT SYSTEMS USA INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,634	1,788	2,183	2,615	2,857	3,074	4,140	5,207	7,027	9,102
Cost of revenue	1,290	1,422	1,737	2,113	2,310	2,510	3,399	4,216	5,551	6,906
Gross profit	344	366	446	502	547	563	742	991	1,476	2,196
Selling, general and administrative	243	267	297	340	358	376	489	574	730	883
Operating income	102	99.3	150	164	191	188	254	418	749	1,315
Interest expense	2.35	3.16	3.71	9.32	8.39	6.2	13.4	10.3	6.65	9.01
Interest income	0.01	0.07	0.07	0.22	0.1	0.02	0.05	3.49	11.6	21.6
Other non-operating income	-0.51	1.68	-1.56	-11.9	0.89	1.84	-18	-30.2	-82.8	-21.1
Pre-tax income	101	101	149	152	192	190	236	388	667	1,293
Income tax	36.2	45.7	35.8	37.4	41.4	46.9	-10.1	64.8	144	271
Net income	64.9	55.3	113	114	150	143	246	323	522	1,023
EBITDA	120	119	173	188	219	217	287	457	798	1,377
EPS, basic	1.74	1.48	3.03	3.10	4.11	3.95	6.84	9.03	14.64	28.93
EPS, diluted	1.72	1.47	3.00	3.08	4.09	3.93	6.82	9.01	14.60	28.88
Shares, basic (weighted)	37.3	37.2	37.2	36.9	36.5	36.3	35.9	35.8	35.7	35.3
Shares, diluted (weighted)	37.8	37.7	37.6	37.1	36.7	36.5	36	35.9	35.8	35.4
Dividend per share	0.28	0.30	0.33	0.40	0.43	0.48	0.56	0.85	1.20	1.95

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	32.1	36.5	45.6	50.8	54.9	58.8	57.2	205	550	982
Receivables	319	383
Inventory	9.21	10.3	12.4	10.1	13.5	21.9	35.3	65.5	59.2	84.1
Other current assets	6.11	8.29	6.54	14.4	15.5	23.7	48.5	54.3	46.2	139
Total current assets	416	489	610	790	812	1,027	1,308	1,911	2,790	4,111
Property, plant and equipment	68.2	87.6	99.6	110	117	129	144	209	277	388
Lease right-of-use assets				84.1	94.7	125	131	206	229	323
Goodwill	149	201	235	332	464	592	612	667	875	1,026
Intangible assets	42.4	76	95.3	160	232	305	274	280	434	485
Other non-current assets	5.94	4.58	5.16	6.62	7.97	8.68	13.8	15.2	19.4	24.9
Total assets	709	881	1,063	1,505	1,757	2,209	2,597	3,306	4,711	6,441
Accounts payable	103	132	176	196	204	255	337	420	655	696
Accrued liabilities	61.7	69.2	87.4	103	122	130	128	169	229	292
Deferred revenue	5.26	106	131	167	226	307	548	910	1,149	2,120
Short-term debt	0.6	0.61	3.28	20.8		2.79	9	4.87	6.04	6.16
Total current liabilities	318	374	467	608	693	837	1,171	1,721	2,583	3,394
Long-term debt	1.96	59.9	73.6	205	236	385	247	39.3	62.3	139
Lease liabilities				72.7	80.6	108	112	188	212	303
Other non-current liabilities	10.3	27.3	22.4	32.3	50.4	72.2	67.8	77.9	147	153
Total liabilities	332	463	565	920	1,061	1,403	1,598	2,028	3,006	3,992
Total debt	2.81	59.9	76.9	226	236	388	256	44.2	68.3	145
Paid-in capital	310	313	316	320	322	327	332	340	351	363
Retained earnings	124	168	269	369	503	629	855	1,148	1,627	2,581
Treasury stock	-57.4	-63.5	-87.7	-104	-129	-151	-187	-210	-274	-496
Shareholders' equity	377	418	498	585	696	806	1,000	1,278	1,705	2,449
Total equity	377	418	498	585	696	806	1,000	1,278	1,705	2,449
Total liabilities and equity	709	881	1,063	1,505	1,757	2,209	2,597	3,306	4,711	6,441
Shares outstanding	37.2	37.2	36.9	36.7	36.2	36.1	35.8	35.7	35.6	35.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	64.9	55.3	113	114	150	143	246	323	522	1,023
Depreciation and amortization	18	20.1	22.6	24.5	27.9	28.4	33.6	38.2	48.2	62.4
Stock-based compensation	5.04	6.38	7.16	5.88	6.93	10.6	10.5	12.9	16.6	21.8
Deferred income tax	-1.24	4.18	4.46	-4.25	-7.95	6.9	-94.5	95.3	-66.6	-5.28
Change in receivables	7.04	-37.8	-68.6	-49.5	38.5	-58	-223	-382	-333	-594
Change in inventory	0.21	-0.58	-1.54	2.37	-1.46	-5.65	-13.5	-29.7	6.54	-24.4
Change in payables	2.74	22.1	47.9	31	11.1	-5.17	93.1	136	503	-276
Cash from operations	91.2	114	147	142	287	180	302	640	849	1,186
Capital expenditures	-23.2	-35.5	-27.3	-31.8	-24.1	-22.3	-48.4	-94.8	-111	-155
Acquisitions	-57.2	-94.9	-70.1	-196	-186	-227	-49.2	-102	-235	-280
Purchases of investments							-2.46	-1.86	-2.51	-64.2
Sales and maturities of investments										27.7
Cash from investing	-79.3	-129	-95.7	-224	-208	-247	-97.2	-193	-344	-467
Debt repaid					-15	-15	-120
Stock issued	1.58	2.05	3.11	2.35	2.14	5.63	1.09	0.02	0.18	0.79
Share buybacks	-13.1	-9.01	-28.5	-19.6	-30.1	-27.1	-38.2	-21.2	-57.9	-216
Dividends paid	-10.3	-11	-12.3	-14.5	-15.5	-17.4	-20.1	-30.4	-42.8	-68.8
Cash from financing	-36.3	19.3	-42.4	87.6	-74.6	70.5	-206	-299	-161	-287
Net change in cash	-24.4	4.47	9.08	5.17	4.11	3.88	-1.56	148	345	432
Free cash flow	68	78.6	120	110	262	158	253	545	738	1,031
Interest paid	1.86	2.83	3.74	8.82	7.68	6.05	12.9	9.86	6.43	7.9
Income taxes paid	29.3	38.1	33.4	45.3	51.3	52.2	44.3	100	103	254

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1,658.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.7%	Gross profit / revenue.
Operating margin	16.5%	Operating income / revenue.
EBITDA margin	16.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.7%	Pre-tax income / revenue.
Net margin	12.8%	Net income / revenue.
FCF margin	19.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.7%	Cash from operations / revenue.
Effective tax rate	53.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	44.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.9%	Net income / average total assets.
Return on invested capital (ROIC)	103.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	3.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.5%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	30.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	48.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	43.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	32.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	75.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	73.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	47.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	72.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	68.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	44.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	95.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	60.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	46.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	97.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	61.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	47.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	39.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	57.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	32.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	39.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	59.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	31.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	62.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	51.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	35.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	43.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	34.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	28.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	36.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	35.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	29.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.21x	Current assets / current liabilities.
Quick ratio	0.39x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.6%	Total debt / total assets.
Liabilities / assets	62.1%	Total liabilities / total assets.
Net debt	-$1.80B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.96x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	197x	Operating income / interest expense.
Working capital	$1.02B	Current assets - current liabilities.
Goodwill and intangibles / assets	19.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.58B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.32x	Revenue / average total assets.
Fixed asset turnover	17.2x	Revenue / average property, plant and equipment.
Inventory turnover	27.4x	Cost of revenue / average inventory.
Days inventory	13 days	365 x average inventory / cost of revenue.
Days payables	98 days	365 x average accounts payable / cost of revenue.
FCF conversion	150.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$40.69	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$318.49	Revenue / diluted weighted shares.
FCF per share	$61.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$72.33	Cash from operations / diluted weighted shares.
Book value per share	$91.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$44.92	Tangible book value / shares outstanding.
Cash per share	$52.69	(Cash + short-term investments) / shares outstanding.
Payout ratio	6.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	4.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	5.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$58.38B	Share price x shares outstanding.
Enterprise value	$56.58B	Market cap + total debt - cash - short-term investments.
P/E	40.7x	Market cap / net income. Only when net income is positive.
P/S	5.20x	Market cap / revenue.
P/B	18.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	36.9x	Market cap / tangible book value, when positive.
P/FCF	27.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.9x	Market cap / cash from operations, when positive.
EV/Sales	5.04x	Enterprise value / revenue.
EV/EBIT	30.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	2.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.66x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was COMFORT SYSTEMS USA INC's revenue in fiscal 2025?

COMFORT SYSTEMS USA INC reported revenue of $9.10B for fiscal 2025, 29.5% higher than the year before.

Was COMFORT SYSTEMS USA INC profitable in fiscal 2025?

Yes. Net income was $1.02B, a net margin of 11.2%.

How much free cash flow did COMFORT SYSTEMS USA INC generate in fiscal 2025?

Cash from operations of $1.19B minus capital expenditures of $154.9M left free cash flow of $1.03B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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