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Comfort Systems USA, Inc.
NYSE: FIX Industrials Infra 🔎 Screen
S&P 500
$57.9B
Market Cap
32.3
P/E
0.82
PEG
62.0%
ROCE
49.2%
ROE
0.18
D/E
14.4%
OPM
-21.8%
% from 52W High
87
α RS
🔍 FIX is showing a high-conviction setup because it matches 23 of 37 tracked screener presets, RS Rating is 87, and an ECS of 83.6 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating ECS
Sources
Conviction 23/37 · RS Rating 87 · ECS 83.6
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Currency-adjusted total returns for FIX including FX impact
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📈 Price History
Ratio Health
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About

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.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding FIX
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 219.2K $302.3M 0.39% Mar 2026
Jim Simons Renaissance Technologies LLC 56.7K $78.1M 0.12% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$3.27B
+51% YoY
Operating Income
$558M
+86% YoY
Operating Margin
17.1%
+3.3pp YoY
Net Income
$441.6M
+91% YoY
What Went Right
  • Revenue exceeded $3B for the first time, reaching $3.27B, up 51% YoY; EPS was $12.53, up 92%.
  • Backlog hit a record $14.1B, up 73% YoY, with same-store backlog up 69% entering Q3.
  • Free cash flow was $999M in the quarter; operating cash flow was $1.14B and EBITDA rose 80% to $600M.
What to Watch
  • Full-year same-store revenue growth is guided to mid-to-high 30s, a sharp deceleration from 47% growth in H1 due to heavy Q4 comparables.
  • Data centre moratoriums and public sentiment, e.g. New York, remain a risk; management says backlog is largely permitted but location/power could create delays.
  • Q2 cash flow benefited from advanced cash and strong customer payments, which may not repeat at the same level.
Management Guidance
  • No explicit Q3 revenue guidance; full-year 2026 same-store revenue growth expected in the mid-to-high 30s.
  • Gross profit margins are expected to remain in the strong ranges averaged in recent quarters.
  • Full-year effective tax rate expected around 23%.
  • Full-year capital expenditure expected to be approximately 5% of revenue.
Investor Lens
The investment thesis is stronger after this call: record backlog, expanding margins and nearly $1B of quarterly free cash flow demonstrate both demand and execution. Management remains confident in sustained data-centre demand, though the mid-to-high 30s full-year same-store growth guide implies a slower H2 versus the 47% H1 pace. A net cash position above $1.8B provides ample firepower for capacity expansion and acquisitions. The main watch point is managing the scale-down from a hyper-growth first half to more normalised growth without missing on execution.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record quarter: EPS $12.53, up 92%, revenue tops $3B
Revenue
Revenue rose to $3.27B from $2.17B, up about 51% YoY. Electrical segment revenue grew 81% and mechanical grew 40%; same-store revenue was up 44% in Q2 and 47% in H1.
Profitability
Net income was $441.6M, or $12.53 per share, versus $230.8M, or $6.53, in Q2 2025. Year-to-date net income was $812.0M, or $23.03 per share, versus $400.1M, or $11.28.
Margins
Gross margin expanded to 25.9% from 23.5%; operating margin jumped to 17.1% from 13.8%. Mechanical gross margin rose to 25.6% from 22.9%, while electrical gross margin rose to 26.4% from 25.3%.
Balance Sheet
The company ended the quarter in a net cash position of over $1.8B after funding acquisitions and capex. Free cash flow was $999M and operating cash flow was $1.14B in Q2; full-year capex is expected to be about 5% of revenue.
Key Risks
Management flagged heavy Q4 comparables that will slow reported growth; public sentiment and moratoriums on data centres in some states could create friction. The company also noted that part of the exceptional cash flow came from advanced payments, which are not guaranteed to recur.
Outlook
Management remains optimistic for the rest of 2026 and into 2027, citing same-store backlog up 69% entering Q3 and strong demand in technology and modular. Full-year same-store revenue growth is expected to be mid-to-high 30s, with margins expected to stay strong.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-24
Record Q2 revenue and EPS growth were driven by strong execution, robust demand in technology and industrial sectors, and a record backlog. Modular operations and the Hunt Electric acquisition fueled expansion, while high free cash flow and disciplined capital allocation support continued growth.
Q1 2026 Q1 2026 2026-04-24
Record Q1 results with revenue up 56% and EPS more than doubling year-over-year, driven by tech sector demand and strong margins. Backlog hit $12.5B, and guidance calls for mid- to high-20% revenue growth in 2026. Major modular investments and a key acquisition support future growth.
Q4 2025 Q4 2025 2026-02-20
Record Q4 and 2025 results featured 42% revenue growth, 129% EPS increase, and a $12B backlog, driven by strong demand in technology and industrial sectors. Modular expansion, robust cash flow, and disciplined capital allocation support a positive 2026 outlook.
Q3 2025 Q3 2025 2025-10-24
Q3 2025 saw record results with EPS doubling year-over-year, revenue up 35%, and backlog at $9.4 billion. Strong growth in technology and industrial sectors, major acquisitions, and robust cash flow support continued expansion and shareholder returns.
Q2 2025 Q2 2025 2025-07-25
Record Q2 results with revenue up 20% and EPS up 75% year-over-year, driven by strong demand in technology and industrial sectors. Backlog reached $8.1 billion, and margins improved across all segments. Outlook remains robust with continued growth expected into 2026.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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