13 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has declined 8.5% per year over the past 5 years.
Net income has grown faster than revenue (46.8% vs -8.5% per year).
Operating margin has expanded, at 11.4% in the latest year.
Free cash flow has grown 31.5% per year over the past 5 years.
Financial health
The company holds more cash ($982M) than total debt ($145M).
Total debt has grown in line with revenue (-9.3% vs -8.5% per year).
Operating income covered interest expense 23× in the latest year, up from 23× 5 years ago.
Total debt is 0.5× EBITDA.
Shareholder returns
Dividends have been paid for 13 consecutive years, consuming 6.7% of earnings and 6.7% of free cash flow.
The dividend has grown 34.7% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$1.8B
$1.0B
22.0%
11.4%
$1.0B
$145M
$982M
2024
$7.0B
$522M
21.0%
10.7%
$738M
$68M
$550M
2023
$5.2B
$323M
19.0%
8.0%
$545M
$44M
$205M
2022
$4.1B
$246M
17.9%
6.1%
$253M
$256M
$57M
2021
$3.1B
$143M
18.3%
6.1%
$158M
$388M
$59M
2020
$2.9B
$150M
19.1%
6.7%
$262M
$236M
$55M
2019
$2.6B
$114M
19.2%
6.3%
$110M
$226M
$51M
2018
$2.2B
$113M
20.4%
6.9%
$120M
$77M
$46M
2017
$1.8B
$55M
20.5%
5.6%
$79M
$61M
$37M
2016
$1.6B
$65M
21.0%
6.2%
$68M
$3M
$32M
2015
—
$49M
—
—
$77M
$12M
$56M
2014
—
$23M
—
—
$23M
$40M
$32M
2013
—
$27M
—
—
$21M
$2M
$52M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$2.9B
$370M
26.3%
17.0%
$241M
$39M
$1.1B
Dec '25
$2.6B
$331M
25.5%
16.1%
$402M
$145M
$982M
Sep '25
$2.5B
$292M
24.8%
15.5%
$518M
$136M
$861M
Jun '25
$2.2B
$231M
23.5%
13.8%
$221M
$73M
$332M
Mar '25
$1.8B
$169M
22.0%
11.4%
-$110M
$68M
$205M
Dec '24
$1.9B
$146M
23.2%
12.1%
$170M
$68M
$550M
Sep '24
$1.8B
$146M
21.1%
11.2%
$280M
$68M
$416M
Jun '24
$1.8B
$134M
20.1%
10.2%
$166M
$91M
$199M
Mar '24
$1.5B
$96M
19.3%
8.8%
$122M
$90M
$101M
Dec '23
$1.4B
$92M
20.6%
8.9%
$148M
$44M
$205M
Sep '23
$1.4B
$105M
20.1%
9.8%
$186M
$47M
$138M
Jun '23
$1.3B
$69M
17.6%
7.1%
$101M
$147M
$60M
Mar '23
$1.2B
$57M
17.5%
6.0%
$110M
$209M
$49M
Dec '22
$1.1B
$55M
18.9%
7.2%
$118M
$256M
$57M
Sep '22
$1.1B
$62M
18.1%
7.3%
$47M
$381M
$71M
Jun '22
$1.0B
$42M
17.2%
5.6%
$34M
$406M
$69M
Mar '22
$885M
$87M
17.3%
4.0%
$55M
$413M
$116M
Dec '21
$856M
$38M
18.0%
5.8%
$21M
$388M
$59M
Sep '21
$834M
$46M
19.1%
7.7%
$37M
$273M
$68M
Jun '21
$714M
$33M
17.7%
5.5%
$19M
$161M
$54M
Valuation over time
How the market has priced FIX against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 20.9× (Mar '23) to 69.4× (Jun '26).
The price-to-sales ratio has risen from 1.2× (Mar '23) to 38.7× (Jun '26).
The dividend yield has fallen from 0.4% (Mar '23) to 0.1% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is FIX growing its revenue and profit?
Over the past 5 years, Comfort Systems USA's revenue has declined 8.5% per year, and net income grown 46.8% per year. These are computed facts, not advice.
How much debt does FIX have?
As of FY2025, Comfort Systems USA reported $145M of total debt against $982M of cash; operating income covered interest expense 23×.
What is FIX's profit margin?
In FY2025, gross margin was 22.0%, operating margin 11.4%, and net margin 55.8%.
What is FIX's P/E ratio?
As of Jun '26, Comfort Systems USA traded at a price-to-earnings ratio of about 69.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.