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
Return on equity & assets (ROE / ROA)
ROEROA
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
ROE
ROA
FCF
Total debt
Cash
2025
$1.8B
$1.0B
22.0%
11.4%
41.8%
15.9%
$1.0B
$145M
$982M
2024
$7.0B
$522M
21.0%
10.7%
30.6%
11.1%
$738M
$68M
$550M
2023
$5.2B
$323M
19.0%
8.0%
25.3%
9.8%
$545M
$44M
$205M
2022
$4.1B
$246M
17.9%
6.1%
24.6%
9.5%
$253M
$256M
$57M
2021
$3.1B
$143M
18.3%
6.1%
17.8%
6.5%
$158M
$388M
$59M
2020
$2.9B
$150M
19.1%
6.7%
21.6%
8.5%
$262M
$236M
$55M
2019
$2.6B
$114M
19.2%
6.3%
19.5%
7.6%
$110M
$226M
$51M
2018
$2.2B
$113M
20.4%
6.9%
22.7%
10.6%
$120M
$77M
$46M
2017
$1.8B
$55M
20.5%
5.6%
13.2%
6.3%
$79M
$61M
$37M
2016
$1.6B
$65M
21.0%
6.2%
17.2%
9.2%
$68M
$3M
$32M
2015
—
$49M
—
—
14.2%
7.1%
$77M
$12M
$56M
2014
—
$23M
—
—
7.5%
3.5%
$23M
$40M
$32M
2013
—
$27M
—
—
9.2%
4.5%
$21M
$2M
$52M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
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
ROE
ROA
FCF
Total debt
Cash
Sep '26
$3.8B
$489M
24.8%
16.6%
14.7%
5.0%
$800M
$50M
$2.2B
Jun '26
$3.3B
$442M
25.9%
17.1%
13.7%
5.2%
$998M
$54M
$1.9B
Mar '26
$2.9B
$370M
26.3%
17.0%
13.2%
5.3%
$241M
$39M
$1.1B
Dec '25
-$4.6B
$331M
24.2%
14.7%
13.5%
5.1%
$402M
$145M
$982M
Sep '25
$2.5B
$292M
24.8%
15.5%
13.1%
5.0%
$518M
$136M
$861M
Jun '25
$2.2B
$231M
23.5%
13.8%
11.7%
4.6%
$221M
$73M
$332M
Mar '25
$1.8B
$169M
22.0%
11.4%
9.5%
3.7%
-$110M
$68M
$205M
Dec '24
$1.9B
$146M
23.2%
12.1%
8.6%
3.1%
$170M
$68M
$550M
Sep '24
$1.8B
$146M
21.1%
11.2%
9.2%
3.3%
$280M
$68M
$416M
Jun '24
$1.8B
$134M
20.1%
10.2%
9.0%
3.2%
$166M
$91M
$199M
Mar '24
$1.5B
$96M
19.3%
8.8%
7.0%
2.5%
$122M
$90M
$101M
Dec '23
$1.4B
$92M
20.6%
8.9%
7.2%
2.8%
$148M
$44M
$205M
Sep '23
$1.4B
$105M
20.1%
9.8%
8.7%
3.3%
$186M
$47M
$138M
Jun '23
$1.3B
$69M
17.6%
7.1%
6.3%
2.4%
$101M
$147M
$60M
Mar '23
$1.2B
$57M
17.5%
6.0%
5.4%
2.0%
$110M
$209M
$49M
Dec '22
$1.1B
$55M
18.9%
7.2%
5.5%
2.1%
$118M
$256M
$57M
Sep '22
$1.1B
$62M
18.1%
7.3%
6.5%
2.4%
$47M
$381M
$71M
Jun '22
$1.0B
$42M
17.2%
5.6%
4.7%
1.7%
$34M
$406M
$69M
Mar '22
$885M
$87M
17.3%
4.0%
9.9%
3.8%
$55M
$413M
$116M
Dec '21
$856M
$38M
18.0%
5.8%
4.7%
1.7%
$21M
$388M
$59M
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 20.7× (Mar '23) to 41.0× (Nov '26).
The price-to-sales ratio has risen from 1.2× (Mar '23) to 22.9× (Nov '26).
The dividend yield has fallen from 0.4% (Mar '23) to 0.2% (Nov '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?
Comfort Systems USA's P/E (TTM) is 25.72 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the FIX stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 41.0× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.