Comfort Systems USA, Inc.

Worth knowing

• Profit looks boosted by one-off gains. Reported profit is 1.6× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 1.6× operating cash profit, lifted by income outside the core business.

  Comfort Systems USA's reported profit is 1.6× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.Comfort Systems USA's reported profit is 1.6× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

• Operating margin at a 6-year high. 14% in 2025, the best of the last 6 years.

  Comfort Systems USA kept 14% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

• Valuation signals disagree. Cheaper than 59% of peers on free cash flow, but only 18% on operating cash profit (EBITDA).Cheaper than 59% of peers on free cash flow, but only 18% on operating cash profit.

  Relative to its free cash flow, Comfort Systems USA looks cheaper than 59% of peers; relative to its operating cash profit (EBITDA), cheaper than only 18%. The valuation score blends the two, so look at which measure fits this business best.Relative to its free cash flow, Comfort Systems USA looks cheaper than 59% of peers; relative to its operating cash profit, cheaper than only 18%. The valuation score blends the two, so look at which measure fits this business best.

• Profits growing faster than sales. Since 2022: revenue +120%, operating profit +418%.

  Since 2022, Comfort Systems USA's revenue grew 120% while operating profit grew 418%: each extra dollar of sales is adding more profit.