Comfort Systems USA, Inc. (FIX) Key Metrics
FIX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $50.65B
- Enterprise value
- $55.70B
- P/E (TTM)
- 35.4 10-yr median 21.1
- Forward P/E
- 26.0
- PEG ratio
- 0.54
- Price / sales
- 4.5 10-yr median 1.0
- Price / book
- 17.8 10-yr median 4.0
- EV / EBITDA
- 27.8 10-yr median 12.7
- Dividend yield
- 0.25% $3.60 a year
- Beta
- 1.66
FIX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFIX valuation Price multiples at each fiscal year-end price.
FIX returns How much profit the business earns on the capital it uses.
FIX per-share figures Results divided by the shares outstanding at year-end.
FIX financial health Debt, liquidity and how easily interest is covered.
FIX efficiency & capital use Working capital cycle and where the cash goes.
FIX valuation history
FIX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FIX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FIX cash returned to shareholders
FIX price vs earnings per share
FIX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $33.05B | $15.17B | $7.38B | $4.15B | $3.61B | $1.93B | $1.85B | $1.64B | $1.64B | $1.26B |
| Enterprise value | $32.85B | $14.93B | $7.43B | $4.48B | $4.06B | $2.13B | $2.11B | $1.67B | $1.67B | $1.23B |
| P/E ratio | 32.3 | 29.0 | 22.8 | 16.9 | 25.2 | 12.9 | 16.2 | 14.5 | 29.8 | 19.4 |
| Price / sales | 3.6 | 2.2 | 1.4 | 1.0 | 1.2 | 0.7 | 0.7 | 0.8 | 0.9 | 0.8 |
| Price / book | 13.5 | 8.9 | 5.8 | 4.1 | 4.5 | 2.8 | 3.2 | 3.3 | 3.9 | 3.3 |
| Price / free cash flow | 32.0 | 20.6 | 13.6 | 16.4 | 22.9 | 7.4 | 16.8 | 13.7 | 20.9 | 18.5 |
| Price / operating cash flow | 27.9 | 17.9 | 11.5 | 13.8 | 20.0 | 6.8 | 13.0 | 11.2 | 14.4 | 13.8 |
| EV / sales | 3.6 | 2.1 | 1.4 | 1.1 | 1.3 | 0.7 | 0.8 | 0.8 | 0.9 | 0.8 |
| EV / EBITDA | 22.7 | 18.3 | 15.5 | 13.6 | 15.4 | 8.2 | 10.0 | 8.6 | 11.9 | 9.6 |
| EV / free cash flow | 31.9 | 20.2 | 13.6 | 17.7 | 25.7 | 8.1 | 19.2 | 14.0 | 21.2 | 18.1 |
| Earnings yield | 3.1% | 3.4% | 4.4% | 5.9% | 4.0% | 7.8% | 6.2% | 6.9% | 3.4% | 5.2% |
| Free cash flow yield | 3.1% | 4.9% | 7.4% | 6.1% | 4.4% | 13.6% | 6.0% | 7.3% | 4.8% | 5.4% |
| Dividend yield | 0.2% | 0.3% | 0.4% | 0.5% | 0.5% | 0.8% | 0.8% | 0.7% | 0.7% | 0.8% |
| Shareholder yield (dividends + buybacks) | 0.9% | 0.7% | 0.7% | 1.5% | 1.3% | 2.4% | 1.9% | 2.5% | 1.2% | 2.0% |
| Share price at fiscal year-end | $933.29 | $424.06 | $205.67 | $115.08 | $98.94 | $52.66 | $49.85 | $43.68 | $43.65 | $33.30 |
| Per share | ||||||||||
| Revenue per share | $257.01 | $196.44 | $145.06 | $114.86 | $84.32 | $77.76 | $70.43 | $58.07 | $47.46 | $43.22 |
| Earnings per share | $28.88 | $14.60 | $9.01 | $6.82 | $3.93 | $4.09 | $3.08 | $3.00 | $1.47 | $1.72 |
| Operating cash flow per share | $33.50 | $23.73 | $17.82 | $8.37 | $4.94 | $7.80 | $3.83 | $3.92 | $3.03 | $2.41 |
| Free cash flow per share | $29.13 | $20.63 | $15.18 | $7.02 | $4.33 | $7.14 | $2.97 | $3.19 | $2.09 | $1.80 |
| Cash per share | $27.73 | $15.37 | $5.72 | $1.59 | $1.61 | $1.49 | $1.37 | $1.21 | $0.97 | $0.85 |
| Book value per share | $69.15 | $47.65 | $35.60 | $27.74 | $22.10 | $18.96 | $15.76 | $13.25 | $11.09 | $9.96 |
| Tangible book value per share | $26.49 | $11.04 | $9.21 | $3.17 | −$2.50 | $0.01 | $2.50 | $4.46 | $3.75 | $4.89 |
| Dividends per share | $1.94 | $1.20 | $0.85 | $0.56 | $0.48 | $0.42 | $0.39 | $0.33 | $0.29 | $0.27 |
| Capex per share | $4.37 | $3.10 | $2.64 | $1.34 | $0.61 | $0.66 | $0.86 | $0.73 | $0.94 | $0.61 |
| Debt per share | $22.19 | $8.63 | $7.15 | $10.80 | $14.12 | $6.87 | $8.43 | $2.05 | $1.61 | $0.07 |
| Shares outstanding | 35.4M | 35.8M | 35.9M | 36.0M | 36.5M | 36.7M | 37.1M | 37.6M | 37.7M | 37.8M |
| Change in shares outstanding | −1.0% | −0.3% | −0.4% | −1.1% | −0.8% | −1.1% | −1.2% | −0.2% | −0.4% | −0.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 49.2% | 35.0% | 28.4% | 27.2% | 19.1% | 23.4% | 21.1% | 24.7% | 13.9% | 17.9% |
| Return on invested capital (ROIC) | 55.8% | 42.1% | 26.2% | 19.6% | 13.2% | 17.2% | 17.9% | 23.5% | 13.8% | 20.1% |
| Return on assets (ROA) | 18.3% | 13.0% | 11.0% | 10.2% | 7.2% | 9.2% | 8.9% | 11.6% | 7.0% | 9.3% |
| Return on tangible assets | 20.7% | 15.4% | 13.7% | 14.4% | 10.9% | 14.1% | 11.3% | 15.4% | 9.1% | 12.5% |
| Free cash flow margin | 11.3% | 10.5% | 10.5% | 6.1% | 5.1% | 9.2% | 4.2% | 5.5% | 4.4% | 4.2% |
| Income quality (OCF / net income) | 1.16 | 1.63 | 1.98 | 1.23 | 1.26 | 1.91 | 1.24 | 1.30 | 2.06 | 1.41 |
| Financial health | ||||||||||
| Total debt | $785.9M | $308.6M | $256.8M | $389.1M | $514.8M | $252.3M | $312.8M | $76.9M | $60.5M | $2.8M |
| Cash & short-term investments | $981.9M | $549.9M | $205.2M | $57.2M | $58.8M | $54.9M | $50.8M | $45.6M | $36.5M | $32.1M |
| Net debt | −$195.9M | −$241.3M | $51.6M | $331.9M | $456.0M | $197.4M | $262.1M | $31.3M | $24.0M | −$29.3M |
| Debt / equity | 0.32 | 0.18 | 0.20 | 0.39 | 0.64 | 0.36 | 0.53 | 0.15 | 0.14 | 0.01 |
| Debt / assets | 0.12 | 0.07 | 0.08 | 0.15 | 0.23 | 0.14 | 0.21 | 0.07 | 0.07 | 0.00 |
| Net debt / EBITDA | −0.14 | −0.30 | 0.11 | 1.01 | 1.73 | 0.76 | 1.24 | 0.16 | 0.17 | −0.23 |
| Current ratio | 1.21 | 1.08 | 1.11 | 1.12 | 1.23 | 1.17 | 1.30 | 1.31 | 1.31 | 1.31 |
| Quick ratio | 1.19 | 1.06 | 1.07 | 1.09 | 1.20 | 1.15 | 1.28 | 1.28 | 1.28 | 1.28 |
| Interest coverage | 145.7 | 112.7 | 40.7 | 18.6 | 33.1 | 23.7 | 17.6 | 40.5 | 31.5 | 43.3 |
| Working capital | $716.7M | $207.5M | $189.9M | $136.9M | $190.8M | $118.9M | $182.2M | $142.6M | $115.6M | $98.3M |
| Invested capital | $2.25B | $1.46B | $1.33B | $1.33B | $1.26B | $893.9M | $847.4M | $529.3M | $441.9M | $347.4M |
| Tangible asset value | $938.1M | $395.0M | $330.6M | $114.2M | −$91.2M | $230,000 | $92.9M | $167.6M | $141.3M | $185.0M |
| Net current asset value | $118.2M | −$216.2M | −$116.7M | −$289.9M | −$376.1M | −$249.1M | −$129.5M | $45.2M | $26.2M | $83.7M |
| Graham number | $211.96 | $125.13 | $84.95 | $65.26 | $44.22 | $41.75 | $33.05 | $29.92 | $19.14 | $19.61 |
| Graham net-net per share | −$22.28 | −$23.08 | −$16.72 | −$17.97 | −$17.60 | −$13.24 | −$8.83 | −$2.76 | −$2.54 | −$0.51 |
| Capital allocation | ||||||||||
| Dividends paid | $68.8M | $42.8M | $30.4M | $20.1M | $17.4M | $15.5M | $14.5M | $12.3M | $11.0M | $10.3M |
| Share buybacks (net) | $216.0M | $57.9M | $21.2M | $41.5M | $29.4M | $31.2M | $21.0M | $28.5M | $9.0M | $14.4M |
| Dividend payout ratio | 6.7% | 8.2% | 9.4% | 8.2% | 12.1% | 10.3% | 12.7% | 10.9% | 19.9% | 15.8% |
| Dividends + buybacks / free cash flow | 27.6% | 13.6% | 9.5% | 24.3% | 29.7% | 17.8% | 32.3% | 34.0% | 25.4% | 36.3% |
| Capex / revenue | 1.7% | 1.6% | 1.8% | 1.2% | 0.7% | 0.8% | 1.2% | 1.2% | 2.0% | 1.4% |
| Capex / operating cash flow | 13.1% | 13.1% | 14.8% | 16.0% | 12.4% | 8.4% | 22.4% | 18.5% | 31.1% | 25.5% |
| Capex / depreciation | 1.09 | 0.76 | 1.16 | 0.59 | 0.32 | 0.40 | 0.62 | 0.64 | 0.95 | 0.89 |
| Stock-based compensation / revenue | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.4% | 0.3% |
| SG&A / revenue | 9.0% | 10.4% | 10.5% | 11.8% | 12.2% | 12.5% | 13.0% | 13.6% | 14.9% | 14.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 101.1 | 96.6 | 96.5 | 92.1 | 95.4 | 89.4 | 87.9 | 81.9 | 81.9 | 80.7 |
| Days of inventory on hand | 3.8 | 4.1 | 4.4 | 3.1 | 2.6 | 1.9 | 1.9 | 2.4 | 2.5 | 2.4 |
| Days payables outstanding | 35.7 | 35.3 | 32.8 | 31.8 | 33.4 | 31.6 | 32.2 | 32.4 | 30.2 | 29.7 |
| Cash conversion cycle (days) | 69.2 | 65.4 | 68.1 | 63.4 | 64.6 | 59.6 | 57.7 | 51.9 | 54.2 | 53.4 |
| Receivables turnover | 3.61 | 3.78 | 3.78 | 3.96 | 3.83 | 4.08 | 4.15 | 4.46 | 4.45 | 4.52 |
| Payables turnover | 10.22 | 10.33 | 11.13 | 11.48 | 10.94 | 11.54 | 11.35 | 11.27 | 12.08 | 12.28 |
| Inventory turnover | 96.39 | 88.99 | 83.62 | 118.92 | 142.13 | 196.36 | 188.11 | 152.88 | 145.73 | 150.48 |
| Asset turnover | 1.63 | 1.75 | 1.76 | 1.72 | 1.55 | 1.75 | 2.04 | 2.25 | 2.25 | 2.33 |
| Average receivables | $2.52B | $1.86B | $1.38B | $1.04B | $803.4M | $699.4M | $630.0M | $489.7M | $401.4M | $361.3M |
| Average payables | $675.6M | $537.5M | $378.7M | $296.1M | $229.5M | $200.2M | $186.2M | $154.1M | $117.7M | $105.1M |
| Average inventory | $71.6M | $62.4M | $50.4M | $28.6M | $17.7M | $11.8M | $11.2M | $11.4M | $9.8M | $8.6M |
| Intangibles / total assets | 23.5% | 27.8% | 28.7% | 34.1% | 40.6% | 39.6% | 32.7% | 31.1% | 31.4% | 27.0% |
Computed from FIX's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FIX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Comfort Systems traded at 32.3 times earnings, against a 10-year median of 21.1. Based on the latest twelve months, the trailing P/E is 35.4 and the forward P/E is 26.0. Comfort Systems earned a return on equity of 49.2% and a return on invested capital of 55.8% in fiscal 2025. It ended the year with $785.9 million of debt and $981.9 million in cash and short-term investments, a net cash position of $195.9 million. It returned $284.8 million to shareholders: $68.8 million in dividends and $216.0 million in share buybacks, 28% of free cash flow. The share count fell 6.3% from 37.8M to 35.4M over 9 years.
See the FIX income statement, the FIX chart for price history, or the FIX stock overview for the latest quote and news.
FIX key metrics FAQ
What is Comfort Systems's P/E ratio?
Comfort Systems's trailing P/E ratio is 35.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 26.0. At the end of fiscal 2025 it was 32.3, compared with a 10-year median of 21.1.
What is Comfort Systems's EV/EBITDA?
Comfort Systems's enterprise value was 22.7 times EBITDA at the end of fiscal 2025 (enterprise value $32.9 billion, EBITDA $1.4 billion); the current EV/EBITDA is 27.8.
What is Comfort Systems's return on equity?
Comfort Systems's return on equity (ROE) was 49.2% in fiscal 2025: net income of $1.0 billion on average shareholders' equity of $2.1 billion.
What is Comfort Systems's ROIC?
Comfort Systems's return on invested capital was 55.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Comfort Systems have?
Comfort Systems had total debt of $785.9 million at the end of fiscal 2025, a debt-to-equity ratio of 0.32 and more cash than debt.
What is Comfort Systems's dividend yield?
Comfort Systems's forward dividend yield is 0.25%. Comfort Systems paid $68.8 million in dividends in fiscal 2025 ($1.94 per share), a payout ratio of 6.7%.
Does Comfort Systems buy back its shares?
Yes. Comfort Systems spent $216.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.0% over the year, to 35.4M..
What is Comfort Systems's free cash flow yield?
Comfort Systems generated $1.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.1% on its market value at year-end ($33.1 billion).
What is Comfort Systems's current ratio?
Comfort Systems's current ratio was 1.21 at the end of fiscal 2025: current assets were 1.21 times current liabilities.