Comfort Systems USA, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Mechanical was 73% and Electrical was 27% of revenue; Mechanical fell from 76% in the fiscal year to Dec 2023.

Quarters: Comfort Systems USA, Inc.'s SEC filings, named by the month they end. Fiscal years: Comfort Systems USA, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $11.2 ends up as net income. Net margin rose from 5.9% to 11.2% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Comfort Systems USA, Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Comfort Systems USA buys from Trane, Carrier, York and 12 more; one customer it does not name accounts for 12.8% of its revenue.

Their suppliers

Modine Manufacturing Company MODto Caterpillar, Trane

Show 1

Suppliers

ABB ABBNY

Caterpillar CAT

Cummins CMI

Eaton ETN

Johnson Controls JCI

Trane TT

Automated Logic

Baltimore Aircoil

Carrier

Daikin

Kohler

Schneider Electric

Siemens SIE.DE

SPX

York

+7 more

 

FIXComfort Systems USA

Customers

Unnamed customer 13%

Comfort Systems USA's 10-K for the year to Dec 2025 gives one customer's share of its revenue: Customer One (12.8%).

From Comfort Systems USA, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Only the companies Comfort Systems USA names in its 10-K filed Feb 19, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 24.4x, below the peer median of 43.2x, with earnings still growing.

Priced 44% below the peer median of 43.2x (excludes 1 unprofitable peer).

At 24.4× trailing earnings FIX is inside the middle of its five-year range; the five-year median is 27.6×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $1,809, 60% above the current price; 83% of 12 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 10 analysts (83%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $955.67 to $2,027.60 (+112%), while FIX went from $897.52 to $1,128.09 (+26%). In the past three months targets were raised once and cut 3 times. 1 upgrade and no downgrades over the year; the latest: Keybanc moved it to Overweight from Sector Weight on Apr 24, 2026.

The day after each of these reports the stock moved +10.8% (Dec 2025, beat); +0.1% (Mar 2026, beat); −3.2% (Jun 2026, beat); −17.2% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $13.96 a share, 49% more than the $9.37 of a year earlier, and revenue of $3.8B, up 44% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $67.15 a share, and revenue of $17.4B, up 27% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $2.4B in free cash flow over the year, of which $540M went back to shareholders (dividends plus buybacks), leaving $1.9B in the company.

Comfort Systems USA had 35M diluted shares in the quarter ended Sep 2026, 0.6% fewer than a year earlier, and 0.7% fewer each year on average since Jun 2020. It spent $438M on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 96.2% and its net income rose 94.8%: fewer shares added about 1 point.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.2, short-term debt is manageable; debt-to-equity 0.1, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 9 funds whose copy leaves FIX out (on the exchange, not in the app yet): Temasek Holdings (Private), Bridgewater Associates, Baillie Gifford &, Norges Bank, Swiss National Bank, Coatue Management and 3 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 15 held FIX at the end of their latest quarter (for most, Q3 2026). Over that quarter 7 added shares, 6 cut, 1 bought new and 1 held the same. The largest of them is Norges Bank, 471,564 shares worth $935M at Jun 30, 2026, 6.3% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of FIX at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $172M of FIX on the open market in the 12 months to Nov 12, 2026; none bought. The largest was Brian E. Lane (Chief Executive Off.; director), who sold $68.1M in 4 sales.

From the Form 4s filed with the SEC about Comfort Systems USA, Inc. (47 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 52 other transactions (grants, option exercises, shares withheld for tax and gifts).