Comfort Systems USA Inc

Comfort Systems USA is a building contractor. It installs, maintains and repairs the equipment that keeps large buildings running: heating, ventilation and air conditioning (HVAC), plumbing, piping, building controls, fire protection and electrical systems. The trade calls this mechanical, electrical and plumbing (MEP) work. Founded in 1997, the company operates through 50 operating units with 190 locations in 142 US cities. Its customers own or build commercial, industrial and institutional sites such as factories, hospitals, schools, offices, government buildings and technology facilities.

Almost all revenue comes from projects. About 92.7% is earned installing systems in new or existing buildings, and about 7.3% comes from maintenance and service. In 2025, 63.2% of revenue came from new construction and 36.8% from renovation, repair and replacement in existing buildings. Contract prices are set largely from the company's own cost estimates, so profit depends on finishing jobs on budget. Backlog, meaning signed or committed work not yet turned into revenue, was $11.94 billion as of December 31, 2025.

In 2025 the mechanical segment brought in about $6.67 billion, or 73.3% of total revenue of $9.10 billion. The electrical segment brought in about $2.43 billion, or 26.7%. Technology facilities were the largest customer group at 45.0% of revenue, followed by manufacturing at 22.1% and healthcare at 8.9%.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.77B, up 53.7% from a year earlier, and net income was $489.0M (+67.7%).
• For fiscal 2025, revenue was $9.10B (+29.5% year over year; +26.1% a year from FY2020 to FY2025) with a 11.2% net margin.

• Over FY2021–FY2025: $360.4M in buybacks and $179.4M in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +35.6% a year over 5 years (FY2020–FY2025).
• Dividends took 6.7% of earnings and 6.7% of free cash flow in the latest fiscal year.
• Shares outstanding changed -2.9% from Oct 22, 2021 to Oct 16, 2026.

Rank among 1514 US companies

Market value at each year end

Comfort Systems USA’s market value went from $1.24B at the end of 2016 to $41.99B on Nov 2, 2026, about 33.9 times as much; since the end of 2025 it is up 28%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 13 sales ($103.0M).

Large shareholders (13G filings)

ETFs with the most weight in FIX

1. Heavy reliance on technology building projects. Technology facilities made up 45.0% of 2025 revenue, and the company warns that losing one or a few customers could hurt results. A slowdown in that one sector could weigh heavily on sales.
2. The company absorbs most cost overruns. Prices are set from cost estimates, and the company bears overruns on most contracts. Higher labor or material costs, bad weather or missed deadlines can shrink profits, cause losses or trigger penalty payments.
3. Backlog may not turn into profit. Backlog was $11.94 billion as of December 31, 2025, but projects can be cancelled, delayed or cut back. Signed work is not guaranteed to become revenue, or to be profitable if it does.
4. Construction slumps hit late and linger. Demand depends on construction spending, which rises and falls with the economy. Because its work comes late in a project's life, it tends to feel recessions late and keep feeling them after the economy improves.
5. Shortages of skilled workers and subcontractors. Skilled trade workers are scarce, and many projects depend on subcontractors. Labor shortages or higher labor costs, including from subcontractors, could delay jobs and squeeze profits.
6. Acquisitions may disappoint. Buying other businesses is a core part of the growth plan and takes a significant share of cash flow. Deals may not work out, and write-downs of goodwill (the premium paid over asset value) could cut earnings.

• Oct 28, 2026 Investor presentation or announcement
• Oct 22, 2026 Quarterly results released; Other company announcement
• Oct 22, 2026 Executive or board change; Investor presentation or announcement
• Aug 3, 2026 Investor presentation or announcement
• Jul 23, 2026 Quarterly results released; Other company announcement
• Jun 22, 2026 Executive or board change; Investor presentation or announcement
• May 21, 2026 Shareholder vote results
• May 1, 2026 Investor presentation or announcement
• Apr 23, 2026 Quarterly results released; Other company announcement
• Feb 20, 2026 Investor presentation or announcement

Comfort Systems pays a dividend, but a small one. The yield was 0.22% as of October 28, 2026, so the shares provide little income. The dividend has grown fast, from $0.425 per share in 2020 to $1.95 in 2025, about 35.6% a year, and SEC filings show at least nine straight annual increases. It paid out just 6.7% of 2025 earnings and of free cash flow (cash left after running and investing in the business). Buybacks were larger: $360 million over 2021–2025, versus $179 million in dividends, and the share count fell 2.9% over five years.

The stock has swung hard in downturns. It fell 57% in the 2008 financial crisis and took about 52 months to recover. In the 2020 COVID crash it dropped 38.8% but recovered in about four months. In the 12 months to October 28, 2026, its deepest fall from a high was 43.8%. A single stock carries more risk than a diversified fund.