FIX COMFORT SYSTEMS USA INC

Overview and Growth

COMFORT SYSTEMS USA INC generated $9.10B of revenue in fiscal 2025, with net income of $1.02B and an operating cash inflow of $1.19B. At $9.10B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $7.03B in fiscal 2024, revenue recorded a 29.5% year-over-year increase. Diluted earnings per share were $28.88, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS increased by 97.8% from $14.60 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 1.41x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $2.20B as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 24.1% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $1.31B of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 14.4%, showing the portion of revenue preserved after the full set of operating costs. After all reported below-operating-line items, the company recorded net income of $1.02B for the fiscal year. Measured against reported revenue, net income produced a 11.2% margin after operating costs and the remaining recognized items. Pretax income was $1.29B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 14.2%, relating income before taxes directly to revenue. The reported income-tax provision was $270.89M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 20.9%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

At period end, the $6.44B asset base was financed through $3.99B of liabilities and $2.45B of equity. Current assets were $4.11B against $3.39B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 1.21x, leaving a positive buffer for near-term obligations. The company held $981.90M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 28.9%, excluding receivables and other current assets. Borrowings totaled $145.23M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 0.06x, showing how much debt the company carried for each unit of book equity. Debt represented 2.3% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 62.0%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 15.2%, comparing reported cash and equivalents with the full positive asset balance. Compared with $4.71B in fiscal 2024, the current asset base moved 36.7% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $1.19B, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.16x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $154.90M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 13.1% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $1.03B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 11.3% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 16.0%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.