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Comfort Systems USA key statistics and ratios

In fiscal 2025, Comfort Systems USA had return on equity of 49.2%, an operating margin of 11.4%, debt equal to 5.9% of equity and a current ratio of 1.21. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin20.0%17.9%14.9%15.6%17.7%17.7%20.1%21.0%20.5%20.4%19.2%19.1%18.3%17.9%19.0%21.0%22.0%26.8%
Operating margin5.0%3.0%−3.5%1.7%3.4%3.0%5.7%6.2%5.6%6.9%6.3%6.7%6.1%6.1%8.0%10.7%11.4%18.8%
Net margin3.0%1.4%−3.0%1.0%2.0%1.6%3.1%4.0%3.1%5.2%4.4%5.3%4.7%5.9%6.2%7.4%55.8%30.9%
Free-cash-flow margin4.0%2.4%1.7%1.4%1.5%1.7%4.9%4.2%4.4%5.5%4.2%9.2%5.1%6.1%10.5%10.5%56.3%46.3%
Return on equity11.2%4.8%−12.8%5.0%9.6%7.7%15.1%17.9%13.9%24.7%21.1%23.4%19.1%27.2%28.4%35.0%49.2%56.4%
Return on assets—2.3%−6.0%2.3%4.6%3.7%7.3%9.3%7.0%11.6%8.9%9.2%7.2%10.2%11.0%13.0%18.3%20.1%
Asset turnover—1.661.972.272.302.242.352.332.252.252.041.751.551.721.761.750.330.65
Current ratio—1.501.391.391.471.391.391.311.311.311.301.171.231.121.111.081.211.15
Debt to equity0.0%0.1%5.8%2.7%0.7%13.2%3.5%0.7%14.5%15.4%38.7%33.9%48.2%25.6%3.5%4.0%5.9%1.5%
Interest cover (operating income ÷ interest)47.1x18.5xn/m14.0x34.2x22.7x51.4x43.3x31.5x40.5x17.6x22.7x30.4x19.0x40.7x112.7x23.2x125.1x
Effective tax rate38.3%35.2%—46.6%38.8%28.9%35.2%35.8%45.2%24.1%24.7%21.6%24.7%−4.3%16.7%21.6%—46.2%
SG&A as % of revenue15.0%15.0%13.7%14.0%14.3%14.7%14.5%14.9%14.9%13.6%13.0%12.5%12.2%11.8%11.0%10.4%10.6%8.2%
Capital spending as % of revenue0.8%0.7%0.7%0.9%1.3%1.4%1.3%1.4%2.0%1.2%1.2%0.8%0.7%1.2%1.8%1.6%8.5%10.7%
Free cash flow ÷ net income131.0%170.0%—139.1%77.1%101.3%156.1%104.7%142.2%106.2%96.5%174.8%110.1%102.9%168.4%141.3%100.9%149.6%
Dividends ÷ net income21.3%51.1%—55.7%28.9%36.6%19.0%15.8%19.9%10.9%12.7%10.3%12.1%8.2%9.4%8.2%6.7%6.5%
Dividends and buybacks ÷ free cash flow44.3%50.3%70.3%55.3%46.2%70.3%23.0%34.4%25.4%34.0%30.9%17.4%28.2%23.0%9.5%13.6%27.6%22.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $9.8bn
Short-term assets $6.8bnLonger-term assets $3.0bn
What it owes, and who funded it · $9.8bn
Short-term liabilities $5.9bnLonger-term liabilities $558mShareholders' equity $3.3bn
  • Short-term assets cover short-term liabilities $6.8bn of assets due within a year against $5.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.8bn short-term assets against $558m of longer-dated liabilities.
  • More cash than debt $2.2bn of cash against $50m of debt.
  • Debt below 40% of shareholders' equity Debt is 1% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 47% to 1% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $50m of debt.
  • Operating profit covers interest at least five times over Operating income of $990m against $8m of interest.

From Comfort Systems USA's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

60 /100

Moderate moat

How hard Comfort Systems USA's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Cash operating profit has been a median 8.9% of total assets over 6 years.

  • Pricing power 7 / 20

    Gross margin has been a median 20.0%, moving by 2.6 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 6.6%; its worst year was 5.8%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.5% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.5% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Comfort Systems USA's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Comfort Systems USA.