Balance Sheet Comfort Systems USA, Inc.

Equities

FIX

US1999081045

Construction & Engineering

Market Closed - Nyse Other stock markets 16:00:02 2026-02-12 EST			5-day change	1st Jan Change
1,300.02 ^USD	-2.89%		+13.25%	+39.29%

02-02	UBS Adjusts Comfort Systems USA Price Target to $1,310 From $1,140, Maintains Buy Rating	MT
01-26	Stifel Adjusts Price Target on Comfort Systems USA to $1,196 From $1,155, Maintains Buy Rating	MT

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Published financial data: COMFORT SYSTEMS USA, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	2.86B	3.07B	4.14B	5.21B	7.03B
Total Revenues	2.86B	3.07B	4.14B	5.21B	7.03B
Cost of Goods Sold, Total	2.31B	2.51B	3.4B	4.22B	5.55B
Gross Profit	547M	563M	742M	991M	1.48B
Selling General & Admin Expenses, Total	331M	346M	453M	536M	675M
Amortization of Goodwill and Intangible Assets - (IS)	26.49M	30.21M	36.43M	38.23M	55.37M
Other Operating Expenses, Total	358M	376M	489M	574M	730M
Operating Income	189M	187M	252M	416M	746M
Interest Expense, Total	-8.38M	-6.2M	-13.35M	-10.28M	-6.65M
Interest And Investment Income	103K	24K	46K	3.49M	11.55M
Net Interest Expenses	-8.28M	-6.17M	-13.31M	-6.79M	4.91M
Other Non Operating Income (Expenses)	52K	188K	134K	202K	432K
EBT, Excl. Unusual Items	181M	181M	239M	409M	752M
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Assets	1.44M	1.54M	1.58M	2.3M	3.03M
Insurance Settlements	-	-	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	9.12M	7.82M	-4.82M	-23.61M	-88.15M
EBT, Incl. Unusual Items	192M	190M	236M	388M	667M
Income Tax Expense	41.4M	46.93M	-10.09M	64.8M	144M
Earnings From Continuing Operations	150M	143M	246M	323M	522M
Net Income to Company	150M	143M	246M	323M	522M
Minority Interest	-	-	-	-	-
Net Income - (IS)	150M	143M	246M	323M	522M
Net Income to Common Incl Extra Items	150M	143M	246M	323M	522M
Net Income to Common Excl. Extra Items	150M	143M	246M	323M	522M
Per Share Items
Net EPS - Basic	4.11	3.95	6.84	9.03	14.64
Basic EPS - Continuing Operations	4.11	3.95	6.84	9.03	14.64
Basic Weighted Average Shares Outstanding	36.54M	36.28M	35.93M	35.8M	35.69M
Net EPS - Diluted	4.09	3.93	6.82	9.01	14.6
Diluted EPS - Continuing Operations	4.09	3.93	6.82	9.01	14.6
Diluted Weighted Average Shares Outstanding	36.74M	36.45M	36.05M	35.9M	35.78M
Normalized Basic EPS	3.1	3.12	4.16	7.15	13.16
Normalized Diluted EPS	3.08	3.1	4.15	7.13	13.13
Dividend Per Share	0.42	0.48	0.56	0.85	1.2
Payout Ratio	10.32	12.13	8.16	9.39	8.19
Supplemental Items
EBITDA	250M	256M	334M	498M	892M
EBITA	222M	227M	300M	459M	844M
EBIT	189M	187M	252M	416M	746M
EBITDAR	278M	290M	380M	-	1.03B
Effective Tax Rate - (Ratio)	21.61	24.66	-4.28	16.69	21.62
Current Domestic Taxes	49.35M	40.02M	84.42M	-30.5M	211M
Total Current Taxes	49.35M	40.02M	84.42M	-30.5M	211M
Deferred Domestic Taxes	-7.95M	6.9M	-94.5M	95.3M	-66.61M
Total Deferred Taxes	-7.95M	6.9M	-94.5M	95.3M	-66.61M
Normalized Net Income	113M	113M	149M	256M	470M
Interest on Long-Term Debt	8.05M	5.7M	13.68M	10.28M	6.65M
Supplemental Operating Expense Items
Net Rental Expense, Total	28.2M	34.2M	46M	-	137M
Imputed Operating Lease Interest Expense	5.86M	4M	10.87M	-	25.76M
Imputed Operating Lease Depreciation	22.34M	30.2M	35.13M	-	111M
Stock-Based Comp., Other (Total)	6.93M	10.59M	10.53M	12.94M	16.65M
Total Stock-Based Compensation	6.93M	10.59M	10.53M	12.94M	16.65M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	54.9M	58.78M	57.21M	205M	550M
Total Cash And Short Term Investments	54.9M	58.78M	57.21M	205M	550M
Accounts Receivable, Total	684M	865M	1.13B	1.42B	2.05B
Other Receivables	44.21M	57.49M	38.37M	166M	86.19M
Total Receivables	728M	923M	1.17B	1.59B	2.13B
Inventory	13.47M	21.85M	35.31M	65.54M	59.22M
Prepaid Expenses	15.51M	23.7M	48.46M	54.31M	46.21M
Total Current Assets	812M	1.03B	1.31B	1.91B	2.79B
Gross Property Plant And Equipment	359M	418M	464M	631M	756M
Accumulated Depreciation	-147M	-165M	-190M	-217M	-250M
Net Property Plant And Equipment	212M	253M	275M	414M	506M
Long-term Investments	-	-	-	-	6.8M
Goodwill	464M	592M	612M	667M	875M
Other Intangibles, Total	232M	305M	274M	280M	434M
Deferred Tax Assets Long-Term	29.4M	22.9M	116M	17.72M	85.44M
Other Long-Term Assets, Total	7.97M	8.68M	13.84M	15.24M	12.63M
Total Assets	1.76B	2.21B	2.6B	3.31B	4.71B
Liabilities
Accounts Payable, Total	204M	255M	337M	420M	655M
Accrued Expenses, Total	175M	156M	161M	204M	277M
Current Portion of Long-Term Debt	-	2.79M	9M	4.87M	6.04M
Current Portion of Leases	16.59M	19.05M	21.15M	24.43M	28.16M
Unearned Revenue Current, Total	231M	321M	548M	910M	1.15B
Other Current Liabilities	66.62M	82.76M	94.23M	159M	468M
Total Current Liabilities	693M	837M	1.17B	1.72B	2.58B
Long-Term Debt	236M	385M	247M	39.34M	62.29M
Long-Term Leases	80.58M	108M	112M	188M	212M
Deferred Tax Liability Non Current	1.34M	1.74M	-	1.12M	2.22M
Other Non Current Liabilities	50.37M	72.21M	67.76M	77.94M	147M
Total Liabilities	1.06B	1.4B	1.6B	2.03B	3.01B
Common Stock, Total	411K	411K	411K	411K	411K
Additional Paid In Capital	322M	327M	332M	340M	351M
Retained Earnings	503M	629M	855M	1.15B	1.63B
Treasury Stock	-129M	-151M	-187M	-210M	-274M
Total Common Equity	696M	806M	1B	1.28B	1.7B
Minority Interest	-	-	-	-	-
Total Equity	696M	806M	1B	1.28B	1.7B
Total Liabilities And Equity	1.76B	2.21B	2.6B	3.31B	4.71B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	36.07M	35.84M	35.63M	35.57M	35.47M
ECS Total Common Shares Outstanding	36.07M	35.98M	35.66M	35.57M	35.48M
Book Value / Share	19.31	22.39	28.04	35.92	48.04
Tangible Book Value	230K	-91.23M	114M	331M	395M
Tangible Book Value Per Share	0.01	-2.54	3.2	9.29	11.13
Total Debt	333M	515M	389M	257M	309M
Net Debt	278M	456M	332M	51.62M	-241M
Debt Equivalent of Unfunded Proj. Benefit Obligation	4M	4M	3.7M	3.5M	-
Debt Equivalent Oper. Leases	226M	274M	368M	-	1.1B
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Land - (BS)	7.17M	6.79M	6.79M	8.44M	12.9M
Buildings, Total	69.68M	74.98M	80.28M	102M	129M
Machinery, Total	186M	210M	240M	303M	359M
Full Time Employees	11.1K	13.2K	14.1K	15.8K	18.3K
Accumulated Allowance for Doubtful Accounts (Supple)	9.09M	8.81M	10.64M	11.93M	15.29M
Order Backlog	1.51B	2.31B	4.06B	5.16B	5.99B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	150M	143M	246M	323M	522M
Depreciation & Amortization - CF	27.93M	28.44M	33.55M	38.16M	48.22M
Amortization of Goodwill and Intangible Assets - (CF)	32.7M	40.5M	47.8M	43.4M	97.27M
Depreciation & Amortization, Total	60.63M	68.94M	81.35M	81.57M	145M
Amortization of Deferred Charges, Total - (CF)	544K	538K	786K	685K	687K
(Gain) Loss From Sale Of Asset	-1.44M	-1.54M	-1.58M	-2.3M	-3.03M
Asset Writedown & Restructuring Costs	-	-	-	-	-
Stock-Based Compensation (CF)	6.93M	10.59M	10.53M	12.94M	16.65M
Provision and Write-off of Bad Debts	5.25M	-1.45M	2.67M	4.94M	6.95M
Other Operating Activities, Total	-380K	16.67M	-68.13M	145M	52.48M
Change In Accounts Receivable	41.19M	-75.32M	-233M	-374M	-415M
Change In Inventories	-1.46M	-5.65M	-13.5M	-29.69M	6.54M
Change In Accounts Payable	11.09M	4M	166M	136M	503M
Change in Unearned Revenues	19.43M	44.62M	153M	349M	32.17M
Change in Other Net Operating Assets	-5.42M	-24.61M	-42.85M	-8.27M	-18.89M
Cash from Operations	287M	180M	302M	640M	849M
Capital Expenditure	-24.13M	-22.33M	-48.36M	-94.84M	-111M
Sale of Property, Plant, and Equipment	2.27M	3.1M	2.86M	5.95M	5.54M
Cash Acquisitions	-186M	-227M	-49.22M	-102M	-235M
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-2.46M	-1.86M	-2.51M
Cash from Investing	-208M	-247M	-97.18M	-193M	-344M
Long-Term Debt Issued, Total	268M	275M	555M	285M	183M
Total Debt Issued	268M	275M	555M	285M	183M
Long-Term Debt Repaid, Total	-288M	-160M	-693M	-512M	-209M
Total Debt Repaid	-288M	-160M	-693M	-512M	-209M
Issuance of Common Stock	2.14M	5.63M	1.09M	18K	184K
Repurchase of Common Stock	-31.2M	-29.42M	-41.46M	-25.91M	-66.83M
Common Dividends Paid	-15.5M	-17.38M	-20.08M	-30.38M	-42.77M
Common & Preferred Stock Dividends Paid	-15.5M	-17.38M	-20.08M	-30.38M	-42.77M
Other Financing Activities, Total	-10.52M	-3.88M	-7.31M	-15.32M	-25.41M
Cash from Financing	-74.6M	70.45M	-206M	-299M	-161M
Net Change in Cash	4.11M	3.88M	-1.56M	148M	345M
Supplemental Items
Cash Interest Paid	7.68M	6.05M	12.92M	9.86M	6.43M
Cash Income Tax Paid (Refund)	51.29M	52.2M	44.3M	100M	103M
Levered Free Cash Flow	243M	97.49M	238M	350M	836M
Unlevered Free Cash Flow	247M	101M	245M	355M	840M
Change In Net Working Capital	-85.59M	73.19M	-44.02M	-95.77M	-322M
Net Debt Issued / Repaid	-19.53M	115M	-138M	-227M	-25.94M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	7.25	5.89	6.56	8.81	11.64
Return on Total Capital	12.27	9.94	11.64	17.79	26.3
Return On Equity %	23.43	19.09	27.24	28.4	35.03
Return on Common Equity	23.43	19.09	27.24	28.4	35.03
Margin Analysis
Gross Profit Margin %	19.15	18.32	17.91	19.02	21.01
SG&A Margin	11.6	11.26	10.94	10.3	9.6
EBITDA Margin %	8.75	8.32	8.06	9.56	12.69
EBITA Margin %	7.77	7.4	7.25	8.82	12
EBIT Margin %	6.62	6.08	6.09	7.99	10.62
Income From Continuing Operations Margin %	5.26	4.66	5.94	6.21	7.43
Net Income Margin %	5.26	4.66	5.94	6.21	7.43
Net Avail. For Common Margin %	5.26	4.66	5.94	6.21	7.43
Normalized Net Income Margin	3.96	3.68	3.61	4.92	6.69
Levered Free Cash Flow Margin	8.49	3.17	5.74	6.72	11.9
Unlevered Free Cash Flow Margin	8.66	3.28	5.92	6.83	11.95
Asset Turnover
Asset Turnover	1.75	1.55	1.72	1.76	1.75
Fixed Assets Turnover	14.08	13.21	15.69	15.12	15.27
Receivables Turnover (Average Receivables)	4.2	3.97	4.15	4.09	4.05
Inventory Turnover (Average Inventory)	196.36	142.13	118.92	83.62	88.99
Short Term Liquidity
Current Ratio	1.17	1.23	1.12	1.11	1.08
Quick Ratio	1.13	1.17	1.05	1.04	1.04
Operating Cash Flow to Current Liabilities	0.41	0.22	0.26	0.37	0.33
Days Sales Outstanding (Average Receivables)	87.19	91.99	87.88	89.31	90.32
Days Outstanding Inventory (Average Inventory)	1.86	2.57	3.07	4.37	4.11
Average Days Payable Outstanding	31.67	33.25	31.67	32.55	35.48
Cash Conversion Cycle (Average Days)	57.38	61.3	59.28	61.13	58.96
Long Term Solvency
Total Debt/Equity	47.8	63.9	38.92	20.09	18.1
Total Debt / Total Capital	32.34	38.99	28.01	16.73	15.33
LT Debt/Equity	45.42	61.18	35.9	17.8	16.1
Long-Term Debt / Total Capital	30.73	37.33	25.84	14.82	13.63
Total Liabilities / Total Assets	60.37	63.53	61.5	61.34	63.82
EBIT / Interest Expense	22.56	30.16	18.89	40.47	112.27
EBITDA / Interest Expense	33.16	46.81	28.43	56.41	154.74
(EBITDA - Capex) / Interest Expense	30.28	43.21	24.81	47.18	138.03
Total Debt / EBITDA	1.2	1.77	1.03	0.44	0.3
Net Debt / EBITDA	1	1.57	0.87	0.09	-0.23
Total Debt / (EBITDA - Capex)	1.31	1.92	1.17	0.53	0.34
Net Debt / (EBITDA - Capex)	1.09	1.7	1	0.11	-0.26
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.23	7.6	34.71	25.76	34.97
Gross Profit, 1 Yr. Growth %	9.67	2.97	31.68	33.56	50.06
EBITDA, 1 Yr. Growth %	19.7	2.4	30.4	49.17	81.87
EBITA, 1 Yr. Growth %	20.46	2.48	31.95	53.13	86.56
EBIT, 1 Yr. Growth %	20.41	-1.22	34.97	64.94	82.57
Earnings From Cont. Operations, 1 Yr. Growth %	31.33	-4.52	71.57	31.49	61.54
Net Income, 1 Yr. Growth %	31.33	-4.52	71.57	31.49	61.54
Normalized Net Income, 1 Yr. Growth %	22.09	-0.03	32.16	71.27	86.89
Diluted EPS Before Extra, 1 Yr. Growth %	32.79	-3.91	73.54	32.11	62.04
Accounts Receivable, 1 Yr. Growth %	0.95	26.58	30.37	25.83	44.3
Inventory, 1 Yr. Growth %	34.01	62.21	61.58	85.61	-9.63
Net Property, Plant and Equip., 1 Yr. Growth %	9.32	19.52	8.41	50.86	22.21
Total Assets, 1 Yr. Growth %	16.77	25.71	17.58	27.26	42.52
Tangible Book Value, 1 Yr. Growth %	-99.75	-39.76K	-225.22	189.41	19.48
Common Equity, 1 Yr. Growth %	18.99	15.69	24.11	27.79	33.4
Cash From Operations, 1 Yr. Growth %	101.73	-37.12	67.38	112.11	32.75
Capital Expenditures, 1 Yr. Growth %	-24	-7.46	116.57	96.11	17.12
Levered Free Cash Flow, 1 Yr. Growth %	361.68	-59.81	143.76	47.17	142.29
Unlevered Free Cash Flow, 1 Yr. Growth %	326.49	-59.23	143.2	44.97	139.32
Dividend Per Share, 1 Yr. Growth %	7.59	12.94	16.67	51.79	41.18
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	14.4	8.41	20.39	30.15	30.28
Gross Profit, 2 Yr. CAGR %	10.71	6.27	16.44	32.62	41.1
EBITDA, 2 Yr. CAGR %	14.08	10.72	15.56	39.47	63.5
EBITA, 2 Yr. CAGR %	14.46	11.1	16.28	42.15	67.67
EBIT, 2 Yr. CAGR %	12.58	9.06	15.47	49.21	72
Earnings From Cont. Operations, 2 Yr. CAGR %	15.32	11.98	27.99	50.2	45.75
Net Income, 2 Yr. CAGR %	15.32	11.98	27.99	50.2	45.75
Normalized Net Income, 2 Yr. CAGR %	9.92	10.48	14.94	50.45	77.31
Diluted EPS Before Extra, 2 Yr. CAGR %	16.76	12.96	29.13	51.41	46.31
Accounts Receivable, 2 Yr. CAGR %	13.72	13.04	28.46	28.08	34.75
Inventory, 2 Yr. CAGR %	4.17	47.44	61.89	73.18	29.51
Net Property, Plant and Equip., 2 Yr. CAGR %	45.86	14.31	13.83	27.89	35.78
Total Assets, 2 Yr. CAGR %	28.6	21.15	21.58	22.32	34.67
Tangible Book Value, 2 Yr. CAGR %	-96.3	-0.89	2.13K	90.36	85.95
Common Equity, 2 Yr. CAGR %	18.25	17.32	19.82	25.94	30.57
Cash From Operations, 2 Yr. CAGR %	39.52	12.62	2.59	88.42	67.8
Capital Expenditures, 2 Yr. CAGR %	-5.93	-16.14	41.56	106.09	51.55
Levered Free Cash Flow, 2 Yr. CAGR %	61.2	36.21	-1.02	89.4	87.6
Unlevered Free Cash Flow, 2 Yr. CAGR %	61.09	31.87	-0.42	87.77	85.07
Dividend Per Share, 2 Yr. CAGR %	13.48	10.24	14.79	33.07	46.38
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	16.91	12.08	16.55	22.15	31.74
Gross Profit, 3 Yr. CAGR %	14.3	8.07	14.14	21.89	37.88
EBITDA, 3 Yr. CAGR %	22.13	10.04	16.92	25.82	51.62
EBITA, 3 Yr. CAGR %	23.75	10.32	17.66	27.46	54.8
EBIT, 3 Yr. CAGR %	23.81	7.78	17.09	30.04	58.65
Earnings From Cont. Operations, 3 Yr. CAGR %	39.53	8.28	29.09	29.15	53.89
Net Income, 3 Yr. CAGR %	39.53	8.28	29.09	29.15	53.89
Normalized Net Income, 3 Yr. CAGR %	22.83	6.49	17.28	31.28	60.76
Diluted EPS Before Extra, 3 Yr. CAGR %	40.65	9.42	30.34	30.12	54.88
Accounts Receivable, 3 Yr. CAGR %	18.3	17.85	18.54	27.58	33.27
Inventory, 3 Yr. CAGR %	9.35	20.74	52.01	69.44	39.42
Net Property, Plant and Equip., 3 Yr. CAGR %	34.25	36.49	12.31	25.04	25.96
Total Assets, 3 Yr. CAGR %	25.88	27.63	19.95	23.44	28.72
Tangible Book Value, 3 Yr. CAGR %	-88.24	-18.35	7.14	1.03K	62.99
Common Equity, 3 Yr. CAGR %	18.55	17.39	19.54	22.42	28.38
Cash From Operations, 3 Yr. CAGR %	35.92	6.97	28.52	30.69	67.66
Capital Expenditures, 3 Yr. CAGR %	-12.05	-6.44	15.06	57.81	70.7
Levered Free Cash Flow, 3 Yr. CAGR %	62.68	1.46	65.38	12.97	104.71
Unlevered Free Cash Flow, 3 Yr. CAGR %	62.21	1.9	61.72	12.86	102.71
Dividend Per Share, 3 Yr. CAGR %	12.94	13.3	12.34	25.99	35.72
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	12.57	13.46	18.29	18.99	21.86
Gross Profit, 5 Yr. CAGR %	11.45	10.36	15.15	17.29	24.24
EBITDA, 5 Yr. CAGR %	17.28	15.04	19.46	20.99	33.7
EBITA, 5 Yr. CAGR %	18.09	15.85	20.71	22.09	35.57
EBIT, 5 Yr. CAGR %	16.24	13.14	20.4	22.75	36.56
Earnings From Cont. Operations, 5 Yr. CAGR %	21.19	17.17	34.79	23.43	35.51
Net Income, 5 Yr. CAGR %	24.92	17.17	34.79	23.43	35.51
Normalized Net Income, 5 Yr. CAGR %	19.38	12.82	19.61	22.28	38.36
Diluted EPS Before Extra, 5 Yr. CAGR %	25.76	17.97	35.92	24.6	36.51
Accounts Receivable, 5 Yr. CAGR %	17.75	19.97	22.26	21.84	24.78
Inventory, 5 Yr. CAGR %	11.15	18.87	27.93	39.48	42.57
Net Property, Plant and Equip., 5 Yr. CAGR %	28.36	30.01	25.68	32.98	21.17
Total Assets, 5 Yr. CAGR %	20.5	25.52	24.14	25.48	25.64
Tangible Book Value, 5 Yr. CAGR %	-73.05	-13.18	-4.17	14.55	33.58
Common Equity, 5 Yr. CAGR %	14.97	16.43	19.06	20.74	23.84
Cash From Operations, 5 Yr. CAGR %	23.97	14.59	21.46	34.15	42.99
Capital Expenditures, 5 Yr. CAGR %	3.01	-0.78	6.4	28.31	28.46
Levered Free Cash Flow, 5 Yr. CAGR %	24.94	8.08	33.36	30.23	73.93
Unlevered Free Cash Flow, 5 Yr. CAGR %	25.18	8.45	33.45	30.12	70.68
Dividend Per Share, 5 Yr. CAGR %	11.2	11.78	13.68	20.83	24.89