FIX·Construction & Engineering — Mechanical/Electrical (MEP) Specialty Contracting

Comfort Systems USA

ConvictionStrong

Project-based specialty trade contractor: installs and services HVAC, plumbing, piping, controls, and electrical systems for commercial/industrial/technology buildings, increasingly via modular/prefab. Revenue recognized over time on construction contracts (~75% fixed-price); growing higher-margin service/maintenance and modular tail. Grows organically + via tuck-in acquisitions of regional MEP firms.

Revenuefact

$9.10B FY2025$10.14B TTM through Q1 FY26

Rev growthfact

+56.5% YoYin Q1 FY26; +29.5% FY2025

Gross marginfact

26.3% Q1 FY26 record~25.2% ex-$43M favorable change orders); 24.1% FY2025

Op marginfact

17.0% Q1 FY2614.4% FY2025

Capex intensityfact/guidance

~1.7% FY2025$154.9M capex / $9.10B rev); guided to ~5% of revenue in FY26 for modular buildout

Market cap

~$70Best, ~$1,983/share × ~35.2M shares, 24 Jun 2026

Price · 1-year trend

real · weekly

$1685+216% 1yUSD

52-week range

$531 – $2067

52w lowas of 2026-07-08 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityStrong

AI datacenter power & cooling

Full context

position · longStrong

AI datacenter power & cooling

Full context

book · long

AI datacenter power & cooling

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-19. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’21

$3.1B

FY’22

$4.1B+35%

FY’23

$5.2B+26%

FY’24

$7.0B+35%

FY’25

$9.1B+30%

Margins & balance sheet — FY’25

Gross margin24.1%

Operating margin14.4%

Net margin11.2%

Net cash$1.0B

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Comfort Systems USA

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence