Comfort Systems Usa Inc. (FIX) intrinsic value & 10-year financials
Comfort Systems Usa Inc. (FIX) has a Graham intrinsic value of $959.27 per share. At $1,439.07 on Oct 17, 2026, the stock trades 50% above that value. Over the last 10 fiscal years revenue grew 21.0% a year to $9.1B, with an average return on invested capital of 28.3%.
- Graham intrinsic value
- $959.27
- Share price (Oct 17, 2026)
- $1,439.07
- Price vs Graham value
- 50% above
- Market cap
- $51.0B
- Revenue (FY2025)
- $9.1B
- Revenue growth (10-yr CAGR)
- 21.0%
- ROIC (10-yr avg)
- 28.3%
- Free cash flow (FY2025)
- $1.0B
FIX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.1B | $1.0B | $28.88 | $1.0B | 14.4% | 73.3% |
| FY2024 | $7.0B | $522.4M | $14.60 | $738.0M | 10.7% | 50.2% |
| FY2023 | $5.2B | $323.4M | $9.01 | $544.7M | 8.0% | 30.1% |
| FY2022 | $4.1B | $245.9M | $6.82 | $253.2M | 6.1% | 21.8% |
| FY2021 | $3.1B | $143.3M | $3.93 | $157.8M | 6.1% | 14.1% |
| FY2020 | $2.9B | $150.1M | $4.09 | $262.4M | 6.7% | 18.2% |
| FY2019 | $2.6B | $114.3M | $3.08 | $110.3M | 6.3% | 19.1% |
| FY2018 | $2.2B | $112.9M | $3.00 | $119.9M | 6.9% | 23.5% |
| FY2017 | $1.8B | $55.3M | $1.47 | $78.6M | 5.6% | 13.8% |
| FY2016 | $1.6B | $64.9M | $1.72 | $68.0M | 6.2% | 18.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Comfort Systems USA is a consistent compounder, expanding top-line revenue at 21.0% annually over the past decade.
Comfort Systems USA has earned high returns on invested capital, averaging 28.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Comfort Systems USA has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Comfort Systems USA is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $959.27 per share.