Comfort Systems USA (FIX)
Forward P/E is 21.33x against a peer median of 18.68x, a ratio of 1.14x — inside the 0.90–1.15 fairly priced band, near its top — with trailing P/E 28.34x and PEG 0.44. Latest-quarter revenue grew 53.7% year over year (PRIMARY, EDGAR), far above the cluster median, which supports a multiple near the top of the fair band. Delivered demand check: the Construction, engineering & heavy equipment group's median growth was 19.8% year over year — demand rising.
What would change this label: Move to OVERVALUED if the forward P/E rises to about 21.5x or above (1.15x the peer median) at unchanged estimates while revenue growth falls below 19.8% year over year for two quarters. Move to UNDERVALUED if the forward P/E compresses to about 16.8x or below (0.90x the peer median) while revenue growth stays above 19.8% year over year.
Comfort Systems installs and looks after heating, cooling and plumbing systems in offices and other commercial buildings. Its shares cost a little more than similar companies per dollar of expected earnings, but sales jumped 53.7% in the latest quarter, far faster than its group. That exceptional growth supports the price, so the shares are fairly priced.
Both lines start at 100 on 2020-09-01. Over the full window Comfort Systems USA returned +2355.90% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Comfort Systems USA: -46.1% (2025-01-22 to 2025-04-04). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 21.33x against a peer median of 18.68x, a ratio of 1.14x — inside the 0.90–1.15 fairly priced band, near its top — with trailing P/E 28.34x and PEG 0.44. Latest-quarter revenue grew 53.7% year over year (PRIMARY, EDGAR), far above the cluster median, which supports a multiple near the top of the fair band. Delivered demand check: the Construction, engineering & heavy equipment group's median growth was 19.8% year over year — demand rising. The company’s forward P/E is 21.3× against a peer median of 18.7×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the construction, engineering & heavy equipment group's median latest-quarter revenue growth was 19.8% year over year (SEC filings) — demand rising; Comfort Systems itself grew 53.7%, far above that pace. Latest-quarter sales growth was +53.7% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Comfort Systems USA (FIX) | $1,312.00 | 21.3× | 28.3× |
| WAB | $281.03 | 23.2× | 34.9× |
| PCAR | $100.63 | 15.2× | 19.2× |
| EME | $667.21 | 19.2× | 20.8× |
| J | $148.59 | 18.7× | 51.9× |
| CMI | $527.29 | 16.1× | 26.9× |
| Peer median | 18.7× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Sep 2026 2026-09-30 | $3.8B | 24.8% | $489M | 13.91 | $800M |
| Q/E Jun 2026 2026-06-30 | $3.3B | 25.9% | $442M | 12.53 | $998M |
| Q/E Mar 2026 2026-03-31 | $2.9B | 26.3% | $370M | 10.51 | $241M |
| Q/E Dec 2025 2025-12-31 | $2.6B | 25.5% | $331M | — | $402M |
| Q/E Sep 2025 2025-09-30 | $2.5B | 24.8% | $292M | 8.25 | $518M |
| Q/E Jun 2025 2025-06-30 | $2.2B | 23.5% | $231M | 6.53 | $221M |
| Q/E Mar 2025 2025-03-31 | $1.8B | 22.0% | $169M | 4.75 | $-110M |
| Q/E Dec 2024 2024-12-31 | $1.9B | 23.2% | $146M | — | $170M |
| Q/E Sep 2024 2024-09-30 | $1.8B | 21.1% | $146M | 4.09 | $280M |
| Q/E Jun 2024 2024-06-30 | $1.8B | 20.1% | $134M | 3.74 | $166M |
| Q/E Mar 2024 2024-03-31 | $1.5B | 19.4% | $96M | 2.69 | $122M |
| Q/E Dec 2023 2023-12-31 | $1.4B | 20.6% | $92M | — | $148M |
The last twelve reported quarters. Full 25-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | COMFORT SYSTEMS USA INC |
| Chief executive | Brian Lane (source: https://www.businesswire.com/news/home/20261022067223/en/Comfort-Systems-USA-Reports-Third-Quarter-2026-Results) |
| Sector | Industrials — Construction & Engineering — installs and services heating, cooling and plumbing systems in commercial buildings |
| Share price (Oct 28, 2026) | $1,312.00 |
| Market value (market cap) | $45.1B — share price times shares outstanding of 34,985,904 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $12.5B |
| Net income, last twelve months | $1.6B |
| Free cash flow, last twelve months | $2.4B |
| Latest reported quarter | Q/E Sep 2026 (of 25 quarters in the data pack) |
| Six-year price return vs S&P 500 | +2355.90% vs +118.28% |
| Worst peak-to-trough fall | -46.1% (2025-01-22 to 2025-04-04) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E (5-year median): not computed in the Phase 1 batch — UNVERIFIED
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001035983.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001035983.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/FIX/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.