FIXComfort Systems USA
Is the business good?
A genuinely good business: 7 of 9 health tests passed, earnings fully cash-backed (1.8×), and margins widening.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 45% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FIX?
Comfort Systems USA keeps 17% of every revenue dollar as operating profit, against 7.8% for the median Engineering & Construction name.
Operating margin · Engineering & Construction median 7.8% · 12 months to Q3 2026
- Cash conversion
- 1.85×
Cash conversion · 1.05× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.60%
Share count, year on year · flat: no meaningful dilution
- Gross margin
- 26%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 6.7% |
| FY2021 | 6.1% |
| FY2022 | 6.1% |
| FY2023 | 8.0% |
| FY2024 | 11% |
| FY2025 | 14% |
Details›
- Gross margin12 months to Q3 2026
- 26%
- Operating margin12 months to Q3 2026
- 17%
- Net margin12 months to Q3 2026
- 13%
- Free cash flow margin
- 19%
- Revenue, trailing twelve months
- $12.5B
- Free cash flow, trailing twelve months
- $2.44B
- Net income, trailing twelve months
- $1.63B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from FIX and who it buys from, as the companies report it.
- Customer one13%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; FIX’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Engineering & Construction
The closest names by size in the same industry