Latest Ratios: P/E Ratio 62.1x · EV/EBITDA 43.2x · ROE 49.2%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $63.1B | $33.1B | $15.2B | $7.4B | $4.1B | $3.6B | $1.9B | $1.9B | $1.6B | $1.6B | $1.3B |
| Enterprise Value | $62.9B | $32.9B | $14.9B | $7.4B | $4.5B | $4.1B | $2.2B | $2.1B | $1.7B | $1.7B | $1.2B |
| P/E Ratio → | 62.09 | 32.32 | 29.05 | 22.83 | 16.87 | 25.18 | 12.88 | 16.19 | 14.56 | 29.69 | 19.36 |
| P/S Ratio | 6.93 | 3.63 | 2.16 | 1.42 | 1.00 | 1.17 | 0.68 | 0.71 | 0.75 | 0.92 | 0.77 |
| P/B Ratio | 25.93 | 13.50 | 8.90 | 5.78 | 4.15 | 4.48 | 2.78 | 3.16 | 3.30 | 3.93 | 3.34 |
| P/FCF | 61.16 | 32.04 | 20.56 | 13.55 | 16.38 | 22.85 | 7.37 | 16.78 | 13.69 | 20.91 | 18.52 |
| P/OCF | 53.18 | 27.86 | 17.87 | 11.54 | 13.76 | 20.02 | 6.75 | 13.03 | 11.16 | 14.41 | 13.81 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.61 | 2.12 | 1.43 | 1.08 | 1.32 | 0.77 | 0.81 | 0.77 | 0.93 | 0.75 |
| EV / EBITDA | 43.24 | 22.59 | 16.68 | 14.87 | 13.37 | 15.78 | 8.81 | 9.82 | 8.67 | 12.20 | 9.63 |
| EV / EBIT | 47.91 | 25.23 | 22.23 | 18.72 | 18.07 | 20.81 | 11.14 | 13.19 | 11.04 | 16.17 | 12.01 |
| EV / FCF | — | 31.85 | 20.23 | 13.65 | 17.70 | 25.74 | 8.43 | 19.16 | 13.95 | 21.22 | 18.09 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.1% | 24.1% | 21.0% | 19.0% | 17.9% | 18.3% | 19.1% | 19.2% | 20.4% | 20.5% | 21.0% |
| Operating Margin | 14.4% | 14.4% | 10.7% | 8.0% | 6.1% | 6.1% | 6.7% | 6.3% | 6.9% | 5.6% | 6.2% |
| Net Profit Margin | 11.2% | 11.2% | 7.4% | 6.2% | 5.9% | 4.7% | 5.3% | 4.4% | 5.2% | 3.1% | 4.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 49.2% | 49.2% | 35.0% | 28.4% | 27.2% | 19.1% | 23.4% | 21.1% | 24.7% | 13.9% | 17.5% |
| ROA | 18.3% | 18.3% | 13.0% | 11.0% | 10.2% | 7.2% | 9.2% | 8.9% | 11.6% | 7.0% | 9.3% |
| ROIC | 53.0% | 53.0% | 40.2% | 23.6% | 14.7% | 12.6% | 15.7% | 17.8% | 23.2% | 18.9% | 22.8% |
| ROCE | 50.7% | 50.7% | 40.4% | 27.8% | 18.1% | 15.5% | 19.4% | 21.9% | 27.2% | 22.1% | 26.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.32 | 0.32 | 0.18 | 0.20 | 0.39 | 0.64 | 0.48 | 0.53 | 0.15 | 0.14 | 0.01 |
| Debt / EBITDA | 0.54 | 0.54 | 0.34 | 0.51 | 1.16 | 2.00 | 1.32 | 1.45 | 0.40 | 0.44 | 0.02 |
| Net Debt / Equity | — | -0.08 | -0.14 | 0.04 | 0.33 | 0.57 | 0.40 | 0.45 | 0.06 | 0.06 | -0.08 |
| Net Debt / EBITDA | -0.13 | -0.13 | -0.27 | 0.10 | 0.99 | 1.77 | 1.11 | 1.22 | 0.16 | 0.18 | -0.23 |
| Debt / FCF | — | -0.19 | -0.33 | 0.09 | 1.31 | 2.89 | 1.06 | 2.38 | 0.26 | 0.31 | -0.43 |
| Interest Coverage | 144.57 | 144.57 | 101.02 | 38.62 | 18.12 | 34.28 | 24.69 | 17.19 | 40.84 | 32.69 | 43.66 |
Net cash position: cash ($982M) exceeds total debt ($786M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.21 | 1.21 | 1.08 | 1.11 | 1.12 | 1.23 | 1.17 | 1.30 | 1.31 | 1.31 | 1.31 |
| Quick Ratio | 1.19 | 1.19 | 1.06 | 1.07 | 1.09 | 1.20 | 1.15 | 1.28 | 1.28 | 1.28 | 1.28 |
| Cash Ratio | 0.29 | 0.29 | 0.21 | 0.12 | 0.05 | 0.07 | 0.08 | 0.08 | 0.10 | 0.10 | 0.10 |
| Asset Turnover | — | 1.41 | 1.49 | 1.58 | 1.59 | 1.39 | 1.63 | 1.74 | 2.05 | 2.03 | 2.31 |
| Inventory Turnover | 82.15 | 82.15 | 93.73 | 64.33 | 96.26 | 114.88 | 171.44 | 210.22 | 139.87 | 137.98 | 140.13 |
| Days Sales Outstanding | — | 116.54 | 110.88 | 111.19 | 102.85 | 109.61 | 93.01 | 99.78 | 91.15 | 88.64 | 82.31 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.2% | 0.3% | 0.4% | 0.5% | 0.5% | 0.8% | 0.8% | 0.7% | 0.7% | 0.8% |
| Payout Ratio | 6.7% | 6.7% | 8.2% | 9.4% | 8.2% | 12.1% | 10.3% | 12.7% | 10.9% | 19.9% | 15.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 3.1% | 3.4% | 4.4% | 5.9% | 4.0% | 7.8% | 6.2% | 6.9% | 3.4% | 5.2% |
| FCF Yield | 1.6% | 3.1% | 4.9% | 7.4% | 6.1% | 4.4% | 13.6% | 6.0% | 7.3% | 4.8% | 5.4% |
| Buyback Yield | 0.3% | 0.7% | 0.4% | 0.3% | 0.9% | 0.8% | 1.6% | 1.1% | 1.7% | 0.5% | 1.1% |
| Total Shareholder Yield | 0.5% | 0.9% | 0.7% | 0.7% | 1.4% | 1.2% | 2.4% | 1.8% | 2.5% | 1.2% | 2.0% |
| Shares Outstanding | — | $35M | $36M | $36M | $36M | $36M | $37M | $37M | $38M | $38M | $38M |
Project Execution and Labor
According to current market data, FIX trades at a 64.20x TTM P/E, a valuation that appears to price in significant long-term growth expectations relative to its historical averages and traditional engineering peers, suggesting the market views the company as a specialized infrastructure enabler rather than a cyclical contractor.
The forward P/E of 42.98 indicates that investors are anticipating substantial earnings expansion, likely driven by the modular fabrication segment's scalability. While the PEG ratio of 1.34 suggests the stock is not excessively expensive relative to its growth trajectory, the high P/S of 7.17 warrants caution regarding the sustainability of current margin expansion if industrial demand cools.
Based on reported financial figures, FIX has demonstrated a consistent upward trend in ROIC, reaching 16.7% in 2026Q1, which indicates that management is successfully generating superior returns on invested capital by prioritizing high-complexity, negotiated projects over lower-margin, competitive-bid work in the industrial and data center sectors.
The expansion in ROIC from 6.8% in 2023Q4 to 16.7% in 2026Q1 highlights the effectiveness of the company's pivot toward modular manufacturing. This trend suggests that the firm is not merely growing in size but is also becoming more efficient at deploying capital into high-value infrastructure projects.
As reported in recent quarterly filings, the cash conversion cycle has fluctuated between 64 and 76 days, reflecting the inherent complexity of managing large-scale industrial project milestones and the associated timing differences between billing and cash collection for specialized mechanical and electrical installations.
The asset turnover ratio remaining relatively stable near 0.43 suggests that while the company is scaling rapidly, it is maintaining a disciplined approach to asset utilization. Investors should monitor the DSO trend, as any significant elongation could indicate potential payment disputes or delays in project milestones that are critical to maintaining cash flow.
According to recent balance sheet data, FIX maintains a minimal debt-to-equity ratio of 0.12 as of 2026Q1, providing a significant financial buffer that allows the company to pursue strategic acquisitions and internal capacity investments without the burden of high interest expenses or restrictive debt covenants.
The interest coverage ratio of 223.01 in 2026Q1 underscores the company's exceptional ability to service its minimal debt obligations, even in a high-interest-rate environment. This conservative capital structure appears to be a deliberate strategy to preserve flexibility for future growth opportunities in the modular fabrication space.
The most commonly misapplied metric for FIX is the P/B ratio, which, at 26.82, appears to obscure the company's true value by failing to account for the intangible nature of its specialized modular fabrication processes and the high-value human capital that drives its competitive advantage.
Investors should prioritize ROIC and FCF yield over book value, as the latter ignores the significant value created by the company's proprietary modular manufacturing techniques. Relying on traditional construction valuation metrics may lead to an undervaluation of the firm's secular growth potential in the mission-critical infrastructure market.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying FIX stock.
Comfort Systems USA, Inc.'s current P/E ratio is 62.1x. The historical average is 21.0x. This places it at the 100th percentile of its historical range.
Comfort Systems USA, Inc.'s current EV/EBITDA is 43.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.5x.
Comfort Systems USA, Inc.'s return on equity (ROE) is 49.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 10.2%.
Based on historical data, Comfort Systems USA, Inc. is trading at a P/E of 62.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Comfort Systems USA, Inc.'s current dividend yield is 0.11% with a payout ratio of 6.7%.
Comfort Systems USA, Inc. has 24.1% gross margin and 14.4% operating margin. Operating margin between 10-20% is typical for established companies.
Comfort Systems USA, Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.