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 42% = 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 16% of every revenue dollar as operating profit, against 7.5% for the median Engineering & Construction name.
Operating margin · Engineering & Construction median 7.5% · 12 months to Q2 2026
- Cash conversion
- 1.77×
Cash conversion · 0.92× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.33%
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 Q2 2026
- 26%
- Operating margin12 months to Q2 2026
- 16%
- Net margin12 months to Q2 2026
- 13%
- Free cash flow margin
- 19%
- Revenue, trailing twelve months
- $11.2B
- Free cash flow, trailing twelve months
- $2.16B
- Net income, trailing twelve months
- $1.43B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Engineering & Construction
The closest names by size in the same industry