COMFORT SYSTEMS USA, INC.

FIX · Industrials · $58.6B mkt cap · FY2025 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power31

Median gross margin 19.8% over 10y, stable.

Returns on capital100

Median ROIC 20.2%, above the 9% hurdle in 100% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 146x.

Capital discipline91

Owner earnings +42.7%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

907% above value

Owner earnings (normalized): $323.4M
Est. intrinsic value / share: $165.48
Recent price: $1667.14
Discount to value: 907% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FIX. See the disclaimer.