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FIX (Comfort Systems USA) delivered exceptional FY2025 results with revenue surging 29.5% to $9.10B and net income nearly doubling (+95.7%) to $1.02B, driven by strong demand for mechanical and electrical contracting services.
营业收入
$9.1B
同比 ++29.52%
每股收益（基本）
$28.93
同比 ++97.61%
毛利率
24.1%
同比 ++3.12%
营业利润
$1.31B
同比 ++75.43%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Comfort Systems Usa (FIX) FY2025 营收 $9.1B，同比增长 29.5%。 净利润 $1.02B，同比增长 95.7%，稀释每股收益 $28.88。 毛利率 24.1%。
FIX achieved revenue of $9.10B in FY2025, up 29.5% from $7.03B in the prior year, reflecting robust demand across its mechanical and electrical contracting segments, likely fueled by data center, industrial, and commercial construction activity.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Gross margin expanded 310 basis points to 24.1% (from 21.0%), and operating margin improved 378 basis points to 14.4% (from 10.7%), indicating strong operating leverage as revenue growth outpaced cost increases.
来源: Source: 10-K Income Statement & Key Ratios (XBRL Financial Data)
Net income grew 95.7% year-over-year to $1.02B, with diluted EPS rising 97.8% to $28.88 from $14.60, reflecting both strong operational performance and the benefit of share repurchases.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Operating cash flow increased 39.7% to $1.19B, while the company significantly accelerated share buybacks to $216.0M (up 273% YoY), demonstrating confidence in its financial position and commitment to returning capital to shareholders.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
Total assets grew 36.7% to $6.44B, cash and equivalents surged 78.5% to $981.9M, and stockholders' equity rose 43.7% to $2.45B; debt-to-equity stands at 1.63x, primarily driven by current liabilities (likely contract-related), with long-term debt remaining modest at $145.2M.
来源: Source: 10-K Balance Sheet (XBRL Financial Data)
As a specialty contractor, FIX's revenue depends on successfully executing large, complex projects. Cost overruns, labor shortages, or supply chain disruptions on key projects could materially impact margins. The rapid revenue growth increases the scale of projects being managed simultaneously.
来源: Source: 10-K Risk Factors (inferred from financial data and business model)
The mechanical and electrical contracting industry is highly labor-intensive, and SG&A plus cost of revenue grew meaningfully in FY2025. Tightness in the skilled trades labor market could pressure margins if wage inflation accelerates faster than contract pricing adjustments.
来源: Source: 10-K Income Statement — Cost of Revenue $6.91B, SG&A $883.3M (XBRL Financial Data)
A significant portion of FIX's growth appears tied to data center and industrial construction, which can be cyclical. A slowdown in capital expenditure by hyperscalers or industrial customers could cause rapid revenue deceleration given the project-based nature of the business.
来源: Source: 10-K (inferred from revenue growth trajectory and business model)
Current liabilities of $3.39B significantly exceed current assets of $4.11B only by a narrow current ratio of 1.21x, suggesting tight working capital management. Any disruption to cash collections or project billing cycles could strain liquidity.
来源: Source: 10-K Balance Sheet — Current Ratio 1.21x (XBRL Financial Data)
Total assets grew 36.7% to $6.44B, a pace that likely reflects acquisition activity alongside organic growth. Integrating acquired businesses carries risks of cultural misalignment, unexpected liabilities, and failure to achieve expected synergies.
来源: Source: 10-K Balance Sheet & Cash Flow — Investing Cash Flow -$467.3M (XBRL Financial Data)
FY2025 实际 EPS $9.37，分析师一致预期 $6.82，超预期 +37.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $9.1B | $7.03B | +29.52% |
营业成本 | $6.91B | $5.55B | +24.40% |
毛利润 | $2.2B | $1.48B | +48.73% |
营业利润 | $1.31B | $749.37M | +75.43% |
净利润 | $1.02B | $522.43M | +95.73% |
每股收益（基本） | $28.93 | $14.64 | +97.61% |
每股收益（稀释） | $28.88 | $14.60 | +97.81% |
销售及管理费用 | $883.28M | $730.07M | +20.99% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $6.44B | $4.71B | +36.72% |
流动资产 | $4.11B | $2.79B | +47.32% |
总负债 | $3.99B | $3.01B | +32.80% |
流动负债 | $3.39B | $2.58B | +31.40% |
股东权益 | $2.45B | $1.7B | +43.65% |
现金及等价物 | $981.9M | $549.94M | +78.55% |
长期债务 | $145.23M | $68.33M | +112.52% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.19B | $849.06M | +39.73% |
投资活动现金流 | $-467.27M | $-343.51M | -36.03% |
筹资活动现金流 | $-287.13M | $-160.76M | -78.61% |
股票回购 | $216M | $57.91M | +272.98% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 24.1% | 21.0% | +3.12% |
营业利润率 | 14.4% | 10.7% | +3.78% |
净利率 | 11.2% | — | — |
净资产收益率 | 41.8% | — | — |
总资产收益率 | 15.9% | — | — |
流动比率 | $1.211 | — | — |
资产负债率 | $1.63 | — | — |
Comfort Systems USA (FIX) delivered exceptional Q2 FY2026 results with revenue up 50.3% YoY to $3.27B and net income nearly doubling (+91.3%) to $441.6M, driven heavily by surging technology-sector demand (58.7% of revenue) and new construction activity (75.1% of revenue), while operating cash flow for the six-month period exploded to $1.53B on favorable working capital dynamics.
FIX (Comfort Systems USA) delivered exceptional Q1 FY2026 results with revenue surging 56.5% YoY to $2.87B and net income more than doubling to $370.4M, driven by strong demand across its mechanical and electrical contracting segments.
Construction & Engineering 行业其他公司
FIX delivered outstanding FY2025 results, with revenue growing 29.5% to $9.10B and net income nearly doubling to $1.02B (+95.7%). Diluted EPS reached $28.88, up 97.8% from $14.60 in the prior year, making FY2025 a record year for the company.
FIX's 29.5% revenue growth to $9.10B in FY2025 was driven by strong demand for its mechanical and electrical contracting services, likely tied to data center construction, industrial projects, and commercial building activity. The company also benefited from acquisitions, as evidenced by $467.3M in investing cash outflows.
Yes, FIX achieved significant margin expansion in FY2025, with gross margin improving to 24.1% from 21.0% and operating margin rising to 14.4% from 10.7%. This reflects strong operating leverage as revenue growth of 29.5% far outpaced cost of revenue growth of 24.4%.
FIX's financial health appears strong, with $981.9M in cash (up 78.5%), operating cash flow of $1.19B, and stockholders' equity of $2.45B. Long-term debt is modest at $145.2M, though the current ratio of 1.21x indicates working capital is managed tightly, which is normal for specialty contractors.
FIX repurchased $216.0M of its own shares in FY2025, a 273% increase from $57.9M in the prior year, reflecting management's confidence in the company's financial strength and commitment to returning capital. This accelerated buyback activity also contributed to the near-doubling of diluted EPS to $28.88.