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Arphra AIPlain-English read on Comfort Systems USA, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $3.07B | $4.14B | $5.21B | $7.03B | $9.1B | $11.89B | $14.05B | $16.12B |
| Cost of revenue | $2.51B | $3.4B | $4.22B | $5.55B | $6.91B | $9.57B | $10.83B | $12.64B |
| Gross profit | $563.21M | $741.61M | $990.51M | $1.48B | $2.2B | $2.53B | $2.97B | $3.43B |
| Gross margin | +18.32% | +17.91% | +19.02% | +21.01% | +24.13% | +21.24% | +21.16% | +21.30% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $376.31M | $489.34M | $574.42M | $730.07M | $883.28M | $1.26B | $1.48B | $1.71B |
| Total operating expenses | $374.77M | $487.76M | $572.12M | $727.04M | $883.28M | $1.24B | $1.42B | $1.66B |
| Operating income | $188.44M | $253.85M | $418.39M | $749.37M | $1.31B | $1.28B | $1.59B | $1.82B |
| Operating margin | +6.13% | +6.13% | +8.04% | +10.66% | +14.42% | +10.80% | +11.33% | +11.28% |
| EBITDA | $264.2M | $329.3M | $478.63M | $817.1M | $1.44B | $1.44B | $1.71B | $1.94B |
| EBIT | $195.25M | $247.96M | $397.07M | $671.61M | $1.3B | $1.22B | $1.49B | $1.66B |
| Below the line | ||||||||
| Interest expense | $5.7M | $13.68M | $10.28M | $6.65M | $9.01M | $15.21M | $18.85M | $21.41M |
| Interest income | $24K | $46K | $3.49M | $11.55M | $21.6M | $18.73M | $22.32M | $24.51M |
| Other income / expense | $1.84M | -$17.99M | -$30.19M | -$82.81M | -$19.16M | — | — | — |
| Pre-tax income | $190.27M | $235.86M | $388.19M | $666.56M | $1.29B | $1.27B | $1.47B | $1.71B |
| Income tax expense | $46.93M | -$10.09M | $64.8M | $144.13M | $270.9M | $241.58M | $295.99M | $326.59M |
| Earnings | ||||||||
| Net income | $143.35M | $245.95M | $323.4M | $522.43M | $1.02B | $964.83M | $1.15B | $1.33B |
| Net income · continuing ops | $143.35M | $245.95M | $323.4M | $522.43M | $1.02B | $1.01B | $1.15B | $1.37B |
| Net margin | +4.66% | +5.94% | +6.21% | +7.43% | +11.23% | +8.11% | +8.16% | +8.25% |
| EPS · basic | $3.95 | $6.84 | $9.03 | $14.64 | $28.93 | $43.44 | $53.75 | $66.15 |
| EPS · diluted | $3.93 | $6.82 | $9.01 | $14.60 | $28.88 | $43.15 | $53.20 | $66.08 |
| EPS · low estimate | — | — | — | — | — | $41.79 | $44.73 | $57.92 |
| EPS · high estimate | — | — | — | — | — | $45.08 | $62.07 | $74.24 |
| Shares · basic | 36.29M | 35.93M | 35.8M | 35.69M | 35.35M | 35.14M | 35.69M | 35.58M |
| Shares · diluted | 36.45M | 36.05M | 35.9M | 35.78M | 35.41M | 35.52M | 35.52M | 35.17M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 6 | 2 |
| Analysts (EPS) | — | — | — | — | — | 6 | 6 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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