Comfort Systems USA, Inc.
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Earnings Call Q3 2026
October 23, 2026 - AI Summary
Record growth & profitability (YoY) + strong visibility
- Q3 2026 revenue: $3.8B, +54% YoY (+$1.3B).
- Net income: $489M, $13.91 EPS, +66% YoY (EPS up $5.66 vs. Q3 2025).
- Gross margin: 24.8% (roughly steady YoY), Q3 electrical margin pressured.
- Operating income: $625M, +65% YoY (margin 16.6% vs 15.5%).
- EBITDA: $668M, +61% YoY; TTM EBITDA ≈ $2.3B.
- Free cash flow: $86M in Q3; ~$2B YTD (supported by collections/terms and tax timing).
Backlog surge = major opportunity + long demand runway
- Backlog end of Q3 2026: $17.8B (new record).
- Backlog growth: +90% vs last year (+$8.4B); +27% sequential (+$3.8B).
- Management stated this is driven by exceptionally strong bookings, especially technology/data center/industrial work, with customers booking earlier due to capacity scarcity and labor constraints.
- Backlog duration expectation: pushed out to roughly 18–24 months (vs ~9 months historically).
- Outlook expectation: continue growth and strong results through 2026 into 2027, with strong demand.
Segment performance: Electrical booming, Mechanical also up—margins mixed
- Electrical revenue: +85% (also described as “spectacular organic revenue growth at very high margins”).
- Electrical margin issue (the main negative): electrical gross margin 24.3% vs 26.2% in Q3 2025; last year benefited from discrete gains (~+1.8% margin) tied to items like customer bankruptcy emergence—without those, electrical margins were closer to flat.
- Mechanical revenue: +43% with higher profitability.
- Surprising quarter factor: margin softness is not framed as structural deterioration—management attributes it to temporary mix/cost timing (more equipment/materials early in jobs, and acquisition-related WIP/purchase adjustment effects).
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$1442.66
32.4% upside
Current Fair Value
32.4% upsideUndervalued by 32.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $38.27 Billion |
|---|---|
| Enterprise Value | $39.98 Billion |
| Annual dividend | $3.00 |
| Dividend yield | 0.24% |
| Earnings per Share | $28.93 |
| Beta | 1.66 |
| Outstanding Shares | 35,116,000 |
Return
| Return on Equity | 50.72% |
|---|---|
| Return on Assets | 19.23% |
| Return on Invested Capital | 56.02% |
Valuation & Multiples
| P/E Ratio | 26.58 |
|---|---|
| PEG | 39.26 |
| Price to Sales | 3.05 |
| Price to Book Ratio | 11.98 |
| Enterprise Value to Revenue | 3.19 |
| Enterprise Value to EBIT | 19.19 |
| Enterprise Value to Net Income | 24 |
| Total Debt to Enterprise | 0.09 |
| Debt to Equity | 1.11 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS Estimate
$12.85
Consensus analyst estimateRevenue Estimate
$3.40 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 18, 2027
EPS Estimate
$13.96
Consensus analyst estimateRevenue Estimate
$3.82 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 5.04, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 5.0351▲ 364.75% |
|---|---|
| Total Calls | 17,100▼ 96.23% |
| Total Puts | 86,100▼ 86.31% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.76%▼ 88.87% |
|---|---|
| Total Invested | $2.61B▼ 95.99% |
| Investors Holding | 443▼ 954.00% |
About Comfort Systems USA, Inc.
CEO: Brian Lane
