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Side-by-side financial comparison of Core & Main, Inc. (CNM) and COMFORT SYSTEMS USA INC (FIX). Click either name above to swap in a different company.
COMFORT SYSTEMS USA INC is the larger business by last-quarter revenue ($2.6B vs $2.1B, roughly 1.3× Core & Main, Inc.). COMFORT SYSTEMS USA INC runs the higher net margin — 12.5% vs 6.6%, a 5.9% gap on every dollar of revenue. On growth, COMFORT SYSTEMS USA INC posted the faster year-over-year revenue change (41.7% vs 0.0%). COMFORT SYSTEMS USA INC produced more free cash flow last quarter ($402.4M vs $263.0M). Over the past eight quarters, COMFORT SYSTEMS USA INC's revenue compounded faster (31.2% CAGR vs 19.7%).
Core & Main, headquartered in St. Louis, Missouri, distributes products used for water, wastewater, storm drainage, and fire protection in the United States. Customers include municipalities, private water companies, and professional contractors. The company has 370 branch locations in 49 U.S. states, 60,000 customers, and sells 225,000 products.
Comfort Systems USA, Inc. is an American company that provides mechanical and electrical contracting services, primarily HVAC, plumbing, piping and controls, off-site construction, monitoring and fire protection, and installation and servicing of electrical systems.
CNM vs FIX — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.6B |
| Net Profit | $137.0M | $330.8M |
| Gross Margin | 27.2% | 25.5% |
| Operating Margin | 10.7% | 16.1% |
| Net Margin | 6.6% | 12.5% |
| Revenue YoY | 0.0% | 41.7% |
| Net Profit YoY | 0.0% | 126.8% |
| EPS (diluted) | $0.72 | $9.35 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.1B | $2.6B | ||
| Q3 25 | $2.1B | $2.5B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | $1.7B | $1.8B | ||
| Q4 24 | $2.0B | $1.9B | ||
| Q3 24 | $2.0B | $1.8B | ||
| Q2 24 | $1.7B | $1.8B | ||
| Q1 24 | $1.4B | $1.5B |
| Q4 25 | $137.0M | $330.8M | ||
| Q3 25 | $134.0M | $291.6M | ||
| Q2 25 | $100.0M | $230.8M | ||
| Q1 25 | $64.0M | $169.3M | ||
| Q4 24 | $133.0M | $145.9M | ||
| Q3 24 | $119.0M | $146.2M | ||
| Q2 24 | $95.0M | $134.0M | ||
| Q1 24 | $63.0M | $96.3M |
| Q4 25 | 27.2% | 25.5% | ||
| Q3 25 | 26.8% | 24.8% | ||
| Q2 25 | 26.7% | 23.5% | ||
| Q1 25 | 26.6% | 22.0% | ||
| Q4 24 | 26.6% | 23.2% | ||
| Q3 24 | 26.4% | 21.1% | ||
| Q2 24 | 26.9% | 20.1% | ||
| Q1 24 | 26.7% | 19.3% |
| Q4 25 | 10.7% | 16.1% | ||
| Q3 25 | 10.2% | 15.5% | ||
| Q2 25 | 8.9% | 13.8% | ||
| Q1 25 | 7.3% | 11.4% | ||
| Q4 24 | 10.9% | 12.1% | ||
| Q3 24 | 10.4% | 11.2% | ||
| Q2 24 | 9.6% | 10.2% | ||
| Q1 24 | 8.1% | 8.8% |
| Q4 25 | 6.6% | 12.5% | ||
| Q3 25 | 6.4% | 11.9% | ||
| Q2 25 | 5.2% | 10.6% | ||
| Q1 25 | 3.8% | 9.2% | ||
| Q4 24 | 6.5% | 7.8% | ||
| Q3 24 | 6.1% | 8.1% | ||
| Q2 24 | 5.5% | 7.4% | ||
| Q1 24 | 4.4% | 6.3% |
| Q4 25 | $0.72 | $9.35 | ||
| Q3 25 | $0.70 | $8.25 | ||
| Q2 25 | $0.52 | $6.53 | ||
| Q1 25 | $0.34 | $4.75 | ||
| Q4 24 | $0.69 | $4.08 | ||
| Q3 24 | $0.61 | $4.09 | ||
| Q2 24 | $0.49 | $3.74 | ||
| Q1 24 | $0.34 | $2.69 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $89.0M | $981.9M |
| Total DebtLower is stronger | — | $145.2M |
| Stockholders' EquityBook value | $2.0B | $2.4B |
| Total Assets | $6.3B | $6.4B |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $89.0M | $981.9M | ||
| Q3 25 | $25.0M | $860.5M | ||
| Q2 25 | $8.0M | $331.7M | ||
| Q1 25 | $8.0M | $204.8M | ||
| Q4 24 | $10.0M | $549.9M | ||
| Q3 24 | $13.0M | $415.6M | ||
| Q2 24 | $30.0M | $199.4M | ||
| Q1 24 | $1.0M | $100.8M |
| Q4 25 | — | $145.2M | ||
| Q3 25 | — | $136.0M | ||
| Q2 25 | — | $73.0M | ||
| Q1 25 | — | $67.8M | ||
| Q4 24 | — | $68.3M | ||
| Q3 24 | — | $62.3M | ||
| Q2 24 | — | $73.4M | ||
| Q1 24 | — | $77.0M |
| Q4 25 | $2.0B | $2.4B | ||
| Q3 25 | $1.9B | $2.2B | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.7B | $1.8B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.6B | $1.6B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | $6.3B | $6.4B | ||
| Q3 25 | $6.3B | $5.8B | ||
| Q2 25 | $6.3B | $5.1B | ||
| Q1 25 | $5.9B | $4.6B | ||
| Q4 24 | $6.2B | $4.7B | ||
| Q3 24 | $6.1B | $4.4B | ||
| Q2 24 | $6.0B | $4.2B | ||
| Q1 24 | $5.1B | $3.9B |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.05× | ||
| Q1 24 | — | 0.06× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $271.0M | $468.5M |
| Free Cash FlowOCF − Capex | $263.0M | $402.4M |
| FCF MarginFCF / Revenue | 12.8% | 15.2% |
| Capex IntensityCapex / Revenue | 0.4% | 2.5% |
| Cash ConversionOCF / Net Profit | 1.98× | 1.42× |
| TTM Free Cash FlowTrailing 4 quarters | $575.0M | $1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.0M | $468.5M | ||
| Q3 25 | $34.0M | $553.3M | ||
| Q2 25 | $77.0M | $252.5M | ||
| Q1 25 | $235.0M | $-88.0M | ||
| Q4 24 | $260.0M | $210.5M | ||
| Q3 24 | $48.0M | $302.2M | ||
| Q2 24 | $78.0M | $189.9M | ||
| Q1 24 | $294.0M | $146.6M |
| Q4 25 | $263.0M | $402.4M | ||
| Q3 25 | $24.0M | $517.9M | ||
| Q2 25 | $64.0M | $221.2M | ||
| Q1 25 | $224.0M | $-110.2M | ||
| Q4 24 | $252.0M | $169.8M | ||
| Q3 24 | $39.0M | $280.1M | ||
| Q2 24 | $71.0M | $166.5M | ||
| Q1 24 | $289.0M | $121.6M |
| Q4 25 | 12.8% | 15.2% | ||
| Q3 25 | 1.1% | 21.1% | ||
| Q2 25 | 3.3% | 10.2% | ||
| Q1 25 | 13.2% | -6.0% | ||
| Q4 24 | 12.4% | 9.1% | ||
| Q3 24 | 2.0% | 15.5% | ||
| Q2 24 | 4.1% | 9.2% | ||
| Q1 24 | 20.1% | 7.9% |
| Q4 25 | 0.4% | 2.5% | ||
| Q3 25 | 0.5% | 1.4% | ||
| Q2 25 | 0.7% | 1.4% | ||
| Q1 25 | 0.6% | 1.2% | ||
| Q4 24 | 0.4% | 2.2% | ||
| Q3 24 | 0.5% | 1.2% | ||
| Q2 24 | 0.4% | 1.3% | ||
| Q1 24 | 0.3% | 1.6% |
| Q4 25 | 1.98× | 1.42× | ||
| Q3 25 | 0.25× | 1.90× | ||
| Q2 25 | 0.77× | 1.09× | ||
| Q1 25 | 3.67× | -0.52× | ||
| Q4 24 | 1.95× | 1.44× | ||
| Q3 24 | 0.40× | 2.07× | ||
| Q2 24 | 0.82× | 1.42× | ||
| Q1 24 | 4.67× | 1.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CNM
| Pipes Valves And Fitting Products | $1.4B | 67% |
| Storm Drainage Products | $333.0M | 16% |
| Meter Products | $195.0M | 9% |
| Fire Protection Products | $152.0M | 7% |
FIX
| Electrical Segment | $823.7M | 31% |
| Manufacturing Customer | $542.7M | 21% |
| Existing Building Construction | $491.4M | 19% |
| Healthcare Sector Customer | $220.8M | 8% |
| Service Projects | $153.0M | 6% |
| Education | $137.5M | 5% |
| Government Customer | $131.0M | 5% |
| Office Building Customer | $88.2M | 3% |
| Other Customer | $40.7M | 2% |
| Multi Family And Residential | $33.7M | 1% |
