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Side-by-side financial comparison of COMFORT SYSTEMS USA INC (FIX) and IES Holdings, Inc. (IESC). 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 $871.0M, roughly 3.0× IES Holdings, Inc.). COMFORT SYSTEMS USA INC runs the higher net margin — 12.5% vs 10.5%, a 2.0% gap on every dollar of revenue. On growth, COMFORT SYSTEMS USA INC posted the faster year-over-year revenue change (41.7% vs 16.2%). COMFORT SYSTEMS USA INC produced more free cash flow last quarter ($402.4M vs $-18.9M). Over the past eight quarters, COMFORT SYSTEMS USA INC's revenue compounded faster (31.2% CAGR vs 11.1%).
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.
IES Holdings, Inc., formerly known as Integrated Electrical Services, Inc., designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities.
FIX vs IESC — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $2.6B | $871.0M |
| Net Profit | $330.8M | $91.8M |
| Gross Margin | 25.5% | 25.3% |
| Operating Margin | 16.1% | 11.2% |
| Net Margin | 12.5% | 10.5% |
| Revenue YoY | 41.7% | 16.2% |
| Net Profit YoY | 126.8% | 59.1% |
| EPS (diluted) | $9.35 | $4.51 |
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 | $2.6B | $871.0M | ||
| Q3 25 | $2.5B | $897.8M | ||
| Q2 25 | $2.2B | $890.2M | ||
| Q1 25 | $1.8B | $834.0M | ||
| Q4 24 | $1.9B | $749.5M | ||
| Q3 24 | $1.8B | $775.8M | ||
| Q2 24 | $1.8B | $768.4M | ||
| Q1 24 | $1.5B | $705.7M |
| Q4 25 | $330.8M | $91.8M | ||
| Q3 25 | $291.6M | $102.3M | ||
| Q2 25 | $230.8M | $79.3M | ||
| Q1 25 | $169.3M | $72.6M | ||
| Q4 24 | $145.9M | $57.7M | ||
| Q3 24 | $146.2M | $65.5M | ||
| Q2 24 | $134.0M | $66.6M | ||
| Q1 24 | $96.3M | $56.8M |
| Q4 25 | 25.5% | 25.3% | ||
| Q3 25 | 24.8% | 26.0% | ||
| Q2 25 | 23.5% | 26.9% | ||
| Q1 25 | 22.0% | 25.0% | ||
| Q4 24 | 23.2% | 23.8% | ||
| Q3 24 | 21.1% | 24.0% | ||
| Q2 24 | 20.1% | 25.3% | ||
| Q1 24 | 19.3% | 24.3% |
| Q4 25 | 16.1% | 11.2% | ||
| Q3 25 | 15.5% | 11.6% | ||
| Q2 25 | 13.8% | 12.6% | ||
| Q1 25 | 11.4% | 11.1% | ||
| Q4 24 | 12.1% | 10.0% | ||
| Q3 24 | 11.2% | 9.7% | ||
| Q2 24 | 10.2% | 11.7% | ||
| Q1 24 | 8.8% | 11.0% |
| Q4 25 | 12.5% | 10.5% | ||
| Q3 25 | 11.9% | 11.4% | ||
| Q2 25 | 10.6% | 8.9% | ||
| Q1 25 | 9.2% | 8.7% | ||
| Q4 24 | 7.8% | 7.7% | ||
| Q3 24 | 8.1% | 8.4% | ||
| Q2 24 | 7.4% | 8.7% | ||
| Q1 24 | 6.3% | 8.0% |
| Q4 25 | $9.35 | $4.51 | ||
| Q3 25 | $8.25 | $4.99 | ||
| Q2 25 | $6.53 | $3.81 | ||
| Q1 25 | $4.75 | $3.50 | ||
| Q4 24 | $4.08 | $2.72 | ||
| Q3 24 | $4.09 | $3.06 | ||
| Q2 24 | $3.74 | $2.67 | ||
| Q1 24 | $2.69 | $2.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $981.9M | $258.7M |
| Total DebtLower is stronger | $145.2M | — |
| Stockholders' EquityBook value | $2.4B | $961.1M |
| Total Assets | $6.4B | $1.7B |
| Debt / EquityLower = less leverage | 0.06× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $981.9M | $258.7M | ||
| Q3 25 | $860.5M | $231.8M | ||
| Q2 25 | $331.7M | $168.3M | ||
| Q1 25 | $204.8M | $88.3M | ||
| Q4 24 | $549.9M | $112.0M | ||
| Q3 24 | $415.6M | $135.8M | ||
| Q2 24 | $199.4M | $44.9M | ||
| Q1 24 | $100.8M | $106.0M |
| 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 | $2.4B | $961.1M | ||
| Q3 25 | $2.2B | $884.0M | ||
| Q2 25 | $2.0B | $781.4M | ||
| Q1 25 | $1.8B | $705.8M | ||
| Q4 24 | $1.7B | $652.4M | ||
| Q3 24 | $1.6B | $611.1M | ||
| Q2 24 | $1.5B | $567.5M | ||
| Q1 24 | $1.4B | $534.8M |
| Q4 25 | $6.4B | $1.7B | ||
| Q3 25 | $5.8B | $1.6B | ||
| Q2 25 | $5.1B | $1.5B | ||
| Q1 25 | $4.6B | $1.4B | ||
| Q4 24 | $4.7B | $1.3B | ||
| Q3 24 | $4.4B | $1.2B | ||
| Q2 24 | $4.2B | $1.2B | ||
| Q1 24 | $3.9B | $1.1B |
| 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 | $468.5M | $27.7M |
| Free Cash FlowOCF − Capex | $402.4M | $-18.9M |
| FCF MarginFCF / Revenue | 15.2% | -2.2% |
| Capex IntensityCapex / Revenue | 2.5% | 5.3% |
| Cash ConversionOCF / Net Profit | 1.42× | 0.30× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $175.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $468.5M | $27.7M | ||
| Q3 25 | $553.3M | $132.0M | ||
| Q2 25 | $252.5M | $92.0M | ||
| Q1 25 | $-88.0M | $24.8M | ||
| Q4 24 | $210.5M | $37.3M | ||
| Q3 24 | $302.2M | $92.8M | ||
| Q2 24 | $189.9M | $82.9M | ||
| Q1 24 | $146.6M | $33.7M |
| Q4 25 | $402.4M | $-18.9M | ||
| Q3 25 | $517.9M | $112.0M | ||
| Q2 25 | $221.2M | $74.8M | ||
| Q1 25 | $-110.2M | $7.9M | ||
| Q4 24 | $169.8M | $24.1M | ||
| Q3 24 | $280.1M | $78.5M | ||
| Q2 24 | $166.5M | $65.4M | ||
| Q1 24 | $121.6M | $26.9M |
| Q4 25 | 15.2% | -2.2% | ||
| Q3 25 | 21.1% | 12.5% | ||
| Q2 25 | 10.2% | 8.4% | ||
| Q1 25 | -6.0% | 0.9% | ||
| Q4 24 | 9.1% | 3.2% | ||
| Q3 24 | 15.5% | 10.1% | ||
| Q2 24 | 9.2% | 8.5% | ||
| Q1 24 | 7.9% | 3.8% |
| Q4 25 | 2.5% | 5.3% | ||
| Q3 25 | 1.4% | 2.2% | ||
| Q2 25 | 1.4% | 1.9% | ||
| Q1 25 | 1.2% | 2.0% | ||
| Q4 24 | 2.2% | 1.8% | ||
| Q3 24 | 1.2% | 1.8% | ||
| Q2 24 | 1.3% | 2.3% | ||
| Q1 24 | 1.6% | 1.0% |
| Q4 25 | 1.42× | 0.30× | ||
| Q3 25 | 1.90× | 1.29× | ||
| Q2 25 | 1.09× | 1.16× | ||
| Q1 25 | -0.52× | 0.34× | ||
| Q4 24 | 1.44× | 0.65× | ||
| Q3 24 | 2.07× | 1.42× | ||
| Q2 24 | 1.42× | 1.24× | ||
| Q1 24 | 1.52× | 0.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
