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Side-by-side financial comparison of COMFORT SYSTEMS USA INC (FIX) and WATTS WATER TECHNOLOGIES INC (WTS), based on the latest 10-Q / 10-K filings. 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 $625.1M, roughly 4.2× WATTS WATER TECHNOLOGIES INC). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 12.5% vs 13.4%, a 0.9% gap on every dollar of revenue. On growth, COMFORT SYSTEMS USA INC posted the faster year-over-year revenue change (41.7% vs 15.7%). COMFORT SYSTEMS USA INC produced more free cash flow last quarter ($402.4M vs $140.3M). Over the past eight quarters, COMFORT SYSTEMS USA INC's revenue compounded faster (31.2% CAGR vs 4.6%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
FIX vs WTS — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.6B | $625.1M |
| Net Profit | $330.8M | $83.7M |
| Gross Margin | 25.5% | 49.5% |
| Operating Margin | 16.1% | 18.2% |
| Net Margin | 12.5% | 13.4% |
| Revenue YoY | 41.7% | 15.7% |
| Net Profit YoY | 126.8% | 24.0% |
| EPS (diluted) | $9.35 | $2.50 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $2.6B | $625.1M | ||
| Q3 25 | $2.5B | $611.7M | ||
| Q2 25 | $2.2B | $643.7M | ||
| Q1 25 | $1.8B | $558.0M | ||
| Q4 24 | $1.9B | $540.4M | ||
| Q3 24 | $1.8B | $543.6M | ||
| Q2 24 | $1.8B | $597.3M | ||
| Q1 24 | $1.5B | $570.9M |
| Q4 25 | $330.8M | $83.7M | ||
| Q3 25 | $291.6M | $82.2M | ||
| Q2 25 | $230.8M | $100.9M | ||
| Q1 25 | $169.3M | $74.0M | ||
| Q4 24 | $145.9M | $67.5M | ||
| Q3 24 | $146.2M | $69.1M | ||
| Q2 24 | $134.0M | $82.0M | ||
| Q1 24 | $96.3M | $72.6M |
| Q4 25 | 25.5% | 49.5% | ||
| Q3 25 | 24.8% | 48.8% | ||
| Q2 25 | 23.5% | 50.6% | ||
| Q1 25 | 22.0% | 48.8% | ||
| Q4 24 | 23.2% | 46.7% | ||
| Q3 24 | 21.1% | 47.3% | ||
| Q2 24 | 20.1% | 47.7% | ||
| Q1 24 | 19.3% | 46.9% |
| Q4 25 | 16.1% | 18.2% | ||
| Q3 25 | 15.5% | 18.2% | ||
| Q2 25 | 13.8% | 21.0% | ||
| Q1 25 | 11.4% | 15.7% | ||
| Q4 24 | 12.1% | 16.5% | ||
| Q3 24 | 11.2% | 17.1% | ||
| Q2 24 | 10.2% | 18.7% | ||
| Q1 24 | 8.8% | 16.9% |
| Q4 25 | 12.5% | 13.4% | ||
| Q3 25 | 11.9% | 13.4% | ||
| Q2 25 | 10.6% | 15.7% | ||
| Q1 25 | 9.2% | 13.3% | ||
| Q4 24 | 7.8% | 12.5% | ||
| Q3 24 | 8.1% | 12.7% | ||
| Q2 24 | 7.4% | 13.7% | ||
| Q1 24 | 6.3% | 12.7% |
| Q4 25 | $9.35 | $2.50 | ||
| Q3 25 | $8.25 | $2.45 | ||
| Q2 25 | $6.53 | $3.01 | ||
| Q1 25 | $4.75 | $2.21 | ||
| Q4 24 | $4.08 | $2.02 | ||
| Q3 24 | $4.09 | $2.06 | ||
| Q2 24 | $3.74 | $2.44 | ||
| Q1 24 | $2.69 | $2.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $981.9M | $405.5M |
| Total DebtLower is stronger | $145.2M | — |
| Stockholders' EquityBook value | $2.4B | $2.0B |
| Total Assets | $6.4B | $2.9B |
| Debt / EquityLower = less leverage | 0.06× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $981.9M | $405.5M | ||
| Q3 25 | $860.5M | $457.7M | ||
| Q2 25 | $331.7M | $369.3M | ||
| Q1 25 | $204.8M | $336.8M | ||
| Q4 24 | $549.9M | $386.9M | ||
| Q3 24 | $415.6M | $303.9M | ||
| Q2 24 | $199.4M | $279.4M | ||
| Q1 24 | $100.8M | $237.1M |
| 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 | $2.0B | ||
| Q3 25 | $2.2B | $2.0B | ||
| Q2 25 | $2.0B | $1.9B | ||
| Q1 25 | $1.8B | $1.8B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.5B | $1.6B | ||
| Q1 24 | $1.4B | $1.6B |
| Q4 25 | $6.4B | $2.9B | ||
| Q3 25 | $5.8B | $2.7B | ||
| Q2 25 | $5.1B | $2.6B | ||
| Q1 25 | $4.6B | $2.5B | ||
| Q4 24 | $4.7B | $2.4B | ||
| Q3 24 | $4.4B | $2.4B | ||
| Q2 24 | $4.2B | $2.4B | ||
| Q1 24 | $3.9B | $2.3B |
| 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. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $468.5M | $154.7M |
| Free Cash FlowOCF − Capex | $402.4M | $140.3M |
| FCF MarginFCF / Revenue | 15.2% | 22.4% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 2.5% | 2.3% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.42× | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $356.3M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $468.5M | $154.7M | ||
| Q3 25 | $553.3M | $122.4M | ||
| Q2 25 | $252.5M | $69.7M | ||
| Q1 25 | $-88.0M | $55.2M | ||
| Q4 24 | $210.5M | $139.5M | ||
| Q3 24 | $302.2M | $90.7M | ||
| Q2 24 | $189.9M | $85.3M | ||
| Q1 24 | $146.6M | $45.6M |
| Q4 25 | $402.4M | $140.3M | ||
| Q3 25 | $517.9M | $110.9M | ||
| Q2 25 | $221.2M | $59.5M | ||
| Q1 25 | $-110.2M | $45.6M | ||
| Q4 24 | $169.8M | $127.5M | ||
| Q3 24 | $280.1M | $84.3M | ||
| Q2 24 | $166.5M | $78.5M | ||
| Q1 24 | $121.6M | $35.5M |
| Q4 25 | 15.2% | 22.4% | ||
| Q3 25 | 21.1% | 18.1% | ||
| Q2 25 | 10.2% | 9.2% | ||
| Q1 25 | -6.0% | 8.2% | ||
| Q4 24 | 9.1% | 23.6% | ||
| Q3 24 | 15.5% | 15.5% | ||
| Q2 24 | 9.2% | 13.1% | ||
| Q1 24 | 7.9% | 6.2% |
| Q4 25 | 2.5% | 2.3% | ||
| Q3 25 | 1.4% | 1.9% | ||
| Q2 25 | 1.4% | 1.6% | ||
| Q1 25 | 1.2% | 1.7% | ||
| Q4 24 | 2.2% | 2.2% | ||
| Q3 24 | 1.2% | 1.2% | ||
| Q2 24 | 1.3% | 1.1% | ||
| Q1 24 | 1.6% | 1.8% |
| Q4 25 | 1.42× | 1.85× | ||
| Q3 25 | 1.90× | 1.49× | ||
| Q2 25 | 1.09× | 0.69× | ||
| Q1 25 | -0.52× | 0.75× | ||
| Q4 24 | 1.44× | 2.07× | ||
| Q3 24 | 2.07× | 1.31× | ||
| Q2 24 | 1.42× | 1.04× | ||
| Q1 24 | 1.52× | 0.63× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
WTS
Segment breakdown not available.
