FIXCOMFORT SYSTEMS USA INC
Electrical Work
- Revenue
- $1.8B
- 74% YoY
- Operating margin
- 11.4%
- 7.1% YoY
- EBITDA
- $271M
- 66% YoY
- Market cap
- $43.1B
- Employees
- 22,700
- $81K revenue each
- Net debt / EBITDA
- -7.0×
- −$1.9B net debt
- AI in 10-K
- 1.2
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo116% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo24% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo12% of assetsOver 40% of assets
- Shareholder dissentNo89% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$81K · 0th pctBottom quartile of its SIC industry
- Quiet on AINo1.2 per 10K words · 39th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 7.0× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$43.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$172M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.1B | $4.1B | $5.2B | $7.0B | $1.8B | 74% |
| Operating income | $188M | $254M | $418M | $749M | $209M | 72% |
| Net income | $143M | $246M | $323M | $522M | $1.0B | 96% |
| Operating cash flow | $180M | $302M | $640M | $849M | $1.2B | 40% |
| Capex | $22M | $48M | $95M | $111M | $155M | 39% |
| Stock-based comp | $11M | $11M | $13M | $17M | $22M | 31% |
| Buybacks | $27M | $38M | $21M | $58M | $216M | 273% |
| Dividends | $17M | $20M | $30M | $43M | $69M | 61% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $172M · 26
- Net
- −$172M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $11M | $21M | 1815 | 220 |
| FY2024 | $8M | $15M | 821 | 182 |
| FY2023 | $7M | $11M | 397 | 158 |
| FY2022 | $5M | $7M | 221 | 115 |
| FY2021 | $5M | $8M | 189 | 128 |