EME vs FIX: EMCOR and Comfort Systems USA compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Comfort Systems USA is the larger company, worth $59.2B, about 1.8 times EMCOR.
- Comfort Systems USA grew revenue faster over the last year (+50.3% vs +19.8%).
- Comfort Systems USA keeps more of each dollar of revenue as operating profit (18.8% vs 10.4%).
- On earnings, EMCOR is the cheaper stock (24.6x vs 48.5x).
- Comfort Systems USA's price assumes faster free cash flow growth: about 19% a year, against 9% for EMCOR (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EME | FIX |
|---|---|---|
| Market cap | $32.5B | $59.2B |
| Share price | $789.45 | $1,715.69 |
| Revenue (last fiscal year) | $17.0B | $1.8B |
| Free cash flow (last fiscal year) | $1.2B | $1.0B |
| Revenue growth, last year | +19.8% | +50.3% |
| Revenue growth per year, last 5 fiscal years | +14.4% | -12.1% |
| Operating margin | 10.4% | 18.8% |
| Net margin | 7.7% | 36.2% |
| Return on equity | 35.3% | 44.6% |
| P/E (trailing) | 24.6x | 48.5x |
| Price / free cash flow | 27.4x | 57.3x |
| EV / EBITDA | 16.3x | 70.5x |
| FCF growth the price implies | 9.1% | 18.8% |
| Dividend yield | 0.18% | 0.13% |
| Debt / equity | 1.49x | 1.64x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 5 |
| Insider purchases, last 12 months | 10 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
EMCOR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.9B | $283M | 5.4% |
| 2022 | $11.1B | $449M | 5.1% |
| 2023 | $12.6B | $821M | 7.0% |
| 2024 | $14.6B | $1.3B | 9.2% |
| 2025 | $17.0B | $1.2B | 10.1% |
Comfort Systems USA
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.1B | $158M | 6.1% |
| 2022 | $4.1B | $253M | 6.1% |
| 2023 | $5.2B | $545M | 8.0% |
| 2024 | $7.0B | $738M | 10.7% |
| 2025 | $1.8B | $1.0B | 11.4% |
Where the revenue comes from
EMCOR
No segment breakdown reported.
Comfort Systems USA · by segments, 2025
New Construction$5.8B63%
Existing Building Construction$2.1B23%
Service Calls, Maintenance and Monitoring$662M7%
Service Projects$569M6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EME in InvestinglyQuestions
Which is bigger, EMCOR or Comfort Systems USA?
Comfort Systems USA (FIX), at $59.2B against $32.5B.
Is EME or FIX cheaper?
By trailing P/E, EMCOR (24.6x) is cheaper than Comfort Systems USA (48.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, EME or FIX?
Comfort Systems USA: revenue grew +50.3% over the last year, against +19.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.