Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Comfort Systems USA Inc
Physical assets are 12.3% of total assets, a light footprint. Capex is 1.09x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 64.4%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 12.80x.
Physical asset ratio
12.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$710.87MpropertyPlantEquipmentInventory$84.07MinventoryTotal assets$6.44BtotalAssetsResult 12.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.80xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$9.10BtotalRevenueNet PP&E$710.87MpropertyPlantEquipmentResult 12.80x
Revenue per dollar of the physical asset base.
Capex / D&A
1.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$154.90McapitalExpendituresD&A$141.96MdepreciationAndAmortizationResult 1.09x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$26.49Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.44BtotalAssetsGoodwill$1.03BgoodWillIntangibles$485.17MintangibleAssetsLiabilities$3.99BtotalLiabTangible book$938.09MShares35,413,000commonStockSharesOutstandingResult $26.49
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
50.07xPrice / tangible bookPrice / tangible book per sharePrice$1.33KLatest quoteTangible book / share$26.492025-12-31Result 50.07x
Price $1.33K.
Fixed-charge coverage
84.99xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.44BebitdaCapex$154.90McapitalExpendituresInterest$9.01MinterestExpenseShort-term debt$6.16MshortLongTermDebtEBITDA − capex$1.29BPrincipal due is the current portion of debt.Result 84.99x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.03BfreeCashFlowMarket cap$45.35BMarketCapitalizationResult 2.3%
Latest free cash flow divided by current market cap ($45.35B).
ROIC
64.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.31BoperatingIncomeTax expense$270.90MincomeTaxExpensePretax income$1.29BincomeBeforeTaxTax rate20.9%Equity$2.45BtotalStockholderEquityDebt$145.23MlongTermDebt + shortLongTermDebtCash$981.90McashAndEquivalentsInvested capital$1.61BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 64.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.85x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 10.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$99.62MpropertyPlantEquipmentInventory$12.42MinventoryTotal assets$1.06BtotalAssetsResult 10.5% | 21.91xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$2.18BtotalRevenueNet PP&E$99.62MpropertyPlantEquipmentResult 21.91x | 0.64xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$27.27McapitalExpendituresD&A$42.69MdepreciationAndAmortizationResult 0.64x | $4.46Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.06BtotalAssetsGoodwill$235.18MgoodWillIntangibles$95.28MintangibleAssetsLiabilities$564.52MtotalLiabTangible book$167.59MShares37,592,000commonStockSharesOutstandingResult $4.46 | 23.89xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$194.22MebitdaCapex$27.27McapitalExpendituresInterest$3.71MinterestExpenseShort-term debt$3.28MshortTermDebtEBITDA − capex$166.95MPrincipal due is short-term debt.Result 23.89x | $119.92MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$147.19MtotalCashFromOperatingActivitiesCapex$27.27McapitalExpendituresFree cash flow$119.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $119.92M | 21.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$150.24MoperatingIncomeTax expense$35.77MincomeTaxExpensePretax income$148.68MincomeBeforeTaxTax rate24.1%Equity$498.05MtotalStockholderEquityDebt$76.92MshortLongTermDebtTotalCash$45.62McashAndEquivalentsInvested capital$529.35MResult 21.6% | 1.51xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$150.24MoperatingIncomeNet PP&E$99.62MpropertyPlantEquipmentResult 1.51x |
| 2019 | 13.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$193.87MpropertyPlantAndEquipmentNetInventory$10.05MinventoryTotal assets$1.51BtotalAssetsResult 13.5% | 13.49xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.62BtotalRevenueNet PP&E$193.87MpropertyPlantAndEquipmentNetResult 13.49x | 0.62xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$31.75McapitalExpendituresD&A$51.57MdepreciationAndAmortizationResult 0.62x | $2.50Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.51BtotalAssetsGoodwill$332.45MgoodWillIntangibles$159.97MintangibleAssetsLiabilities$919.71MtotalLiabTangible book$92.88MShares37,131,000commonStockSharesOutstandingResult $2.50 | 5.97xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$211.73MebitdaCapex$31.75McapitalExpendituresInterest$9.32MinterestExpenseShort-term debt$20.82MshortLongTermDebtEBITDA − capex$179.98MPrincipal due is the current portion of debt.Result 5.97x | $110.28MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$142.03MtotalCashFromOperatingActivitiesCapex$31.75McapitalExpendituresFree cash flow$110.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $110.28M | 14.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$163.64MoperatingIncomeTax expense$37.42MincomeTaxExpensePretax income$151.74MincomeBeforeTaxTax rate24.7%Equity$585.30MtotalStockholderEquityDebt$312.85MshortLongTermDebtTotalCash$50.79McashAndEquivalentsInvested capital$847.36MResult 14.5% | 0.84xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$163.64MoperatingIncomeNet PP&E$193.87MpropertyPlantAndEquipmentNetResult 0.84x |
| 2020 | 7.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$117.21MpropertyPlantEquipmentInventory$13.47MinventoryTotal assets$1.76BtotalAssetsResult 7.4% | 24.37xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$2.86BtotalRevenueNet PP&E$117.21MpropertyPlantEquipmentResult 24.37x | 0.40xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$24.13McapitalExpendituresD&A$60.63MdepreciationAndAmortizationResult 0.40x | $0.01Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.76BtotalAssetsGoodwill$464.39MgoodWillIntangibles$231.81MintangibleAssetsLiabilities$1.06BtotalLiabTangible book$230.00KShares36,738,000commonStockSharesOutstandingResult $0.01 | 9.54xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$259.18MebitdaCapex$24.13McapitalExpendituresInterest$8.04MinterestExpenseShort-term debt$16.59MshortTermDebtEBITDA − capex$235.05MPrincipal due is short-term debt.Result 9.54x | $262.38MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$286.51MtotalCashFromOperatingActivitiesCapex$24.13McapitalExpendituresFree cash flow$262.38MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $262.38M | 16.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$190.65MoperatingIncomeTax expense$41.40MincomeTaxExpensePretax income$191.54MincomeBeforeTaxTax rate21.6%Equity$696.43MtotalStockholderEquityDebt$252.32MshortLongTermDebtTotalCash$54.90McashAndEquivalentsInvested capital$893.85MResult 16.7% | 1.63xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$190.65MoperatingIncomeNet PP&E$117.21MpropertyPlantEquipmentResult 1.63x |
| 2021 | 12.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$253.31MpropertyPlantAndEquipmentNetInventory$21.85MinventoryTotal assets$2.21BtotalAssetsResult 12.5% | 12.13xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$3.07BtotalRevenueNet PP&E$253.31MpropertyPlantAndEquipmentNetResult 12.13x | 0.32xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$22.33McapitalExpendituresD&A$68.94MdepreciationAndAmortizationResult 0.32x | -$2.50Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.21BtotalAssetsGoodwill$592.11MgoodWillIntangibles$304.78MintangibleAssetsLiabilities$1.40BtotalLiabTangible book-$91.23MShares36,450,000commonStockSharesOutstandingResult -$2.50 | 28.51xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$264.20MebitdaCapex$22.33McapitalExpendituresInterest$5.70MinterestExpenseShort-term debt$2.79MshortLongTermDebtEBITDA − capex$241.87MPrincipal due is the current portion of debt.Result 28.51x | $157.82MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$180.15MtotalCashFromOperatingActivitiesCapex$22.33McapitalExpendituresFree cash flow$157.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $157.82M | 11.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$188.44MoperatingIncomeTax expense$46.93MincomeTaxExpensePretax income$190.27MincomeBeforeTaxTax rate24.7%Equity$805.67MtotalStockholderEquityDebt$514.78MshortLongTermDebtTotalCash$58.78McashAndEquivalentsInvested capital$1.26BResult 11.3% | 0.74xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$188.44MoperatingIncomeNet PP&E$253.31MpropertyPlantAndEquipmentNetResult 0.74x |
| 2022 | 11.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$274.62MpropertyPlantAndEquipmentNetInventory$35.31MinventoryTotal assets$2.60BtotalAssetsResult 11.9% | 15.08xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$4.14BtotalRevenueNet PP&E$274.62MpropertyPlantAndEquipmentNetResult 15.08x | 0.59xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$48.36McapitalExpendituresD&A$81.35MdepreciationAndAmortizationResult 0.59x | $3.17Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.60BtotalAssetsGoodwill$611.79MgoodWillIntangibles$273.90MintangibleAssetsLiabilities$1.60BtotalLiabTangible book$114.23MShares36,046,000commonStockSharesOutstandingResult $3.17 | 12.39xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$329.30MebitdaCapex$48.36McapitalExpendituresInterest$13.68MinterestExpenseShort-term debt$9.00MshortLongTermDebtEBITDA − capex$280.94MPrincipal due is the current portion of debt.Result 12.39x | $253.17MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$301.53MtotalCashFromOperatingActivitiesCapex$48.36McapitalExpendituresFree cash flow$253.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $253.17M | 21.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$253.85MoperatingIncomeTax expense-$10.09MincomeTaxExpensePretax income$235.86MincomeBeforeTaxTax rate0.0%Equity$999.92MtotalStockholderEquityDebt$256.25MlongTermDebt + shortLongTermDebtCash$57.21McashAndEquivalentsInvested capital$1.20BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 21.2% | 0.92xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$253.85MoperatingIncomeNet PP&E$274.62MpropertyPlantAndEquipmentNetResult 0.92x |
| 2023 | 14.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$414.28MpropertyPlantEquipmentInventory$65.54MinventoryTotal assets$3.31BtotalAssetsResult 14.5% | 12.57xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$5.21BtotalRevenueNet PP&E$414.28MpropertyPlantEquipmentResult 12.57x | 1.16xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$94.84McapitalExpendituresD&A$81.57MdepreciationAndAmortizationResult 1.16x | $9.21Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.31BtotalAssetsGoodwill$666.83MgoodWillIntangibles$280.40MintangibleAssetsLiabilities$2.03BtotalLiabTangible book$330.60MShares35,895,000commonStockSharesOutstandingResult $9.21 | 25.34xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$478.63MebitdaCapex$94.84McapitalExpendituresInterest$10.28MinterestExpenseShort-term debt$4.87MshortLongTermDebtEBITDA − capex$383.79MPrincipal due is the current portion of debt.Result 25.34x | $544.73MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$639.57MtotalCashFromOperatingActivitiesCapex$94.84McapitalExpendituresFree cash flow$544.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $544.73M | 31.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$418.39MoperatingIncomeTax expense$64.80MincomeTaxExpensePretax income$388.19MincomeBeforeTaxTax rate16.7%Equity$1.28BtotalStockholderEquityDebt$44.21MlongTermDebt + shortLongTermDebtCash$205.15McashAndEquivalentsInvested capital$1.12BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 31.2% | 1.01xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$418.39MoperatingIncomeNet PP&E$414.28MpropertyPlantEquipmentResult 1.01x |
| 2024 | 12.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$506.29MpropertyPlantEquipmentInventory$59.22MinventoryTotal assets$4.71BtotalAssetsResult 12.0% | 13.88xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$7.03BtotalRevenueNet PP&E$506.29MpropertyPlantEquipmentResult 13.88x | 0.76xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$111.07McapitalExpendituresD&A$145.49MdepreciationAndAmortizationResult 0.76x | $11.04Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.71BtotalAssetsGoodwill$875.27MgoodWillIntangibles$434.42MintangibleAssetsLiabilities$3.01BtotalLiabTangible book$394.99MShares35,775,000commonStockSharesOutstandingResult $11.04 | 55.64xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$817.10MebitdaCapex$111.07McapitalExpendituresInterest$6.65MinterestExpenseShort-term debt$6.04MshortLongTermDebtEBITDA − capex$706.03MPrincipal due is the current portion of debt.Result 55.64x | $737.99MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$849.06MtotalCashFromOperatingActivitiesCapex$111.07McapitalExpendituresFree cash flow$737.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $737.99M | 48.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$749.37MoperatingIncomeTax expense$144.13MincomeTaxExpensePretax income$666.56MincomeBeforeTaxTax rate21.6%Equity$1.70BtotalStockholderEquityDebt$68.34MlongTermDebt + shortLongTermDebtCash$549.94McashAndEquivalentsInvested capital$1.22BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 48.0% | 1.48xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$749.37MoperatingIncomeNet PP&E$506.29MpropertyPlantEquipmentResult 1.48x |
| 2025 | 12.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$710.87MpropertyPlantEquipmentInventory$84.07MinventoryTotal assets$6.44BtotalAssetsResult 12.3% | 12.80xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$9.10BtotalRevenueNet PP&E$710.87MpropertyPlantEquipmentResult 12.80x | 1.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$154.90McapitalExpendituresD&A$141.96MdepreciationAndAmortizationResult 1.09x | $26.49Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.44BtotalAssetsGoodwill$1.03BgoodWillIntangibles$485.17MintangibleAssetsLiabilities$3.99BtotalLiabTangible book$938.09MShares35,413,000commonStockSharesOutstandingResult $26.49 | 84.99xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.44BebitdaCapex$154.90McapitalExpendituresInterest$9.01MinterestExpenseShort-term debt$6.16MshortLongTermDebtEBITDA − capex$1.29BPrincipal due is the current portion of debt.Result 84.99x | $1.03BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.19BtotalCashFromOperatingActivitiesCapex$154.90McapitalExpendituresFree cash flow$1.03BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.03B | 64.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.31BoperatingIncomeTax expense$270.90MincomeTaxExpensePretax income$1.29BincomeBeforeTaxTax rate20.9%Equity$2.45BtotalStockholderEquityDebt$145.23MlongTermDebt + shortLongTermDebtCash$981.90McashAndEquivalentsInvested capital$1.61BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 64.4% | 1.85xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.31BoperatingIncomeNet PP&E$710.87MpropertyPlantEquipmentResult 1.85x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $710.87M
Inventory: $84.07M
Total assets: $6.44B
Goodwill: $1.03B
Intangibles: $485.17M
Liabilities: $3.99B
Tangible book: $938.09M
Shares: 35,413,000
Revenue: $9.10B
Capex: $154.90M
D&A: $141.96M
EBITDA: $1.44B
Interest: $9.01M
Short-term debt: $6.16M
Free cash flow: $1.03B
Operating income: $1.31B
Invested capital: $1.61B
Tax rate: 20.9%