Comfort Systems USA, Inc. (FIX) has quietly delivered one of the most impressive stock performances in the market over the last five years. As of July 25, 2025, its share price has surged more than 1,500%, rising from around $40 in 2020 to over $680.
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This growth wasn’t driven by hype or headlines—it was the result of steady execution, strategic expansion, and rising demand across its core markets. Backed by strong earnings, a series of high-impact acquisitions, and favorable industry trends like data center construction and manufacturing reshoring, Comfort Systems has become a standout name in mechanical contracting and HVAC services.
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Below, we explore what’s behind this remarkable performance—breaking down the financial momentum, expansion strategy, and macro trends that fueled FIX’s historic run.

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Strong Financial Growth and Record Backlog
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Comfort Systems’ revenue rose from $2.6 billion in 2019 to over $7 billion in 2024, growing roughly 170% in five years. Net income grew even faster—from $114 million in 2019 to $522 million in 2024—driven by improved margins, strong execution, and disciplined cost control.
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Earnings per share nearly tripled from 2021 to 2023, climbing from $3.93 to $9.01. In Q1 2025, the company posted record quarterly EPS of $4.75, up 75% year-over-year. Operating margins hit an all-time high of 11.4% in that quarter, despite the seasonally slower start to the year.
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The company’s backlog also expanded rapidly, growing from $2.3 billion in 2021 to $6.9 billion in 2025. That backlog—spanning data centers, healthcare facilities, manufacturing plants, and chip fabs—provides strong visibility into future revenue.

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Strategic Acquisitions in High-Demand Sectors
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Comfort Systems made over 20 acquisitions in the last five years, extending its reach into fast-growing sectors and boosting its technical capabilities. Notable deals include Eldeco and Atlantic Electric (expanding electrical contracting), DECCO (life sciences piping systems), and Summit Industrial Construction, which brought modular construction capabilities and access to semiconductor plant contracts.
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Summit alone added $360–400 million in annual revenue and positioned Comfort to serve large, high-margin tech infrastructure projects. By Q1 2025, data center and semiconductor facility work accounted for 37% of company revenue, up from 30% the previous year.
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This M&A strategy helped the company scale quickly while maintaining regional agility. Comfort now operates 169 locations in 129 cities and employs over 16,000 people nationwide.
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Here is a breakdown of Comfort Systems USA’s key acquisitions from 2021 to 2025, based on SEC filings, earnings calls, and press releases. These acquisitions played a major role in expanding the company’s geographic footprint, service capabilities, and exposure to high-growth sectors like data centers, semiconductors, and industrial manufacturing.

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2021 – Ivey Mechanical Company
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• Announced: December 2021
  
  
• Closed: Q1 2022
  
  
• Location: Kosciusko, Mississippi
  
  
• Revenue: ~$150–160 million annually
  
  
• Focus: Mechanical construction and service
  
  
• Strategic Value: Expanded Comfort’s presence across the Southeastern U.S. (Mississippi, Tennessee, the Carolinas, Alabama). Ivey brought deep mechanical expertise and strong regional brand recognition.
  
  
• Integration: Fully integrated by mid-2022
  
  

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2022 – Atlantic Electric, LLC
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• Announced: April 2022
  
  
• Location: Charleston, South Carolina
  
  
• Revenue: Not disclosed
  
  
• Focus: Electrical contracting, including airfield lighting and industrial systems
  
  
• Strategic Value: Strengthened Comfort’s electrical services portfolio, especially in the Carolinas. Specialized in niche infrastructure like airport systems.
  
  

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2023 – Eldeco, Inc.
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• Announced: February 2023
  
  
• Location: Greenville, South Carolina
  
  
• Revenue: ~$130–140 million
  
  
• EBITDA: ~$8–9 million
  
  
• Focus: Industrial and commercial electrical contracting
  
  
• Strategic Value: Expanded Comfort’s industrial electrical capacity and added cross-selling opportunities with mechanical services. Eldeco had a strong reputation in heavy industrial sectors.
  
  

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2023 – DECCO, Inc.
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• Announced: October 2023
  
  
• Location: Brookline, New Hampshire
  
  
• Revenue: ~$60 million
  
  
• Focus: High-purity mechanical piping and process systems for life sciences and advanced manufacturing
  
  
• Strategic Value: Opened up the Northeast region and added deep expertise in pharma/biotech facility construction, including cleanroom and process utility piping.
  
  

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2024 – Summit Industrial Construction, LLC
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• Announced: January 2024
  
  
• Location: Houston, Texas
  
  
• Revenue: ~$360–400 million
  
  
• EBITDA: $30–45 million
  
  
• Focus: Modular and off-site construction for advanced tech, industrial, and power sectors
  
  
• Strategic Value: Huge addition for semiconductor plant work, modular prefabrication, and data center construction. Summit had multiple chip fab contracts and extensive experience in large-scale off-site builds.
  
  
• Backlog Added: ~$500 million+

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Riding Industry Tailwinds in Infrastructure and AI
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Comfort’s surge is also tied to broader trends in construction, energy, and digital infrastructure. The CHIPS Act and Inflation Reduction Act fueled major investments in U.S.-based semiconductor and battery plants. At the same time, the explosion of AI and cloud computing created massive demand for new data centers—projects that rely heavily on HVAC and electrical work.
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Comfort’s diversified exposure—across commercial, industrial, and institutional markets—positioned it to benefit from this wave. Government spending on infrastructure upgrades and public facility ventilation systems added to the demand.
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The company also leaned into modular and off-site construction, which speeds up delivery times for complex projects while improving efficiency and margins.

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How LevelFields AI Tracks Events Like These
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LevelFields AI monitors stock-moving events like contract wins, acquisitions, and record earnings reports across thousands of public companies. Comfort Systems USA triggered multiple LevelFields event alerts over the last five years, from major acquisitions to high-margin contract growth.
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Investors using LevelFields could have identified early signals behind FIX’s breakout—well before it became one of the top-performing stocks on the market. Try LevelFields today to stay ahead of the curve with data-backed alerts.

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