Comfort Systems USA, Inc.FIX enters the second half of 2026 with a record backlog that provides a strong base for future revenues. Backlog reached $14.1 billion at the end of the second quarter, up $5.9 billion, or 73%, from a year ago. On a sequential basis, backlog increased $1.6 billion, or 13%, with $1.4 billion of the increase coming from same-store operations.
The backlog expansion is supported by strong demand across key markets. Technology drove especially strong bookings during the quarter, while Industrial customers accounted for 75% of revenues in the first half of 2026. Technology alone represented 58% of revenues, up from 40% a year earlier. Same-store backlog entering the third quarter was also 69% higher than a year ago, reinforcing the depth of contracted work heading into the second half.
Construction remains the largest source of revenues, accounting for 90% of the first-half total. Modular operations are also adding to the order base, supported by demand from existing customers. The company booked $510 million of Modular work during the second quarter, while capacity is expected to rise from more than 3.5 million square feet currently to over 4 million by year-end and approximately 5 million by late summer 2027.
This backlog strength provides Comfort Systems with greater visibility into future activity while demand remains strong across Technology and other Industrial markets. With a larger contracted work base and expanding capacity tied to customer demand, the record backlog could support revenue growth through the remainder of 2026 and into 2027.
Comfort Systems vs. Its Closest Engineering Rivals
Comfort Systems competes closely with EMCOR GroupEME and Quanta ServicesPWR across large-scale construction, electrical and mechanical contracting and infrastructure projects. Both companies maintain sizable order books, providing visibility into future revenues and reflecting strong demand across key end markets.
EMCOR has built strong revenue visibility through record Remaining Performance Obligations, or RPOs. RPOs reached $17.14 billion at the end of the second quarter, up 44% year over year and 10% sequentially. About 95% of the increase was organic. Network and communications, led by data center activity, remained a major source of demand. Strong bookings in water and wastewater, health care and institutional markets also broadened the RPO base.
Quanta reported a record backlog of approximately $53.4 billion in the second quarter, up about 49% year over year from $35.8 billion. The order book reflects demand across utility, generation and technology load center markets. Larger programs and multiyear commitments are also developing across these markets, which could support revenues over an extended period. Recent acquisitions have added capabilities across electrical, mechanical, civil and fabrication services, further broadening the addressable market.
Both EMCOR and Quanta offer strong revenue visibility through sizable order books. EMCOR benefits from broad-based RPO growth and strong data center demand, while Quanta's backlog is supported by large, multiyear programs across utility and technology markets.
FIX Stock’s Price Performance & Valuation Trend
Shares of this Texas-based heating, ventilation, air conditioning and electrical contracting service provider have surged 86.3% year to date, outperforming the Zacks Building Products - Air Conditioner and Heating industry, the Zacks Construction sector and the S&P 500 Index.
FIX Share Price Performance (YTD)
Image Source: Zacks Investment Research
FIX stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 32.97, as the trend lines suggest below.
FIX Valuation (P/E F12M)
Image Source: Zacks Investment Research
Earnings Estimate Trend of FIX
FIX’s earnings estimates for 2026 and 2027 have moved upward in the past 30 days to $46.38 and $57.81 per share, respectively, as shown below. The revised estimates for 2026 and 2027 imply year-over-year growth of 60.6% and 24.7%, respectively.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Keep it Clean. Please avoid obscene, vulgar, lewd,
racist or sexually-oriented language. PLEASE TURN OFF YOUR CAPS LOCK. Don't Threaten. Threats of harming another
person will not be tolerated. Be Truthful. Don't knowingly lie about anyone
or anything. Be Nice. No racism, sexism or any sort of -ism
that is degrading to another person. Be Proactive. Use the 'Report' link on
each comment to let us know of abusive posts. Share with Us. We'd love to hear eyewitness
accounts, the history behind an article.
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.