Comfort Systems USA dividend
MyStockButler's October 2026 analysis: Comfort Systems USA pays $1.00 per share each quarter, or $4.00 a year at the current rate. Its free cash flow was about $1.0 billion in 2025, with dividends one use of that cash alongside buybacks and growth.
How much does Comfort Systems USA pay in dividends?
Capital returns accelerated in 2026. Repurchases were higher in the first nine months, and on October 22 the board raised the quarterly dividend by $0.10 to $1.00 per share. Buybacks still require judgment: reducing the share count creates value only when the company pays a sensible price. Cash availability alone does not prove that.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 9,101,641 | 7,027,476 | 5,206,760 | 4,140,364 | 3,073,636 |
| EPS, diluted | 28.88 | 14.60 | 9.01 | 6.82 | 3.93 |
| Dividend per share | 1.95 | 1.20 | 0.85 | 0.56 | 0.48 |
What this means. Revenue growth includes sales from businesses the company bought, so it does not all show growth from the same stores.
Is Comfort Systems USA’s dividend covered by its cash?
In 2025, operating cash flow was about $1.2 billion, or 116% of net income. After $154.9 million of capital spending, free cash flow was about $1.0 billion. Deducting $21.8 million of stock-based pay produces the essay’s real free cash flow, which treats employee shares as an economic cost to shareholders.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,031,453 | 737,986 | 544,730 | 253,172 | 157,821 |
| − Dividends paid | 68,833 | 42,766 | 30,379 | 20,077 | 17,384 |
| − Share buybacks | 215,999 | 57,912 | 21,184 | 38,216 | 27,054 |
| = Free cash flow not paid out | 746,621 | 637,308 | 493,167 | 194,879 | 113,383 |
| Paid out, % of free cash flow | 27.6% | 13.6% | 9.5% | 23.0% | 28.2% |
What could change Comfort Systems USA’s dividend?
Dividends begin at $4.00 per share because the board raised the quarterly payment to $1.00 on October 22. The base case then reaches $4.80 and $5.76 through 20% annual increases, supported by rising earnings and net cash. The bear case holds at $4.00, while the bull case reaches $6.76 through 30% increases. The history of annual increases supports continued growth, but capital spending and acquisitions compete for cash.
The base case would gain support if organic growth continues through 2027, modular capacity approaches about five million square feet by late summer 2027, and capital spending produces productive output afterward.
What is Comfort Systems USA’s dividend yield today?
The valuation gives investors a business with substantial net cash. At September 30, Comfort held about US$2.2 billion of cash against US$49.6 million of borrowings, so enterprise value is below the value of its equity. That cushion helps, but cash is useful only if the company can invest it or return it without weakening the business.
| Today (Oct 23, 2026) | |
|---|---|
| Share price | 1,279.37 |
| Market value (calculated) | 44,759,916 |
| Dividend yield (calculated) | 0.3% |
What this means. The enterprise value is lower than the market value because the company has more cash and short-term investments than debt.