Comfort Systems USA, Inc. FIX

Key Assumptions: FIX has demonstrated exceptional revenue growth (~24% 5yr CAGR) and margin expansion from 6.1% to 14.4% operating margin, driven by data center, electrical infrastructure, and reshoring tailwinds. WACC is calculated using CAPM with 4.39% risk-free rate, 1.60 beta, and 5.5% ERP yielding ~13.2% cost of equity; with minimal leverage, WACC approximates cost of equity at 12-14% across scenarios. Bear case assumes growth normalizes to high single digits with margin reversion toward 11%; base assumes 10% revenue CAGR with margins stabilizing near 13%; bull assumes continued strong secular demand driving 14% growth with margins expanding to 15%.