FIX // Comfort Systems USA Inc.

Industrials • Engineering & Construction

$1,326.23 ▼ -19.54 (-1.45%)

MKT CAP: $46.40B • VOL: 660.6K

52W L $842 52W H $2,074

ALTMAN Z

8.06 SAFE

PIOTROSKI

7 / 9

FIX // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

FIX // Comfort Systems USA Inc.

GROSS MARGIN

22.0%

OP MARGIN

11.4%

ROIC %

4.5%

MKT CAP

$46.40B

UPSTREAM INPUTS ──► FIX OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
FIX ★	Comfort Systems USA Inc.	$1,326.23	$46.40B	22.0%	11.4%	4.5%	95.0x	-65.0%	SUBJECT ISSUER
BRK-A	Berkshire Hathaway Inc.	$815,600.00	$1.20T	41.0%	33.0%	8.3%	12.7x	-1.0%	FIX VS BRK-A <GO>
CAT	Caterpillar Inc.	$622.75	$286.26B	82.2%	17.5%	21.1%	20.9x	+18.4%	FIX VS CAT <GO>
RTX	RTX Corporation	$199.80	$269.08B	41.0%	10.5%	7.2%	26.5x	+9.7%	FIX VS RTX <GO>
TMO	Thermo Fisher Scientific Inc	$697.00	$262.22B	41.0%	17.4%	9.3%	30.4x	+3.9%	FIX VS TMO <GO>
UNP	Union Pacific Corporation	$304.00	$179.42B	41.0%	40.2%	20.1%	15.3x	+1.1%	FIX VS UNP <GO>