Comfort Systems USA (FIX): Industry leading data center contractor, with significant operating leverage to continued AI infrastructure build-out; Initiate Buy

研报英文原文证据摘录

Comfort Systems USA (FIX): Industry leading data center contractor, with significant operating leverage to continued AI infrastructure build-out; Initiate Buy

Equity Research

9 July 2026 | 1:14AM CDT

(FIX)Comfort Systems USA

Industry leading data center contractor, with significant operating leverage to

continued AI infrastructure build-out; Initiate Buy

FIX 12m Price Target: $2,159.00 Price: $1,684.94 Upside: 28.1% BUY

Adam Bubes, CFA

We initiate coverage of Comfort Systems USA (FIX) with a Buy +1(212)357-9824 | adam.bubes@gs.com

Goldman Sachs & Co. LLC

rating and a 12-month price target of $2,159, implying 28%

Anuj Khandelwalupside. FIX is a leading mechanical and electrical contractor with +1(332)245-7710 | anuj.khandelwal@gs.com

significant leverage to the AI infrastructure build-out (data Goldman Sachs India SPL

centers and semiconductors represent 56% of sales). We forecast

a 23% organic growth CAGR from 2025–2028E, as leading

indicators point to strong data center demand growth in the

Key Data _____________________________________medium term, with FIX’s overweight exposure to Texas positioning it

Market cap: $59.4bn

to outgrow the market. Our work suggests data center projects Enterprise value: $57.3bn

carry meaningfully higher margins, and we expect continued margin 3m ADTV:United$848.1mnStates

expansion, driven by rising data center mix. While we think data Americas Environmental Services and Engineering &

Construction

center capex will eventually moderate, the timing of any such M&A Rank: 3

moderation remains uncertain, and in the interim there is visibility GS Forecast __________________________________

into another year of double-digit hyperscaler capex growth in 2027. Revenue ($ mn) 9,101.612/25 12,954.112/26E 15,320.412/27E 17,618.412/28E