Skip to content 
TIVP094: COMFORT SYSTEMS USA (FIX): THE FIVE-BAGGER WE PASSED ON
W/ KYLE GRIEVE & SHAWN O’MALLEY
TIVP094: COMFORT SYSTEMS USA (FIX): THE FIVE-BAGGER WE PASSED ON W/ KYLE GRIEVE & SHAWN O’MALLEY
02 September 2026
In today’s episode, Kyle Grieve and Shawn O’Malley revisit Comfort Systems USA, a business Shawn originally passed on at $320 that has since appreciated fivefold due to explosive data center spending. The company shattered original projections, with accelerating organic growth, expanding margins, and exceptional capital efficiency. Despite acknowledging the business quality, the hosts discussed whether the original decision reflected a flawed investment process or was the natural outcome of applying a strict investment framework.
SUBSCRIBE
IN THIS EPISODE, YOU’LL LEARN:
- How AI data center spending transformed a boring contractor into a multi-bagger
- About the tailwinds behind their organic growth
- How to use the backlog to be directionally correct about the company’s future
- Why surety bonding capacity creates a widening competitive advantage
- About how the return on Incremental invested capital has improved
- About their exceptional incentive plan
- Why are we uncertain about Comfort’s high growth metrics 5-10 years from now
- And so much more!
For the full show notes, go to this page.
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
BOOKS AND RESOURCES
- Join the exclusive The Intrinsic Value Mastermind Community.
- Track The Intrinsic Value Portfolio.
- Learn more about how to join us in NYC for our Intrinsic Value Conference.
- Portfolio Review Submit Tool.
- Check out our previous Intrinsic Value breakdowns: Constellation Software, Dell, Alphabet, Constellation Software Spinoffs.
- Related books mentioned in the podcast.
- Ad-free episodes on our Premium Feed.
Some of the links on this page are affiliate links or relate to partners who support our show. If you choose to sign up or make a purchase through them, we may receive compensation at no additional cost to you.
NEW TO THE SHOW?
- Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
- Check out The Investor’s Podcast Starter Packs.
- Follow our official social media accounts: X (Twitter) | LinkedIn | Facebook.
- Browse through all our episodes (complete with transcripts) here.
- Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
- Enjoy exclusive perks from our favorite Apps and Services.
- Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
CONNECT WITH SHAWN
CONNECT WITH KYLE
PROMOTIONS
Check out our latest offer for all The Investor’s Podcast Network listeners!
WSB + BFF + RWH Promotions
