Comfort Systems USA, Inc. (FIX)

The company installs ventilation, electrical and piping systems on industrial sites. The work is contracted: the backlog is long, and margin depends on estimating accuracy and crew availability — the industry is short of skilled installers, and that limits growth more than demand does.

Demand is structural: building semiconductor, battery and data-centre facilities requires complex engineering systems that cannot be supplied off the shelf. A separate and higher-margin part is servicing what has been built, providing recurring revenue. The constraint is not demand but people: a shortage of skilled installers stretches schedules and keeps prices firm. The company pays a small dividend.