I totally get why a searcher/bank would view a GC contractor as risky because of the project-based work (lumpy revenue where the owner is typically aggressively out hounding down hew work).

But when you look at the most profitable business for an HVAC company, it is the installation work, not the service/maintenance work (in fact, from my understanding, the service/maintenance work is a loss leader).

Installation work is primarily tied to new construction, so why are HVAC companies so attractive?

Is it because one HVAC company services many new construction projects and thus has low project/customer concentration, whereas a GC has high project/customer concentration. I suspect this is the case, but just wanted to hear others' thoughts.