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EMCOR Group, Inc.

EME Industrials Engineering & Construction

EMCOR Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.0 billion, up 16.6% from fiscal 2024.

Revenue
+28.8%
EPS
+37.6%
Free cash flow
+68.9%

Quarter to September 2026, against a year earlier

598.38 40.87 −6.39%
Market cap
$26.1B
P/E
17.2×
Fwd P/E
19.7×
Dividend yield
0.27%
F-score
7/9
Altman Z
6.42
Beneish M
−2.26
Dividend safety
93/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2025

  • UNITED STATES
  • Other, not broken out

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.00
Sold, $m 39.92
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 1 — — — — —
Sell 1 — — 2 3 2 1 — — — — —
Insider Ownership 1.49%

Capital & Financial Ratios $m

Size
Market Cap 26,060.00
Revenue ttm 19,837.77
Net income ttm 1,543.72
Free cash flow ttm 1,485.61
Net debt Q (774.75)
Valuation
P/E 17.23
Forward P/E 19.70
Price / sales 1.33
Forward P/S Powerpack
Price / FCF 17.77
Price / book 6.17 (above 6: high)
Financial health
Current ratio Q 1.17
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 65.35
Growth
Revenue growth Q +28.83% (above 0%: growing)
Operating income growth Q +34.53% (above 0%: growing)
EPS, this year +34.41% (at or above 15%: strong)
EPS, next year A +17.55% (at or above 15%: strong)
Revenue, next year A +21.88% (at or above 10%: strong)
EPS, past 5 yrs +63.67% (at or above 15%: strong)
EPS, next 5 yrs A +21.64% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 0.6×; over the ten years it ranged from 0.4× in 2020 to 2.2× in 2026.
P/E against its own 10 years 28.86%
10-year low 10-year high
P/S against its own 10 years 80.86%
10-year low 10-year high
P/B against its own 10 years 77.23%
10-year low 10-year high
EV/Sales against its own 10 years 81.85%
10-year low 10-year high
EV/FCF against its own 10 years 62.63%
10-year low 10-year high

Dividends raised 6 years running

Yield
0.27%
Annual rate
1.60
Payout ratio
4.62%
Growth, 2018–26
+22.3%/yr
  1. 0.32 ’18
  2. 0.32 ’19 +0
  3. 0.32 ’20 +0
  4. 0.52 ’21 +63
  5. 0.54 ’22 +4
  6. 0.69 ’23 +28
  7. 0.93 ’24 +35
  8. 1.00 ’25 +8
  9. 1.60 ’26 +60
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 790 1,340 1,112 775
Receivables 3,203 3,578 4,241 5,529
Inventory 111 96 126 195
Other 270 285 338 466
4,447 5,389 5,937 7,070
2023 2024 2025 Q'26
Payables 936 937 1,227 1,412
ST’ Debt — — — —
Other 1,595 2,048 2,327 2,969
3,518 4,154 4,865 6,045

Compound Annual Growth %

10y 5y 3y
Sales 9.72% 14.07% 15.32%
Cash Flow 17.18% 10.06% 37.77%
Earnings 22.14% 57.12% 46.34%
Book Value 9.52% 12.35% 23.01%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 8.33 Actual 9.60

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 6.68 7.19 Beat by 0.51
Q1 FY26 5.85 6.84 Beat by 0.99
Q2 FY26 7.23 9.06 Beat by 1.83
Q3 FY26 8.33 9.60 Beat by 1.27
Q4 FY26 8.58 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 6.84 9.06 9.04 — —
’25 5.26 6.72 6.57 9.68 28.19
’24 4.17 5.25 5.80 6.32 21.52
’23 2.32 2.95 3.57 4.47 13.31
’22 1.39 1.99 2.16 2.63 8.10
’21 1.54 1.78 1.85 1.89 7.06
’20 1.35 (1.52) 1.11 1.45 2.40
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,628 5,155 5,542 — —
’25 3,867 4,304 4,302 4,513 16,986
’24 3,432 3,667 3,697 3,770 14,566
’23 2,890 3,046 3,208 3,439 12,583
’22 2,593 2,707 2,826 2,950 11,076
’21 2,304 2,438 2,522 2,640 9,904
’20 2,300 2,014 2,202 2,281 8,797
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1 289 797 — —
’25 108 194 476 524 1,302
’24 132 280 526 469 1,408
’23 (85) 300 261 424 900
’22 (96) 77 257 260 498
’21 (89) 82 121 205 319
’20 (79) 356 270 260 806
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (28) 260 760 — —
’25 84 167 450 494 1,194
’24 113 261 510 453 1,337
’23 (98) 287 243 403 835
’22 (107) 61 252 249 456
’21 (96) 74 112 195 285
’20 (91) 342 263 247 762
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.1% a year for ten years. It grew 21.2% a year over the last ten.

Implied
4.1%
10 years, reported
21.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,552 7,687 8,131 9,175 8,797 9,904 11,076 12,583 14,566 16,986 19,838 +9.4% 20,703 23,199 25,246 +14.1%
Gross margin, % 13.74 14.92 14.83 14.78 15.86 15.16 14.48 16.60 18.98 19.33 19.59 +5.6 pt
EBT 296 319 395 451 252 529 559 873 1,377 1,722 2,089 +21.6%
EBT margin, % 3.93 4.15 4.86 4.91 2.87 5.34 5.04 6.94 9.46 10.14 10.53 +6.2 pt
Net income 182 227 284 325 133 384 406 633 1,007 1,273 1,544 +24.1%
Per share, $
Per share, $ Revenue 124.26 129.73 139.91 163.23 159.38 183.17 221.82 265.70 312.47 377.63 449.64 +13.1%
Earnings 3.00 3.84 4.88 5.78 2.41 7.09 8.13 13.37 21.61 28.30 34.72 +28.3%
Cash flow 4.32 6.18 4.66 6.33 14.61 5.90 9.97 19.00 30.20 28.95 36.52 +23.5%
Capex (0.62) (0.52) (0.73) (0.76) (0.81) (0.62) (0.84) (1.37) (1.53) (2.40) (2.84) +16.3%
Free cash flow 3.70 5.66 3.94 5.56 13.80 5.28 9.13 17.63 28.68 26.54 33.67 +24.5%
Book value 25.31 28.25 29.97 36.61 37.20 41.67 39.54 52.17 63.04 81.70 96.94 +13.9%
Shares, m 61 59 58 56 55 54 50 47 47 45 45 (3.3%)
Valuation, ×
Valuation, × P/E 23.61 21.34 12.21 14.93 38.27 17.97 18.11 15.90 20.98 21.60 17.23 20.5
P/S 0.57 0.63 0.43 0.53 0.57 0.70 0.67 0.80 1.45 1.62 1.33 0.8
P/B 2.80 2.90 1.99 2.36 2.46 3.06 3.75 4.08 7.20 7.49 6.17 3.8
EV/Sales 0.56 0.61 0.42 0.52 0.50 0.64 0.65 0.74 1.36 1.57 1.30 0.8
EV/FCF 18.97 14.01 14.86 15.36 5.80 22.17 15.79 11.14 14.83 22.33 17.42 15.5
Cash, $m
Cash, $m Operating cash flow 262 366 271 356 806 319 498 900 1,408 1,302 1,611 +19.5%
Capex (38) (31) (42) (43) (45) (33) (42) (65) (71) (108) (125) +12.4%
Free cash flow 225 335 229 313 762 285 456 835 1,337 1,194 1,486 +20.4%
Balance, $m
Balance, $m Working capital 657 634 652 721 958 1,029 708 929 1,235 1,072 1,025 +5.6%
Net debt (41) (157) (68) (47) (626) (560) (209) (790) (1,340) (1,112) (775) +44.2%
Shareholders’ equity 1,538 1,674 1,741 2,058 2,053 2,253 1,974 2,471 2,939 3,675 4,277 +10.2%
Returns, %
Returns, % ROA 4.92 5.81 7.04 7.29 2.69 7.30 7.41 10.43 14.06 14.97 15.53 +10.1 pt
ROIC 12.82 13.55 15.06 14.32 11.25 19.59 20.00 32.56 52.56 41.78 36.95 +29.0 pt
ROE 12.06 14.15 16.60 17.12 6.47 17.81 19.21 28.48 37.24 38.49 40.55 +26.4 pt
People
People Employees 31,000 32,000 33,000 36,000 33,000 34,000 35,500 38,300 40,400 44,000 — +4.0%
Revenue/emp, $m 0.24 0.24 0.25 0.25 0.27 0.29 0.31 0.33 0.36 0.39 — +5.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

EMCOR Group is a specialty contractor that designs, installs, starts up, operates and maintains the electrical and mechanical systems used in buildings and industrial facilities. It provides electrical and mechanical construction, facilities services, building services and industrial services through approximately 100 operating subsidiaries.

Its electrical work includes power distribution, lighting, low-voltage systems, communications cabling, solar and electric-vehicle charging installations, transit systems and controls. Its mechanical work includes heating, ventilation, air conditioning and refrigeration; plumbing and high-purity piping; fire protection; filtration; water and wastewater systems; sheet-metal air-handling equipment; and steel work.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
UNITED STATES 16,515 97.23%
Other, not broken out 471 2.77%
Gross margin 19.33%
Operating margin 10.09%
Pre-tax margin 10.14%

Revenue by segment since 2009

EMCOR Group, Inc. vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PWR Quanta Services, Inc. $76.7B 45.3× 48.3× +57.44% (above 0%: growing) +105.97% (above 0%: growing) +188.85% (above 0%: growing) 16.71% 8.54% Compare
FER Ferrovial N.V. $42.7B — — — — — — — Compare
FIX Comfort Systems USA, Inc. $33.8B 20.8× 24.3× +53.67% (above 0%: growing) +68.64% (above 0%: growing) +55.22% (above 0%: growing) 24.81% 16.58% Compare
EME EMCOR Group, Inc. $26.1B 17.2× 19.7× +28.83% (above 0%: growing) +37.55% (above 0%: growing) +68.93% (above 0%: growing) 20.00% 9.85%
APG APi Group Corporation $17.3B — (loss-making) 48.5× +22.49% (above 0%: growing) +32.25% (above 0%: growing) −0.98% (below 0%: shrinking) 30.15% 7.91% Compare
J Jacobs Solutions Inc. $17.3B 51.3× 40.6× +34.46% (above 0%: growing) −25.16% (below 0%: shrinking) +59.31% (above 0%: growing) 19.89% 7.03% Compare
MTZ MasTec, Inc. $12.8B 25.1× 32.3× +29.88% (above 0%: growing) +2.46% (above 0%: growing) +473.20% (above 0%: growing) 12.83% 5.35% Compare
TTEK Tetra Tech, Inc. $10.4B 24.2× 23.8× −4.47% (below 0%: shrinking) −2.33% (below 0%: shrinking) −34.95% (below 0%: shrinking) 18.59% 12.07% Compare
ACM AECOM $8.6B 30.2× 24.2× −14.18% (below 0%: shrinking) n/m −78.95% (below 0%: shrinking) (0.95%) (2.12%) Compare
Median of peers $17.3B 27.7× 32.3× +29.88% +17.36% +55.22% 18.59% 7.91%

All 51 Engineering & Construction stocks →

From the latest earnings call

Updated

  • CEO Tony Guzzi said data center demand had not abated, while CFO Jason Nalbandian said the business served numerous customers across that market.
  • Guzzi said EMCOR raised its full-year revenue and adjusted earnings outlook, citing demand across sectors and its success in winning and executing large projects.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.48%
Held by the ten largest 39.68%
Holder Shares Stake Change
Vanguard 5.35m 12.10% +3.55k
BlackRock 4.12m 9.31% +8.57k
State Street 1.98m 4.47% +43.85k
Fidelity (FMR) 1.33m 3.02% −624.18k
Geode Capital Management 1.28m 2.90% −195.04k
AQR Capital Management 922.61k 2.09% −6.04k
First Trust 772.90k 1.75% +142.49k
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 613.04k 1.39% −93.93k
UBS 595.04k 1.35% −142.35k
Victory Capital 587.54k 1.33% −163.51k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.38m 21.45m 680.65
2024 13.96m 27.16m 504.06
2023 11.82m 16.27m 238.61
2022 11.42m 12.99m 163.42
2021 11.02m 14.32m 139.93

Ownership

Directors and executive officers, together 0.73%
BlackRock, Inc. 8.03%
FMR LLC 5.94%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

EMCOR Group, Inc. (EME) Latest News

5 Nov

Impact 4 · · Zacks
Impact 3 · · Zacks

4 Nov

Impact 3 · · facilitiesdive.com

30 Oct

Impact 4 · · Zacks
Impact 4 · · MarketBeat
Impact 3 ·

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · The Motley Fool
Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · StockStory earnings
Impact 4 · · Associated Press
Impact 4 · · Business Wire earnings
Impact 3 · · Moby
Impact 3 · · Zacks

28 Oct

Impact 3 · · StockStory
Impact 3 · · Trefis

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Insider Monkey
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · StockStory

20 Oct

Impact 4 · · Zacks

19 Oct

Impact 3 · · Zacks

EME metrics, ten years each

stockrow.com/EME · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com