A Business at a Glance
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EMCOR Group, Inc.
EME
$33.6B
Mkt Cap
$744.85
-3.15%
EMCOR Group, Inc. (EME) has a current P/E ratio of 26.4, compared to its historical median P/E of 19.5. The stock is currently considered Expensive based on its historical valuation range.
EMCOR Group, Inc. (EME) has a 5-year average return on invested capital (ROIC) of 37.4%. This indicates strong capital allocation and a potential competitive advantage.
EMCOR Group, Inc. (EME) has a market capitalization of $33.1B. It is classified as a large-cap stock.
Yes, EMCOR Group, Inc. (EME) pays a dividend with a trailing twelve-month yield of 0.16%. The company also returns capital through share buybacks, with a buyback yield of 1.36%.
Based on historical P/E analysis, EMCOR Group, Inc. (EME) appears expensive. The current P/E of 26.4 is 36% above its historical median of 19.5. The estimated fair value CAGR (P/E method) is 32.2%.
EMCOR Group, Inc. (EME) operates in the Electrical Work industry, within the Industrials sector.
EMCOR Group, Inc. (EME) reported annual revenue of $17.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
EMCOR Group is one of the largest specialty contractors in the United States, providing electrical and mechanical construction services, building services, and industrial services to commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. The company operates through four reportable segments: United States electrical construction and facilities services, United States mechanical construction and facilities services, United States building services, and United States industrial services, with approximately 72% of 2025 revenues derived from construction operations, 21% from building services, and 7% from industrial services. Construction services encompass design, integration, installation, and maintenance of electrical power systems, premises electrical and lighting systems, HVAC and mechanical systems, fire protection systems, plumbing and piping systems, water and wastewater treatment systems, and sustainable energy solutions including solar and wind installations; the company serves large installation projects (often multi-million dollar contracts), capital and maintenance projects for commercial and industrial clients, and smaller renovation and retrofit projects. Building services include maintenance and services for mechanical, electrical, plumbing, and fire safety systems; HVAC projects; energy efficiency retrofit services; facility management; and site-based operations for federal, state, and local governmental agencies. Industrial services are primarily provided to oil, gas, and petrochemical industries and consist of refinery turnaround planning, specialty welding, and overhaul and maintenance of critical process units. The company's competitive differentiation stems from its range of service offerings, technical capability, skilled workforce, strong project execution, safety culture, and financial resources, with approximately 97% of 2025 revenues generated in the United States and 3% in the United Kingdom (divested in December 2025).
【Strong market momentum sustained】 Management expects continued strong operating margins throughout 2026 supported by disciplined project selection and execution, with confidence in sustained operational excellence and strong market momentum across diverse geographies and market sectors. The company is maintaining pricing discipline while delivering value to customers, and expects to continue outperforming the markets in which it operates, particularly in data centers, traditional and high-tech manufacturing, healthcare, HVAC service, and retrofit projects. Management anticipates that revenue outpacing headcount growth will continue, with man-hours expected to grow at one-third to one-half the rate of revenue growth, reflecting ongoing productivity gains. The company plans to continue expanding its portfolio of service offerings and increasing its presence in core end markets through organic growth and a strong M&A pipeline, while returning capital to shareholders through repurchases and dividend increases.
| Metric | Target | Period |
|---|---|---|
| Revenue | $18.5 billion–$19.25 billion | FY2026 |
| Diluted earnings per share | $28.25–$29.75 | FY2026 |
Revenue (FY2026): “We now expect to earn revenues of between $18.5 billion-$19.25 billion”
Diluted earnings per share (FY2026): “and diluted earnings per share of between $28.25-$29.75”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 17.7B | 17.0B | 14.6B | 12.6B | 11.1B | 9.9B |
| Net Income | 1.3B | 1.3B | 1.0B | 633M | 406M | 384M |
| EPS | $29.98 | $28.19 | $21.52 | $13.31 | $8.10 | $7.06 |
| Free Cash Flow | 1.1B | 1.2B | 1.3B | 821M | 449M | 283M |
| ROIC | 45.0% | 54.6% | 54.1% | 33.6% | 21.9% | 22.6% |
| Gross Margin | 19.3% | 19.3% | 19.0% | 16.6% | 14.5% | 15.2% |
| Debt/Equity | 0.00 | 0.13 | 0.12 | 0.14 | 0.27 | 0.24 |
| Dividends/Share | $1.16 | $1.00 | $0.93 | $0.69 | $0.54 | $0.52 |
| Operating Income | 1.8B | 1.7B | 1.3B | 876M | 565M | 531M |
| Operating Margin | 10.1% | 10.1% | 9.2% | 7.0% | 5.1% | 5.4% |
| ROE | 34.6% | 38.5% | 37.3% | 28.5% | 19.2% | 17.8% |
| Shares Outstanding | 44M | 45M | 47M | 48M | 50M | 54M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.4B | 6.7B | 7.6B | 7.7B | 8.1B | 9.2B | 8.8B | 9.9B | 11.1B | 12.6B | 14.6B | 17.0B | 17.7B |
| Gross Margin | 14.1% | 14.1% | 13.7% | 14.9% | 14.8% | 14.8% | 15.9% | 15.2% | 14.5% | 16.6% | 19.0% | 19.3% | 19.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 626M | 657M | 727M | 759M | 799M | 893M | 904M | 971M | 1.0B | 1.2B | 1.4B | 1.7B | 1.8B |
| EBIT | 290M | 287M | 307M | 329M | 403M | 461M | 257M | 531M | 565M | 876M | 1.3B | 1.7B | 1.8B |
| Op. Margin | 4.5% | 4.3% | 4.1% | 4.3% | 5.0% | 5.0% | 2.9% | 5.4% | 5.1% | 7.0% | 9.2% | 10.1% | 10.1% |
| Net Income | 169M | 172M | 182M | 227M | 284M | 325M | 133M | 384M | 406M | 633M | 1.0B | 1.3B | 1.3B |
| Net Margin | 2.6% | 2.6% | 2.4% | 3.0% | 3.5% | 3.5% | 1.5% | 3.9% | 3.7% | 5.0% | 6.9% | 7.5% | 7.5% |
| Non-Recurring | 560K | 824K | 1.4M | 61M | 2.8M | 5.5M | 228M | 782K | 6.4M | 0 | 0 | 145M | 145M |
| Returns on Capital | |||||||||||||
| ROIC | 13.3% | 13.3% | 12.9% | 14.4% | 17.1% | 16.2% | 8.2% | 22.6% | 21.9% | 33.6% | 54.1% | 54.6% | 45.0% |
| ROE | 11.7% | 11.9% | 12.1% | 14.2% | 16.6% | 17.1% | 6.5% | 17.8% | 19.2% | 28.5% | 37.3% | 38.5% | 34.6% |
| ROA | 4.9% | 5.0% | 4.9% | 5.8% | 7.0% | 7.3% | 2.7% | 7.3% | 7.4% | 10.4% | 14.1% | 15.0% | 14.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 247M | 267M | 262M | 366M | 271M | 356M | 806M | 319M | 498M | 900M | 1.4B | 1.3B | 1.2B |
| Free Cash Flow | 209M | 231M | 223M | 331M | 228M | 307M | 758M | 283M | 449M | 821M | 1.3B | 1.2B | 1.1B |
| Owner Earnings | 209M | 227M | 219M | 323M | 229M | 305M | 757M | 266M | 443M | 842M | 1.3B | 1.1B | 716M |
| CapEx | 38M | 35M | 40M | 35M | 43M | 48M | 48M | 36M | 49M | 78M | 75M | 113M | 115M |
| Maint. CapEx | 37M | 36M | 39M | 40M | 38M | 44M | 47M | 48M | 47M | 52M | 134M | 186M | 457M |
| Growth CapEx | 1.5M | 0 | 767K | 0 | 5.0M | 4.5M | 1.2M | 0 | 2.0M | 27M | 0 | 0 | 0 |
| D&A | 37M | 36M | 39M | 40M | 38M | 44M | 47M | 48M | 47M | 52M | 134M | 186M | 457M |
| CapEx/OCF | 15.4% | 13.3% | 15.0% | 9.5% | 16.0% | 13.6% | 5.9% | 11.4% | 9.9% | 8.7% | 5.3% | 8.7% | 9.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 21M | 20M | 19M | 19M | 19M | 18M | 18M | 28M | 27M | 33M | 43M | 45M | 51M |
| Dividend Yield | 0.8% | 0.7% | 0.6% | 0.5% | 0.4% | 0.4% | 0.5% | 0.5% | 0.5% | 0.4% | 0.3% | 0.2% | 0.2% |
| Share Buybacks | 202M | 104M | 94M | 93M | 216M | 0 | 113M | 196M | 661M | 128M | 490M | 586M | 449M |
| Buyback Yield | 7.1% | 3.6% | 2.3% | 2.0% | 6.4% | N/A | 2.2% | 2.9% | 9.0% | 1.2% | 2.3% | 2.1% | 1.4% |
| Stock-Based Comp | 1.5M | 3.9M | 4.2M | 3.5M | 3.8M | 6.5M | 2.6M | 4.2M | 7.5M | 6.1M | 15M | 17M | 21M |
| Debt Repayment | 17M | 18M | 418M | 15M | 15M | 15M | 287M | 14M | 14M | 246M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -116M | -189M | 69M | -81M | 10M | 288M | -367M | -281M | 79M | -450M | -991M | -637M | -910M |
| Cash & Equiv. | 432M | 487M | 465M | 467M | 364M | 359M | 903M | 821M | 456M | 790M | 1.3B | 1.1B | 916M |
| Long-Term Debt | 316M | 298M | 408M | 346M | 333M | 335M | 260M | 245M | 232M | 2.8M | 3.8M | 3.9M | 3.7M |
| Debt/Equity | 0.22 | 0.20 | 0.35 | 0.23 | 0.21 | 0.31 | 0.26 | 0.24 | 0.27 | 0.14 | 0.12 | 0.13 | 0.00 |
| Interest Coverage | 31.9 | 32.1 | 24.3 | 25.8 | 29.8 | 33.3 | 28.5 | 87.4 | 42.8 | 50.9 | 355.9 | 142.5 | 142.5 |
| Equity | 1.4B | 1.5B | 1.5B | 1.7B | 1.7B | 2.1B | 2.1B | 2.3B | 2.0B | 2.5B | 2.9B | 3.7B | 3.9B |
| Total Assets | 3.4B | 3.5B | 3.9B | 4.0B | 4.1B | 4.8B | 5.1B | 5.4B | 5.5B | 6.6B | 7.7B | 9.3B | 9.5B |
| Total Liabilities | 2.0B | 2.1B | 2.3B | 2.3B | 2.3B | 2.8B | 3.0B | 3.2B | 3.6B | 4.1B | 4.8B | 5.6B | 5.6B |
| Intangibles | 502M | 473M | 487M | 495M | 488M | 611M | 583M | 589M | 594M | 586M | 648M | 1.1B | 1.1B |
| Retained Earnings | 1.3B | 1.4B | 1.6B | 1.8B | 2.1B | 2.4B | 2.5B | 2.8B | 3.2B | 3.8B | 4.8B | 6.0B | 6.3B |
| Working Capital | 603M | 654M | 657M | 634M | 652M | 721M | 958M | 1.0B | 708M | 929M | 1.2B | 1.1B | 1.3B |
| Current Assets | 1.9B | 2.1B | 2.2B | 2.3B | 2.4B | 2.7B | 3.1B | 3.4B | 3.5B | 4.4B | 5.4B | 5.9B | 6.1B |
| Current Liabilities | 1.3B | 1.4B | 1.5B | 1.7B | 1.7B | 1.9B | 2.2B | 2.4B | 2.8B | 3.5B | 4.2B | 4.9B | 4.8B |
| Per Share Data | |||||||||||||
| EPS | 2.52 | 2.72 | 2.97 | 3.82 | 4.85 | 5.75 | 2.40 | 7.06 | 8.10 | 13.31 | 21.52 | 28.19 | 29.98 |
| Owner EPS | 3.12 | 3.58 | 3.58 | 5.43 | 3.91 | 5.40 | 13.67 | 4.90 | 8.84 | 17.70 | 26.90 | 24.34 | 16.10 |
| Book Value | 21.16 | 23.31 | 25.09 | 28.13 | 29.77 | 36.38 | 37.06 | 41.46 | 39.36 | 51.93 | 62.77 | 81.37 | 87.01 |
| Cash Flow/Share | 3.69 | 4.21 | 4.28 | 6.15 | 4.64 | 6.29 | 14.56 | 5.87 | 9.93 | 18.92 | 30.08 | 28.84 | 40.39 |
| Dividends/Share | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.52 | 0.54 | 0.69 | 0.93 | 1.00 | 1.16 |
| Shares Out. | 66.9M | 63.3M | 61.3M | 59.5M | 58.5M | 56.5M | 55.4M | 54.3M | 50.1M | 47.6M | 46.8M | 45.2M | 44.4M |
| Valuation | |||||||||||||
| P/E Ratio | 16.8 | 16.9 | 23.0 | 20.9 | 11.8 | 14.8 | 37.7 | 17.8 | 18.1 | 16.2 | 21.3 | 22.2 | 24.8 |
| P/FCF | 13.6 | 12.6 | 18.8 | 14.3 | 14.8 | 15.7 | 6.6 | 24.2 | 16.3 | 12.5 | 16.1 | 23.8 | 30.7 |
| EV/EBIT | 6.9 | 6.8 | 11.0 | 12.8 | 7.4 | 9.0 | 13.6 | 10.3 | 11.8 | N/A | N/A | N/A | 17.9 |
| Price/Book | 2.0 | 2.0 | 2.7 | 2.8 | 1.9 | 2.3 | 2.4 | 3.0 | 3.7 | 4.1 | 7.3 | 7.7 | 8.6 |
| Price/Sales | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.4 | 0.6 | 0.5 | 0.7 | 1.2 | 1.4 | 1.9 |
| FCF Yield | 7.4% | 7.9% | 5.3% | 7.0% | 6.8% | 6.4% | 15.2% | 4.1% | 6.1% | 8.0% | 6.2% | 4.2% | 3.3% |
| Market Cap | 2.8B | 2.9B | 4.2B | 4.8B | 3.4B | 4.8B | 5.0B | 6.8B | 7.3B | 10.2B | 21.4B | 28.3B | 33.1B |
| Avg. Price | 41.56 | 44.10 | 51.35 | 66.32 | 73.70 | 78.47 | 70.77 | 114.30 | 118.80 | 183.42 | 370.66 | 532.00 | 744.85 |
| Year-End Price | 42.39 | 46.06 | 68.26 | 79.90 | 57.44 | 85.10 | 90.37 | 125.89 | 146.24 | 215.07 | 458.20 | 626.72 | 744.85 |
EMCOR Group, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
EMCOR Group, Inc. trades at 26.4x trailing earnings, compared to its 15-year median P/E of 19.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 27.9x vs a median of 15.9x. The company's 5-year average ROIC is 37.4% with a gross margin of 16.9%. Total shareholder yield (dividends + buybacks) is 1.5%. At current prices, the estimated annualized return to fair value is +26.0%.
EMCOR Group, Inc. (EME) has a net profit margin of 7.5%. This is a modest margin.
EMCOR Group, Inc. (EME) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EMCOR Group, Inc. (EME) has a debt-to-equity ratio of 0.13. This indicates a conservatively financed balance sheet.
EMCOR Group, Inc. (EME) reported earnings per share (EPS) of $28.19 in its most recent fiscal year.
EMCOR Group, Inc. (EME) has a return on equity (ROE) of 38.5%. This indicates the company generates strong returns for shareholders.
EMCOR Group, Inc. (EME) has a 5-year average gross margin of 16.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for EMCOR Group, Inc. (EME), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EMCOR Group, Inc. (EME) has a book value per share of $81.37, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong operating margins throughout 2026 supported by disciplined project selection and execution, with confidence in sustained operational excellence and strong market momentum across diverse geographies and market sectors. The company is maintaining pricing discipline while delivering value to customers, and expects to continue outperforming the markets in which it operates, particularly in data centers, traditional and high-tech manufacturing, healthcare, HVAC service, and retrofit projects. Management anticipates that revenue outpacing headcount growth will continue, with man-hours expected to grow at one-third to one-half the rate of revenue growth, reflecting ongoing productivity gains. The company plans to continue expanding its portfolio of service offerings and increasing its presence in core end markets through organic growth and a strong M&A pipeline, while returning capital to shareholders through repurchases and dividend increases.
Based on recent SEC filings and earnings calls, EMCOR Group, Inc. (EME) has provided the following forward guidance: Revenue: $18.5 billion–$19.25 billion (FY2026); Diluted earnings per share: $28.25–$29.75 (FY2026).