Emcor (EME)
Industrials · $33.4B market cap · SEC CIK 0000105634
fundamentals score out of 100
Next reports on Oct 22, 2026, with analysts expecting $8.40 in earnings per share.
The case for EME
- Earns 38% back on shareholder equity.
- Revenue growing 18.9% year over year.
- Earnings per share up 33.4%.
- A PEG of 0.69: a P/E of 23.2× is low for EPS growing 33%.
- Has compounded revenue at 14.1% a year over five years.
- Carries essentially no debt.
The case against
- Weakest against its peers: net margin of 8% is thinner than 77% of Industrials companies.
- Its weakest area is profitability (47/100): return on equity 38%, net margin 7.7%, gross margin 19%, 93% of profit turned to cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 59 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 84 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 47 |
| Momentumhow the price has behaved lately | 50 |
| Stabilityhow violently it moves, what it owes and what it pays you | 54 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 23.2× |
|---|---|
| Price / book | 9.04× |
| Price / sales | 1.8× |
| Revenue growth (YoY) | +18.9% |
| EPS growth (YoY) | +33.4% |
| Gross margin | 19% |
| Operating margin | 10% |
| Net margin | 8% |
| Return on equity | 38% |
| Debt / equity | 0.00× |
| Current ratio | 1.28 |
| Dividend yield | 0.33% |
| Beta | 1.16 |
| 52-week range | $564.92 – $951.96 |
| Position in that range | 49% of the way up |
| 3-month return | -9.4% |
| 1-year return | +19.9% |
Five years of financials, as filed
Pulled from Emcor's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $17.0B | $14.6B | $12.6B | $11.1B | $9.9B |
| Gross profit | $3.3B | $2.8B | $2.1B | $1.6B | $1.5B |
| Operating income | $1.7B | $1.3B | $876M | $565M | $531M |
| Net income | $1.3B | $1.0B | $633M | $406M | $384M |
| Operating cash flow | $1.3B | $1.4B | $900M | $498M | $319M |
| Capital expenditure | $113M | $75.0M | $78.4M | $49.3M | $36.2M |
| Total assets | $9.3B | $7.7B | $6.6B | $5.5B | $5.4B |
| Total liabilities | $5.6B | $4.8B | $4.1B | $3.6B | $3.2B |
| Shareholder equity | $3.7B | $2.9B | $2.5B | $2.0B | $2.3B |
| Cash | $1.1B | $1.3B | $790M | $456M | $821M |
| Free cash flow | $1.2B | $1.3B | $821M | $449M | $283M |
| Gross margin | 19.3% | 19.0% | 16.6% | 14.5% | 15.2% |
| Operating margin | 10.1% | 9.2% | 7.0% | 5.1% | 5.4% |
| Net margin | 7.5% | 6.9% | 5.0% | 3.7% | 3.9% |
| Diluted shares | 45.1M | 46.8M | 47.6M | 50.1M | 54.3M |
Share count is down 16.9% over 4 years. Buybacks have been shrinking the pie.
What Emcor says it does
2025 versus 2024 Overview The following table presents selected financial data for the fiscal years ended December 31, 2025 and 2024 (in thousands, except percentages and per share data): 2025 2024 Revenues $ 16,986,422 $ 14,566,116 Revenues increase from prior year 16.6 % 15.8 % Gross profit $ 3,282,988 $ 2,765,051 Gross profit as a percentage of revenues 19.3 % 19.0 % Gain on sale of United Kingdom operations $ 144,876 $ — Operating income $ 1,713,418 $ 1,344,863 Operating income as a percentage of revenues 10.1 % 9.2 % Net income attributable to EMCOR Group, Inc. $ 1,272,817 $ 1,007,145 Diluted earnings per common share $ 28.19 $ 21.52 Revenues of $16.99 billion for the year ended December 31, 2025 set a new annual record for the Company and represent an increase of 16.6% from revenues of $14.57 billion for the year ended December 31, 2024. Demand for our services continues to be broad-based with strength across most of the market…
Risk factors EME lists in its 10-K
- Economic and Strategic Risk Factors
- Certain of our businesses, including those within our United States industrial services segment, are exposed to risks associated with the oil and gas industry
- Our business is vulnerable to the cyclical nature of the sectors in which our clients operate and is dependent upon the timing and funding of new awards
- Changes in U.S. foreign trade policies could lead to the imposition of additional trade barriers and tariffs
- Business and Operational Risk Factors
- The loss of customers could have an adverse effect on us
- Our industry is highly competitive
- We are a decentralized company which presents certain risks
- Our business may be affected by weather conditions
- Our business may be affected by the work environment
- Our dependence upon fixed price and similar contracts could adversely affect our business
- We could incur additional costs to cover certain guarantees or other contractual requirements
- We may be unsuccessful in generating internal growth
- Fluctuating foreign currency exchange rates could impact our financial results