EMCOR Group, Inc. EME

IndustrialsConstruction & EngineeringUnited States of America

Last close 679.55 USD on Nov 1, 2026, +11.3% year to date

Quant rating

Quant rating A Rank 11 of 486 in Industrials

Growth B 150 of 486
Valuation B 86 of 486
Quality A 6 of 486
Revisions A 7 of 486
Momentum C 298 of 486

Wall Street consensus Buy (1.82)Average target 984.42 USD +44.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 29.8B
Enterprise value: 29.0B
52-week range: 567.80 – 951.96
3-year range: 206.69 – 951.96
Dividend yield: 0.24%
Beta (5 years): 1.14
Shares outstanding: 43.8M
Next earnings: Feb 26, 2027

About the company

EMCOR Group, Inc. is a specialty contractor in the United States and a provider of electrical and mechanical construction and facilities services, building services, and industrial services. The Company’s services are provided to a range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. Such operating subsidiaries are organized into the various reportable segments, including the United States electrical construction and facilities services, United States mechanical construction and facilities services, United States building services, and United States industrial services. Its electrical and mechanical construction services primarily involve the design, integration, installation, start-up, operation and maintenance, and provision of services relating to roadway and transit lighting and signaling and fiber optic lines, and fire protection and suppression systems.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	16,986	14,566	12,583	11,076	9,904	–
Revenue growth	16.6%	15.8%	13.6%	11.8%	12.6%	14.1%
EPS (basic, normalized)	28.19	21.52	13.31	8.10	7.06	–
EPS growth	31.0%	61.7%	64.3%	14.7%	–	–
Gross margin	19.3%	19.0%	16.6%	14.5%	15.2%	16.9%
Net margin	7.5%	6.9%	5.0%	3.7%	3.9%	5.4%
ROE	38.5%	37.3%	28.5%	19.2%	17.8%	28.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	775
Current ratio	1.17x
Long-term debt (mil)	3.5
Net debt (mil)	−768
Total equity (mil)	4,276
Net debt / equity	−0.18x
Net debt / EBITDA	−0.40x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	16,986	+16.6%	1.7x	1,900	+32.4%	15.3x	28.19	+31.0%	24.1x
2026	20,625	+21.4%	1.4x	2,206	+16.1%	13.1x	33.70	+19.6%	20.2x
2027	23,246	+12.7%	1.2x	2,548	+15.5%	11.4x	39.33	+16.7%	17.3x
2028	25,557	+9.9%	1.1x	2,855	+12.0%	10.2x	45.53	+15.8%	14.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	20,625	+1.4%	+4.3%	+9.1%	33.70	+2.7%	+7.9%	+15.1%
2027	23,246	+3.2%	+6.9%	+14.6%	39.33	+5.7%	+10.8%	+21.3%
2028	25,557	+3.7%	+5.6%	+20.5%	45.53	+8.0%	+12.4%	+24.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,432	3,667	3,697	3,770	3,867	4,304	4,302	4,513	4,628	5,155
Sales mean (mil)	3,224	3,522	3,770	3,807	3,784	4,109	4,280	4,283	4,201	4,709
Surprise	+6.5%	+4.1%	−2.0%	−1.0%	+2.2%	+4.8%	+0.5%	+5.4%	+10.2%	+9.5%
EPS reported	4.17	5.25	5.80	6.32	5.26	6.72	6.57	9.68	6.84	9.06
EPS mean	2.83	3.76	4.98	5.76	4.62	5.74	6.54	6.68	5.90	7.22
Surprise	+47.1%	+39.7%	+16.4%	+9.7%	+13.7%	+17.1%	+0.4%	+44.9%	+16.0%	+25.4%

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EME EMCOR Group, Inc.	29.8B	−0.40x	7.5%	6.99x	20.2x	17.3x	13.1x	11.4x
PWR Quanta Services Inc	93.5B	1.66x	3.6%	8.87x	35.3x	29.7x	23.0x	19.6x
FIX Comfort Systems USA, Inc.	43.1B	−1.45x	11.2%	12.93x	24.2x	18.5x	16.7x	12.9x
APG APi Group Corporation	18.9B	3.38x	−3.6%	5.43x	25.3x	21.8x	18.0x	15.7x
MTZ MasTec Inc	14.9B	3.33x	2.8%	3.69x	20.2x	15.1x	11.8x	9.5x
STRL Sterling Infrastructure, Inc.	10.6B	−0.15x	11.7%	7.02x	18.9x	14.2x	11.2x	8.8x
Mean		1.06x	5.5%	7.49x	24.0x	19.4x	15.6x	13.0x
Median		0.75x	5.6%	7.01x	22.2x	17.9x	14.9x	12.2x

Technical analysis

1M−11.2%
3M−3.7%
1Y−9.4%
3Y+233.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, EMCOR Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	16,986	14,566	12,583	11,076	9,904	8,797
Cost of revenue	13,703	11,801	10,494	9,473	8,402	7,402
Gross profit	3,283	2,765	2,089	1,604	1,502	1,395
Selling, general & administrative expenses	1,714	1,420	1,211	1,039	971	904
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−145	0	2.4	0	0	235
Other operating expenses	0	0	0	0	0	0
Operating income	1,713	1,345	876	565	531	257
Net interest income (expense)	8.0	31.6	−1.8	−10.4	−5.1	−7.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.2	0.9	−1.1	4.3	3.6	3.0
Net income before taxes	1,722	1,377	873	559	529	252
Provision for taxes	449	370	240	153	146	119
Minority interest	0	0	−0.3	0	−0.2	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,273	1,007	633	406	384	133
Extraordinary items	–	–	–	–	–	–
Net income	1,273	1,007	633	406	384	133
EBIT, normalized	1,569	1,345	878	565	531	492
EBITDA, normalized	1,758	1,479	997	673	643	599
Basic EPS, normalized	28.19	21.52	13.31	8.10	7.06	–

Balance sheet in millions of USD, fiscal years

Balance sheet, EMCOR Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,112	1,340	790	456	821	903
Receivables	4,579	3,862	3,473	2,841	2,435	2,094
Total inventory	126	95.7	111	85.6	54.1	53.3
Prepaid expenses	120	90.8	73.1	78.7	79.7	70.0
Other current assets	0	0.8	0	0.6	1.2	0.7
Total current assets	5,937	5,389	4,447	3,462	3,391	3,121
Property, plant & equipment	692	524	490	426	413	401
Goodwill	1,412	1,018	957	919	890	852
Intangibles	1,109	648	586	594	589	583
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	141	137	130	124	158	108
Total assets	9,291	7,716	6,610	5,525	5,441	5,064
Liabilities
Accounts payable	1,227	937	936	849	734	672
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,308	1,167	985	790	823	752
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	2.4	2.2	2.5	15.6	16.2	16.9
Other current liabilities	2,327	2,048	1,595	1,098	788	722
Total current liabilities	4,865	4,154	3,518	2,754	2,362	2,163
Long-term debt	3.9	3.8	2.8	232	245	260
Minority interest	1.0	1.0	1.0	0.7	0.7	0.6
Other liabilities	748	620	618	565	581	588
Total liabilities	5,617	4,779	4,140	3,551	3,189	3,011
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.6	0.6	0.6	0.6	0.6	0.6
Additional paid-in capital	101	97.5	91.8	74.8	61.9	47.5
Retained earnings (accumulated deficit)	6,006	4,778	3,814	3,214	2,836	2,480
Treasury stock	−2,432	−1,853	−1,351	−1,223	−562	−366
Other equity	−1.9	−85.5	−85.7	−93.5	−83.6	−109
Total equity	3,674	2,938	2,470	1,974	2,252	2,053
Total liabilities & shareholders' equity	9,291	7,716	6,610	5,525	5,441	5,064

Cash flow statement in millions of USD, fiscal years

Cash flow statement, EMCOR Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,273	1,007	633	406	384	133
Depreciation, depletion & amortization	186	134	119	109	112	107
Deferred taxes	−16.1	−29.1	−16.7	10.5	9.5	−36.4
Non-cash items	−123	43.5	22.2	11.8	21.5	248
Changes in working capital	−17.8	253	142	−39.1	−208	355
Cash from operations	1,302	1,408	900	498	319	806
Investing activities
Capital expenditures	−113	−75.0	−78.4	−49.3	−36.2	−48.0
Other investing cash flows	−761	−224	−82.9	−91.5	−117	−46.9
Cash from investing	−874	−299	−161	−141	−153	−94.9
Financing activities
Financing cash flow items	−29.8	−20.2	−11.9	−13.1	−11.0	−6.8
Cash dividends paid	−45.0	−43.4	−32.7	−27.2	−28.2	−17.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−589	−492	−367	−670	−206	−147
Cash from financing	−664	−555	−412	−710	−245	−172
Foreign exchange effects	6.9	−2.6	6.4	−12.5	−1.3	4.0
Net change in cash	−228	551	333	−366	−81.0	544
Free cash flow	1,189	1,333	821	449	283	758

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.