EMCOR Group, Inc.

EME · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994
Valuation
Market cap	$27,387	$20,880	$10,135	$7,058	$6,799	$4,882	$4,606	$3,186	$4,363	$3,777	$2,564	$2,951	$2,847	$2,309	$1,790	$1,924	$1,773	$1,466	$1,523	$1,798	$1,051	$686	$665	$786	$588	$266	$177	$165	$197	$129	$93	$51
Enterprise value	$26,745	$19,891	$9,691	$7,138	$6,519	$4,515	$4,818	$3,119	$4,207	$3,736	$2,396	$2,868	$2,775	$1,870	$1,446	$1,584	$1,520	$1,261	$1,498	$1,526	$950	$709	$727	$828	$400	$245	$237	$207	$335	$166	$212	$160
P/E (TTM) at period end	21.52×	20.73×	16.01×	17.38×	17.73×	36.72×	14.17×	11.24×	19.21×	20.76×	14.88×	17.50×	23.00×	15.75×	13.69×	–	11.03×	8.05×	12.01×	20.75×	17.51×	20.67×	32.26×	12.50×	11.76×	6.65×	6.38×	13.43×	25.97×	13.68×	–	0.17×
P/S (TTM) at period end	1.61×	1.43×	0.81×	0.64×	0.69×	0.55×	0.50×	0.39×	0.57×	0.50×	0.38×	0.46×	0.45×	0.37×	0.32×	0.40×	0.34×	0.22×	0.26×	0.36×	0.22×	0.14×	0.15×	0.20×	0.17×	0.08×	0.06×	0.07×	0.10×	0.08×	0.06×	0.03×
P/B at period end	7.45×	7.11×	4.10×	3.58×	3.02×	2.38×	2.24×	1.83×	2.61×	2.46×	1.74×	2.08×	1.94×	1.72×	1.45×	1.67×	1.46×	1.41×	1.72×	2.53×	1.71×	1.22×	1.28×	1.61×	1.39×	1.14×	1.04×	1.38×	2.07×	1.53×	1.32×	0.62×
EV / EBITDA (TTM)	15.02×	14.19×	10.45×	11.66×	11.26×	14.87×	9.54×	7.06×	11.41×	10.80×	7.41×	8.79×	10.03×	6.42×	6.07×	–	5.49×	3.85×	10.90×	11.47×	9.76×	10.35×	10.10×	6.26×	3.74×	2.58×	3.28×	4.34×	9.40×	6.63×	14.40×	–
EV / Sales (TTM)	1.57×	1.37×	0.77×	0.64×	0.66×	0.51×	0.53×	0.38×	0.55×	0.49×	0.36×	0.45×	0.44×	0.30×	0.26×	0.33×	0.29×	0.19×	0.25×	0.30×	0.20×	0.15×	0.16×	0.21×	0.12×	0.07×	0.08×	0.09×	0.17×	0.10×	0.13×	0.09×
Returns
Return on equity	34.6%	34.3%	25.6%	20.6%	17.0%	6.5%	15.8%	16.3%	13.6%	11.8%	11.7%	11.9%	8.4%	10.9%	10.6%	(7.5%)	13.2%	17.5%	14.3%	12.2%	9.8%	5.9%	4.0%	12.8%	11.9%	17.2%	16.3%	10.3%	8.0%	11.2%	(15.4%)	373.2%
Return on invested capital	41.8%	50.5%	31.4%	20.0%	19.5%	8.0%	14.6%	17.4%	15.5%	12.8%	13.6%	13.8%	11.1%	17.9%	14.7%	(3.3%)	15.8%	21.9%	7.1%	18.9%	12.5%	7.2%	4.4%	12.2%	21.2%	20.8%	14.1%	13.2%	6.5%	7.9%	3.1%	(11.6%)
Dividend yield	0.2%	0.2%	0.3%	0.4%	0.4%	0.4%	0.4%	0.6%	0.4%	0.5%	0.8%	0.7%	0.4%	1.5%	0.2%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.22×	1.30×	1.26×	1.26×	1.44×	1.44×	1.37×	1.38×	1.38×	1.43×	1.46×	1.47×	1.49×	1.58×	1.46×	1.61×	1.48×	1.33×	1.28×	1.38×	1.33×	1.23×	1.18×	1.13×	1.43×	1.34×	1.29×	1.43×	1.36×	1.37×	1.20×	1.18×
Debt / equity	–	–	0.00×	0.13×	0.12×	0.13×	0.15×	0.17×	0.19×	0.28×	0.21×	0.24×	0.24×	0.12×	0.13×	0.13×	0.16×	0.19×	0.26×	0.00×	0.00×	0.14×	0.27×	0.28×	0.00×	0.50×	0.69×	1.05×	1.96×	1.05×	2.43×	2.00×
Effective tax rate	26.1%	26.9%	27.4%	27.3%	27.5%	47.3%	27.9%	27.6%	28.5%	37.5%	38.1%	36.8%	35.4%	37.5%	38.1%	(186.3%)	39.0%	38.8%	38.5%	25.9%	13.7%	(0.1%)	44.1%	44.0%	44.1%	44.0%	44.1%	42.4%	44.5%	44.4%	(10.1%)	0.3%
Share count
Diluted shares outstanding	45	47	48	50	54	55	57	58	60	61	63	67	68	68	68	66	67	67	67	66	64	62	62	62	59	54	50	44	41	40	39	38

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994
Revenue and gross profit
Revenue	$18,598	$16,986	$14,566	$12,583	$11,076	$9,904	$8,797	$9,175	$8,131	$7,687	$7,552	$6,719	$6,425	$6,334	$6,195	$5,613	$4,852	$5,228	$6,785	$5,927	$5,021	$4,715	$4,748	$4,535	$3,968	$3,420	$3,460	$2,894	$2,210	$1,951	$1,669	$1,589	$1,764
Cost of revenue	($14,985)	($13,703)	($11,801)	($10,494)	($9,473)	($8,402)	($7,402)	($7,819)	($6,925)	($6,540)	($6,514)	($5,774)	($5,518)	($5,512)	($5,392)	($4,880)	($4,158)	($4,443)	($5,899)	($5,224)	($4,453)	($4,215)	($4,301)	($4,052)	($3,485)	($3,028)	($3,086)	($2,584)	($1,976)	($1,760)	($1,501)	($1,437)	($1,592)
Gross profit	$3,613	$3,283	$2,765	$2,089	$1,604	$1,502	$1,395	$1,356	$1,205	$1,147	$1,038	$944	$907	$822	$804	$734	$694	$784	$887	$703	$568	$500	$447	$482	$483	$392	$374	$310	$234	$190	$169	$152	$172
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,827)	($1,714)	($1,420)	($1,211)	($1,039)	($971)	($904)	($893)	($799)	($759)	($727)	($657)	($626)	($581)	($544)	($518)	($472)	($517)	($582)	($503)	($439)	($409)	($395)	($431)	($367)	($303)	($279)	($238)	($186)	($155)	($144)	($137)	($179)
Total operating expenses	($1,682)	($1,570)	($1,420)	($1,214)	($1,039)	($971)	($1,139)	($895)	($802)	($818)	($731)	($657)	($617)	($581)	($544)	($523)	($720)	($534)	($584)	($603)	($456)	($425)	($405)	($436)	($367)	($303)	($295)	($252)	($197)	($163)	($152)	($146)	($194)
Total costs and expenses	($16,667)	($15,273)	($13,221)	($11,707)	($10,511)	($9,373)	($8,540)	($8,714)	($7,728)	($7,358)	($7,245)	($6,432)	($6,135)	($6,093)	($5,935)	($5,403)	($4,878)	($4,978)	($6,483)	($5,827)	($4,909)	($4,640)	($4,706)	($4,489)	($3,853)	($3,331)	($3,381)	($2,836)	($2,173)	($1,924)	($1,652)	($1,583)	($1,786)
Operating income	$1,931	$1,713	$1,345	$876	$565	$531	$257	$461	$403	$329	$307	$287	$290	$240	$260	$211	($27)	$250	$303	$100	$112	$75	$42	$46	$116	$89	$79	$58	$37	$27	$17	$6	($22)
Earnings
EBITDA	$2,004	$1,781	$1,402	$928	$612	$579	$304	$505	$442	$369	$346	$323	$326	$277	$292	$238	($1)	$277	$328	$137	$133	$97	$69	$72	$132	$107	$95	$72	$48	$36	$25	$15	($6)
Interest income	$32	$20	$35	$15	$3	$1	$2	$2	$3	$1	$1	$1	$1	$1	$2	$2	$3	$5	$10	$13	$6	$3	$2	$1	$2	$6	$2	–	–	–	–	–	–
Interest expense	–	($12)	($4)	($17)	($13)	($6)	($9)	($14)	($14)	($13)	($13)	($9)	($9)	($9)	($7)	($11)	($12)	($8)	($12)	($9)	($2)	($8)	($9)	($9)	($4)	($5)	($10)	–	($11)	–	($15)	($18)	($4)
Pre-tax income	$1,947	$1,722	$1,377	$873	$559	$529	$252	$451	$395	$319	$296	$279	$282	$233	$255	$201	($28)	$247	$301	$202	$118	$71	$33	$37	$112	$89	$72	$50	$30	$16	$17	($10)	($119)
Income tax expense	($508)	($449)	($370)	($240)	($153)	($146)	($119)	($126)	($109)	($91)	($111)	($106)	($104)	($82)	($95)	($77)	($52)	($96)	($117)	($78)	($30)	($10)	$0	($16)	($49)	($39)	($31)	($22)	($13)	($7)	($8)	($1)	$0
Net income	$1,439	$1,273	$1,007	$633	$406	$384	$133	$325	$284	$227	$182	$172	$169	$124	$147	$131	($87)	$161	$182	$127	$87	$60	$33	$21	$63	$50	$40	$28	$12	$8	$9	($11)	$303
Per share
Diluted EPS (GAAP)	$32.11	$28.19	$21.52	$13.31	$8.10	$7.06	$2.40	$5.75	$4.85	$3.82	$2.97	$2.72	$2.52	$1.82	$2.16	$1.91	($1.31)	$2.38	$2.71	$1.90	$1.32	$0.94	$0.54	$0.33	$1.02	$0.85	$0.74	$0.55	$0.28	$0.19	$0.24	($0.28)	$8.02
Basic EPS (GAAP)	$32.12	$28.30	$21.61	$13.37	$8.13	$7.09	$2.41	$5.78	$4.88	$3.84	$3.00	$2.74	$2.54	$1.85	$2.20	$1.96	($1.31)	$2.44	$2.79	$1.97	$1.37	$0.96	$0.55	$0.34	$1.06	$0.97	$0.96	$0.72	$0.30	$0.20	$0.24	($0.28)	$8.02
Basic shares outstanding	45	45	47	47	50	54	55	56	58	59	61	63	66	67	67	67	66	66	65	64	63	62	61	61	59	52	42	39	41	38	40	39	38
Margins
Gross margin	19.4%	19.3%	19.0%	16.6%	14.5%	15.2%	15.9%	14.8%	14.8%	14.9%	13.7%	14.1%	14.1%	13.0%	13.0%	13.1%	14.3%	15.0%	13.1%	11.9%	11.3%	10.6%	9.4%	10.6%	12.2%	11.5%	10.8%	10.7%	10.6%	9.8%	10.1%	9.6%	9.8%
Operating margin	10.4%	10.1%	9.2%	7.0%	5.1%	5.4%	2.9%	5.0%	5.0%	4.3%	4.1%	4.3%	4.5%	3.8%	4.2%	3.8%	(0.5%)	4.8%	4.5%	1.7%	2.2%	1.6%	0.9%	1.0%	2.9%	2.6%	2.3%	2.0%	1.7%	1.4%	1.0%	0.4%	(1.3%)
Net margin	7.7%	7.5%	6.9%	5.0%	3.7%	3.9%	1.5%	3.5%	3.5%	3.0%	2.4%	2.6%	2.6%	2.0%	2.4%	2.3%	(1.8%)	3.1%	2.7%	2.1%	1.7%	1.3%	0.7%	0.5%	1.6%	1.5%	1.2%	1.0%	0.6%	0.4%	0.6%	(0.7%)	17.2%

Analyst consensus

Buy14 analysts

Bearish · 0 · Hold · 5 · Bullish · 9

Earnings history

	EPS	Estimate
Q3 2024	$5.80	$4.98	Beat
Q4 2024	$6.32	$5.53	Beat
Q1 2025	$5.41	$4.63	Beat
Q2 2025	$6.72	$5.74	Beat
Q3 2025	$6.57	$6.54	Beat
Q4 2025	$7.19	$6.68	Beat
Q1 2026	$6.84	$5.90	Beat
Q2 2026	$9.06	$7.23	Beat

Peers

Company overview

IPO dateJan 10, 1995

CEOAnthony J. Guzzi

Employees44,000

SectorIndustrials

IndustryEngineering & Construction

CountryUS

ExchangeNew York Stock Exchange

Websitewww.emcorgroup.com

EMCOR Group, Inc. specializes in delivering comprehensive electrical and mechanical construction services, alongside integrated facilities management solutions, primarily serving clients across the United States and the United Kingdom. The company's construction expertise spans the entire project lifecycle, encompassing initial design and integration through installation, commissioning, operation, and ongoing maintenance. This includes vital electrical infrastructure such as power transmission, distribution, and generation systems, advanced energy efficiency solutions, and premise-specific electrical and lighting systems. They also implement sophisticated process instrumentation for critical industries like refining, chemical processing, and food production, in addition to low-voltage networks covering fire alarms, security, process controls, and voice/data communications. Furthermore, EMCOR handles public infrastructure projects involving roadway and transit lighting, signaling, and fiber optic lines. On the mechanical front, EMCOR offers advanced HVAC, refrigeration, and geothermal climate control systems, specialized clean-room process ventilation, and essential fire protection and suppression systems. Their capabilities extend to plumbing, process, and high-purity piping, various controls and filtration systems, water and wastewater treatment, and central plant heating and cooling. The firm also undertakes heavy industrial tasks such as crane and rigging, millwright services, and steel fabrication, erection, and welding. Beyond construction, EMCOR provides extensive integrated facilities management and operational support. This encompasses day-to-day operations and maintenance for commercial and government sites, critical outage services for utilities and industrial plants, military base support, and mobile mechanical maintenance. Supplementary services include indoor air quality management, janitorial and landscaping duties, vendor coordination, call center operations, building systems installation and support, program management for energy systems, technical consulting, and the execution of infrastructure, building, and retrofit projects. The company also delivers specialized industrial services tailored for the oil, gas, and petrochemical sectors. EMCOR Group, Inc. was established in 1987 and maintains its headquarters in Norwalk, Connecticut.

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