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Emcor

EME NYSE Construction & Engineering Financials FY2016–FY2025

Emcor's revenue rose 16.6% to $17.0 billion in fiscal 2025. Its operating margin was 10.1%, up from 9.2% a year earlier. Free cash flow was $1.2 billion, down 10.8%. It paid out $631 million in dividends and buybacks, 53% of free cash flow. The diluted share count fell 3.5%.

Last close · Oct 23, 2026

$647.66

1.9%
Value it Compare
Revenue Total sales reported in the income statement.
$17.0B
16.6% vs prior year
Operating margin Operating income as a share of revenue.
10.1%
0.9 pts
Net income Profit after all expenses, interest and tax.
$1.3B
26.4%
Free cash flow Cash from operations minus capital spending.
$1.2B
10.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
60.7%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$28.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.2x
On $32.13 EPS (TTM)

About these figures. EMCOR repaid its term loan in 2023 and its 10-K reports no borrowings under its credit facility at the end of 2024 and 2025, so its debt counts as zero from 2024 (earlier figures include its finance leases).

What Emcor does

No business description yet.

Legal name
EMCOR Group, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000105634-26-000025
0000105634

Revenue and margins

Emcor had $17.0B of revenue in fiscal 2025, up 16.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 28.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.2B in fiscal 2025, 7.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Emcor returned $631M to shareholders in fiscal 2025, 53% of free cash flow. The diluted share count fell 3.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Emcor yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.1B and divides by 45.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.2x · peers 27.7x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Emcor can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $821M$456M$790M$1.3B$1.1B
Debt incl. finance leases $262M$247M$5.3M$6.1M$6.3M
Net debt / EBITDA −1.0x−0.3x−0.9x−0.9x−0.6x
Debt / equity 0.1x0.1x0.0x0.0x0.0x
Interest coverage 87.4x42.8x50.9x355.9x142.6x
Current ratio 1.4x1.3x1.3x1.3x1.2x
Quick ratio 1.4x1.3x1.3x1.3x1.2x
Total assets $5.4B$5.5B$6.6B$7.7B$9.3B
Total liabilities $3.2B$3.6B$4.1B$4.8B$5.6B
Shareholders' equity $2.3B$2.0B$2.5B$2.9B$3.7B
Net debt (− = net cash) −$560M−$209M−$785M−$1.3B−$1.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

1 insider

Sold, 12 months

$40.8M

9 insiders

Of sales under plans

64%

$26.3M

DateInsiderTradeSharesPriceValueFiling
Sep 1, 2026 McEvoy M KevinDirector Bought 2 $736.79 $0.0M Form 4
Jun 17, 2026 Carol P LoweDirector Sold 950 $844.50 $0.8M Form 4
Jun 17, 2026 McEvoy M KevinDirector Bought 1 $826.31 $0.0M Form 4
May 11, 2026 William P ReidDirector Sold 2,000 $925.78 $1.9M Form 4
May 1, 2026 John W AltmeyerDirector Sold 2,500 $895.00 $2.2M Form 4
Apr 30, 2026 Jason R NalbandianSVP, CFO, Chief Acct. Officer Sold 800 $856.43 $0.7M Form 4
Apr 30, 2026 Robert Peter LindVP and Controller Sold 675 $894.27 $0.6M Form 4
Apr 30, 2026 Steven SchwarzwaelderDirector Sold 5,602 $895.19 $5.0M Form 4
Mar 5, 2026 Anthony GuzziChairman, President and CEO, Director Sold plan 36,000 $729.48 $26.3M Form 4
Mar 2, 2026 Maxine Lum MauricioCAO, EVP & General Counsel Sold 3,357 $735.00 $2.5M Form 4
Dec 23, 2025 Robert Peter LindVP and Controller Sold 0 $625.09 $0.0M Form 4
Nov 3, 2025 Robin A Walker-LeeDirector Sold 1,325 $677.22 $0.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score 9 / 98 / 96 / 9
Accruals ratio −4.4%−5.6%−0.3%
Altman Z'' 4.324.894.79

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Emcor EME $28.9B 16.6% 10.1% 7.0% 60.7% 20.2x 6
AECOM ACM $7.8B 0.2% 6.4% 4.2% 22.4% 27.7x 7 Compare →
Fluor FLR $6.2B −5.0% −2.4% −2.8% −13.9% — 3 Compare →
MasTec MTZ $13.5B 16.2% — 2.0% 11.2% 27.3x 7 Compare →
Jacobs Solutions J $17.2B 4.6% 7.2% 5.1% 10.1% 50.9x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.6B $7.7B $8.1B $9.2B $8.8B $9.9B $11.1B $12.6B $14.6B $17.0B
Gross profit $1.0B $1.1B $1.2B $1.4B $1.4B $1.5B $1.6B $2.1B $2.8B $3.3B
Operating income $307M $329M $403M $461M $257M $531M $565M $876M $1.3B $1.7B
Interest expense $12.6M $12.8M $13.5M $13.8M $9.0M $6.1M $13.2M $17.2M $3.8M $12.0M
Pretax income $297M $319M $395M $451M $252M $529M $559M $873M $1.4B $1.7B
Income tax $111M $90.7M $109M $126M $119M $146M $153M $240M $370M $449M
Net income $182M $227M $284M $325M $133M $384M $406M $633M $1.0B $1.3B
Diluted EPS $2.97 $3.82 $4.85 $5.75 $2.40 $7.06 $8.10 $13.31 $21.52 $28.19
Diluted shares 0.06B 0.06B 0.06B 0.06B 0.06B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $262M $366M $271M $356M $806M $319M $498M $900M $1.4B $1.3B
Capital expenditure $39.6M $34.7M $43.5M $48.4M $48.0M $36.2M $49.3M $78.4M $75.0M $113M
Free cash flow $223M $331M $228M $307M $758M $283M $449M $821M $1.3B $1.2B
Depreciation and amortization $38.9M $39.9M $38.5M $43.9M $46.7M $48.3M $47.3M $51.8M $134M $186M
Acquisitions $233M $107M $72.1M $301M $50.4M $118M $98.7M $96.5M $228M $1.0B
Share buybacks $94.2M $93.2M $216M $0.0M $113M $196M $661M $128M $490M $586M
Dividends paid $19.5M $19.0M $18.6M $17.9M $17.7M $28.2M $27.2M $32.7M $43.4M $45.0M
Dividends and buybacks $114M $112M $235M $18.0M $130M $224M $688M $160M $533M $631M
Balance sheet
Cash and short-term investments $465M $467M $364M $359M $903M $821M $456M $790M $1.3B $1.1B
Total debt $408M $310M $296M $294M $277M $262M $247M $5.3M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $4.2M $9.7M $10.0M $8.0M $6.5M $5.3M $6.1M $6.3M
Current assets $2.2B $2.3B $2.4B $2.7B $3.1B $3.4B $3.5B $4.4B $5.4B $5.9B
Current liabilities $1.5B $1.7B $1.7B $1.9B $2.2B $2.4B $2.8B $3.5B $4.2B $4.9B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $128M $127M $134M $156M $158M $152M $158M $179M $208M $253M
Total assets $3.9B $4.0B $4.1B $4.8B $5.1B $5.4B $5.5B $6.6B $7.7B $9.3B
Total liabilities $2.3B $2.3B $2.3B $2.8B $3.0B $3.2B $3.6B $4.1B $4.8B $5.6B
Shareholders' equity $1.5B $1.7B $1.7B $2.1B $2.1B $2.3B $2.0B $2.5B $2.9B $3.7B
Margins
Gross margin 13.7% 14.9% 14.8% 14.8% 15.9% 15.2% 14.5% 16.6% 19.0% 19.3%
Operating margin 4.1% 4.3% 5.0% 5.0% 2.9% 5.4% 5.1% 7.0% 9.2% 10.1%
EBITDA margin 4.6% 4.8% 5.4% 5.5% 3.5% 5.9% 5.5% 7.4% 10.2% 11.2%
Net margin 2.4% 3.0% 3.5% 3.5% 1.5% 3.9% 3.7% 5.0% 6.9% 7.5%
FCF margin 3.0% 4.3% 2.8% 3.4% 8.6% 2.9% 4.1% 6.5% 9.2% 7.0%
Returns
Return on capital 13.8% 15.7% 18.3% 18.1% 7.9% 24.7% 23.7% 36.8% 59.8% 60.7%
Return on capital employed 13.8% 14.1% 17.3% 17.6% 8.9% 17.8% 19.3% 29.9% 40.4% 42.9%
Return on equity 12.1% 14.2% 16.6% 17.1% 6.5% 17.8% 19.2% 28.5% 37.3% 38.5%
Return on assets 4.9% 5.8% 7.0% 7.3% 2.7% 7.3% 7.4% 10.4% 14.1% 15.0%
Growth
Revenue growth 12.4% 1.8% 5.8% 12.8% −4.1% 12.6% 11.8% 13.6% 15.8% 16.6%
Net income growth 5.6% 24.9% 24.8% 14.7% −59.1% 188.5% 5.9% 55.9% 59.1% 26.4%
EPS growth 9.2% 28.6% 27.0% 18.6% −58.3% 194.2% 14.7% 64.3% 61.7% 31.0%
FCF growth −3.7% 48.8% −31.3% 35.0% 146.8% −62.7% 58.7% 83.1% 62.3% −10.8%
Share count change −3.3% −2.6% −2.0% −3.3% −1.9% −1.9% −7.8% −5.1% −1.6% −3.6%
Financial health
Net debt / EBITDA −0.2x −0.4x −0.2x −0.1x −2.1x −1.0x −0.3x −0.9x −0.9x −0.6x
Debt / equity 0.3x 0.2x 0.2x 0.1x 0.1x 0.1x 0.1x 0.0x 0.0x 0.0x
Interest coverage 24.3x 25.8x 29.8x 33.4x 28.5x 87.4x 42.8x 50.9x 355.9x 142.6x
Current ratio 1.4x 1.4x 1.4x 1.4x 1.4x 1.4x 1.3x 1.3x 1.3x 1.2x
Quick ratio 1.4x 1.4x 1.4x 1.4x 1.4x 1.4x 1.3x 1.3x 1.3x 1.2x
Capital allocation
Capex / revenue 0.5% 0.5% 0.5% 0.5% 0.6% 0.4% 0.5% 0.6% 0.5% 0.7%
Payouts / FCF 51.0% 33.8% 103.2% 5.8% 17.2% 79.2% 153.3% 19.5% 40.0% 53.1%
Quality scores
Piotroski F-score 6.0 7.0 6.0 7.0 7.0 6.0 6.0 9.0 8.0 6.0
Altman Z'' 3.7 3.9 4.1 4.0 3.9 4.3 4.0 4.3 4.9 4.8
Accruals ratio −2.2% −3.6% 0.3% −0.7% −13.6% 1.2% −1.7% −4.4% −5.6% −0.3%

Source: SEC EDGAR XBRL filings (CIK 0000105634). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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