Emcor
EME · Construction & Engineering
$647.66
1.9%Quanta Services
PWR · Construction & Engineering
$546.43
1.1%The short version
- Quanta Services is the larger business, with $28.5B of revenue in fiscal 2025 against $17.0B for Emcor, about 1.7 times as much.
- Quanta Services grew revenue faster (20.3%, against 16.6%).
- Emcor kept more of each dollar of sales as operating profit (10.1% operating margin, against 5.7% operating margin).
- Emcor turned more of its sales into free cash flow (7.0% FCF margin, against 5.7% FCF margin).
- Emcor earned a higher return on the capital invested in it (60.7%, against 9.5%).
- Investors pay more for each dollar of Quanta Services’s earnings: a P/E of 62.6x against 20.2x for Emcor.
| Latest fiscal year | EME · FY25 | PWR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $28.9B | $83.3B |
| Revenue | $17.0B | $28.5B |
| Free cash flow | $1.2B | $1.6B |
| Net income | $1.3B | $1.0B |
| Growth | ||
| Revenue growth | 16.6% | 20.3% |
| 5-year growth | 14.1% | 20.5% |
| Share count change | −3.6% | 0.8% |
| Profitability | ||
| Gross margin | 19.3% | 15.0% |
| Operating margin | 10.1% | 5.7% |
| Net margin | 7.5% | 3.6% |
| FCF margin | 7.0% | 5.7% |
| Return on capital | 60.7% | 9.5% |
| Return on equity | 38.5% | 12.7% |
| Balance sheet | ||
| Net debt | −$1.1B | $5.6B |
| Net debt / EBITDA | −0.6x | 2.2x |
| Dividends and buybacks | $631M | $195M |
| Valuation & quality | ||
| P/E | 20.2x | 62.6x |
| Piotroski F-score | 6 | 5 |
FY16
EME $7.6B
PWR $7.7B
FY17
EME $7.7B
PWR $9.5B
FY18
EME $8.1B
PWR $11.2B
FY19
EME $9.2B
PWR $12.1B
FY20
EME $8.8B
PWR $11.2B
FY21
EME $9.9B
PWR $13.0B
FY22
EME $11.1B
PWR $17.1B
FY23
EME $12.6B
PWR $20.9B
FY24
EME $14.6B
PWR $23.7B
FY25
EME $17.0B
PWR $28.5B
EME
PWR
FY16
EME 4.1%
PWR 4.2%
FY17
EME 4.3%
PWR 4.0%
FY18
EME 5.0%
PWR 4.8%
FY19
EME 5.0%
PWR 4.6%
FY20
EME 2.9%
PWR 5.5%
FY21
EME 5.4%
PWR 5.1%
FY22
EME 5.1%
PWR 5.1%
FY23
EME 7.0%
PWR 5.4%
FY24
EME 9.2%
PWR 5.7%
FY25
EME 10.1%
PWR 5.7%
EME
PWR
FY16
EME $223M
PWR $178M
FY17
EME $331M
PWR $127M
FY18
EME $228M
PWR $65.2M
FY19
EME $307M
PWR $265M
FY20
EME $758M
PWR $856M
FY21
EME $283M
PWR $197M
FY22
EME $449M
PWR $703M
FY23
EME $821M
PWR $1.1B
FY24
EME $1.3B
PWR $1.5B
FY25
EME $1.2B
PWR $1.6B
EME
PWR
FY16
EME 13.8%
PWR 5.9%
FY17
EME 15.7%
PWR 8.6%
FY18
EME 18.3%
PWR 7.8%
FY19
EME 18.1%
PWR 8.0%
FY20
EME 7.9%
PWR 9.1%
FY21
EME 24.7%
PWR 7.5%
FY22
EME 23.7%
PWR 7.3%
FY23
EME 36.8%
PWR 9.8%
FY24
EME 59.8%
PWR 10.3%
FY25
EME 60.7%
PWR 9.5%
EME
PWR
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.