Emcor vs MasTec
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KIRA’s take AI analyst
I put Emcor and MasTec side by side, using each one’s latest annual report. Here is what stands out:
- Emcor is the larger business, with $17.0B of revenue in fiscal 2025 against $14.3B for MasTec.
- Emcor turned more of its sales into free cash flow (7.0% FCF margin, against 2.0%).
- Emcor earned a higher return on the capital invested in it (60.7%, against 11.2%).
- Investors pay more for each dollar of MasTec’s earnings: a P/E of 27.5x against 20.7x for Emcor.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Emcor
EME
7/9
Revenue growthNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
MasTec
MTZ
2/9
5-year growthPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | EME FY25 | MTZ FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.7B | $13.6B |
| Revenue | $17.0B | $14.3B |
| Free cash flow | $1.2B | $286M |
| Net income | $1.3B | $399M |
| Growth | ||
| Revenue growth | 16.6% | 16.2% |
| 5-year growth | 14.1% | 17.7% |
| Share count change | −3.6% | −0.2% |
| Profitability | ||
| Gross margin | 19.3% | — |
| Operating margin | 10.1% | — |
| Net margin | 7.5% | 2.8% |
| FCF margin | 7.0% | 2.0% |
| Return on capital | 60.7% | 11.2% |
| Return on equity | 38.5% | 12.9% |
| Balance sheet | ||
| Net debt | −$1.1B | $1.9B |
| Net debt / EBITDA | −0.6x | 1.7x |
| Dividends and buybacks | $631M | $77.3M |
| Valuation & quality | ||
| P/E | 20.7x | 27.5x |
| Piotroski F-score | 6 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.