Emcor vs Quanta Services
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KIRA’s take AI analyst
I put Emcor and Quanta Services side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Emcor turned more of its sales into free cash flow (7.0% FCF margin, against 5.7%).
- 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 64.6x against 20.7x for Emcor.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Emcor
EME
9/11
Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Quanta Services
PWR
2/11
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | EME FY25 | PWR FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.7B | $85.9B |
| 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 | 20.7x | 64.6x |
| Piotroski F-score | 6 | 5 |
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.