Emcor vs Fluor
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The short version
- Emcor is the larger business, with $17.0B of revenue in fiscal 2025 against $15.5B for Fluor.
- Emcor grew revenue faster (16.6%, against −5.0%).
- Emcor kept more of each dollar of sales as operating profit (10.1% operating margin, against −2.4%).
- Emcor turned more of its sales into free cash flow (7.0% FCF margin, against −2.8%).
- Emcor earned a higher return on the capital invested in it (60.7%, against −13.9%).
| Latest fiscal year | EME · FY25 | FLR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $28.9B | $6.2B |
| Revenue | $17.0B | $15.5B |
| Free cash flow | $1.2B | −$437M |
| Net income | $1.3B | −$51.0M |
| Growth | ||
| Revenue growth | 16.6% | −5.0% |
| 5-year growth | 14.1% | −0.4% |
| Share count change | −3.6% | −5.8% |
| Profitability | ||
| Gross margin | 19.3% | −0.8% |
| Operating margin | 10.1% | −2.4% |
| Net margin | 7.5% | −0.3% |
| FCF margin | 7.0% | −2.8% |
| Return on capital | 60.7% | −13.9% |
| Return on equity | 38.5% | −1.4% |
| Balance sheet | ||
| Net debt | −$1.1B | −$1.1B |
| Net debt / EBITDA | −0.6x | — |
| Dividends and buybacks | $631M | $754M |
| Valuation & quality | ||
| P/E | 20.2x | — |
| Piotroski F-score | 6 | 3 |
Revenue
FY16
EME $7.6B
FLR $19.0B
FY17
EME $7.7B
FLR $14.8B
FY18
EME $8.1B
FLR $18.9B
FY19
EME $9.2B
FLR $15.5B
FY20
EME $8.8B
FLR $15.8B
FY21
EME $9.9B
FLR $14.2B
FY22
EME $11.1B
FLR $13.7B
FY23
EME $12.6B
FLR $15.5B
FY24
EME $14.6B
FLR $16.3B
FY25
EME $17.0B
FLR $15.5B
EME
FLR
Operating margin
FY16
EME 4.1%
FLR —
FY17
EME 4.3%
FLR 1.4%
FY18
EME 5.0%
FLR 2.7%
FY19
EME 5.0%
FLR −5.4%
FY20
EME 2.9%
FLR −1.5%
FY21
EME 5.4%
FLR −1.9%
FY22
EME 5.1%
FLR 1.5%
FY23
EME 7.0%
FLR 1.0%
FY24
EME 9.2%
FLR 2.8%
FY25
EME 10.1%
FLR −2.4%
EME
FLR
Free cash flow
FY16
EME $223M
FLR $470M
FY17
EME $331M
FLR $319M
FY18
EME $228M
FLR −$48.8M
FY19
EME $307M
FLR $38.2M
FY20
EME $758M
FLR $73.0M
FY21
EME $283M
FLR −$50.0M
FY22
EME $449M
FLR −$44.0M
FY23
EME $821M
FLR $106M
FY24
EME $1.3B
FLR $664M
FY25
EME $1.2B
FLR −$437M
EME
FLR
Return on capital
FY16
EME 13.8%
FLR 15.7%
FY17
EME 15.7%
FLR 5.1%
FY18
EME 18.3%
FLR 9.8%
FY19
EME 18.1%
FLR −33.1%
FY20
EME 7.9%
FLR −18.2%
FY21
EME 24.7%
FLR —
FY22
EME 23.7%
FLR —
FY23
EME 36.8%
FLR —
FY24
EME 59.8%
FLR 25.7%
FY25
EME 60.7%
FLR −13.9%
EME
FLR
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.