EMCOR Group, Inc.
Rank #205Capital ReturnEME · NYSE · Industrials
EMCOR Group, Inc. (EME) — Rank #205 by gross profitability (GP/assets 0.32) · ROE 31.2% · Piotroski F-Score N/A.
As-of 2026-09-15 · CIK 0000105634 · all metrics point-in-time as of the filing date.
About
EMCOR Group, Inc. provides electrical and mechanical construction and facilities, building, and industrial services in the United States and the United Kingdom.
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It offers design, integration, installation, startup, operation, and maintenance services related to power transmission, distribution, and generation systems; energy solutions; premises electrical and lighting systems; process instrumentation; low-voltage systems; voice and data communications systems; roadway and transit lighting, signaling, and fiber optic lines; computerized traffic control systems, and signal and communication equipment; heating, ventilation, air conditioning, refrigeration, and geothermal solutions; clean-room process ventilation systems; fire protection and suppression systems; plumbing, process, and piping systems; control and filtration systems; water and wastewater treatment systems; central plant heating and cooling systems; crane and rigging; millwright; and steel fabrication, erection, and welding services. The company also provides site-based operations and maintenance; facility management and maintenance; energy retrofit; military base operations support; indoor air quality; floor care and janitorial; landscaping, lot sweeping, and snow removal; vendor management and call center; installation and support for building systems; program development, management, and maintenance for energy systems; technical consulting and diagnostic; infrastructure and building projects; modification and retrofit projects; and reception, security, and catering services. In addition, it offers refinery turnaround planning and engineering; welding; overhaul and maintenance; technical; instrumentation, controls, and electrical; electrical panel design, fabrication, and installation; on-site repair and maintenance; and renewable energy services, as well as design, manufacturing, repair, and hydro blast cleaning services.
The company was incorporated in 1987 and is headquartered in Norwalk, Connecticut.
- Industry
- Engineering & Construction
- Sector
- Industrials
- State
- DE
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- emcorgroup.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$32.61B
P/E (annual)
26.2
P/S (annual)
1.9
P/B
8.0
P/OCF (annual)
25.0
Shareholder Yield
3.7%
Employees
44,000
Industry
Engineering & Construction
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
2/3 passGrowth
2/2 passTerry Smith quality gate
Passes 3/5 Terry Smith thresholdsWhat Growth Is Priced In
Implied revenue growth (10Y)
12.3%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -3.6% — per-share value needs a total required return of 8.8% once share-count change is priced in.
vs. own 6-year median revenue growth: 13.1%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
7.7%
r = 10% (base)
12.3%
r = 12%
16.3%
Net debt / market cap: -2.8%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.32
Primary signal (Novy-Marx).
Return on equity
31.2%
Gross margin
19.3%
Revenue growth (YoY)
16.6%
RPO growth (YoY)
31.2%
Remaining performance obligations growth — RPO > revenue = forward demand building.
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
15.3%
Revenue CAGR (5Y)
14.1%
Earnings CAGR (3Y)
46.3%
FCF CAGR (3Y)
38.4%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.49
Current ratio
1.28×
Quick ratio
1.15×
Net cash
$924.41M
Cash & equivalents minus total debt.
Recession resistance
Revenue through recessions
Worst single-year YoY revenue decline, 15 years of history
Cash-flow health
Free cash flow
$1.19B
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
-0.07
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
—
Stock-based comp intensity.
Dividend safety
Composite score
4.0 / 5
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.