olivLaw · US equity research
EMCOR Group, Inc. EME
Electrical Work · SIC 1731 · Vertical: Electrical Work (SIC 1731)
EMCOR Group is one of the largest specialty contractors in the United States, with revenues of 16.99 billion USD in fiscal 2025. In the second quarter of 2026, the most recent period in the sources, revenues reached 5.15 billion USD, up 19.8%. The company raised its 2026 revenue guidance to 20.00-20.50 billion USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, EMCOR Group, Inc. (EME) stock was 639.25 USD (−9.64% on the day), with market capitalisation 28.0 bn USD, P/E 18.5 on diluted EPS of 34.63 USD over the last 12 months, dividend yield 0.23%, beta 1.46, 52-week range 581.58–943.75 USD. Latest reported quarter (Q3 2026): revenue of 5.5 bn USD (+28.8% YoY), net income of 399.9 m USD (+35.4% YoY), diluted EPS 9.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.1
- weak (30–45)
- Bollinger (20, 2)
- 617.98 – 797.83
- in the lower half of the band · %B 0.12 · band width 25.4%
- SMA 50 / 200
- 738.06 / 781.78
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -23.80 / -21.93
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.0% | −1.1% | −16.9 pp | — |
| 3 months | −22.2% | −0.5% | −21.8 pp | — |
| 6 months | −32.3% | +4.4% | −36.7 pp | — |
| Year to date | +4.5% | +12.3% | −7.8 pp | — |
| 1 year | −2.3% | +13.5% | −15.9 pp | +18.3% |
| 3 years | +204.1% | +76.4% | +127.7 pp | +383.3% |
| 5 years | +383.4% | +63.7% | +319.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.8 bn | 3.9 bn | 4.3 bn | 4.3 bn | 4.5 bn | 4.6 bn | 5.2 bn | 5.5 bn |
| Cost of revenue | 3.0 bn | 3.1 bn | 3.5 bn | 3.5 bn | 3.6 bn | 3.8 bn | 4.1 bn | 4.4 bn |
| Gross profit | 757.0 m | 722.7 m | 833.8 m | 835.3 m | 891.2 m | 864.0 m | 1.0 bn | 1.1 bn |
| SG&A | 368.5 m | 404.0 m | 418.6 m | 429.6 m | 462.3 m | 460.1 m | 475.0 m | 528.4 m |
| Operating income | 388.6 m | 318.8 m | 415.2 m | 405.7 m | 573.8 m | 403.8 m | 547.3 m | 545.8 m |
| Pre-tax income | 398.5 m | 324.2 m | 412.0 m | 407.6 m | 577.8 m | 410.1 m | 551.7 m | 549.6 m |
| Income tax | 106.3 m | 83.5 m | 109.9 m | 112.2 m | 143.2 m | 104.6 m | 148.0 m | 149.6 m |
| Net income | 292.2 m | 240.7 m | 302.2 m | 295.4 m | 434.6 m | 305.5 m | 403.7 m | 399.9 m |
| Diluted EPS | 6.33 ≈ | 5.26 | 6.72 | 6.57 | 9.69 ≈ | 6.84 | 9.06 | 9.04 |
| Operating cash flow | 469.5 m | 108.5 m | 193.7 m ≈ | 475.5 m ≈ | 524.4 m | 558.0 k | 289.4 m ≈ | 796.7 m ≈ |
| Capex | 17.7 m | 26.1 m | 28.0 m | 26.7 m | 31.9 m | 28.7 m | 31.1 m ≈ | 37.2 m ≈ |
| Dividends paid | 11.5 m | 11.5 m | 11.2 m ≈ | 11.2 m ≈ | 11.2 m | 17.8 m | 17.8 m ≈ | 17.7 m ≈ |
| Share repurchases | 84.4 m | 224.8 m | 207.3 m ≈ | 0 ≈ | 154.1 m | 87.1 m | 181.4 m ≈ | 188.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 44-quarter history (min 10.5, median 18.8, max 43.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.1 bn | 9.2 bn | 8.8 bn | 9.9 bn | 11.1 bn | 12.6 bn | 14.6 bn | 17.0 bn |
| Revenue YoY | +5.8% | +12.8% | −4.1% | +12.6% | +11.8% | +13.6% | +15.8% | +16.6% |
| Net income | 283.5 m | 325.1 m | 132.9 m | 383.5 m | 406.1 m | 633.0 m | 1.0 bn | 1.3 bn |
| Net income YoY | +24.8% | +14.7% | −59.1% | +188.5% | +5.9% | +55.9% | +59.1% | +26.4% |
| Diluted EPS | 4.85 | 5.75 | 2.40 | 7.06 | 8.10 | 13.31 | 21.52 | 28.19 |
| Diluted EPS YoY | +27.0% | +18.6% | −58.3% | +194.2% | +14.7% | +64.3% | +61.7% | +31.0% |
| net % | 3.5% | 3.5% | 1.5% | 3.9% | 3.7% | 5.0% | 6.9% | 7.5% |
| Free cash flow | 227.5 m | 307.3 m | 758.4 m | 282.6 m | 448.6 m | 821.3 m | 1.3 bn | 1.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 3.7 bn USD
- Total assets
- 9.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.22x
- ROE
- 38.5%
- ROA
- 15.0%
- FCF margin
- 7.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.8 bn | 9.9 bn | 11.1 bn | 12.6 bn | 14.6 bn | 17.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 7.4 bn | 8.4 bn | 9.5 bn | 10.5 bn | 11.8 bn | 13.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 1.4 bn | 1.5 bn | 1.6 bn | 2.1 bn | 2.8 bn | 3.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 903.6 m | 970.9 m | 1.0 bn | 1.2 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 256.8 m | 530.8 m | 564.9 m | 875.8 m | 1.3 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 46.7 m | 48.3 m | 47.3 m | 51.8 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
| EBITDA | 303.6 m ≈ | 579.1 m ≈ | 612.2 m ≈ | 927.6 m ≈ | — | — | SEC (XBRL)· 28 Feb 2024derived |
| Interest expense | 9.0 m | 6.1 m | 13.2 m | 17.2 m | 3.8 m | 12.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 252.3 m | 529.3 m | 558.8 m | 872.9 m | 1.4 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 119.4 m | 145.6 m | 152.6 m | 239.5 m | 370.2 m | 448.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 132.9 m | 383.5 m | 406.1 m | 633.0 m | 1.0 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 2.40 | 7.06 | 8.10 | 13.31 | 21.52 | 28.19 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 55.4 m | 54.3 m | 50.1 m | 47.6 m | 46.8 m | 45.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.32 | 0.52 | 0.54 | 0.69 | 0.93 | 1.00 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 902.9 m | 821.3 m | 456.4 m | 789.8 m | 1.3 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 1.9 bn | 2.2 bn | 2.6 bn | 3.2 bn | 3.6 bn | 4.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 3.1 bn | 3.4 bn | 3.5 bn | 4.4 bn | 5.4 bn | 5.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 158.4 m | 152.1 m | 157.8 m | 179.4 m | 207.5 m | 253.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 851.8 m | 890.3 m | 919.2 m | 956.5 m | 1.0 bn | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 582.9 m | 589.4 m | 594.0 m | 586.0 m | 648.2 m | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 5.1 bn | 5.4 bn | 5.5 bn | 6.6 bn | 7.7 bn | 9.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 671.9 m | 734.3 m | 849.3 m | 936.0 m | 937.1 m | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 16.9 m | 16.2 m | 15.6 m | 2.5 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
| Current liabilities | 2.2 bn | 2.4 bn | 2.8 bn | 3.5 bn | 4.2 bn | 4.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 3.0 bn | 3.2 bn | 3.6 bn | 4.1 bn | 4.8 bn | 5.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 2.1 bn | 2.3 bn | 2.0 bn | 2.5 bn | 2.9 bn | 3.7 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 806.4 m | 318.8 m | 497.9 m | 899.7 m | 1.4 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 48.0 m | 36.2 m | 49.3 m | 78.4 m | 75.0 m | 112.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 758.4 m ≈ | 282.6 m ≈ | 448.6 m ≈ | 821.3 m ≈ | 1.3 bn ≈ | 1.2 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -94.9 m | -153.1 m | -140.8 m | -161.3 m | -299.3 m | -873.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -171.9 m | -245.5 m | -710.1 m | -412.1 m | -555.4 m | -663.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 17.7 m | 28.2 m | 27.2 m | 32.7 m | 43.4 m | 45.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 112.6 m | 195.5 m | 660.6 m | 127.7 m | 489.8 m | 586.3 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 74 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 28.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet72
- Valuation59
- Quality77
- Growth100
- Returns61
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 539.18 – 1,318.30 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E539.18 – 1,318.30 (Mid 815.86)3 companies used · median multiple 23.6x · quartiles 15.6x – 38.1xFIX, IESC, PWR
- Dividend discount (DDM)outside the aggregate13.14 – 17.67 (Mid 15.07)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 74/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.8% | 60 (vs peers) | 9% |
| FCF conversion · Quality | 96.0% | 94 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 15.3% | 100 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 51.5% | 100 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 172.3x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.2x | 31 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 18.5x | 52 (on a fixed band) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.3% | 66 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 2.4% | 34 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 4.3% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet72/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality77/100 · 2/3 factors with a value
- Returns61/100 · 2/2 factors with a value
- Valuation59/100 · 2/3 factors with a value
Memo
EMCOR Group, Inc. (EME). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 17.0 bn USD in 2025; YoY growth 16.6%; net margin 7.8%; ROE 40.6%.
The estimated value range is 539.18–1,318.30 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 815.86 USD, the price of 639.25 USD leaves a potential of 27.6% (value / price − 1) and a margin of safety of 21.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 74/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 96.0%
- Revenue CAGR 3Y: 15.3%
- EPS CAGR 3Y: 51.5%
- Interest coverage: 172.3x
- Payout ratio (FCF): 4.3%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Electrical Work (SIC 1731) · same industry (4-digit SIC) · compared with 5 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PWRQuanta Services, Inc. | 87.5 bn | 52.6 | 17.8% | 4.5% | +20.3% | +25% / +208% |
| FIXComfort Systems USA, Inc. | 38.2 bn | 23.6 | 58.6% | 13.0% | +29.5% | +12% / +464% |
| EMEEMCOR Group, Inc. | 28.0 bn | 18.5 | 40.6% | 7.8% | +16.6% | −2% / +204% |
| IESCIES Holdings, Inc. | 3.4 bn | 7.6 | 45.0% | 11.3% | +16.9% | −19% / +383% |
| MAGHMagnitude International Ltd | 236.6 m | 6,760.0 | 7.2% | 0.3% | unavailable | unavailable / unavailable |
| ENGSEnergys Group Ltd | 64.6 m | — | -139.3% | -30.1% | unavailable | +287% / unavailable |
1- and 3-year price returns: for EME from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 425.37 Total return -33% · Per year -33% | 748.58 Total return 17% · Per year 17% | 1,122.87 Total return 76% · Per year 76% |
| 3 years | 504.55 Total return -20% · Per year -7% | 990.00 Total return 56% · Per year 16% | 1,616.94 Total return 154% · Per year 36% |
| 5 years | 598.48 Total return -5% · Per year -1% | 1,309.28 Total return 107% · Per year 16% | 2,328.39 Total return 267% · Per year 30% |
- Exit P/E± 247.50
- Net margin± 173.25
- Annual revenue growth± 129.21
- Annual dilution± 14.56
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
EMCOR Group is one of the largest specialty contractors in the United States, with revenues of 16.99 billion USD in fiscal 2025 1. In the second quarter of 2026, the most recent period in the sources, revenues reached 5.15 billion USD, up 19.8% 3. The company raised its 2026 revenue guidance to 20.00-20.50 billion USD 3.
SWOT
Strengths
- Leading position in electrical and mechanical construction, with recognized technical capability and execution experience 1. A very large backlog of contracts gives visibility into future revenues 3.
- Solid access to bank credit and surety bonding, which allows participation in large projects 1. A record of safety and project control cited as a competitive advantage 1.
- Diversification across segments and sectors, from data centers to healthcare and public infrastructure 1.
Weaknesses
- Dependence on competitive bidding, where pricing can pressure margins 1. Some contracts do not allow price adjustments when material costs rise 1.
- The industrial segment is tied to the oil and gas cycle and declined in fiscal 2025 1. Dependence on a few sectors, especially data centers, makes revenues more sensitive to changes in those markets 2.
- Some government contracts can be terminated for convenience, creating long-term uncertainty 1.
Opportunities
- Rapid growth in demand for data centers and artificial intelligence infrastructure could continue to support revenue growth 13. A record level of remaining performance obligations points to further growth potential 3.
- Acquisitions and expansion into new geographies can complement existing operations 3. Sustainable energy and energy efficiency solutions may open new contracts 1.
- Water and wastewater projects and work for healthcare and institutional clients show growing demand 3.
Threats
- A slowdown in data center investment could quickly reduce demand for the company's services 1. The cyclical nature of client sectors remains a structural risk 1.
- Rising costs of materials, labor and energy could compress margins, especially on fixed-price projects 1.
- Trade policy, tariffs and geopolitical instability could delay projects or make supplies more costly 1.
Risks
- Cyclicality of client sector demandhigh
Clients may defer or cancel projects if economic activity slows, and demand from data center work could fall if investment declines 1.
- Pressure from material and energy costsmedium
Higher prices for copper, steel and fuel can affect profitability on projects in progress, especially where contracts do not allow price adjustments 1.
- Dependence on government contractsmedium
Reduced budgets or delays in funding can postpone projects and affect collections 1.
- Competition and price pressuremedium
Competitive bidding and relatively low barriers to entry can pressure prices and margins 1.
- Integration of acquisitionslow
Integrating acquired companies, including Miller Electric, can create costs and operational challenges 12.
Investment thesis
What would need to be true (bull case)
- If demand for data centers and infrastructure remains strong, revenues and remaining performance obligations could keep growing in the coming years 3.
- Rising operating margins and a raised guidance range point to good project execution 3.
- A leading position, a diversified portfolio and access to financing could support long-term growth 1.
What would break the thesis
- If investment in data centers slows, demand could fall quickly and the company could struggle to sustain its growth pace 1.
- Rising costs and competition in bidding could compress margins, especially on fixed-price projects 1.
- Rapid growth through acquisitions brings integration and execution risks, and results could fall short of expectations 12.
What to watch
- Development of remaining performance obligations and new contracts in the data center sectorQ3 2026
- Gross margin trend as material and labor costs riseQ4 2026
- Integration of recent acquisitions and their effect on electrical and mechanical segment revenues2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
EMCOR provides electrical and mechanical construction services, building services and industrial services through about 100 operating subsidiaries 1. In fiscal 2025 about 72% of revenues came from construction operations, 21% from building services and 7% from industrial services 1. About 97% of fiscal 2025 revenues were generated in the United States, and the company sold its United Kingdom operations on December 1, 2025 1.
Revenues in fiscal 2025 included an incremental acquisition contribution of about 1.27 billion USD 1. The quarter ended June 30, 2026 showed an operating margin of 10.6% 3. Remaining performance obligations reached a record 17.14 billion USD at June 30, 2026 3.
Segments
Market context
EMCOR operates in the broad market for non-residential construction and facilities services, where it competes with thousands of small companies across the United States 1. The industry is fragmented, but a few large competitors exist, and most revenues come from competitive bids 1.
Investment in data centers and artificial intelligence infrastructure has raised demand, but the sectors served remain cyclical and a slowdown could reduce demand 1. Revenues are also influenced by government spending and by material costs such as copper and steel 1.
Trends
- Data center and artificial intelligence investmenttailwind
Rapid expansion of data infrastructure for cloud and artificial intelligence has increased demand for electrical and mechanical services 1. If this investment slows, demand could decline as resources shift to other sectors 1.
- Supply chain re-shoring and high-tech manufacturingmixed
Construction of new production facilities adds demand for complex installation work 1. However, some semiconductor and biotech projects were completed, which reduced revenues in certain segments 2.
- Material costs and trade tariffsheadwind
Rising prices for copper, steel and fuel could reduce profitability on projects in progress, since some contracts do not allow price adjustments 1. Trade policy and tariffs add further uncertainty 1.
- Government spending and financingheadwind
Reduced or delayed federal and local spending could postpone projects and contracts with government agencies 1. Borrowing costs and interest rates may also influence the investment decisions of private clients 1.
Competitive position
EMCOR competes with national, regional and local companies, many of them small and owner-operated, as well as with certain foreign companies 1. Larger competitors in electrical and mechanical construction include APi Group, Comfort Systems USA, Dycom Industries, Everus Construction Group, IES Holdings, MasTec, MYR Group, Quanta Services and Tutor Perini 1.
The company's advantages include its financial position, access to bank credit and surety bonding, technical capability and safety record 1. However, barriers to entry are relatively low, and some competitors have lower cost structures that can pressure margins 1.
- Quanta Services, Inc.PWR
Large contractor for energy and communications infrastructure, named by EMCOR among its larger competitors in electrical and mechanical construction 1.
- Comfort Systems USA, Inc.FIX
Provider of mechanical and HVAC services, named among the larger competitors in the industry 1.
- MasTec, Inc.MTZ
Infrastructure constructor, named among the larger competitors in electrical and mechanical construction 1.
- IES Holdings, Inc.IESC
Electrical and mechanical contracting services provider, named among competitors in the same industry 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- EMCOR Stock Outlook: Is Wall Street Bullish or Bearish?Yahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 26 Aug 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report31 Jul 2026Item 1.04
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report04 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Proxy statement21 Apr 2026
- Current report26 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / EMCOR Group, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / EMCOR Group, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / EMCOR Group, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.