EMCOR Group, Inc.EME
NYSE•Industrials•Engineering & Construction
EMCOR Group, Inc. provides electrical and mechanical construction and facilities, building, and industrial services in the United States and the United Kingdom. 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.
as of March 2026
Are revenues and earnings expanding?
$17.75B in TTM revenue grew 18.3% YoY, reaching $4.63B last quarter. TTM EBITDA of $1.80B on operating income of $403.85M shows growth is flowing through. Net income of $1.34B TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of 8.7% is up 0.5% YoY — cost efficiency is improving. Net margin at 6.6% and gross margin of 18.7%. ROE of 34.6% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 27.8x P/E, the stock trades in line with market averages — fairly valued. P/S of 2.1x and P/B of 9.6x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
Is the business self-funding?
FCF of $-28.15M on $558,000 in operating cash flow. The FCF / Net Income ratio of -0.0x shows cash consumption — the business is not yet self-funding. Cash reserves of $916.42M provide financial flexibility. Shares outstanding declined 2.3% YoY — buybacks are returning capital to shareholders.
Competitive analysis based on 63 quarters of fundamental data
Operating margins are positive at ~9.7% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 34.1% suggests a durable competitive advantage and efficient capital allocation.
Data-driven red flags and warnings across 63 quarters
Margins are stable or improving at ~10.1% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.1% — net buybacks are reducing shares outstanding and boosting per-share value.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~29.1% growth over the period. Strong demand durability.