FirmAtlas
Company handbook · EME · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
EME · CIK 105634 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
EMCOR Group, Inc.
$721.66
−10.87 (−1.48%)
Close, Oct 16, 2026 · 52-week $565–952
Last fiscal year
EMCOR Group, Inc. reported revenue of $17.0B for the year ended Dec 31, 2025 (FY25), up 16.6% from FY24. Net income was $1.3B, operating cash flow $1.3B and free cash flow $1.2B. Source: 10-K filed Feb 26, 2026.
Market cap
$32.1B
P/E
22.3
EV/EBITDA
17.4x
P/B
7.9
Div yield
0.22%
ROIC
60.7%
Revenue 1Y
16.6%/yr
EPS 1Y
31.0%/yr
Shares 1Y
−3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOAnthony J. Guzzi
HQNorwalk, CT
AuditorErnst & Young LLP
Employees44,000
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
28.8%
44.1%
52.7%
5.0%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.6B deployed
Capex
$188M
7.2%
Acquisitions
$1.3B
48.0%
Dividends
$88M
3.4%
Buybacks
$1.1B
41.3%
Operating cash flow over the period: $2.7B. Total debt changed by +$0M.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
14,566
16,986+16.6%
18,598
YoY
+16.6%
Gross profit
2,765
3,283+18.7%
3,613
Gross margin
19.0%
19.3%+0.3 pp
—
Operating income
1,345
1,713+27.4%
1,931
Operating margin
9.2%
10.1%+0.9 pp
—
EBITDA
1,402
1,781+27.1%
—
EBITDA margin
9.6%
10.5%+0.9 pp
—
Interest expense
4
12+218.1%
—
Interest coverage
370.88x
148.15x−222.72x
—
Net income
1,007
1,273+26.4%
1,439
YoY
+26.4%
Net margin
6.9%
7.5%+0.6 pp
—
EPS (diluted, $)
21.52
28.19+31.0%
32.23
YoY
+31.0%
Balance sheet
Total assets
7,716
9,291+20.4%
10,157
Cash & short-term investments
1,340
1,112−17.0%
—
Accounts receivable
3,578
4,241+18.6%
—
Net PP&E
207
253+22.1%
—
Other assets
2,592
3,685+42.2%
—
Total liabilities
4,779
5,617+17.5%
6,078
Accounts payable
937
1,227+31.0%
—
Total debt
6
6+4.2%
6
Other liabilities
3,836
4,384+14.3%
—
Shareholders’ equity
2,938
3,674+25.1%
4,079
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,408
1,302−7.5%
1,290
Net income
1,007
1,273+26.4%
—
Depreciation & amortization
57
67+18.9%
—
Working capital & other
344
(38)−111.1%
—
Cash from investing
(299)
(874)n/m
—
Capex
(75)
(113)n/m
—
PP&E sold
4
5+21.0%
—
Acquisitions
(228)
(1,022)n/m
—
Other investing
0
257n/m
—
Cash from financing
(555)
(664)n/m
—
Debt repaid
0
0n/m
—
Dividends
(43)
(45)n/m
—
Buybacks
(490)
(586)n/m
—
Other financing
(22)
(32)n/m
—
Net change in cash
551
(228)−141.5%
—
Free cash flow (OCF − capex)
1,333
1,189−10.8%
1,171
Where the cash went
Operating cash flow
1,408
1,302−7.5%
1,290
Reinvested in the business
303
1,135+274.4%
—
% of operating cash flow
21.5%
87.2%
Capex
75
113+50.4%
118
Acquisitions
228
1,022+348.0%
—
Free cash flow
1,333
1,189−10.8%
1,171
YoY
−10.8%
Returned to shareholders
533
631+18.4%
—
% of free cash flow
40.0%
53.1%
Dividends
43
45+3.8%
—
Buybacks
490
586+19.7%
—
Change in total debt
—
0.3
—
Cash left over
—
(464)
—
FCF conversion (FCF ÷ net income)
132.3%
93.4%−38.9 pp
—
Owner earnings
—
854
—
Owner earnings margin
—
5.0%
—
Buyback yield
2.4%
2.2%−0.2 pp
—
Returns & ratios
ROIC (all capital)
61.3%
60.7%−0.6 pp
—
ROIC (operating)
34.5%
41.4%+6.9 pp
—
Net debt / EBITDA
−0.95x
−0.62x+0.33x
—
Debt / equity
0.00x
0.00x−0.00x
—
ROE
34.3%
34.6%+0.4 pp
—
ROA
13.1%
13.7%+0.6 pp
—
ROCE
37.7%
38.7%+1.0 pp
—
NOPAT
983
1,267+28.8%
—
Invested capital (operating)
2,848
3,267+14.7%
—
Invested capital (all)
1,604
2,568+60.1%
—
Reinvestment rate
—
33.1%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
4,302
4,513
4,628
5,155
vs year-ago quarter
Gross profit
835
891
864
1,022
Gross margin
19.4%
19.7%
18.7%
19.8%
Operating income
406
574
404
547
Net income
295
435
305
404
vs year-ago quarter
Net margin
6.9%
9.6%
6.6%
7.8%
EPS (diluted, $)
6.57
9.76
6.84
9.06
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
8,640
9,291
9,508
10,157
Cash & equivalents
655
1,112
916
924
Total debt
6
6
6
6
Shareholders’ equity
3,335
3,674
3,867
4,079
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
476
524
0.6
289
Capex
27
32
29
31
Free cash flow
449
492
(28)
258
vs year-ago quarter