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Provider of electrical and mechanical construction and facilities services for commercial, industrial and data-center customers.
Provider of electrical and mechanical construction and facilities services for commercial, industrial and data-center customers.
Wins projects by competitive bid, usually at fixed prices, and books revenue as work progresses, so profit depends on estimating labor and materials well; signed backlog gives visibility. Service contracts on existing buildings add a steadier line. In recent years data-center construction has grown into a leading source of its work.
Moat: narrow (scale, process know-how, installed base). Large skilled workforce and long-term facilities-service contracts across the US.
Headquarters: Norwalk, Connecticut, US · Founded: 1994 · Employees: 44,000
Size Emcor (EME) is a United States Industrials company (Engineering & Construction) with a market value of $26.6B, the 402nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $608.45 on 6 Nov 2026.
Performance Over six months the shares fell 34.0%, against -12.5% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 22.1% over the last twelve months (peer median +5.6%); the operating margin is 9.9% (peer median 6.7%).
Valuation It trades at 15.5× forward earnings against a peer median of 17.1× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 27.5 points above its cost of capital (10.6% WACC).
Backlog Backlog (remaining performance obligations) was $18.6B at 30 Sep 2026, up 47% on a year earlier — 0.9 years of trailing revenue. Backlog detail →
Short interest Short interest is 1.7% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $19.8B | $17.0B | $14.6B | $12.6B | $11.1B |
| Revenue growth | — | +17% | +16% | +14% | — |
| Gross profit | $3.89B | $3.28B | $2.77B | $2.09B | $1.60B |
| EBITDA | $2.17B | $1.76B | $1.48B | $997M | $673M |
| Net income | $1.54B | $1.27B | $1.01B | $633M | $406M |
| Free cash flow | $1.48B | $1.19B | $1.33B | $821M | $449M |
| Capital expenditure | $129M | $113M | $75.0M | $78.4M | $49.3M |
| Total debt | $567M | $475M | $349M | $340M | $535M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Emcor EME | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% |
| Comfort Systems USA FIX | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% |
| MasTec MTZ | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% |
| Legence LGN | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EME | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.8% | +3.4% | 2nd lowest of 21 |
| 6-month return | -34.0% | -12.5% | 4th lowest of 21 |
| Distance from 52-week high | -36.1% | -27.4% | 7th lowest of 21 |
| Revenue growth (TTM) | +22.1% | +5.6% | 3rd highest of 21 |
| Operating margin | 9.9% | 6.7% | 7th highest of 20 |
| Forward P/E | 15.5× | 17.1× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 6.2% | 7.4% | 8th least demanding of 17 |
| Growth delivered (Del g) | +14.1% | +11.0% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -7.8 pp | -0.2 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | +27.5 pp | -0.8 pp | 4th highest of 20 |
| EV / EBITDA | 12.2× | 12.8× | 7th cheapest of 15 |
| Net debt / EBITDA | -0.1× | 2.9× | 2nd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% | +14.1% |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 5.6× | n/a | n/a |
| Otis Worldwide OTIS | United States | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% | +2.5% |
| HOCHTIEF Aktiengesellschaft HOT.DE | Germany | $30.9B | -31% | +8% | 4% | 25.1× | 2.6% | +10.7% |
| Samsung C&t 028260.KS | South Korea | $31.3B | -8% | +14% | 8% | 15.0× | 5.9% | +6.2% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| Comfort Systems USA FIX | United States | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% | +26.1% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| Ferrovial FER.MC | Spain | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% | +8.1% |
| China Railway 601390.SS | China | $15.1B | -13% | -7% | 4% | 6.0× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 6.8× | n/a | n/a |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Larsen & Toubro LT.NS | India | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% | +16.1% |
Emcor reported $18.6B of remaining performance obligations at 30 Sep 2026, up 47% from a year earlier and up 8% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 1.26.