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Emcor (EME) stock

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NYSE: EME NYSE Construction & Engineering Next results ~January 29, 2027

B Fundamentals grade

EMCOR provides construction, installation and maintenance services for the electrical and mechanical systems that keep buildings and industrial plants running. Its work includes wiring and power distribution, heating, ventilation and air-conditioning installation and retrofits, building automation and controls, plumbing and fire protection, and specialised industrial maintenance such as refinery and plant turnarounds.

Customers include operators of data centres and communications networks, hospitals, commercial landlords and tenants, schools and colleges, government bodies, hotels and entertainment venues, transport authorities, manufacturers, and water and wastewater utilities. The company earns revenue mainly from construction contracts for new installations and from ongoing service and maintenance agreements that cover repairs, retrofits and facility upkeep.

The business is organised into reportable segments: United States electrical construction and facilities services, United States mechanical construction and facilities services, United States building services, and United States industrial services. It also ran a United Kingdom building services segment until December 2025, when that operation was sold. Sales are now concentrated almost entirely in the United States. In February 2025 the company acquired Miller Electric Company, an electrical contractor, adding to its electrical construction capabilities.

Based on Emcor's 10-K filed February 26, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$1500

Cash-flow model

Base case. Range ~$1100–$1900 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 114% above it.

Price used: $682.76, November 2, 2026

Emcor valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Emcor files

10-Q filed October 29: Emcor

Emcor's revenue reached $19.8bn in the twelve months to September 2026, a rise of 22.1% on the year before and an acceleration from the 18.9% growth recorded a quarter earlier. Free-cash-flow margin was unchanged at 7.5%. The fundamentals grade improves from C+ to B. Our model value has barely moved, standing at $1,131 a share, well above the current price of $679. The rating remains Buy. At that share price, the market appears to be pricing in cash-flow growth of around 7.5% a year over five years, a figure that lags the 14.9% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Emcor stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $18.6bn, up 18.9% on a year earlier, faster than 18.3% a quarter earlier. Free-cash-flow margin fell to 6.3% from 7.7% a year earlier. The diluted share count is down 2.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $1,187 a share, against a share price of $701. At that price, our model says the market is pricing in about 8.1% a year of cash-flow growth for five years, slower than the 13.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 29, 2027 (estimated)

Emcor's trailing-twelve-month revenue grew 22.1% year on year, with a free-cash-flow margin of 7.5%. Where it stands out: stock pay as % of revenue of 0.1% ranks 1 of 33 construction & engineering companies we cover. Where it lags: days sales outstanding of 102 days ranks 24 of 27 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$1500 per share in the base case (~$1100–$1900 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 22.1% (+3.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $682.76 is 114% below our value per share of $1,500.
  • Fast growth. Revenue grew 22.1% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.
  • Growth speeding up. The growth rate is 3.2 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 2.0% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 42% and a beta of 1.8 against the S&P 500.
  • Below peers: days sales outstanding. Days sales outstanding of 102 days ranks 24 of 27 construction & engineering companies we cover (median 67 days).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$9.60 against an average estimate of $8.35: beat by 15.0%
Revenue
$5.54bn, up 28.8% on a year earlier
Share reaction
+0.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenues $20.6bn to $21bn (full year 2026); non-GAAP Operating Margin 10% (full year 2026)
Next report
October 29, 2026; average EPS estimate $9.20

Emcor's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+2.5%
  • 1 month-13.2%
  • This year+11.8%
  • 1 year+1.3%
  • 5 years+463.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$19.8B
Operating margin
10.4%
Net margin
7.8%
EPS (TTM, diluted)
$34.63

Growth

Revenue growth
+22.1%
Change in growth rate
+3.2 pts
Share count change
−2.0%

Cash

Free cash flow (TTM)
$1.5B
FCF margin
7.5%
Stock pay % of revenue
0.1%

Earnings

Last results
October 29, 2026
Next results (est.)
January 29, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Emcor valuation models and calculator

What the price is pricing in

The share price implies about 5.1% a year of cash-flow growth for five years.That is slower than the 14.9% a year revenue growth Emcor has delivered.

  • Priced in5.1%
  • Last 12 months22.1%
  • 3 years a year17.9%
  • 5 years a year14.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($702.93, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$1500
Price used
$702.93close November 3, 2026
Implied change
▲ +107%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Emcor's free cash flow after stock-based pay with after-tax interest added back ($1.5B, FY2026 Q3 TTM), growing 15.4% and 17.3% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$1100–~$1900 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Emcor's free cash flow after stock-based pay ( $1.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Emcor as an operating company, with every model that fits that kind of business. Cost of equity 11%: the 10-year Treasury yield (4.9%) plus a beta of 1.34 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$1500 ~$1100–$1900 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$550 ~$480–$770 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$620 ~$460–$870 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$350 ~$310–$410 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$890 ~$350–$1500 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Emcor with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −13%
  • Last year's free-cash-flow margin change, if it persists ▲ +6%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $516$694$930$1241$1646$2170
8.5% $399$528$698$921$1209$1581
10% $328$428$559$729$949$1232

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$45.96$68.13$79.09$57.99$84.19$89.64$125.43$146.52$213.96$452.03$610.48$682.76
Market value$2.9bn$4.2bn$4.7bn$3.4bn$4.8bn$5.0bn$6.8bn$7.3bn$10.2bn$21.2bn$27.6bn$30.4bn
+ Net debt (− = net cash)−$172m−$41m−$157m−$68m−$47m−$626m−$560m−$209m−$784m−$1.3bn−$856m−$775m
Enterprise value$2.7bn$4.1bn$4.6bn$3.3bn$4.7bn$4.3bn$6.3bn$7.1bn$9.4bn$19.8bn$26.7bn$29.7bn
Multiples
Price / sales 0.4x0.6x0.6x0.4x0.5x0.6x0.7x0.7x0.8x1.5x1.6x1.5x
Price / earnings 16.9x22.9x20.8x12.0x14.6x37.4x17.8x18.1x16.1x21.0x21.7x19.7x
Price / free cash flow 12.6x18.7x14.2x14.9x15.5x6.6x24.1x16.4x12.4x15.9x23.2x20.5x
EV / EBITDA 8.5x11.9x12.4x7.5x9.3x14.3x10.8x11.7x10.1x14.1x15.0x13.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

62 /100

Moderate moat

How hard Emcor's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Cash operating profit has been a median 11.3% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 15.5%, moving by 1.9 percentage points (standard deviation) across 10 years.

  • Durability 8 / 20

    Operating margin has been a median 5.3%; its worst year was 2.7%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 18.6% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $34.29 +33% $20.7bn +22%
Next $39.10 +14% $23.2bn +12%

Next year's EPS estimate has moved +10.0% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.2% on 90 days ago. In the last 30 days, 8 analysts raised Emcor's forecast and 0 cut it.

Consensus EPS forecast Emcor, last 90 days
$30.00 $32.00 $34.00 $36.00 $38.00 $40.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $31.70 Current fiscal year, 60 days ago: $32.85 Current fiscal year, 30 days ago: $32.85 Current fiscal year, 7 days ago: $33.48 Current fiscal year, Now: $34.29 $34.29 Next fiscal year, 90 days ago: $35.54 Next fiscal year, 60 days ago: $36.75 Next fiscal year, 30 days ago: $36.75 Next fiscal year, 7 days ago: $37.95 Next fiscal year, Now: $39.10 $39.10

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $31.70$35.54
60 days ago $32.85$36.75
30 days ago $32.85$36.75
7 days ago $33.48$37.95
Now $34.29$39.10

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $8.35 $9.60 +15.0%
Jun 2026 $7.23 $9.06 +25.3%
Mar 2026 $5.90 $6.84 +15.8%
Dec 2025 $6.68 $7.19 +7.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Revenues full year 2026 $20.6bn to $21bn Raised
    “Increases 2026 Revenue Guidance Range to $20.6 billion - $21.0 billion from $20.0 billion - $20.5 billion” source
  • Non-GAAP Diluted EPS full year 2026 $34.50 to $35.50 Non-GAAP Raised
    “Increases 2026 Non-GAAP Diluted EPS Guidance Range to $34.50 - $35.50 from $32.00 - $33.25” source
  • Non-GAAP Operating Margin full year 2026 about 10% Non-GAAP Raised
    “Non-GAAP Operating Margin* ~10% 9.5% - 9.8%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Emcor's revenue by +15.4% next year and +17.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.9%, weight 45%) , management guidance (+14.4%, weight 33%) and the company's own record (+20.0%, weight 22%) . How the weights are set.

Analyst recommendations

11 analysts, Oct 2026
Buy764%
Hold436%
Sell00%

Monthly trend

  1. Oct 20267411
  2. Sep 20267310
  3. Aug 20267310

Counts of recommendations published by analysts covering Emcor, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.7%
of tradable shares
Days to cover
2.01
at average volume
Short interest, 1 month
−20%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
0.7%
of shares
Employees
44,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +1.3%

$674.33 on October 31, 2025 to $682.76

ThenNowEffect
Revenue (last 12 months) $15.6bn $18.6bn +18.9%
Net margin 7.1% 7.7% +9.5%
P/E multiple 28.0x 21.2x −24.1%
Share count 46m 45m +2.5%

Biggest factor: p/e multiple.

Last 3 years +227.0%

$208.78 on November 3, 2023 to $682.76

ThenNowEffect
Revenue (last 12 months) $11.7bn $18.6bn +58.8%
Net margin 4.1% 7.7% +87.2%
P/E multiple 20.7x 21.2x +2.3%
Share count 48m 45m +7.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EME+40%+17%+46%+111%+35%+12%
Industry peers (median)+38%−8%+44%+47%+25%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EME50%33%67%83%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EME−13%−26%−15%−15%−36%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 48% from October 30, 2019 to March 17, 2020. Getting back needed a 92% gain, reached on January 6, 2021, 295 days after the low.

Price behaviour

52-week range
$580.33 – $942.76
From 52-week high
−27.6%
vs 50-day average
−7.9%
vs 200-day average
−12.6%
Volatility (1 year)
42%
Beta vs S&P 500
1.77

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±6.1%
After a week
7 up, 4 down
typical move ±9.8%
After a month
6 up, 5 down
typical move ±12.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +0.1% −2.1% — —
July 30, 2026 +18.6% +2.4% +20.2% +10.1%
April 29, 2026 +3.2% +1.0% +9.3% −4.3%
February 26, 2026 −9.6% −1.0% −10.3% −8.6%
October 30, 2025 −13.0% −0.8% −15.9% −21.8%
July 31, 2025 −2.3% −2.0% −3.4% −3.0%
April 30, 2025 −0.1% +0.7% +5.1% +14.2%
February 26, 2025 +1.2% −1.5% −1.4% −4.7%
October 31, 2024 +5.0% −1.5% +16.8% +17.0%
July 25, 2024 +2.1% +0.6% +2.6% +7.2%
April 25, 2024 +4.5% +0.6% +5.1% +17.6%
February 28, 2024 +13.0% +0.2% +17.4% +26.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Emcor’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.18× the last 60 days’ realised volatility , richer than 50% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Emcor in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Emcor
$12B $14B $16B $18B $20B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $12.6B Revenue (TTM), FY24 Q1: $13.1B Revenue (TTM), FY24 Q2: $13.7B Revenue (TTM), FY24 Q3: $14.2B Revenue (TTM), FY24 Q4: $14.6B Revenue (TTM), FY25 Q1: $15B Revenue (TTM), FY25 Q2: $15.6B Revenue (TTM), FY25 Q3: $16.2B Revenue (TTM), FY25 Q4: $17B Revenue (TTM), FY26 Q1: $17.7B Revenue (TTM), FY26 Q2: $18.6B Revenue (TTM), FY26 Q3: $19.8B $19.8B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $12.6B
FY24 Q1 $13.1B
FY24 Q2 $13.7B
FY24 Q3 $14.2B
FY24 Q4 $14.6B
FY25 Q1 $15B
FY25 Q2 $15.6B
FY25 Q3 $16.2B
FY25 Q4 $17B
FY26 Q1 $17.7B
FY26 Q2 $18.6B
FY26 Q3 $19.8B
Revenue growth, TTM YoY Emcor
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 13.6% Revenue growth, TTM YoY, FY24 Q1: 15.4% Revenue growth, TTM YoY, FY24 Q2: 17.4% Revenue growth, TTM YoY, FY24 Q3: 17.7% Revenue growth, TTM YoY, FY24 Q4: 15.8% Revenue growth, TTM YoY, FY25 Q1: 14.3% Revenue growth, TTM YoY, FY25 Q2: 13.8% Revenue growth, TTM YoY, FY25 Q3: 14.1% Revenue growth, TTM YoY, FY25 Q4: 16.6% Revenue growth, TTM YoY, FY26 Q1: 18.3% Revenue growth, TTM YoY, FY26 Q2: 18.9% Revenue growth, TTM YoY, FY26 Q3: 22.1% 22.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 13.6%
FY24 Q1 15.4%
FY24 Q2 17.4%
FY24 Q3 17.7%
FY24 Q4 15.8%
FY25 Q1 14.3%
FY25 Q2 13.8%
FY25 Q3 14.1%
FY25 Q4 16.6%
FY26 Q1 18.3%
FY26 Q2 18.9%
FY26 Q3 22.1%
Operating margin (TTM) Emcor
6% 7% 8% 9% 10% 11% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 7.0% Operating margin (TTM), FY24 Q1: 7.5% Operating margin (TTM), FY24 Q2: 8.1% Operating margin (TTM), FY24 Q3: 8.7% Operating margin (TTM), FY24 Q4: 9.2% Operating margin (TTM), FY25 Q1: 9.4% Operating margin (TTM), FY25 Q2: 9.5% Operating margin (TTM), FY25 Q3: 9.4% Operating margin (TTM), FY25 Q4: 10.1% Operating margin (TTM), FY26 Q1: 10.1% Operating margin (TTM), FY26 Q2: 10.4% Operating margin (TTM), FY26 Q3: 10.4% 10.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 7.0%
FY24 Q1 7.5%
FY24 Q2 8.1%
FY24 Q3 8.7%
FY24 Q4 9.2%
FY25 Q1 9.4%
FY25 Q2 9.5%
FY25 Q3 9.4%
FY25 Q4 10.1%
FY26 Q1 10.1%
FY26 Q2 10.4%
FY26 Q3 10.4%
FCF margin (TTM) Emcor
6% 7% 8% 9% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.5% FCF margin (TTM), FY24 Q1: 7.9% FCF margin (TTM), FY24 Q2: 7.4% FCF margin (TTM), FY24 Q3: 9.0% FCF margin (TTM), FY24 Q4: 9.2% FCF margin (TTM), FY25 Q1: 8.7% FCF margin (TTM), FY25 Q2: 7.7% FCF margin (TTM), FY25 Q3: 7.1% FCF margin (TTM), FY25 Q4: 7.0% FCF margin (TTM), FY26 Q1: 6.1% FCF margin (TTM), FY26 Q2: 6.3% FCF margin (TTM), FY26 Q3: 7.5% 7.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.5%
FY24 Q1 7.9%
FY24 Q2 7.4%
FY24 Q3 9.0%
FY24 Q4 9.2%
FY25 Q1 8.7%
FY25 Q2 7.7%
FY25 Q3 7.1%
FY25 Q4 7.0%
FY26 Q1 6.1%
FY26 Q2 6.3%
FY26 Q3 7.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 5.2 4.9 5.6 6.2 6.3 6.4 6.7 7.6 7.7 8.1 9.2 8.8 9.9 11.1 12.6 14.6 17.0 19.8
Gross profit 0.8 0.7 0.7 0.8 0.8 0.9 0.9 1.0 1.1 1.2 1.4 1.4 1.5 1.6 2.1 2.8 3.3 3.9
EBITDA 0.3 −0.0 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.3 0.6 0.6 0.9 1.4 1.8 2.1
Operating income 0.3 −0.0 0.2 0.3 0.2 0.3 0.3 0.3 0.3 0.4 0.5 0.3 0.5 0.6 0.9 1.3 1.7 2.1
Net income 0.2 −0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.1 0.4 0.4 0.6 1.0 1.3 1.5
Diluted EPS $2.38 −$1.31 $1.91 $2.16 $1.82 $2.52 $2.72 $2.97 $3.82 $4.85 $5.75 $2.40 $7.06 $8.10 $13.31 $21.52 $28.19 $34.63
Growth (year on year)
Revenue −23.0% −7.2% +15.7% +10.4% +2.2% +1.4% +4.6% +12.4% +1.8% +5.8% +12.8% −4.1% +12.6% +11.8% +13.6% +15.8% +16.6% +22.1%
EBITDA −15.5% −100.4% — +22.4% −5.1% +18.0% −0.9% +6.9% +6.7% +19.7% +14.3% −39.9% +90.8% +5.7% +51.5% +51.1% +27.1% +34.8%
Operating income −17.3% −110.6% — +23.5% −7.7% +20.6% −1.0% +6.9% +7.2% +22.6% +14.3% −44.3% +106.7% +6.4% +55.0% +53.6% +27.4% +35.5%
Net income −11.8% −153.9% — +12.0% −15.5% — +2.1% +5.6% +24.9% +24.8% +14.7% −59.1% — +5.9% +55.9% +59.1% +26.4% +36.6%
Diluted EPS −12.2% −155.0% — +13.1% −15.7% — +7.9% +9.2% +28.6% +27.0% +18.6% −58.3% — +14.7% +64.3% +61.7% +31.0% +39.3%
Margins
Gross margin 15.0% 14.3% 13.1% 13.0% 13.0% 14.1% 14.1% 13.7% 14.9% 14.8% 14.8% 15.9% 15.2% 14.5% 16.6% 19.0% 19.3% 19.6%
EBITDA margin 5.3% −0.0% 4.2% 4.7% 4.4% 5.1% 4.8% 4.6% 4.8% 5.4% 5.5% 3.5% 5.8% 5.5% 7.4% 9.6% 10.5% 10.8%
Operating margin 4.8% −0.5% 3.8% 4.2% 3.8% 4.5% 4.3% 4.1% 4.3% 5.0% 5.0% 2.9% 5.4% 5.1% 7.0% 9.2% 10.1% 10.4%
Net margin 3.1% −1.8% 2.3% 2.4% 2.0% 2.6% 2.6% 2.4% 3.0% 3.5% 3.5% 1.5% 3.9% 3.7% 5.0% 6.9% 7.5% 7.8%
Free-cash-flow margin 6.4% 1.0% 2.1% 2.4% 1.8% 3.2% 3.4% 2.9% 4.3% 2.8% 3.3% 8.6% 2.9% 4.1% 6.5% 9.2% 7.0% 7.5%
Cash flow
Cash from operations 0.4 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.4 0.3 0.4 0.8 0.3 0.5 0.9 1.4 1.3 1.6
Capital spending 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1
Free cash flow 0.3 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.2 0.3 0.8 0.3 0.4 0.8 1.3 1.2 1.5
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.3 0.0 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.2 0.3 0.7 0.3 0.4 0.8 1.3 1.2 1.5
Balance sheet
Cash 0.7 0.7 0.5 0.6 0.4 0.4 0.5 0.5 0.5 0.4 0.4 0.9 0.8 0.5 0.8 1.3 1.1 0.8
Total debt 0.0 0.2 0.2 0.2 0.4 0.3 0.3 0.4 0.3 0.3 0.3 0.3 0.3 0.2 0.0 0.0 0.3 0.0
Net debt (negative = net cash) −0.7 −0.6 −0.4 −0.4 −0.1 −0.1 −0.2 −0.0 −0.2 −0.1 −0.0 −0.6 −0.6 −0.2 −0.8 −1.3 −0.9 −0.8
Diluted shares 67m 66m 68m 68m 68m 67m 63m 61m 60m 58m 57m 55m 54m 50m 48m 47m 45m 45m
Returned to shareholders
Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1
Buybacks 0.0 0.0 0.0 0.0 0.0 0.2 0.1 0.1 0.1 0.2 0.0 0.1 0.2 0.7 0.1 0.5 0.6 0.6
Total returned 0.0 0.0 0.0 0.1 0.0 0.2 0.1 0.1 0.1 0.2 0.0 0.1 0.2 0.7 0.2 0.5 0.6 0.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $11.2bn
Short-term assets $7.1bnLonger-term assets $4.2bn
What it owes, and who funded it · $11.2bn
Short-term liabilities $6.0bnLonger-term liabilities $914mShareholders' equity $4.3bn
  • Short-term assets cover short-term liabilities $7.1bn of assets due within a year against $6.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.1bn short-term assets against $914m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Emcor's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$611M
Dividends (TTM)
$64.4M
Returned to shareholders
46%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−2.0%
year over year
Total shareholder yield
2.3%
dividends 0.2% + buybacks 2.0% of market value
Dividend payout ratio
4%
of net income paid out
Sales & admin spending
9.7%
of revenue
Days sales outstanding
102 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated EME MTZ FLR ACM J FER Median
Revenue, last 12 months $19.8bn $17.3bn $15.5bn $15.4bn $14.2bn $10.9bn $1.5bn
Revenue growth, last 12 months 22.1% 25.7% −4.8% −4.2% 20.1% 10.0% 21.2%
Revenue growth, 3-year average 17.9% 13.8% 1.1% 3.3% 28.1% — 11.3%
Revenue growth, latest quarter 28.8% 29.9% 8.8% −14.2% 34.5% — 26.9%
Gross margin 19.6% — −0.8% 5.7% 22.1% — 13.0%
Operating margin 10.4% — −1.4% 4.1% 4.6% 34.0% 4.1%
Operating margin, 3-year average 9.5% — 1.0% 4.9% 5.9% — 5.4%
Net margin 7.8% 2.8% −12.8% 1.9% 2.4% 9.2% 1.9%
Cash from operations / revenue 8.1% 4.4% −1.8% 2.4% 5.2% 20.0% 4.4%
Free-cash-flow margin 7.5% 2.3% −2.1% 1.3% 4.5% 14.9% 2.3%
Free-cash-flow margin, 3-year average 7.9% 4.5% 0.5% 3.6% 5.5% — 5.5%
Stock pay / revenue 0.1% 0.2% 0.2% 0.3% 0.5% — 0.7%
Change in share count −2.0% 0.0% −10.8% −2.2% −3.3% −0.8% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 22.1% 21.2% 21 of 43
Change in growth rate Growth +3.2pp +3.2pp 22 of 43
Gross margin Profitability 19.6% 11.8% 12 of 39
Operating margin Profitability 10.4% 4.1% 8 of 39
Net margin Profitability 7.8% 2.1% 8 of 42
Free-cash-flow margin Cash generation 7.5% 2.3% 11 of 43
Stock pay as % of revenue Cash generation 0.1% 0.7% 1 of 33
Change in share count Balance sheet -2.0% 1.9% 8 of 40
Days sales outstanding Balance sheet 102 days 67 days 24 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$34.3B
Institutions reporting
1,234
Shares held vs prior quarter
▲ 0.1%
Positions opened / closed
159 / 73

Top buyers and sellers, Q2 2026: 648 institutions bought and 493 sold ; the biggest buyer was Goldman Sachs Group Inc (+280K shares) and the biggest seller FMR LLC (−624K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.4B 4.1M 10.0% ▲ 0.2%
Vanguard Capital Management LLC $2.4B 2.9M 7.0% 0.0%
Vanguard Portfolio Management LLC $1.7B 2.0M 4.8% ▼ 0.5%
State Street Corp $1.6B 2.0M 4.8% ▲ 2.3%
FMR LLC $1.1B 1.3M 3.2% ▼ 31.9%
Geode Capital Management, LLC $1.1B 1.3M 3.1% ▼ 13.2%
AQR Capital Management LLC $760M 931K 2.2% ▼ 0.7%
First Trust Advisors LP $641M 773K 1.9% ▲ 22.6%
Kayne Anderson Rudnick Investment Management LLC $509M 613K 1.5% ▼ 13.3%
Victory Capital Management Inc $488M 588K 1.4% ▼ 21.8%
Invesco Ltd. $482M 581K 1.4% ▼ 12.1%
Goldman Sachs Group Inc $475M 572K 1.4% ▲ 95.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Emcor's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2,300 2 trades by 1 insider, last 12 months Insider sales History → $40.8M 10 trades by 9 insiders · 64% under pre-set plans
Net ▼ $40.8M net selling
Insider Date Trade Shares Price Value
Mcevoy M Kevin Director September 1, 2026 Buy 2 $736.79 $1,474
Lowe Carol P Director June 17, 2026 Sell 950 $844.50 $802,275
Mcevoy M Kevin Director June 17, 2026 Buy 1 $826.31 $826
Reid William P Director May 11, 2026 Sell 2,000 $925.78 $1.9M
Altmeyer John W Director May 1, 2026 Sell 2,500 $895.00 $2.2M
Schwarzwaelder Steven Director April 30, 2026 Sell 5,602 $895.19 $5M
Nalbandian Jason R SVP, CFO, Chief Acct. Officer April 30, 2026 Sell 800 $856.43 $685,144
Lind Robert Peter VP and Controller April 30, 2026 Sell 675 $894.27 $603,632
Guzzi Anthony Chairman, President and CEO March 5, 2026 Sell pre-set plan 36,000 $729.48 $26.3M
Mauricio Maxine Lum CAO, EVP & General Counsel March 2, 2026 Sell 3,357 $735.00 $2.5M
Lind Robert Peter VP and Controller December 23, 2025 Sell 0 $625.09 $200
Walker-Lee Robin A Director November 3, 2025 Sell 1,325 $677.22 $897,316

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 14 trades and filings

In the last 12 months, 1 member of Congress disclosed 5 purchases and 3 sales of Emcor shares.

  • April McClain Delaney(D-MD 6):Sale (full), $100,001 - $250,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded May 28, 2026, filed June 5, 2026
  • April McClain Delaney(D-MD 6):Purchase, $1,001 - $15,000, traded March 10, 2026, filed April 6, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 29, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 29, 2026
  • February 26, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Emcor was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Emcor in brief

What does Emcor do?
Emcor is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Emcor's stock ticker?
Emcor trades under the ticker EME on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Emcor's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Emcor reported revenue of $19.8B, 22.1% higher than a year earlier, according to its SEC filings.
What is Emcor's free cash flow?
Emcor's free-cash-flow margin is 7.5% of revenue over the trailing twelve months, ranking 11 of the 43 construction & engineering companies we cover.
What is Emcor's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Emcor's free cash flow after stock-based pay gives ~$1500 per share in the base case, and ~$1100–$1900 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Emcor's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Emcor buying back stock, and does it pay a dividend?
Emcor spent $611M on share repurchases over the trailing twelve months, and its diluted share count fell 2.0% over the year.
What is Emcor's market cap?
On November 2, 2026, Emcor's market capitalisation was about $30.4B, with a price-to-earnings ratio of 19.7 and net debt of -$775M. Market figures come from third-party market data and may be delayed.
Does Emcor pay a dividend?
Yes: Emcor paid $64.4M in dividends over the trailing twelve months, a dividend yield of 0.21% and a payout ratio of 4.2%.
Who are Emcor's competitors?
In our Construction & Engineering peer group, the companies closest to Emcor are Mastec Inc, Fluor Corp, Aecom, Jacobs Solutions and Ferrovial N.V. The side-by-side comparison below sets their revenue, margins and growth against Emcor's.
Are insiders buying or selling Emcor stock?
Over the last 12 months, Emcor's directors and officers reported 2 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is Emcor's next earnings date?
Around January 29, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Emcor announces its own schedule.