EMCOR Group, Inc. (EME)
Industrials · Construction & Engineering · US stock · S&P 500 component
$660.41
▼ -38.76 (5.54%)
Fair valueFair
$720 +9.0% to fair value
$360fair band $612–$872$1,080
Day's range
$653.56 – $686.87
52-week range
$564.92 – $951.96
About EMCOR Group, Inc.
EMCOR Group provides electrical and mechanical construction, industrial infrastructure and building services. It installs and maintains power, lighting, heating, cooling and ventilation systems for commercial, industrial, institutional and data center customers, and also offers facilities maintenance. Revenue comes from construction contracts and recurring service work, so results depend on project backlog and nonresidential building activity.
The company reported revenue of $18.6 billion for the last twelve months at EMCOR Group, Inc.. Revenue growth over the past three years averaged 15.3% a year. It kept an operating margin of 10.4%. The return on invested capital reached 45%, a measure of profit earned on the money invested in the business. The company pays a dividend, and the yield is 0.2%. On the site's X-Ray Score, it rates 69 out of 100.
Price chart
52-wk range $564.92 – $951.96Volume 644,288Daily, split-adjusted
Vitals
Market cap$29.4B
52-week range$564.92 – $951.96
Volume (last day)644,288
P/E (TTM)20.6
EBIT / EV yield6.8%
Free-cash-flow yield4.0%
Dividend yield0.2%
Revenue (TTM)$18.6B
Net income (TTM)$1.4B
Operating margin10.4%
Return on capital45.2%
Debt incl. leasesData missing
Cash & securities$924M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$720middle half of models $641 – $816
Fair
+9.0% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $660
Undervalued < $612Fair $612 – $872Overvalued > $872
P/E multiple
$650
P/B multiple
$559
P/S multiple
$641
EV/EBITDA multiple
$899
EV/EBIT multiple
$816
EV/revenue multiple
$661
10-year DCF, EBITDA exit
$827
5-year DCF, EBITDA exit
$828
10-year DCF, revenue exit
$804
5-year DCF, revenue exit
$788
10-year DCF, growth exit
$654
5-year DCF, growth exit
$617
Dividend discount, stable · not used
$71
Dividend discount, multi-stage · not used
$84
Earnings power value
$611
Growth the price implies
11.1%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
74/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield6.8%
Free-cash-flow yield4.0%
Fair value vs price1.1×
Growth
Strong
88/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)15.3%
EPS growth (3y)51.5%
Growth consistency100%
Profitability
Fair
53/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital45.2%
Operating margin10.4%
Gross profitability35.6%
Financial health
Strong
70/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score7 / 9
Interest coverNo interest cost
Dividends
Fair
53/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.2%
Dividends vs free cash flow6%
Dividend growth18.3%
Quarterly results: last 6 quarters
+12.7%
Mar '25
+17.4%
Jun '25
+16.4%
Sep '25
+19.7%
Dec '25
+19.7%
Mar '26
+19.8%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $5.2B, diluted EPS $9.06.
Compare with peers
FIX Comfort Systems Usa In...52 PWR Quanta Services, Inc.45 J Jacobs Solutions Inc.42Other Construction & Engineering companies by X-Ray Score.
SWOT analysis: EMCOR Group, Inc.
Strengthsinside the company
- Return on invested capital is 45.2%, against a median of 10.3% for industry peers.
- Revenue has grown 15.3% a year over three years (median 7.1% for industry peers).
- Earnings per share have compounded at 51.5% a year over three years.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Trades at 20.4x earnings, 60% below the 51.4x median of industry peers.
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare EME with peers and sector
Medians of 3 Construction & Engineering peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): PWR 45, FIX 52, J 42.
| Metric | EME | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 69 | 45 | 50 |
| Valuation | 74 | 26 | 44 |
| Growth | 88 | 53 | 50 |
| Profitability | 53 | 46 | 50 |
| Financial health | 70 | 31 | 49 |
| Dividends | 53 | 62 | 53 |
Sector leaders: highest X-Ray Score in Industrials
EME ranks #2 of 81 in Industrials and #1 of 4 in Construction & Engineering by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for EME
Each factor is rated by where EME stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 11 Good · 3 Average · 7 Bad of 21
Growth: 3 · 0 · 0
Profitability: 2 · 0 · 3
Financial strength: 2 · 1 · 0
Valuation: 3 · 2 · 0
Cash flow: 1 · 0 · 3
Efficiency: 0 · 0 · 1
| Factor | EME | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +15.3% | Good beats 88% | +5.6% | – | – |
| Revenue growth, last year | +16.6% | Good beats 89% | +4.5% | +13.6% | ▲ Better |
| EPS growth, 3 years a year | +51.5% | Good beats 94% | +5.7% | – | – |
| Profitability | |||||
| Gross margin | 19.4% | Bad beats 8% | 38.0% | 16.6% | ▲ Better |
| Operating margin | 10.4% | Bad beats 29% | 17.5% | 7.0% | ▲ Better |
| Net margin | 7.7% | Bad beats 27% | 12.8% | 5.0% | ▲ Better |
| Return on invested capital | 45.2% | Good beats 93% | 14.9% | – | – |
| Return on equity | 35.3% | Good beats 72% | 23.7% | 25.6% | ▲ Better |
| Financial strength | |||||
| Interest cover | 50.0x | Good beats 76% | 21.4x | 50.0x | ≈ In line |
| Current ratio | 1.28 | Average beats 54% | 1.25 | 1.26 | ≈ In line |
| Piotroski F-score | 7 / 9 | Good beats 68% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 20.4x | Good beats 77% | 28.9x | 18.3x | ▼ Worse |
| Price / book | 7.2x | Average beats 42% | 6.2x | 4.1x | ▼ Worse |
| Price / sales | 1.6x | Good beats 82% | 3.5x | 0.8x | ▼ Worse |
| EV / EBITDA | 14.8x | Good beats 75% | 18.5x | 11.0x | ▼ Worse |
| Free cash flow yield | 4.0% | Average beats 53% | 3.8% | 6.0% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 6.3% | Bad beats 15% | 13.8% | 6.5% | ≈ In line |
| Cash from operations / net income | 0.90 | Bad beats 4% | 1.39 | 1.23 | ▼ Worse |
| Free cash flow growth, 3 years a year | +38.4% | Good beats 90% | +14.5% | – | – |
| Accruals (lower is better) | +1.5% | Bad beats 4% | −3.2% | – | – |
| Efficiency | |||||
| Days sales outstanding | 100 days | Bad beats 2% | 57 days | 90 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 11 Good · ● 2 Average · ● 2 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginBad
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 68/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $9.9B | $11.1B | $12.6B | $14.6B | $17.0B |
| Operating income | $531M | $565M | $876M | $1.3B | $1.7B |
| Net income | $384M | $406M | $633M | $1.0B | $1.3B |
| Operating cash flow | $319M | $498M | $900M | $1.4B | $1.3B |
| Operating margin | 5.4% | 5.1% | 7.0% | 9.2% | 10.1% |
| Free cash flow | $283M | $449M | $821M | $1.3B | $1.2B |
| Diluted EPS | $7.06 | $8.10 | $13.31 | $21.52 | $28.19 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
4 bullish · 0 neutral · 12 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Bearish
2 bullish · 1 neutral · 5 bearish
Moving averages (daily)
| SMA 10 | 732.1 | Bearish |
| EMA 10 | 720.4 | Bearish |
| SMA 20 | 754.2 | Bearish |
| EMA 20 | 739.5 | Bearish |
| SMA 50 | 761.1 | Bearish |
| EMA 50 | 758.0 | Bearish |
| SMA 100 | 779.3 | Bearish |
| EMA 100 | 769.5 | Bearish |
| SMA 200 | 780.6 | Bearish |
| EMA 200 | 752.3 | Bearish |
Oscillators (daily)
| RSI (14) | 27.87 | Bullish |
| MACD (12, 26) | -18.83 | Bearish |
| Momentum (12) | -19.86 | Bearish |
| Stochastic %K (14) | 3.80 | Bullish |
| Williams %R (14) | -96.20 | Bullish |
| CCI (20) | -206.0 | Bullish |
Pivot points (classic, last session)
S3 613.7 | S2 633.6 | S1 647.0 | Pivot 666.9 | R1 680.3 | R2 700.3 | R3 713.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.60 USD
Yield on today's price
0.24%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.2500 | |
| 0.1800 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold EME
| ETF | Share of the fund |
|---|---|
| AIRR First Trust RBA American Industrial Re... | 3.75% |
| PAVE Global X U.S. Infrastructure Developme... | 2.01% |
| ASCE Allspring SMID Core | 1.59% |
| RPG Invesco S&P 500 Pure Growth | 1.58% |
| IFRA iShares U.S. Infrastructure | 1.29% |
| RSPN Invesco S&P 500 Equal Weight Industria... | 1.22% |
| IWP iShares Russell Mid-Cap Growth | 1.00% |
| SDVY First Trust SMID Cap Rising Dividend A... | 0.98% |
The eight funds with the largest weight in EME among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
EME stock splits
EME has split its stock 2 times since 2006. The latest was a 2-for-1 split on 10 Jul 2007.
Full EME stock split history →EME SEC filings
8-KSEC EDGAR
Current report
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.