EMCOR Group, Inc. EME
We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. In 2025, we had revenues of $16.99 billion. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries, which specialize principally in providing construction services relating to electrical and mechanical systems in all types of facilities and in providing various services relating to the operation, maintenance, and management of those facilities. Such operating subsidiaries are organized into the following reportable segments:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.99B | $14.57B | $12.58B | $11.08B | $9.90B | $8.80B | $9.17B | $8.13B | $7.69B | $7.55B |
| Cost of revenue | $13.70B | $11.80B | $10.49B | $9.47B | $8.40B | $7.40B | $7.82B | $6.93B | $6.54B | $6.51B |
| Gross profit | $3.28B | $2.77B | $2.09B | $1.60B | $1.50B | $1.40B | $1.36B | $1.21B | $1.15B | $1.04B |
| SG&A | $1.71B | $1.42B | $1.21B | $1.04B | $970.9M | $903.6M | $893.5M | $799.2M | $758.7M | $727.1M |
| Operating income | $1.71B | $1.34B | $875.8M | $564.9M | $530.8M | $256.8M | $460.9M | $403.1M | $328.9M | $306.9M |
| Interest expense | $12.0M | $3.8M | $17.2M | $13.2M | $6.1M | $9.0M | $13.8M | $13.5M | $12.8M | $12.6M |
| Pre-tax income | $1.72B | $1.38B | $872.9M | $558.8M | $529.3M | $252.3M | $450.9M | $395.0M | $318.7M | $296.5M |
| Income tax | $448.8M | $370.2M | $239.5M | $152.6M | $145.6M | $119.4M | $125.7M | $109.1M | $90.7M | $111.2M |
| Net income | $1.27B | $1.01B | $633.0M | $406.1M | $383.5M | $132.9M | $325.1M | $283.5M | $227.2M | $181.9M |
| EPS, basic | 28.30 | 21.61 | 13.37 | 8.13 | 7.09 | 2.41 | 5.78 | 4.88 | 3.84 | 3.00 |
| EPS, diluted | 28.19 | 21.52 | 13.31 | 8.10 | 7.06 | 2.40 | 5.75 | 4.85 | 3.82 | 2.97 |
| Shares, diluted (wtd. avg.) | $45.1M | $46.8M | $47.6M | $50.1M | $54.3M | $55.4M | $56.5M | $58.4M | $59.6M | $61.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.11B | $1.34B | $789.8M | $456.4M | $821.3M | $902.9M | $358.8M | $363.9M | $467.4M | $464.6M |
| Receivables | $4.24B | $3.58B | $3.20B | $2.57B | $2.20B | $1.92B | $2.03B | $1.77B | $1.61B | $1.50B |
| Total current assets | $5.94B | $5.39B | $4.45B | $3.46B | $3.39B | $3.12B | $2.66B | $2.39B | $2.28B | $2.17B |
| Property, plant and equipment | $253.3M | $207.5M | $179.4M | $157.8M | $152.1M | $158.4M | $156.2M | $134.4M | $127.2M | $128.0M |
| Goodwill | $1.41B | $1.02B | $956.5M | $919.2M | $890.3M | $851.8M | $1.06B | $990.9M | $964.9M | $979.6M |
| Other intangibles | $1.11B | $648.2M | $586.0M | $594.0M | $589.4M | $582.9M | $611.4M | $488.3M | $495.0M | $487.4M |
| Total assets | $9.29B | $7.72B | $6.61B | $5.52B | $5.44B | $5.06B | $4.83B | $4.09B | $3.97B | $3.85B |
| Accounts payable | $1.23B | $937.1M | $936.0M | $849.3M | $734.3M | $671.9M | $665.4M | $652.1M | $567.8M | $501.2M |
| Total current liabilities | $4.86B | $4.15B | $3.52B | $2.75B | $2.36B | $2.16B | $1.94B | $1.73B | $1.65B | $1.51B |
| Total liabilities | $5.62B | $4.78B | $4.14B | $3.55B | $3.19B | $3.01B | $2.77B | $2.35B | $2.29B | $2.31B |
| Retained earnings | $6.01B | $4.78B | $3.81B | $3.21B | $2.84B | $2.48B | $2.37B | $2.06B | $1.80B | $1.60B |
| Total equity | $3.67B | $2.94B | $2.47B | $1.97B | $2.25B | $2.05B | $2.06B | $1.74B | $1.67B | $1.54B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.30B | $1.41B | $899.7M | $497.9M | $318.8M | $806.4M | $355.7M | $271.0M | $366.0M | $262.4M |
| Depreciation and amortisation | $67.4M | $56.7M | $51.8M | $47.3M | $48.3M | $46.7M | $43.9M | $38.5M | $39.9M | $38.9M |
| Capital expenditure | $112.8M | $75.0M | $78.4M | $49.3M | $36.2M | $48.0M | $48.4M | $43.5M | $34.7M | $39.6M |
| Investing cash flow | -$873.6M | -$299.3M | -$161.3M | -$140.8M | -$153.1M | -$94.9M | -$345.3M | -$117.7M | -$138.1M | -$270.7M |
| Financing cash flow | -$663.8M | -$555.4M | -$412.1M | -$710.1M | -$245.5M | -$171.9M | -$19.2M | -$253.0M | -$228.5M | -$9.4M |
| Dividends paid | $45.0M | $43.4M | $32.7M | $27.2M | $28.2M | $17.7M | $17.9M | $18.6M | $19.0M | $19.5M |
| Buybacks | $586.3M | $489.8M | $127.7M | $660.6M | $195.5M | $112.6M | $0 | $216.2M | $93.2M | $94.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015809.
Others in SIC 1731
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|---|---|---|---|---|
| PWR | QUANTA SERVICES, INC. | $93.88B | 91.8x | 20.3% |
| FIX | COMFORT SYSTEMS USA INC | $56.67B | 55.8x | 29.5% |
| IESC | IES Holdings, Inc. | $6.43B | 21.5x | 16.9% |
| ENGS | Energys Group Ltd | — | — | — |
| MAGH | Magnitude International Ltd | — | — | — |