NYSE: EME
Emcor
Industrials · Electrical Work
52-week range
$564.92$951.96
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$33.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.22B |
| FY2017, ended Dec 31, 2017 | $4.77B |
| FY2018, ended Dec 31, 2018 | $3.34B |
| FY2019, ended Dec 31, 2019 | $4.86B |
| FY2020, ended Dec 31, 2020 | $5.01B |
| FY2021, ended Dec 31, 2021 | $6.71B |
| FY2022, ended Dec 31, 2022 | $7.06B |
| FY2023, ended Dec 31, 2023 | $10.1B |
| FY2024, ended Dec 31, 2024 | $20.6B |
| FY2025, ended Dec 31, 2025 | $27.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $33.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$19.8B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.55B |
| FY2017, ended Dec 31, 2017 | $7.69B |
| FY2018, ended Dec 31, 2018 | $8.13B |
| FY2019, ended Dec 31, 2019 | $9.17B |
| FY2020, ended Dec 31, 2020 | $8.80B |
| FY2021, ended Dec 31, 2021 | $9.90B |
| FY2022, ended Dec 31, 2022 | $11.1B |
| FY2023, ended Dec 31, 2023 | $12.6B |
| FY2024, ended Dec 31, 2024 | $14.6B |
| FY2025, ended Dec 31, 2025 | $17.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $19.8B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $182M | $223M |
| FY2017, ended Dec 31, 2017 | $227M | $331M |
| FY2018, ended Dec 31, 2018 | $284M | $228M |
| FY2019, ended Dec 31, 2019 | $325M | $307M |
| FY2020, ended Dec 31, 2020 | $133M | $758M |
| FY2021, ended Dec 31, 2021 | $384M | $283M |
| FY2022, ended Dec 31, 2022 | $406M | $449M |
| FY2023, ended Dec 31, 2023 | $633M | $821M |
| FY2024, ended Dec 31, 2024 | $1.01B | $1.33B |
| FY2025, ended Dec 31, 2025 | $1.27B | $1.19B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.54B | $1.48B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$775M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $465M |
| FY2017, ended Dec 31, 2017 | $467M |
| FY2018, ended Dec 31, 2018 | $364M |
| FY2019, ended Dec 31, 2019 | $359M |
| FY2020, ended Dec 31, 2020 | $903M |
| FY2021, ended Dec 31, 2021 | $821M |
| FY2022, ended Dec 31, 2022 | $456M |
| FY2023, ended Dec 31, 2023 | $790M |
| FY2024, ended Dec 31, 2024 | $1.34B |
| FY2025, ended Dec 31, 2025 | $1.11B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $775M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.—
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $408M |
| FY2017, ended Dec 31, 2017 | $310M |
| FY2018, ended Dec 31, 2018 | $296M |
| FY2019, ended Dec 31, 2019 | $294M |
| FY2020, ended Dec 31, 2020 | $277M |
| FY2021, ended Dec 31, 2021 | $262M |
| FY2022, ended Dec 31, 2022 | $247M |
| FY2023, ended Dec 31, 2023 | $5.30M |
| FY2024, ended Dec 31, 2024 | — |
| FY2025, ended Dec 31, 2025 | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 26.6% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.43.8M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 59.7M |
| FY2017, ended Dec 31, 2017 | 58.4M |
| FY2018, ended Dec 31, 2018 | 56.0M |
| FY2019, ended Dec 31, 2019 | 56.3M |
| FY2020, ended Dec 31, 2020 | 54.8M |
| FY2021, ended Dec 31, 2021 | 52.7M |
| FY2022, ended Dec 31, 2022 | 47.7M |
| FY2023, ended Dec 31, 2023 | 47.1M |
| FY2024, ended Dec 31, 2024 | 45.5M |
| FY2025, ended Dec 31, 2025 | 44.5M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 43.8M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$611M
Net: $611M more bought back than issued
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| Period | Bought back |
|---|---|
| FY2016, ended Dec 31, 2016 | $94.2M |
| FY2017, ended Dec 31, 2017 | $93.2M |
| FY2018, ended Dec 31, 2018 | $216M |
| FY2019, ended Dec 31, 2019 | $0 |
| FY2020, ended Dec 31, 2020 | $113M |
| FY2021, ended Dec 31, 2021 | $196M |
| FY2022, ended Dec 31, 2022 | $661M |
| FY2023, ended Dec 31, 2023 | $128M |
| FY2024, ended Dec 31, 2024 | $490M |
| FY2025, ended Dec 31, 2025 | $586M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $611M |
Revenue (TTM)
$19.8B
+22.1% YoY
Net income (TTM)
$1.54B
+36.6% YoY
Cash
$775M
+18.3% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $29.8B
- P/E
- 19.3×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.5×
- Price / Book
- 7.0×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $19.8B
- Revenue Growth YoY
- 22.1%
- Revenue CAGR 3Y
- 15.3%
- Revenue CAGR 5Y
- 14.1%
- EPS Growth YoY
- 39.3%
- Net Income Growth YoY
- 36.6%
Profitability
Trailing 12 months- Gross Margin
- 19.6%
- Operating Margin
- 10.4%
- Net Margin
- 7.8%
- FCF Margin
- 7.5%
- Return on Equity
- 40.6%
Earnings
Trailing 12 months- Net Income
- $1.54B
- EPS (diluted)
- $34.59
- EBITDA
- $2.28B
- Operating Income
- $2.07B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $775M
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $11.2B
- Total Liabilities
- $6.96B
- Shareholders' Equity
- $4.28B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.61B
- Capital Expenditure
- $129M
- Free Cash Flow
- $1.48B
Dividends and risk
Last 12 months- Dividend Yield
- 0.2%
- Dividend / Share
- $1.60
- Beta (5Y)
- 1.12
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 22.1% year over year, at $19.8B.
Note
Net margin of 7.8% over the last 12 months.
Note
Free cash flow of $1.48B, 7.5% of revenue.
Strength
Share count is down 2.2% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K73Good news
73Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 26, 2026 · Read the filing on EDGAR
- Revenue rose 16.6% to a record $16.99 billion, with about $1.27 billion from acquisitions, mainly Miller Electric, bought for about $876.8 million.
- Operating income rose to $1.71 billion, including a one-time $144.9 million gain from selling UK operations; excluding it, operating income still rose $223.7 million.
- Contracted future work grew to $13.25 billion from $10.10 billion, helped by acquisitions and data center contracts.
- Large project write-downs rose to $85.9 million from $66.3 million, and industrial services profit fell sharply, though both remain small against total profit.
Business momentum
Strong improvement
“Revenues of $16.99 billion for the year ended December 31, 2025 set a new annual record for the Company and represent an increase of 16.6% from revenues of $14.57 billion for the year ended December 31, 2024.”
Outlook
Neutral
“We believe that we have sufficient financial resources available to meet our short-term and foreseeable long-term liquidity requirements.”
Financial stress
None
“As of December 31, 2025, there were no direct borrowings outstanding under our revolving credit facility.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Contracted future work up sharply
“Our remaining performance obligations at December 31, 2025 were $13.25 billion, a $3.15 billion increase compared to remaining performance obligations of $10.10 billion at December 31, 2024.”
Record operating income even without the UK sale gain
“Excluding the impact of such gain, operating income increased by $223.7 million and established a new annual record for the Company.”
Strong cash and higher dividend
“In December 2025, our Board of Directors announced its intention to increase the regular quarterly dividend to $0.40 per share commencing with the dividend to be paid in January 2026.”
Concerns
Large project write-downs keep rising
“Total impact $ 85,941 $ 66,319 $ 29,057”
Electrical margin fell on projects in new regions
“lower profitability on certain projects in new geographies where we encountered reduced labor productivity or availability while investing in the development of a workforce”
Industrial services profit dropped
“Our United States industrial services segment’s operating income for the year ended December 31, 2025 was $25.0 million, or 2.0% of revenues, compared to operating income of $44.2 million, or 3.5% of revenues, for the year ended December 31, 2024.”
New risks since the previous report
Data center and AI spending could slow
“If such spending were to decrease, demand for our services could decline as we transition our resources to other sectors.”
Electricity limits could hold back data center projects
“At the same time, the availability or price of electricity may adversely impact the buildout of certain of our customers’ projects, including data centers”
Government spending cuts or funding delays
“Our business may be adversely affected by significant reductions in government spending, delays or disruptions in the government appropriations process”
Biggest risks named
- Economic slowdown or high interest rates reducing customer spending
- A drop in data center and AI construction spending
- Cost overruns and estimate changes on fixed price contracts
- Material price swings, supply disruptions and tariffs
- Skilled labor shortages and rising labor costs
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | +2 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 26, 2026 | 73 | Strong improvement | None | |
| 10-K | Feb 26, 2025 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 28, 2024 | 77 | Strong improvement | None | |
| 10-K | Feb 23, 2023 | 61 | Improving | 1 minor | |
| 10-K | Feb 24, 2022 | 70 | Strong improvement | None | |
| 10-K | Feb 25, 2021 | 36 | Sharp deterioration | 1 medium | |
| 10-K | Feb 27, 2020 | 64 | Improving | 1 medium | |
| 10-K | Feb 21, 2019 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 22, 2018 | 59 | Improving | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR