At a glance
EMCOR Group Inc is worth $29.89B, about 24 times its fiscal 2025 earnings. Revenue grew 16.6% to $16.99B in fiscal 2025, with 7.5% kept as profit; over 5 years it has grown 14.1% a year. It pays a 0.23% dividend yield, raised every year for at least 5 years, and returned $2.24B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +1.3% over the past year with dividends reinvested and +41.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.1% in the 2020 crash (S&P 500: 33.7%) and 25.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 4 months after the lows.
The business in plain English
EMCOR Group is one of the largest specialty contractors in the United States. That means it handles particular trades inside a building rather than putting up the whole structure. Through about 100 operating subsidiaries, it designs, installs and maintains electrical and mechanical systems: power distribution, lighting, heating, ventilation and air conditioning (HVAC), plumbing, fire protection and data cabling. Revenue was $16.99 billion in 2025. Customers include technology, manufacturing, healthcare, utility and government organizations. EMCOR works directly for building owners and also as a subcontractor to general contractors.
Construction work produced about 72% of 2025 revenue, split roughly 58% mechanical and 42% electrical. Big projects of $10 million to more than $200 million made up about 58% of construction revenue and can run for several years. The company credits data centers for artificial intelligence and cloud computing, new high-tech factories and manufacturing moving back to the US for much of its demand growth.
Building services, about 21% of revenue, covers maintenance, HVAC retrofits, building controls, facility management, janitorial work and snow removal. Industrial services, about 7%, serves refineries and petrochemical plants. About 97% of 2025 revenue came from the US and 3% from the UK. EMCOR sold its UK operations on December 1, 2025, leaving four US segments.
Price history
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EME +1.3% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $5.54B, up 28.8% from a year earlier, and net income was $399.9M (+35.4%).
- For fiscal 2025, revenue was $16.99B (+16.6% year over year; +14.1% a year from FY2020 to FY2025) with a 7.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.1% good |
|---|---|
| Operating margin | 10.1% watch |
| Free cash flow margin | 7% watch |
| Return on equity (FY2025) | 34.6% good |
| Return on assets (FY2025) | 13.7% good |
| Cash and investments | $774.8M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.80B | $132.9M | $758.4M |
| FY2021 | $9.90B | $383.5M | $282.6M |
| FY2022 | $11.08B | $406.1M | $448.6M |
| FY2023 | $12.58B | $633.0M | $821.3M |
| FY2024 | $14.57B | $1.01B | $1.33B |
| FY2025 | $16.99B | $1.27B | $1.19B |
Valuation snapshot
| Market value | $29.89B |
|---|---|
| P/E ratio | 24.2 |
| Dividend yield | 0.23% |
Rank among 1514 US companies
Market value at each year end
EMCOR Group’s market value went from $4.29B at the end of 2016 to $29.89B on Nov 2, 2026, about 7.0 times as much; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $29.89B | +9.1% |
| 2025 | $27.39B | +31.2% |
| 2024 | $20.88B | +106.0% |
| 2023 | $10.13B | +43.6% |
| 2022 | $7.06B | +3.8% |
| 2021 | $6.80B | +35.3% |
| 2020 | $5.02B | +3.7% |
| 2019 | $4.85B | +41.0% |
| 2018 | $3.44B | -28.5% |
| 2017 | $4.81B | +12.0% |
| 2016 | $4.29B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EME price data to Nov 2, 2026 | +11.8% | +1.3% | +49.1% | +41.4% | +28.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.8% |
| 2025 | +35.0% |
| 2024 | +111.3% |
| 2023 | +46.0% |
| 2022 | +16.8% |
| 2021 | +39.9% |
| 2020 | +6.5% |
| 2019 | +45.2% |
| 2018 | -26.7% |
| 2017 | +16.1% |
| 2016 | +48.2% |
| 2015 | +8.7% |
| 2014 | +5.6% |
| 2013 | +23.2% |
| 2012 | +31.2% |
| 2011 | -7.3% |
| 2010 | +7.7% |
| 2009 | +19.9% |
| 2008 | -5.1% |
| 2007 | -16.9% |
| 2006 | +68.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.7% over that stretch · deepest drop along the way 67.4%, back to its old high 48.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.2% over that stretch · deepest drop along the way 46.1%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.4% over that stretch · deepest drop along the way 25.8%, back to its old high 4.3 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 2 open-market purchases ($2K) and 6 sales ($11.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 30, 2026 | Steven Schwarzwaelder Director | sell | $5.0M |
| May 1, 2026 | John W Altmeyer Director | sell | $2.2M |
| May 11, 2026 | William P Reid Director | sell | $1.9M |
| Jun 17, 2026 | Carol P Lowe Director | sell | $802K |
| Apr 30, 2026 | Jason R Nalbandian SVP, CFO, Chief Acct. Officer | sell | $685K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8% | Sep 30, 2025 |
| Vanguard Capital Management | 7.48% | Mar 31, 2026 |
| FMR LLC | 4.4% | Mar 31, 2026 |
| Kayne Anderson Rudnick Investment Management, LLC | 2.75% | Dec 31, 2024 |
ETFs with the most weight in EME
| PKB Invesco Building & Construction ETF | 5.1% |
| XMHQ Invesco S&P MidCap Quality ETF | 3.65% |
| GLRY Inspire Momentum ETF | 3.23% |
| XMMO Invesco S&P MidCap Momentum ETF | 3.06% |
| VLLU Harbor AlphaEdge Large Cap Value ETF | 3.06% |
| AIRR First Trust RBA American Industrial Renaissance ETF | 2.79% |
| BUL Pacer US Cash Cows Growth ETF | 2.38% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 2.2% |
What could go wrong
- Fixed-price contracts can turn into losses. EMCOR depends on fixed-price and similar contracts. If labor, materials or equipment cost more than planned, including from inflation, tariffs or supply shortages, the company generally absorbs the overrun.
- Profits rest on project estimates. EMCOR books revenue on most construction projects using estimates of cost and progress. Wrong estimates can force profit cuts later. Contracted work it expects may also be delayed, canceled or earn less than planned.
- Downturns and client cycles can hit demand. Customers have delayed or canceled projects in past slowdowns and credit crunches. Client industries are cyclical, growth has leaned on data centers and high-tech plants, and EMCOR has traditionally lagged economic recoveries.
- Skilled labor and union pension obligations. EMCOR needs skilled tradespeople, and shortages could limit growth. It also has a unionized workforce and participates in many multiemployer pension plans (shared by many employers), which could result in substantial liabilities.
- Needs surety bonds to win big projects. Large projects often require surety bonds, guarantees from an insurer that EMCOR will finish the work. If it could not get enough bonding, the company could be shut out of some projects.
- Growth relies partly on acquisitions. EMCOR grows partly by acquiring other businesses. Overpaying or struggling to integrate them could hurt results and force write-downs of goodwill, the premium paid above the value of a target's identifiable assets.
Recent events
- Quarterly results released
- Item 1.04
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
EMCOR pays a dividend, but a small one. Dividends per share rose five years in a row, from $0.32 in 2020 to $1.00 in 2025, about 25.6% a year. The payout used only about 3.5% of 2025 earnings and 3.8% of free cash flow (cash left after capital spending), and the yield was 0.24% as of October 28, 2026. Buybacks matter far more: about $2.06 billion from 2021 to 2025, against $176 million in dividends. They helped shrink the share count 17.4% between October 2021 and July 2026. For income investors, that means little cash income, and most of any return has to come from the share price.
The stock has fallen hard in past downturns. It dropped 67.4% in the 2008 financial crisis and took about 49 months to recover. It fell 46.1% in the 2020 COVID crash, recovering in about 9 months, and 25.8% in the 2022 bear market. Single stocks carry more risk than diversified funds.
Questions investors ask
How does EMCOR make money?
EMCOR makes money installing and maintaining electrical and mechanical systems in buildings and plants. Construction work produced about 72% of its $16.99 billion of 2025 revenue. Mechanical work, such as heating, ventilation and air conditioning (HVAC), plumbing and fire protection, was larger than electrical work. Building services, including maintenance, retrofits and facility management, added about 21%. Industrial services for refineries and petrochemical plants added about 7%. Large projects of $10 million or more made up about 58% of construction revenue.
Does EMCOR raise its dividend every year?
It has for five straight years. Dividends per share rose each year, from $0.32 in 2020 to $1.00 in 2025, about 25.6% a year. The dividend is small, though. It used about 3.5% of 2025 earnings, and the yield was 0.24% as of October 28, 2026. EMCOR returns far more cash through share buybacks, which totaled about $2.06 billion from 2021 to 2025, against $176 million in dividends.
What is EMCOR's P/E ratio?
It was about 24.1 as of October 28, 2026, based on diluted earnings of $28.19 per share for 2025. The price-to-earnings (P/E) ratio shows how many dollars investors pay for each dollar of yearly profit. That price comes alongside fast growth: 2025 revenue rose 16.6% and net income rose 26.4%. In the quarter ended June 30, 2026, revenue grew 19.8% and net income 33.6% from a year earlier. If growth slows, the multiple could shrink.
Does EMCOR have debt?
EMCOR appears to carry little or no borrowed money. No borrowings show up in its reported balance sheet figures as of June 30, 2026. Those figures listed $924 million of cash and investments and $4.08 billion of shareholders' equity. The company does have a revolving credit facility, a bank line it can draw on when needed. Borrowings under it carry variable interest rates, so higher rates would raise its interest costs if it uses the line.
How has EMCOR stock performed?
Strongly over the long run, with sharp swings. As of October 28, 2026, the share price had risen about 40.8% a year over five years and 27.8% a year over ten years. It gained 111% in 2024 and 35% in 2025. The past year was harder. The stock was down 9.5% over one year and 21.4% over six months, and at one point it was 31.3% below its peak for that year.