EMCOR Group
ConvictionModerate
Asset-light, labor-driven specialty contractor: bids and executes electrical & mechanical construction (new-build + retrofit) on a project basis (fixed-price and cost-plus), plus recurring building-services (O&M, mechanical maintenance) and industrial-services (refinery turnarounds). Growth via organic project wins in high-demand end-markets plus a serial bolt-on acquisition rollup of local/regional contractors funded by internal cash flow.
Revenue
$16.99BFY2025); $4.63B (Q1 2026, +19.7% y/yRev growth
+16.6% FY2025from $14.56B FY2024; +7.9% organic); +19.7% y/y Q1 2026 (16.8% organicGross margin
~18-19%specialty-contractor gross margin; not the headline metric management guides toOp margin
10.1% GAAP FY2025incl. ~85bps one-time UK-sale gain; ex-gain GAAP ~9.2-9.3%). Management's non-GAAP operating margin was 9.7%, DOWN from 10.3% a year ago — underlying margin softened modestly, not expanded. Q1 2026 8.7%.Capex intensity
~0.7% of revenuecapex ~$0.11-0.12B FY2025) — asset-light; capital goes to prefab shops, fleet, tooling, digitalMarket cap
~$35BNYSE: EME, approx intraday, early July 2026; aggregator prints range ~$34-37B on daily price swingsThe read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for EMCOR Group
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence