EMCOR Group (EME) Financials

$610.34 -0.51 (-0.08%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$607.44 -2.90 (-0.48%)

As of 08/22/2025 07:36 PM Eastern

Annual Income Statements for EMCOR Group

This table shows EMCOR Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	169	172	182	227	284	325	133	384	406	633	1,007
Consolidated Net Income / (Loss)	173	173	182	227	284	325	133	384	406	633	1,007
Net Income / (Loss) Continuing Operations	178	173	185	228	286	325	133	384	406	633	1,007
Total Pre-Tax Income	282	279	296	319	395	451	252	529	559	873	1,377
Total Operating Income	290	287	307	329	403	461	257	531	565	876	1,345
Total Gross Profit	907	944	1,038	1,147	1,205	1,356	1,395	1,502	1,604	2,089	2,765
Total Revenue	6,425	6,719	7,552	7,687	8,131	9,175	8,797	9,904	11,076	12,583	14,566
Operating Revenue	6,425	6,719	7,552	7,687	8,131	9,175	8,797	9,904	11,076	12,583	14,566
Total Cost of Revenue	5,518	5,774	6,514	6,540	6,925	7,819	7,402	8,402	9,473	10,494	11,801
Operating Cost of Revenue	5,518	5,774	6,514	6,540	6,925	7,819	7,402	8,402	9,473	10,494	11,801
Total Operating Expenses	617	657	731	818	802	895	1,139	971	1,039	1,214	1,420
Selling, General & Admin Expense	626	657	727	759	799	893	904	971	1,039	1,211	1,420
Impairment Charge	1.47	0.00	2.43	58	0.91	0.00	233	0.00	0.00	2.35	0.00
Total Other Income / (Expense), net	-8.23	-8.26	-10	-10	-8.06	-10	-4.51	-1.50	-6.13	-2.90	33
Interest Expense	9.08	8.93	13	13	14	14	9.01	6.07	13	17	3.78
Interest & Investment Income	0.84	0.67	0.66	0.97	2.75	2.27	1.52	0.95	2.76	15	35
Other Income / (Expense), net	-	-	1.53	1.65	2.74	1.55	2.98	3.63	4.31	-1.12	0.89
Income Tax Expense	104	106	111	91	109	126	119	146	153	240	370
Net Income / (Loss) Attributable to Noncontrolling Interest	4.76	0.22	0.22	-0.00	0.05	0.00	0.00	0.17	0.00	0.34	0.00
Basic Earnings per Share	$2.54	$2.74	$3.00	$3.84	$4.88	$5.78	$2.41	$7.09	$8.13	$13.37	$21.61
Weighted Average Basic Shares Outstanding	66.33M	62.79M	60.77M	59.25M	58.11M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M
Diluted Earnings per Share	$2.52	$2.72	$2.97	$3.82	$4.85	$5.75	$2.40	$7.06	$8.10	$13.31	$21.52
Weighted Average Diluted Shares Outstanding	66.33M	62.79M	60.77M	59.25M	58.11M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M
Weighted Average Basic & Diluted Shares Outstanding	66.33M	62.79M	60.77M	59.25M	58.11M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M
Cash Dividends to Common per Share	$0.32	$0.32	$0.32	$0.32	$0.32	$0.32	$0.32	$0.52	$0.54	$0.69	$0.93

This table shows EMCOR Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	126	111	141	169	212	197	248	270	292	241	302
Consolidated Net Income / (Loss)	126	111	141	170	212	197	248	270	292	241	302
Net Income / (Loss) Continuing Operations	126	111	141	170	212	197	248	270	292	241	302
Total Pre-Tax Income	174	153	194	235	292	268	339	372	398	324	412
Total Operating Income	177	155	197	235	289	260	333	364	389	319	415
Total Gross Profit	455	436	490	545	618	589	684	735	757	723	834
Total Revenue	2,950	2,890	3,046	3,208	3,439	3,432	3,667	3,697	3,770	3,867	4,304
Operating Revenue	2,950	2,890	3,046	3,208	3,439	3,432	3,667	3,697	3,770	3,867	4,304
Total Cost of Revenue	2,495	2,454	2,556	2,662	2,821	2,843	2,983	2,962	3,013	3,145	3,471
Operating Cost of Revenue	2,495	2,454	2,556	2,662	2,821	2,843	2,983	2,962	3,013	3,145	3,471
Total Operating Expenses	278	281	293	310	329	329	351	371	368	404	419
Selling, General & Admin Expense	278	281	293	308	329	329	351	371	368	404	419
Total Other Income / (Expense), net	-3.18	-2.11	-2.97	-0.37	2.55	7.76	6.33	8.54	9.89	5.44	-3.19
Interest Expense	6.97	1.83	2.69	0.09	13	-7.54	-6.11	-8.31	26	-5.39	3.24
Other Income / (Expense), net	-	-	-0.28	-0.28	-	-	0.22	0.23	-	-	0.06
Income Tax Expense	48	41	53	65	80	71	92	102	106	84	110
Basic Earnings per Share	$2.59	$2.33	$2.97	$3.59	$4.48	$4.18	$5.27	$5.83	$6.33	$5.27	$6.74
Weighted Average Basic Shares Outstanding	47.69M	47.55M	47.14M	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M
Diluted Earnings per Share	$2.56	$2.32	$2.95	$3.57	$4.47	$4.17	$5.25	$5.80	$6.30	$5.26	$6.72
Weighted Average Diluted Shares Outstanding	47.69M	47.55M	47.14M	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M
Weighted Average Basic & Diluted Shares Outstanding	47.69M	47.55M	47.14M	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M
Cash Dividends to Common per Share	$0.15	$0.15	$0.18	$0.18	$0.18	$0.18	$0.25	$0.25	$0.25	$0.25	$0.25

This table details how cash moves in and out of EMCOR Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-7.76	55	-24	2.73	-103	-6.29	544	-81	-366	333	551
Net Cash From Operating Activities	247	267	262	366	271	356	806	319	498	900	1,408
Net Cash From Continuing Operating Activities	247	267	262	366	271	356	806	318	498	900	1,408
Net Income / (Loss) Continuing Operations	173	173	182	227	284	325	133	384	406	633	1,007
Consolidated Net Income / (Loss)	173	173	182	227	284	325	133	384	406	633	1,007
Depreciation Expense	37	36	39	40	38	44	47	48	47	52	57
Amortization Expense	39	39	42	50	44	49	61	65	62	68	78
Non-Cash Adjustments To Reconcile Net Income	-24	-3.09	6.48	89	-16	4.38	255	-31	-34	27	29
Changes in Operating Assets and Liabilities, net	21	22	-7.40	-40	-79	-67	310	-148	16	119	237
Net Cash From Investing Activities	-22	-60	-271	-138	-118	-345	-95	-153	-141	-161	-299
Net Cash From Continuing Investing Activities	-22	-60	-271	-138	-118	-345	-95	-153	-141	-161	-299
Purchase of Property, Plant & Equipment	-38	-35	-40	-35	-43	-48	-48	-36	-49	-78	-75
Acquisitions	-3.87	-28	-233	-108	-76	-303	-50	-120	-99	-96	-228
Sale of Property, Plant & Equipment	19	3.85	2.02	4.01	1.24	5.49	3.46	2.75	7.15	14	3.84
Net Cash From Financing Activities	-230	-149	-9.43	-228	-253	-19	-172	-245	-710	-412	-555
Net Cash From Continuing Financing Activities	-230	-149	-9.43	-228	-253	-19	-172	-245	-710	-412	-555
Repayment of Debt	-19	-20	-514	-117	-17	-45	-541	-18	-287	-449	-2.86
Repurchase of Common Equity	-202	-104	-94	-93	-216	0.00	-113	-196	-661	-128	-490
Payment of Dividends	-26	-30	-22	-19	-19	-18	-18	-28	-27	-33	-43
Issuance of Debt	0.00	0.00	620	0.00	0.00	50	500	0.00	270	200	0.00
Issuance of Common Equity	3.62	4.22	4.81	4.79	5.77	6.09	6.56	7.33	8.18	9.19	0.94
Other Financing Activities, net	14	1.23	-3.48	-4.48	-7.19	-12	-6.71	-11	-13	-12	-20
Effect of Exchange Rate Changes	-2.80	-2.61	-6.68	3.24	-3.42	2.59	4.05	-1.28	-13	6.37	-2.60

This table details how cash moves in and out of EMCOR Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	52	-36	82	21	266	53	-34	229	304	-763	-90
Net Cash From Operating Activities	260	-85	300	261	424	132	280	526	469	108	194
Net Cash From Continuing Operating Activities	260	-85	300	261	424	132	280	526	469	108	194
Net Income / (Loss) Continuing Operations	126	111	141	170	212	197	248	270	292	241	302
Consolidated Net Income / (Loss)	126	111	141	170	212	197	248	270	292	241	302
Depreciation Expense	12	13	13	13	13	13	14	14	15	16	17
Amortization Expense	17	16	16	17	19	16	20	20	21	26	30
Non-Cash Adjustments To Reconcile Net Income	-43	4.25	-0.40	5.34	18	14	4.79	2.48	8.46	12	5.21
Changes in Operating Assets and Liabilities, net	147	-229	130	56	162	-108	-6.90	219	133	-187	-160
Net Cash From Investing Activities	-18	-25	-23	-86	-27	-19	-192	-33	-56	-875	-63
Net Cash From Continuing Investing Activities	-18	-25	-23	-86	-27	-19	-192	-33	-56	-875	-63
Purchase of Property, Plant & Equipment	-11	-23	-13	-20	-22	-20	-19	-18	-18	-26	-28
Acquisitions	-7.58	-12	-11	-67	-6.75	-0.10	-173	-16	-39	-851	-37
Sale of Property, Plant & Equipment	0.25	9.58	0.93	1.50	1.59	0.94	0.72	1.11	1.07	1.33	1.25
Net Cash From Financing Activities	-198	72	-198	-150	-136	-59	-122	-274	-100	-0.83	-230
Net Cash From Continuing Financing Activities	-198	72	-198	-150	-136	-59	-122	-274	-100	-0.83	-230
Repayment of Debt	-185	-0.78	-101	-143	-204	-0.77	-0.62	-0.75	-0.71	-0.78	-276
Repurchase of Common Equity	-4.04	-16	-89	-	-22	-39	-110	-256	-84	-225	-207
Payment of Dividends	-7.15	-7.15	-8.56	-8.48	-8.49	-8.47	-12	-12	-12	-11	-11
Issuance of Debt	-	100	-	-	100	0.00	-	-	-	250	275
Other Financing Activities, net	-3.73	-6.70	-1.62	-0.16	-3.42	-12	-0.12	-4.76	-3.73	-14	-11
Effect of Exchange Rate Changes	8.03	2.24	3.62	-5.00	5.52	-1.14	0.21	8.30	-9.98	4.87	9.69

This table presents EMCOR Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,389	3,543	3,852	3,966	4,089	4,830	5,064	5,441	5,525	6,610	7,716
Total Current Assets	1,887	2,066	2,169	2,285	2,386	2,660	3,121	3,391	3,462	4,447	5,389
Cash & Equivalents	432	487	465	467	364	359	903	821	456	790	1,340
Accounts Receivable	1,234	1,360	1,495	1,608	1,774	2,031	1,922	2,205	2,567	3,203	3,578
Inventories, net	47	38	37	43	42	40	53	54	86	111	96
Prepaid Expenses	70	64	41	44	48	52	71	81	79	73	92
Other Current Assets	103	118	131	123	158	178	172	230	273	270	285
Plant, Property, & Equipment, net	122	122	128	127	134	156	158	152	158	179	207
Total Noncurrent Assets	1,380	1,355	1,555	1,554	1,568	2,014	1,784	1,898	1,905	1,983	2,120
Goodwill	834	843	980	965	991	1,064	852	890	919	957	1,018
Intangible Assets	502	473	487	495	488	611	583	589	594	586	648
Other Noncurrent Operating Assets	35	30	80	92	89	339	350	419	392	441	453
Total Liabilities & Shareholders' Equity	3,389	3,543	3,852	3,966	4,089	4,830	5,064	5,441	5,525	6,610	7,716
Total Liabilities	1,960	2,063	2,314	2,292	2,347	2,773	3,011	3,188	3,550	4,139	4,778
Total Current Liabilities	1,283	1,412	1,512	1,651	1,734	1,939	2,163	2,362	2,754	3,518	4,154
Accounts Payable	460	488	501	568	652	665	672	734	849	936	937
Current Deferred Revenue	369	429	489	-	-	-	722	-	1,098	1,595	2,048
Current Employee Benefit Liabilities	246	268	311	323	343	383	451	491	465	597	751
Other Current Liabilities	189	209	196	745	723	873	301	1,063	325	390	418
Total Noncurrent Liabilities	676	650	803	641	613	834	847	827	797	621	624
Long-Term Debt	316	298	408	641	613	50	260	245	232	-	0.00
Other Noncurrent Operating Liabilities	360	353	394	-	0.00	784	588	581	565	621	624
Total Equity & Noncontrolling Interests	1,429	1,480	1,538	1,674	1,741	2,058	2,053	2,253	1,974	2,471	2,939
Total Preferred & Common Equity	1,416	1,477	1,537	1,673	1,741	2,057	2,053	2,252	1,974	2,470	2,938
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,416	1,477	1,537	1,673	1,741	2,057	2,053	2,252	1,974	2,470	2,938
Common Stock	229	131	53	8.60	22	33	48	62	75	92	98
Retained Earnings	1,281	1,433	1,596	1,797	2,060	2,367	2,480	2,836	3,214	3,814	4,778
Treasury Stock	-10	-10	-10	-38	-254	-254	-366	-562	-1,223	-1,351	-1,853
Accumulated Other Comprehensive Income / (Loss)	-83	-77	-102	-94	-88	-89	-109	-84	-93	-86	-86
Noncontrolling Interest	13	3.35	0.85	0.85	0.90	0.65	0.58	0.70	0.70	1.04	1.04

This table presents EMCOR Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	5,439	5,641	5,908	6,224	6,687	7,073	7,322	8,079	8,400
Total Current Assets	3,379	3,562	3,810	4,069	4,508	4,741	5,006	4,911	5,177
Cash & Equivalents	404	420	503	524	841	807	1,036	577	486
Accounts Receivable	2,511	2,669	2,852	3,064	3,206	3,459	3,509	3,808	4,115
Inventories, net	102	100	106	115	114	104	94	94	108
Prepaid Expenses	64	70	59	57	80	77	71	103	120
Other Current Assets	299	303	289	309	268	294	297	329	348
Plant, Property, & Equipment, net	156	160	163	171	186	201	205	229	242
Total Noncurrent Assets	1,903	1,918	1,935	1,985	1,993	2,131	2,111	2,939	2,982
Goodwill	917	923	927	953	957	999	1,002	1,337	1,352
Intangible Assets	606	585	574	601	570	662	648	1,097	1,082
Other Noncurrent Operating Assets	381	410	433	430	466	470	461	506	548
Total Liabilities & Shareholders' Equity	5,439	5,641	5,908	6,224	6,687	7,073	7,322	8,079	8,400
Total Liabilities	3,596	3,575	3,790	3,944	4,072	4,327	4,563	5,127	5,347
Total Current Liabilities	2,639	2,661	2,949	3,233	3,431	3,673	3,925	4,222	4,395
Short-Term Debt	16	16	87	6.48	76	79	80	-	92
Accounts Payable	751	724	790	824	865	922	897	1,041	1,118
Current Employee Benefit Liabilities	514	386	444	554	478	584	754	601	724
Other Current Liabilities	1,358	1,536	1,629	359	2,013	2,088	2,194	518	2,461
Total Noncurrent Liabilities	958	913	840	711	640	654	638	905	952
Long-Term Debt	170	100	231	97	-	-	-	250	250
Other Noncurrent Operating Liabilities	788	813	609	614	640	654	638	655	702
Total Equity & Noncontrolling Interests	1,842	2,066	2,118	2,280	2,615	2,746	2,759	2,952	3,054
Total Preferred & Common Equity	1,842	2,066	2,117	2,279	2,614	2,745	2,758	2,950	3,052
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,842	2,066	2,117	2,279	2,614	2,745	2,758	2,950	3,052
Common Stock	71	76	82	88	88	93	98	94	98
Retained Earnings	3,095	3,319	3,451	3,611	4,003	4,239	4,497	5,007	5,298
Treasury Stock	-1,223	-1,239	-1,329	-1,329	-1,391	-1,502	-1,761	-2,072	-2,276
Accumulated Other Comprehensive Income / (Loss)	-102	-91	-87	-91	-86	-86	-76	-80	-68
Noncontrolling Interest	0.70	0.70	0.70	1.04	1.04	1.04	1.04	1.97	1.97

This table displays calculated financial ratios and metrics derived from EMCOR Group's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.44%	4.57%	12.40%	1.79%	5.77%	12.84%	-4.12%	12.58%	11.84%	13.60%	15.76%
EBITDA Growth	18.27%	-0.85%	7.45%	7.87%	16.10%	13.89%	-33.87%	76.29%	4.78%	46.53%	48.84%
EBIT Growth	20.61%	-0.96%	7.45%	7.16%	22.77%	13.95%	-43.82%	105.70%	6.50%	53.66%	53.86%
NOPAT Growth	18.00%	-3.08%	7.96%	22.68%	23.98%	13.92%	-59.28%	184.36%	6.70%	54.77%	54.75%
Net Income Growth	36.18%	-0.53%	5.59%	24.73%	24.82%	14.66%	-59.11%	188.62%	5.84%	55.95%	59.02%
EPS Growth	38.46%	7.94%	9.19%	28.62%	26.96%	18.56%	-58.26%	194.17%	14.73%	64.32%	61.68%
Operating Cash Flow Growth	64.36%	8.11%	-1.61%	39.52%	-25.96%	31.25%	126.70%	-60.46%	56.18%	80.68%	56.49%
Free Cash Flow Firm Growth	175.07%	-18.59%	-98.05%	-3,602.17%	206.12%	292.15%	-16.85%	-87.29%	556.38%	81.32%	48.08%
Invested Capital Growth	-4.61%	-1.79%	14.45%	25.05%	7.84%	-11.93%	-19.25%	22.73%	0.79%	-4.76%	-4.87%
Revenue Q/Q Growth	1.77%	0.95%	2.33%	0.82%	2.74%	0.37%	0.21%	3.76%	2.88%	4.05%	2.32%
EBITDA Q/Q Growth	-5.67%	2.78%	-2.15%	-4.94%	16.06%	2.12%	6.70%	1.59%	5.97%	12.96%	7.58%
EBIT Q/Q Growth	-6.59%	3.45%	-3.02%	-6.67%	20.38%	1.56%	8.98%	1.72%	7.25%	14.52%	8.05%
NOPAT Q/Q Growth	-10.94%	3.53%	-4.03%	5.29%	9.55%	1.57%	-4.01%	5.97%	6.97%	14.62%	8.28%
Net Income Q/Q Growth	-1.40%	4.38%	-5.29%	5.73%	9.57%	1.79%	-2.84%	6.05%	6.46%	15.55%	8.70%
EPS Q/Q Growth	-1.18%	5.84%	-4.19%	6.70%	9.98%	1.95%	0.00%	6.49%	9.02%	16.75%	9.29%
Operating Cash Flow Q/Q Growth	29.13%	14.33%	-12.55%	-1.54%	39.97%	-6.89%	11.13%	-14.63%	12.34%	22.32%	3.36%
Free Cash Flow Firm Q/Q Growth	41.16%	-3.77%	135.23%	-150.10%	63.95%	34.93%	206.82%	-72.49%	-22.71%	126.00%	10.44%
Invested Capital Q/Q Growth	-6.85%	-6.03%	-6.68%	20.53%	16.59%	8.78%	-11.40%	-0.15%	8.67%	-9.63%	-11.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.12%	14.06%	13.74%	14.92%	14.83%	14.78%	15.86%	15.16%	14.48%	16.60%	18.98%
EBITDA Margin	5.69%	5.40%	5.16%	5.47%	6.00%	6.06%	4.18%	6.54%	6.13%	7.90%	10.16%
Operating Margin	4.51%	4.27%	4.06%	4.28%	4.96%	5.02%	2.92%	5.36%	5.10%	6.96%	9.23%
EBIT Margin	4.51%	4.27%	4.08%	4.30%	4.99%	5.04%	2.95%	5.40%	5.14%	6.95%	9.24%
Profit (Net Income) Margin	2.70%	2.57%	2.41%	2.96%	3.49%	3.54%	1.51%	3.87%	3.67%	5.03%	6.91%
Tax Burden Percent	61.58%	61.87%	61.44%	71.28%	71.79%	72.11%	52.69%	72.49%	72.68%	72.56%	73.12%
Interest Burden Percent	97.16%	97.12%	96.12%	96.43%	97.34%	97.50%	97.12%	99.04%	98.17%	99.80%	102.35%
Effective Tax Rate	36.76%	38.11%	37.50%	28.45%	27.62%	27.89%	47.31%	27.51%	27.32%	27.44%	26.88%
Return on Invested Capital (ROIC)	13.52%	13.54%	13.76%	14.06%	15.09%	17.61%	8.47%	24.21%	23.35%	36.88%	59.96%
ROIC Less NNEP Spread (ROIC-NNEP)	23.54%	17.16%	22.16%	2.15%	11.47%	73.85%	8.99%	24.41%	24.61%	37.30%	57.72%
Return on Net Nonoperating Assets (RNNOA)	-1.60%	-1.69%	-1.69%	0.09%	1.52%	-0.50%	-2.01%	-6.39%	-4.14%	-8.38%	-22.72%
Return on Equity (ROE)	11.92%	11.86%	12.07%	14.15%	16.61%	17.12%	6.47%	17.82%	19.21%	28.50%	37.24%
Cash Return on Invested Capital (CROIC)	18.25%	15.35%	0.28%	-8.21%	7.54%	30.31%	29.77%	3.80%	22.57%	41.75%	64.95%
Operating Return on Assets (OROA)	8.46%	8.28%	8.34%	8.46%	10.08%	10.37%	5.25%	10.17%	10.38%	14.42%	18.79%
Return on Assets (ROA)	5.06%	4.98%	4.93%	5.81%	7.04%	7.29%	2.69%	7.30%	7.41%	10.44%	14.06%
Return on Common Equity (ROCE)	11.81%	11.79%	12.05%	14.14%	16.60%	17.11%	6.47%	17.82%	19.21%	28.48%	37.22%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.68%	11.85%	13.58%	16.29%	15.81%	6.48%	17.04%	20.58%	25.64%	34.28%
Net Operating Profit after Tax (NOPAT)	183	178	192	235	292	332	135	385	411	635	983
NOPAT Margin	2.85%	2.64%	2.54%	3.06%	3.59%	3.62%	1.54%	3.89%	3.71%	5.05%	6.75%
Net Nonoperating Expense Percent (NNEP)	-10.01%	-3.62%	-8.40%	11.91%	3.62%	-56.24%	-0.52%	-0.19%	-1.25%	-0.42%	2.23%
Return On Investment Capital (ROIC_SIMPLE)	10.39%	-	-	-	-	-	-	-	18.48%	25.72%	33.46%
Cost of Revenue to Revenue	85.88%	85.94%	86.26%	85.08%	85.17%	85.22%	84.14%	84.84%	85.52%	83.40%	81.02%
SG&A Expenses to Revenue	9.75%	9.77%	9.63%	9.87%	9.83%	9.74%	10.27%	9.80%	9.38%	9.63%	9.75%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.61%	9.78%	9.68%	10.64%	9.87%	9.75%	12.94%	9.80%	9.38%	9.64%	9.75%
Earnings before Interest and Taxes (EBIT)	290	287	308	331	406	462	260	534	569	875	1,346
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	366	363	390	420	488	556	367	648	679	995	1,480
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.94	1.96	2.70	2.79	1.93	2.31	2.41	2.99	3.55	4.09	7.10
Price to Tangible Book Value (P/TBV)	34.35	18.02	59.25	21.91	12.83	12.44	8.01	8.70	15.22	10.90	16.42
Price to Revenue (P/Rev)	0.43	0.43	0.55	0.61	0.41	0.52	0.56	0.68	0.63	0.80	1.43
Price to Earnings (P/E)	16.26	16.81	22.82	20.57	11.83	14.61	37.21	17.54	17.25	15.96	20.72
Dividend Yield	0.76%	0.69%	0.47%	0.40%	0.55%	0.38%	0.36%	0.41%	0.37%	0.32%	0.21%
Earnings Yield	6.15%	5.95%	4.38%	4.86%	8.46%	6.85%	2.69%	5.70%	5.80%	6.27%	4.83%
Enterprise Value to Invested Capital (EV/IC)	2.00	2.09	2.76	2.61	1.80	2.52	3.03	3.55	3.85	5.54	12.21
Enterprise Value to Revenue (EV/Rev)	0.41	0.40	0.54	0.63	0.45	0.49	0.49	0.63	0.61	0.74	1.34
Enterprise Value to EBITDA (EV/EBITDA)	7.25	7.50	10.53	11.57	7.42	8.02	11.76	9.61	10.02	9.36	13.19
Enterprise Value to EBIT (EV/EBIT)	9.14	9.47	13.30	14.70	8.92	9.64	16.63	11.65	11.95	10.65	14.51
Enterprise Value to NOPAT (EV/NOPAT)	14.46	15.31	21.38	20.66	12.41	13.42	31.93	16.18	16.56	14.66	19.86
Enterprise Value to Operating Cash Flow (EV/OCF)	10.75	10.20	15.63	13.28	13.36	12.54	5.36	19.53	13.65	10.35	13.87
Enterprise Value to Free Cash Flow (EV/FCFF)	10.72	13.51	1,045.52	0.00	24.82	7.80	9.09	102.98	17.14	12.95	18.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.23	0.21	0.28	0.39	0.36	0.03	0.13	0.14	0.13	0.00	0.00
Long-Term Debt to Equity	0.22	0.20	0.27	0.38	0.35	0.02	0.13	0.11	0.12	0.00	0.00
Financial Leverage	-0.07	-0.10	-0.08	0.04	0.13	-0.01	-0.22	-0.26	-0.17	-0.22	-0.39
Leverage Ratio	2.36	2.38	2.45	2.43	2.36	2.35	2.41	2.44	2.59	2.73	2.65
Compound Leverage Factor	2.29	2.31	2.36	2.35	2.30	2.29	2.34	2.42	2.55	2.72	2.71
Debt to Total Capital	19.01%	17.55%	21.58%	28.16%	26.53%	3.20%	11.87%	12.42%	11.13%	0.00%	0.00%
Short-Term Debt to Total Capital	1.08%	0.98%	0.77%	0.66%	0.68%	0.85%	0.73%	2.88%	0.70%	0.00%	0.00%
Long-Term Debt to Total Capital	17.93%	16.58%	20.82%	27.50%	25.86%	2.35%	11.14%	9.54%	10.43%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.76%	0.19%	0.04%	0.04%	0.04%	0.03%	0.02%	0.03%	0.03%	0.04%	0.04%
Common Equity to Total Capital	80.24%	82.26%	78.37%	71.80%	73.43%	96.77%	88.11%	87.55%	88.84%	99.96%	99.96%
Debt to EBITDA	0.92	0.87	1.09	1.56	1.29	0.12	0.75	0.49	0.36	0.00	0.00
Net Debt to EBITDA	-0.29	-0.50	-0.13	0.44	0.54	-0.52	-1.70	-0.77	-0.31	0.00	0.00
Long-Term Debt to EBITDA	0.87	0.82	1.05	1.52	1.26	0.09	0.71	0.38	0.34	0.00	0.00
Debt to NOPAT	1.83	1.77	2.21	2.79	2.16	0.20	2.04	0.83	0.60	0.00	0.00
Net Debt to NOPAT	-0.58	-1.01	-0.26	0.79	0.91	-0.87	-4.63	-1.30	-0.51	0.00	0.00
Long-Term Debt to NOPAT	1.73	1.67	2.13	2.72	2.10	0.15	1.92	0.64	0.56	0.00	0.00
Altman Z-Score	3.76	3.79	4.09	4.26	4.07	4.11	3.81	4.37	4.50	4.78	6.14
Noncontrolling Interest Sharing Ratio	0.92%	0.57%	0.14%	0.05%	0.05%	0.04%	0.03%	0.03%	0.03%	0.04%	0.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.47	1.46	1.43	1.38	1.38	1.37	1.44	1.44	1.26	1.26	1.30
Quick Ratio	1.30	1.31	1.30	1.26	1.23	1.23	1.31	1.28	1.10	1.14	1.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	247	201	3.92	-137	146	572	475	60	397	719	1,065
Operating Cash Flow to CapEx	1,304.30%	843.53%	697.33%	1,193.51%	641.57%	828.27%	1,811.81%	953.46%	1,181.50%	1,388.36%	1,979.85%
Free Cash Flow to Firm to Interest Expense	27.26	22.54	0.31	-10.76	10.77	41.37	52.78	9.96	30.06	41.83	281.90
Operating Cash Flow to Interest Expense	27.18	29.86	20.78	28.66	20.01	25.74	89.51	52.51	37.73	52.31	372.56
Operating Cash Flow Less CapEx to Interest Expense	25.10	26.32	17.80	26.26	16.89	22.63	84.57	47.01	34.53	48.54	353.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.87	1.94	2.04	1.97	2.02	2.06	1.78	1.89	2.02	2.07	2.03
Accounts Receivable Turnover	5.14	5.18	5.29	4.95	4.81	4.82	4.45	4.80	4.64	4.36	4.30
Inventory Turnover	111.50	136.83	173.76	163.19	162.86	188.93	157.85	156.41	135.57	106.85	114.33
Fixed Asset Turnover	52.32	55.03	60.42	60.26	62.18	63.16	55.92	63.79	71.49	74.63	75.30
Accounts Payable Turnover	11.64	12.17	13.17	12.24	11.35	11.87	11.07	11.95	11.96	11.76	12.60
Days Sales Outstanding (DSO)	71.08	70.46	69.00	73.68	75.90	75.68	82.01	76.04	78.63	83.70	84.96
Days Inventory Outstanding (DIO)	3.27	2.67	2.10	2.24	2.24	1.93	2.31	2.33	2.69	3.42	3.19
Days Payable Outstanding (DPO)	31.36	29.99	27.72	29.83	32.15	30.75	32.97	30.54	30.51	31.05	28.97
Cash Conversion Cycle (CCC)	42.99	43.14	43.38	46.08	45.99	46.86	51.34	47.83	50.81	56.07	59.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,324	1,300	1,488	1,861	2,007	1,767	1,427	1,751	1,765	1,681	1,599
Invested Capital Turnover	4.74	5.12	5.42	4.59	4.21	4.86	5.51	6.23	6.30	7.30	8.88
Increase / (Decrease) in Invested Capital	-64	-24	188	373	146	-239	-340	324	14	-84	-82
Enterprise Value (EV)	2,651	2,719	4,102	4,861	3,619	4,460	4,321	6,225	6,799	9,313	19,531
Market Capitalization	2,743	2,896	4,151	4,673	3,353	4,750	4,947	6,726	7,008	10,102	20,870
Book Value per Share	$21.87	$23.54	$25.35	$28.45	$30.24	$36.63	$37.37	$42.20	$41.41	$52.50	$63.86
Tangible Book Value per Share	$1.23	$2.56	$1.16	$3.63	$4.54	$6.80	$11.25	$14.48	$9.66	$19.71	$27.63
Total Capital	1,765	1,795	1,961	2,330	2,370	2,126	2,330	2,573	2,221	2,471	2,939
Total Debt	335	315	423	656	629	68	277	319	247	0.00	0.00
Total Long-Term Debt	316	298	408	641	613	50	260	245	232	0.00	0.00
Net Debt	-106	-180	-50	186	265	-291	-626	-502	-209	-790	-1,340
Capital Expenditures (CapEx)	19	32	38	31	42	43	45	33	42	65	71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	190	184	208	181	304	381	72	282	268	139	-104
Debt-free Net Working Capital (DFNWC)	622	671	672	649	668	739	975	1,103	724	929	1,235
Net Working Capital (NWC)	603	654	657	634	652	721	958	1,029	708	929	1,235
Net Nonoperating Expense (NNE)	9.90	5.17	9.66	8.12	8.18	7.21	2.38	1.09	4.45	2.11	-24
Net Nonoperating Obligations (NNO)	-106	-180	-50	186	265	-291	-626	-502	-209	-790	-1,340
Total Depreciation and Amortization (D&A)	76	75	81	90	82	93	108	113	110	120	135
Debt-free, Cash-free Net Working Capital to Revenue	2.96%	2.74%	2.75%	2.36%	3.74%	4.15%	0.82%	2.85%	2.42%	1.10%	-0.72%
Debt-free Net Working Capital to Revenue	9.68%	9.99%	8.90%	8.44%	8.21%	8.06%	11.08%	11.14%	6.54%	7.38%	8.48%
Net Working Capital to Revenue	9.39%	9.73%	8.70%	8.24%	8.02%	7.86%	10.89%	10.39%	6.40%	7.38%	8.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.54	$2.74	$3.00	$3.84	$4.88	$5.78	$2.41	$7.09	$8.13	$13.37	$21.61
Adjusted Weighted Average Basic Shares Outstanding	62.98M	60.66M	59.66M	58.37M	56.00M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M
Adjusted Diluted Earnings per Share	$2.52	$2.72	$2.97	$3.82	$4.85	$5.75	$2.40	$7.06	$8.10	$13.31	$21.52
Adjusted Weighted Average Diluted Shares Outstanding	62.98M	60.66M	59.66M	58.37M	56.00M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	62.98M	60.66M	59.66M	58.37M	56.00M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M
Normalized Net Operating Profit after Tax (NOPAT)	178	178	194	278	294	333	259	385	411	637	983
Normalized NOPAT Margin	2.76%	2.65%	2.57%	3.61%	3.62%	3.63%	2.95%	3.89%	3.71%	5.06%	6.75%
Pre Tax Income Margin	4.38%	4.15%	3.93%	4.15%	4.86%	4.91%	2.87%	5.34%	5.04%	6.94%	9.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	31.94	32.14	24.43	25.89	29.96	33.46	28.84	88.03	43.12	50.85	356.11
NOPAT to Interest Expense	20.20	19.89	15.19	18.43	21.54	24.05	15.02	63.38	31.11	36.95	260.22
EBIT Less CapEx to Interest Expense	29.86	28.60	21.45	23.48	26.84	30.35	23.90	82.52	39.93	47.09	337.30
NOPAT Less CapEx to Interest Expense	18.12	16.35	12.21	16.03	18.42	20.94	10.08	57.87	27.91	33.18	241.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	15.02%	17.59%	12.17%	8.35%	6.57%	5.60%	13.35%	7.35%	6.69%	5.16%	4.31%
Augmented Payout Ratio	131.49%	78.07%	63.89%	49.36%	82.83%	5.60%	98.01%	58.31%	169.36%	25.33%	52.94%

This table displays calculated financial ratios and metrics derived from EMCOR Group's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.73%	11.49%	12.49%	13.49%	16.59%	18.75%	20.40%	15.26%	9.62%	12.68%	17.39%
EBITDA Growth	19.72%	43.00%	36.80%	49.21%	55.90%	57.87%	62.85%	50.31%	32.17%	24.58%	25.77%
EBIT Growth	23.89%	53.19%	41.55%	56.37%	63.22%	67.81%	69.47%	54.99%	34.36%	22.62%	24.69%
NOPAT Growth	26.26%	53.81%	41.14%	58.42%	63.03%	69.40%	70.19%	55.31%	35.89%	23.61%	25.33%
Net Income Growth	24.23%	51.90%	39.67%	60.48%	67.47%	76.86%	76.09%	59.22%	38.13%	22.08%	22.05%
EPS Growth	35.45%	66.91%	48.24%	65.28%	74.61%	79.74%	77.97%	62.47%	40.94%	26.14%	28.00%
Operating Cash Flow Growth	26.70%	11.72%	289.17%	1.46%	63.25%	256.37%	-6.62%	101.73%	10.79%	-17.99%	-30.75%
Free Cash Flow Firm Growth	151.60%	236.83%	268.00%	-127.88%	155.77%	-56.06%	-1.07%	585.35%	24.92%	-623.54%	-469.81%
Invested Capital Growth	0.79%	-6.42%	-0.92%	14.53%	-4.76%	5.03%	4.34%	-3.04%	-4.87%	41.87%	44.25%
Revenue Q/Q Growth	4.37%	-2.01%	5.37%	5.32%	7.22%	-0.20%	6.84%	0.82%	1.98%	2.58%	11.30%
EBITDA Q/Q Growth	16.07%	-11.02%	22.88%	17.57%	21.27%	-9.90%	26.77%	8.52%	6.63%	-15.07%	28.06%
EBIT Q/Q Growth	18.05%	-12.57%	26.77%	19.51%	23.22%	-10.11%	28.03%	9.30%	6.82%	-17.97%	30.28%
NOPAT Q/Q Growth	19.83%	-12.13%	26.32%	19.10%	23.32%	-8.70%	26.91%	8.69%	7.90%	-16.94%	28.68%
Net Income Q/Q Growth	19.41%	-11.74%	26.12%	20.73%	24.61%	-6.79%	25.58%	9.17%	8.10%	-17.62%	25.55%
EPS Q/Q Growth	18.52%	-9.38%	27.16%	21.02%	25.21%	-6.71%	25.90%	10.48%	8.62%	-16.51%	27.76%
Operating Cash Flow Q/Q Growth	0.92%	-132.58%	454.11%	-12.87%	62.38%	-68.79%	111.47%	88.22%	-10.82%	-76.90%	78.56%
Free Cash Flow Firm Q/Q Growth	-51.54%	103.78%	-31.29%	-141.09%	544.64%	-52.93%	54.70%	101.56%	14.45%	-246.71%	-9.27%
Invested Capital Q/Q Growth	8.67%	-0.19%	9.72%	-3.76%	-9.63%	5.36%	9.00%	-10.57%	-11.35%	64.16%	10.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	15.42%	15.09%	16.09%	17.01%	17.96%	17.17%	18.65%	19.87%	20.08%	18.69%	19.37%
EBITDA Margin	6.99%	6.35%	7.40%	8.26%	9.34%	8.44%	10.01%	10.77%	11.27%	9.33%	10.73%
Operating Margin	6.01%	5.36%	6.46%	7.33%	8.41%	7.57%	9.08%	9.83%	10.31%	8.24%	9.65%
EBIT Margin	6.01%	5.36%	6.45%	7.32%	8.41%	7.57%	9.08%	9.84%	10.31%	8.24%	9.65%
Profit (Net Income) Margin	4.28%	3.86%	4.62%	5.29%	6.15%	5.74%	6.75%	7.31%	7.75%	6.22%	7.02%
Tax Burden Percent	72.59%	72.95%	72.59%	72.35%	72.50%	73.64%	73.00%	72.64%	73.32%	74.24%	73.34%
Interest Burden Percent	98.20%	98.64%	98.63%	99.96%	100.88%	102.99%	101.90%	102.29%	102.55%	101.71%	99.22%
Effective Tax Rate	27.41%	27.05%	27.41%	27.65%	27.50%	26.36%	27.00%	27.36%	26.68%	25.76%	26.67%
Return on Invested Capital (ROIC)	27.47%	24.40%	28.27%	36.79%	44.52%	40.53%	46.11%	55.50%	67.12%	41.02%	44.91%
ROIC Less NNEP Spread (ROIC-NNEP)	28.12%	24.95%	30.58%	36.88%	44.15%	39.46%	45.10%	54.60%	66.44%	40.28%	45.45%
Return on Net Nonoperating Assets (RNNOA)	-4.73%	-3.31%	-1.40%	-5.71%	-9.92%	-9.01%	-8.47%	-14.90%	-26.15%	-7.90%	-6.84%
Return on Equity (ROE)	22.74%	21.09%	26.86%	31.09%	34.60%	31.52%	37.64%	40.60%	40.97%	33.12%	38.07%
Cash Return on Invested Capital (CROIC)	22.57%	31.34%	26.24%	18.27%	41.75%	34.62%	36.97%	52.65%	64.95%	11.34%	8.02%
Operating Return on Assets (OROA)	12.13%	11.21%	13.66%	15.17%	17.44%	16.13%	19.22%	20.68%	20.96%	16.75%	19.50%
Return on Assets (ROA)	8.65%	8.07%	9.78%	10.97%	12.75%	12.23%	14.30%	15.36%	15.76%	12.64%	14.19%
Return on Common Equity (ROCE)	22.73%	21.09%	26.86%	31.07%	34.58%	31.50%	37.63%	40.59%	40.95%	33.10%	38.05%
Return on Equity Simple (ROE_SIMPLE)	0.00%	21.50%	22.87%	24.05%	0.00%	27.50%	30.10%	33.59%	0.00%	35.62%	0.00%
Net Operating Profit after Tax (NOPAT)	129	113	143	170	210	191	243	264	285	237	304
NOPAT Margin	4.36%	3.91%	4.69%	5.30%	6.10%	5.58%	6.63%	7.14%	7.56%	6.12%	7.07%
Net Nonoperating Expense Percent (NNEP)	-0.65%	-0.55%	-2.31%	-0.08%	0.37%	1.07%	1.01%	0.90%	0.68%	0.74%	-0.54%
Return On Investment Capital (ROIC_SIMPLE)	5.79%	-	-	-	8.49%	-	-	-	9.70%	7.39%	8.97%
Cost of Revenue to Revenue	84.58%	84.91%	83.91%	82.99%	82.04%	82.83%	81.35%	80.13%	79.92%	81.31%	80.63%
SG&A Expenses to Revenue	9.41%	9.73%	9.63%	9.61%	9.55%	9.60%	9.58%	10.04%	9.77%	10.45%	9.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.41%	9.73%	9.63%	9.68%	9.55%	9.60%	9.58%	10.04%	9.77%	10.45%	9.72%
Earnings before Interest and Taxes (EBIT)	177	155	196	235	289	260	333	364	389	319	415
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	206	183	225	265	321	290	367	398	425	361	462
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.55	3.73	4.13	4.34	4.09	6.29	6.25	7.28	7.10	5.69	7.84
Price to Tangible Book Value (P/TBV)	15.22	13.83	14.22	13.63	10.90	15.12	15.82	18.12	16.42	32.52	38.74
Price to Revenue (P/Rev)	0.63	0.68	0.75	0.82	0.80	1.25	1.25	1.41	1.43	1.12	1.53
Price to Earnings (P/E)	17.25	17.37	18.07	18.04	15.96	22.89	20.77	21.67	20.72	15.99	21.65
Dividend Yield	0.37%	0.35%	0.33%	0.31%	0.32%	0.21%	0.22%	0.20%	0.21%	0.27%	0.19%
Earnings Yield	5.80%	5.76%	5.53%	5.54%	6.27%	4.37%	4.82%	4.61%	4.83%	6.26%	4.62%
Enterprise Value to Invested Capital (EV/IC)	3.85	4.21	4.43	5.09	5.54	8.48	8.14	10.60	12.21	6.27	8.18
Enterprise Value to Revenue (EV/Rev)	0.61	0.65	0.73	0.78	0.74	1.20	1.19	1.34	1.34	1.10	1.52
Enterprise Value to EBITDA (EV/EBITDA)	10.02	10.14	10.81	10.75	9.36	14.24	13.21	13.90	13.19	10.62	14.46
Enterprise Value to EBIT (EV/EBIT)	11.95	11.95	12.62	12.39	10.65	16.00	14.70	15.35	14.51	11.74	16.01
Enterprise Value to NOPAT (EV/NOPAT)	16.56	16.46	17.42	17.07	14.66	21.97	20.17	21.06	19.86	16.02	21.82
Enterprise Value to Operating Cash Flow (EV/OCF)	13.65	14.55	11.71	12.87	10.35	14.05	14.97	14.04	13.87	11.90	18.33
Enterprise Value to Free Cash Flow (EV/FCFF)	17.14	12.98	16.81	29.73	12.95	25.09	22.49	19.82	18.33	64.92	120.43
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.06	0.15	0.05	0.00	0.03	0.03	0.03	0.00	0.08	0.11
Long-Term Debt to Equity	0.12	0.05	0.11	0.04	0.00	0.00	0.00	0.00	0.00	0.08	0.08
Financial Leverage	-0.17	-0.13	-0.05	-0.15	-0.22	-0.23	-0.19	-0.27	-0.39	-0.20	-0.15
Leverage Ratio	2.59	2.59	2.72	2.83	2.73	2.63	2.67	2.69	2.65	2.65	2.67
Compound Leverage Factor	2.55	2.55	2.68	2.83	2.75	2.71	2.72	2.75	2.72	2.70	2.65
Debt to Total Capital	11.13%	5.29%	13.06%	4.36%	0.00%	2.82%	2.79%	2.83%	0.00%	7.81%	10.07%
Short-Term Debt to Total Capital	0.70%	0.71%	3.55%	0.27%	0.00%	2.82%	2.79%	2.83%	0.00%	0.00%	2.71%
Long-Term Debt to Total Capital	10.43%	4.58%	9.50%	4.09%	0.00%	0.00%	0.00%	0.00%	0.00%	7.81%	7.36%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.03%	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.06%	0.06%
Common Equity to Total Capital	88.84%	94.67%	86.92%	95.60%	99.96%	97.14%	97.18%	97.14%	99.96%	92.13%	89.87%
Debt to EBITDA	0.36	0.16	0.40	0.12	0.00	0.07	0.06	0.06	0.00	0.16	0.21
Net Debt to EBITDA	-0.31	-0.42	-0.23	-0.48	0.00	-0.69	-0.59	-0.69	0.00	-0.21	-0.09
Long-Term Debt to EBITDA	0.34	0.14	0.29	0.11	0.00	0.00	0.00	0.00	0.00	0.16	0.15
Debt to NOPAT	0.60	0.26	0.65	0.19	0.00	0.11	0.10	0.09	0.00	0.24	0.31
Net Debt to NOPAT	-0.51	-0.68	-0.38	-0.76	0.00	-1.07	-0.89	-1.05	0.00	-0.32	-0.13
Long-Term Debt to NOPAT	0.56	0.22	0.47	0.18	0.00	0.00	0.00	0.00	0.00	0.24	0.23
Altman Z-Score	4.26	4.42	4.47	4.54	4.49	5.55	5.50	5.79	5.73	4.92	5.70
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.26	1.34	1.29	1.26	1.26	1.31	1.29	1.28	1.30	1.16	1.18
Quick Ratio	1.10	1.16	1.14	1.11	1.14	1.18	1.16	1.16	1.18	1.04	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	115	234	161	-66	294	103	159	321	367	-538	-588
Operating Cash Flow to CapEx	2,514.33%	-623.26%	2,400.15%	1,430.65%	2,066.21%	683.92%	1,509.00%	3,170.39%	2,822.82%	437.44%	722.96%
Free Cash Flow to Firm to Interest Expense	16.48	127.70	59.71	-733.79	23.33	0.00	0.00	0.00	14.25	0.00	-181.50
Operating Cash Flow to Interest Expense	37.27	-46.17	111.26	2,899.61	33.67	0.00	0.00	0.00	18.24	0.00	59.78
Operating Cash Flow Less CapEx to Interest Expense	35.79	-53.58	106.63	2,696.93	32.04	0.00	0.00	0.00	17.60	0.00	51.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.02	2.09	2.12	2.07	2.07	2.13	2.12	2.10	2.03	2.03	2.02
Accounts Receivable Turnover	4.64	4.57	4.43	4.34	4.36	4.47	4.36	4.33	4.30	4.28	4.13
Inventory Turnover	135.57	112.72	99.41	93.56	106.85	101.63	107.72	110.60	114.33	116.44	118.75
Fixed Asset Turnover	71.49	72.97	73.66	74.02	74.63	75.68	75.58	75.87	75.30	72.23	70.59
Accounts Payable Turnover	11.96	13.42	13.11	12.91	11.76	13.70	13.21	13.49	12.60	12.70	12.35
Days Sales Outstanding (DSO)	78.63	79.79	82.46	84.12	83.70	81.70	83.79	84.27	84.96	85.33	88.39
Days Inventory Outstanding (DIO)	2.69	3.24	3.67	3.90	3.42	3.59	3.39	3.30	3.19	3.13	3.07
Days Payable Outstanding (DPO)	30.51	27.20	27.84	28.28	31.05	26.65	27.63	27.06	28.97	28.75	29.57
Cash Conversion Cycle (CCC)	50.81	55.83	58.29	59.75	56.07	58.64	59.55	60.51	59.19	59.72	61.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,765	1,762	1,933	1,860	1,681	1,850	2,017	1,804	1,599	2,625	2,910
Invested Capital Turnover	6.30	6.24	6.03	6.94	7.30	7.27	6.96	7.77	8.88	6.70	6.35
Increase / (Decrease) in Invested Capital	14	-121	-18	236	-84	89	84	-56	-82	775	893
Enterprise Value (EV)	6,799	7,410	8,566	9,462	9,313	15,688	16,418	19,122	19,531	16,472	23,788
Market Capitalization	7,008	7,714	8,750	9,881	10,102	16,452	17,146	20,076	20,870	16,797	23,930
Book Value per Share	$41.41	$43.32	$44.53	$48.35	$52.50	$55.63	$58.40	$59.11	$63.86	$64.87	$68.18
Tangible Book Value per Share	$9.66	$11.70	$12.94	$15.38	$19.71	$23.15	$23.07	$23.74	$27.63	$11.36	$13.80
Total Capital	2,221	2,182	2,436	2,384	2,471	2,691	2,824	2,839	2,939	3,202	3,396
Total Debt	247	116	318	104	0.00	76	79	80	0.00	250	342
Total Long-Term Debt	232	100	231	97	0.00	0.00	0.00	0.00	0.00	250	250
Net Debt	-209	-305	-185	-420	-790	-765	-729	-955	-1,340	-327	-144
Capital Expenditures (CapEx)	10	14	12	18	21	19	19	17	17	25	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	268	496	444	319	139	312	339	126	-104	112	388
Debt-free Net Working Capital (DFNWC)	724	917	947	843	929	1,153	1,146	1,161	1,235	689	874
Net Working Capital (NWC)	708	901	860	836	929	1,077	1,068	1,081	1,235	689	782
Net Nonoperating Expense (NNE)	2.31	1.54	2.16	0.27	-1.85	-5.72	-4.62	-6.20	-7.25	-4.04	2.34
Net Nonoperating Obligations (NNO)	-209	-305	-185	-420	-790	-765	-729	-955	-1,340	-327	-144
Total Depreciation and Amortization (D&A)	29	28	29	30	32	30	34	35	36	42	47
Debt-free, Cash-free Net Working Capital to Revenue	2.42%	4.37%	3.79%	2.64%	1.10%	2.37%	2.47%	0.88%	-0.72%	0.75%	2.48%
Debt-free Net Working Capital to Revenue	6.54%	8.06%	8.08%	6.97%	7.38%	8.78%	8.34%	8.16%	8.48%	4.59%	5.59%
Net Working Capital to Revenue	6.40%	7.92%	7.34%	6.91%	7.38%	8.20%	7.77%	7.60%	8.48%	4.59%	5.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.59	$2.33	$2.97	$3.59	$4.48	$4.18	$5.27	$5.83	$6.33	$5.27	$6.74
Adjusted Weighted Average Basic Shares Outstanding	47.69M	47.55M	47.14M	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M
Adjusted Diluted Earnings per Share	$2.56	$2.32	$2.95	$3.57	$4.47	$4.17	$5.25	$5.80	$6.30	$5.26	$6.72
Adjusted Weighted Average Diluted Shares Outstanding	47.69M	47.55M	47.14M	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.69M	47.55M	47.14M	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M
Normalized Net Operating Profit after Tax (NOPAT)	129	113	143	172	210	191	243	264	285	237	304
Normalized NOPAT Margin	4.36%	3.91%	4.69%	5.35%	6.10%	5.58%	6.63%	7.14%	7.56%	6.12%	7.07%
Pre Tax Income Margin	5.90%	5.29%	6.36%	7.31%	8.48%	7.80%	9.25%	10.06%	10.57%	8.38%	9.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	25.44	84.56	72.95	2,607.77	22.98	0.00	0.00	0.00	15.10	0.00	128.17
NOPAT to Interest Expense	18.47	61.69	53.03	1,889.07	16.66	0.00	0.00	0.00	11.07	0.00	93.98
EBIT Less CapEx to Interest Expense	23.96	77.15	68.32	2,405.09	21.35	0.00	0.00	0.00	14.45	0.00	119.90
NOPAT Less CapEx to Interest Expense	16.98	54.28	48.39	1,686.40	15.03	0.00	0.00	0.00	10.42	0.00	85.71
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	6.69%	6.17%	6.05%	5.72%	5.16%	4.73%	4.50%	4.36%	4.31%	4.41%	4.14%
Augmented Payout Ratio	169.36%	117.57%	70.41%	25.67%	25.33%	25.69%	25.26%	50.54%	52.94%	68.72%	74.08%

Key Financial Trends

EMCOR Group (NYSE: EME) has demonstrated consistent financial growth over the past four years, reflected in its income statements, cash flow statements, and balance sheets up to Q2 2025.

Revenue and Profitability Trends:

Operating revenues have steadily increased from approximately $2.9 billion in Q4 2022 to over $4.3 billion by Q2 2025, indicating strong top-line growth.
Net income attributable to common shareholders shows a solid upward trend, rising from around $126 million in Q4 2022 to $302 million in Q2 2025.
Earnings per share (diluted) increased from $2.56 in Q4 2022 to $6.72 in Q2 2025, evidencing effective earnings growth and share management.
Gross profit margin has improved, with gross profit rising from $455 million in Q4 2022 to over $830 million in Q2 2025, indicating effective cost controls against revenue growth.

Cash Flow and Capital Management:

Operating cash flow has increased from $260 million in Q3 2022 to nearly $194 million in Q2 2025, showing robust cash generation capability.
Cash used in investing activities remains significant, particularly due to acquisitions ($850+ million in Q1 2025), signaling aggressive expansion but increasing cash burn.
EMCOR has undertaken sizeable share repurchases, with $207 million repurchased in Q2 2025 alone, which while supportive of EPS, reduces cash reserves.
Debt issuance and repayments roughly balance each other, with $275 million issued and $276 million repaid in Q2 2025, maintaining a stable leverage profile.
Consistent payment of dividends, with $0.25 per share in recent quarters, reflects a stable return of capital to shareholders.

Balance Sheet Strength:

Total assets have grown from approximately $5.4 billion in Q3 2022 to $8.4 billion in Q2 2025, driven by increases in accounts receivable and goodwill aligned with acquisitions.
Total liabilities increased to about $5.35 billion by Q2 2025, primarily from current liabilities including accounts payable and employee benefit obligations.
Total common equity has expanded from $1.8 billion in Q3 2022 to over $3.05 billion in Q2 2025, improving the company’s net worth and equity cushion.

Summary:

EMCOR Group has shown steady revenue and profit growth with improving margins and earnings per share over the last several quarters. The company’s cash flows from operations remain healthy, supporting ongoing acquisitions and capital expenditures. The balance sheet exhibits strong asset growth and equity expansion. However, the company is actively using cash for acquisitions and share repurchases, which may impact liquidity levels. Stable dividend payments provide steady income to shareholders.

Investors should consider the positive trend in core profitability and asset base alongside the aggressive capital expenditures and buyback activities, balancing growth potential against liquidity and debt management.

08/23/25 04:15 PMAI Generated. May Contain Errors.

Frequently Asked Questions About EMCOR Group's Financials

When does EMCOR Group's fiscal year end?

According to the most recent income statement we have on file, EMCOR Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has EMCOR Group's net income changed over the last 10 years?

EMCOR Group's net income appears to be on an upward trend, with a most recent value of $1.01 billion in 2024, rising from $173.43 million in 2014. The previous period was $633.33 million in 2023. View EMCOR Group's forecast to see where analysts expect EMCOR Group to go next.

What is EMCOR Group's operating income?

EMCOR Group's total operating income in 2024 was $1.34 billion, based on the following breakdown:

Total Gross Profit: $2.77 billion
Total Operating Expenses: $1.42 billion

How has EMCOR Group's revenue changed over the last 10 years?

Over the last 10 years, EMCOR Group's total revenue changed from $6.42 billion in 2014 to $14.57 billion in 2024, a change of 126.7%.

How much debt does EMCOR Group have?

EMCOR Group's total liabilities were at $4.78 billion at the end of 2024, a 15.4% increase from 2023, and a 143.8% increase since 2014.

How much cash does EMCOR Group have?

In the past 10 years, EMCOR Group's cash and equivalents has ranged from $358.82 million in 2019 to $1.34 billion in 2024, and is currently $1.34 billion as of their latest financial filing in 2024.

How has EMCOR Group's book value per share changed over the last 10 years?

Over the last 10 years, EMCOR Group's book value per share changed from 21.87 in 2014 to 63.86 in 2024, a change of 192.0%.

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This page (NYSE:EME) was last updated on 8/23/2025 by MarketBeat.com Staff

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EMCOR Group (EME) Financials

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