EMCOR Group (EME) Financials

$945.28 +12.01 (+1.29%)

Closing price 03:59 PM Eastern

Extended Trading

$938.74 -6.55 (-0.69%)

As of 05:34 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	172	182	227	284	325	133	384	406	633	1,007	1,273
Consolidated Net Income / (Loss)	173	182	227	284	325	133	384	406	633	1,007	1,273
Net Income / (Loss) Continuing Operations	173	185	228	286	325	133	384	406	633	1,007	1,273
Total Pre-Tax Income	279	296	319	395	451	252	529	559	873	1,377	1,722
Total Operating Income	287	307	329	403	461	257	531	565	876	1,345	1,713
Total Gross Profit	944	1,038	1,147	1,205	1,356	1,395	1,502	1,604	2,089	2,765	3,283
Total Revenue	6,719	7,552	7,687	8,131	9,175	8,797	9,904	11,076	12,583	14,566	16,986
Operating Revenue	6,719	7,552	7,687	8,131	9,175	8,797	9,904	11,076	12,583	14,566	16,986
Total Cost of Revenue	5,774	6,514	6,540	6,925	7,819	7,402	8,402	9,473	10,494	11,801	13,703
Operating Cost of Revenue	5,774	6,514	6,540	6,925	7,819	7,402	8,402	9,473	10,494	11,801	13,703
Total Operating Expenses	657	731	818	802	895	1,139	971	1,039	1,214	1,420	1,570
Selling, General & Admin Expense	657	727	759	799	893	904	971	1,039	1,211	1,420	1,714
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	-145
Impairment Charge	0.00	2.43	58	0.91	0.00	233	0.00	0.00	2.35	0.00	0.00
Total Other Income / (Expense), net	-8.26	-10	-10	-8.06	-10	-4.51	-1.50	-6.13	-2.90	33	8.21
Interest Expense	8.93	13	13	14	14	9.01	6.07	13	17	3.78	12
Interest & Investment Income	0.67	0.66	0.97	2.75	2.27	1.52	0.95	2.76	15	35	20
Other Income / (Expense), net	-	1.53	1.65	2.74	1.55	2.98	3.63	4.31	-1.12	0.89	0.21
Income Tax Expense	106	111	91	109	126	119	146	153	240	370	449
Net Income / (Loss) Attributable to Noncontrolling Interest	0.22	0.22	-0.00	0.05	0.00	0.00	0.17	0.00	0.34	0.00	0.00
Basic Earnings per Share	$2.74	$3.00	$3.84	$4.88	$5.78	$2.41	$7.09	$8.13	$13.37	$21.61	$28.30
Weighted Average Basic Shares Outstanding	62.79M	60.77M	59.25M	58.11M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M	44.53M
Diluted Earnings per Share	$2.72	$2.97	$3.82	$4.85	$5.75	$2.40	$7.06	$8.10	$13.31	$21.52	$28.19
Weighted Average Diluted Shares Outstanding	62.79M	60.77M	59.25M	58.11M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M	44.53M
Weighted Average Basic & Diluted Shares Outstanding	62.79M	60.77M	59.25M	58.11M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M	44.53M
Cash Dividends to Common per Share	$0.32	$0.32	$0.32	$0.32	$0.32	$0.32	$0.52	$0.54	$0.69	$0.93	$1.00

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	169	212	197	248	270	292	241	302	295	435	305
Consolidated Net Income / (Loss)	170	212	197	248	270	292	241	302	295	435	305
Net Income / (Loss) Continuing Operations	170	212	197	248	270	292	241	302	295	435	305
Total Pre-Tax Income	235	292	268	339	372	398	324	412	408	578	410
Total Operating Income	235	289	260	333	364	389	319	415	406	574	404
Total Gross Profit	545	618	589	684	735	757	723	834	835	891	864
Total Revenue	3,208	3,439	3,432	3,667	3,697	3,770	3,867	4,304	4,302	4,513	4,628
Operating Revenue	3,208	3,439	3,432	3,667	3,697	3,770	3,867	4,304	4,302	4,513	4,628
Total Cost of Revenue	2,662	2,821	2,843	2,983	2,962	3,013	3,145	3,471	3,466	3,622	3,764
Operating Cost of Revenue	2,662	2,821	2,843	2,983	2,962	3,013	3,145	3,471	3,466	3,622	3,764
Total Operating Expenses	310	329	329	351	371	368	404	419	430	317	460
Selling, General & Admin Expense	308	329	329	351	371	368	404	419	430	462	460
Total Other Income / (Expense), net	-0.37	2.55	7.76	6.33	8.54	9.89	5.44	-3.19	1.89	4.06	6.23
Interest Expense	0.09	13	-7.54	-6.11	-8.31	26	-5.39	3.24	-1.84	16	-6.23
Other Income / (Expense), net	-0.28	-	-	0.22	0.23	-	0.05	0.06	-	-	0.00
Income Tax Expense	65	80	71	92	102	106	84	110	112	143	105
Basic Earnings per Share	$3.59	$4.48	$4.18	$5.27	$5.83	$6.33	$5.27	$6.74	$6.59	$9.70	$6.85
Weighted Average Basic Shares Outstanding	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M	44.77M	44.53M	44.44M
Diluted Earnings per Share	$3.57	$4.47	$4.17	$5.25	$5.80	$6.30	$5.26	$6.72	$6.57	$9.64	$6.84
Weighted Average Diluted Shares Outstanding	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M	44.77M	44.53M	44.44M
Weighted Average Basic & Diluted Shares Outstanding	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M	44.77M	44.53M	44.44M
Cash Dividends to Common per Share	$0.18	$0.18	$0.18	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.40

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	55	-24	2.73	-103	-6.29	544	-81	-366	333	551	-228
Net Cash From Operating Activities	267	262	366	271	356	806	319	498	900	1,408	1,302
Net Cash From Continuing Operating Activities	267	262	366	271	356	806	318	498	900	1,408	1,302
Net Income / (Loss) Continuing Operations	173	182	227	284	325	133	384	406	633	1,007	1,273
Consolidated Net Income / (Loss)	173	182	227	284	325	133	384	406	633	1,007	1,273
Depreciation Expense	36	39	40	38	44	47	48	47	52	57	67
Amortization Expense	39	42	50	44	49	61	65	62	68	78	120
Non-Cash Adjustments To Reconcile Net Income	-3.09	6.48	89	-16	4.38	255	-31	-34	27	29	-167
Changes in Operating Assets and Liabilities, net	22	-7.40	-40	-79	-67	310	-148	16	119	237	8.95
Net Cash From Investing Activities	-60	-271	-138	-118	-345	-95	-153	-141	-161	-299	-874
Net Cash From Continuing Investing Activities	-60	-271	-138	-118	-345	-95	-153	-141	-161	-299	-874
Purchase of Property, Plant & Equipment	-35	-40	-35	-43	-48	-48	-36	-49	-78	-75	-113
Acquisitions	-28	-233	-108	-76	-303	-50	-120	-99	-96	-228	-1,022
Sale of Property, Plant & Equipment	3.85	2.02	4.01	1.24	5.49	3.46	2.75	7.15	14	3.84	4.65
Divestitures	-	-	-	-	-	-	-	-	0.00	0.00	257
Net Cash From Financing Activities	-149	-9.43	-228	-253	-19	-172	-245	-710	-412	-555	-664
Net Cash From Continuing Financing Activities	-149	-9.43	-228	-253	-19	-172	-245	-710	-412	-555	-664
Repayment of Debt	-20	-514	-117	-17	-45	-541	-18	-287	-449	-2.86	-528
Repurchase of Common Equity	-104	-94	-93	-216	0.00	-113	-196	-661	-128	-490	-586
Payment of Dividends	-30	-22	-19	-19	-18	-18	-28	-27	-33	-43	-46
Issuance of Debt	0.00	620	0.00	0.00	50	500	0.00	270	200	0.00	525
Issuance of Common Equity	4.22	4.81	4.79	5.77	6.09	6.56	7.33	8.18	9.19	0.94	0.00
Other Financing Activities, net	1.23	-3.48	-4.48	-7.19	-12	-6.71	-11	-13	-12	-20	-29
Effect of Exchange Rate Changes	-2.61	-6.68	3.24	-3.42	2.59	4.05	-1.28	-13	6.37	-2.60	6.86

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	21	266	53	-34	229	304	-763	-90	169	456	-196
Net Cash From Operating Activities	261	424	132	280	526	469	108	194	476	524	0.56
Net Cash From Continuing Operating Activities	261	424	132	280	526	469	112	194	476	524	0.56
Net Income / (Loss) Continuing Operations	170	212	197	248	270	292	241	302	295	435	305
Consolidated Net Income / (Loss)	170	212	197	248	270	292	241	302	295	435	305
Depreciation Expense	13	13	13	14	14	15	16	17	17	18	18
Amortization Expense	17	19	16	20	20	21	26	30	31	33	34
Non-Cash Adjustments To Reconcile Net Income	5.34	18	14	4.79	2.48	8.46	13	5.21	7.11	-192	4.29
Changes in Operating Assets and Liabilities, net	56	162	-108	-6.90	219	133	-184	-160	125	231	-362
Net Cash From Investing Activities	-86	-27	-19	-192	-33	-56	-875	-63	-39	104	-72
Net Cash From Continuing Investing Activities	-86	-27	-19	-192	-33	-56	-875	-63	-39	104	-72
Purchase of Property, Plant & Equipment	-20	-22	-20	-19	-18	-18	-26	-28	-27	-32	-29
Acquisitions	-67	-6.75	-0.10	-173	-16	-39	-851	-37	-13	-122	-44
Sale of Property, Plant & Equipment	1.50	1.59	0.94	0.72	1.11	1.07	1.33	1.25	1.02	1.04	0.64
Net Cash From Financing Activities	-150	-136	-59	-122	-274	-100	-0.83	-230	-264	-169	-124
Net Cash From Continuing Financing Activities	-150	-136	-59	-122	-274	-100	-0.83	-230	-264	-169	-124
Repayment of Debt	-143	-204	-0.77	-0.62	-0.75	-0.71	-0.78	-276	-251	-0.61	-0.65
Repurchase of Common Equity	-	-22	-39	-110	-256	-84	-225	-207	-	-154	-87
Payment of Dividends	-8.48	-8.49	-8.47	-12	-12	-12	-11	-11	-12	-11	-18
Issuance of Debt	-	100	0.00	-	-	-	250	275	-	-	0.00
Other Financing Activities, net	-0.16	-3.42	-12	-0.12	-4.76	-3.73	-14	-11	-1.21	-2.76	-19

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	3,543	3,852	3,966	4,089	4,830	5,064	5,441	5,525	6,610	7,716	9,291
Total Current Assets	2,066	2,169	2,285	2,386	2,660	3,121	3,391	3,462	4,447	5,389	5,937
Cash & Equivalents	487	465	467	364	359	903	821	456	790	1,340	1,112
Accounts Receivable	1,360	1,495	1,608	1,774	2,031	1,922	2,205	2,567	3,203	3,578	4,241
Inventories, net	38	37	43	42	40	53	54	86	111	96	126
Prepaid Expenses	64	41	44	48	52	71	81	79	73	92	120
Other Current Assets	118	131	123	158	178	172	230	273	270	285	338
Plant, Property, & Equipment, net	122	128	127	134	156	158	152	158	179	207	253
Total Noncurrent Assets	1,355	1,555	1,554	1,568	2,014	1,784	1,898	1,905	1,983	2,120	3,101
Goodwill	843	980	965	991	1,064	852	890	919	957	1,018	1,412
Intangible Assets	473	487	495	488	611	583	589	594	586	648	1,109
Other Noncurrent Operating Assets	30	80	92	89	339	350	419	392	441	453	580
Total Liabilities & Shareholders' Equity	3,543	3,852	3,966	4,089	4,830	5,064	5,441	5,525	6,610	7,716	9,291
Total Liabilities	2,063	2,314	2,292	2,347	2,773	3,011	3,188	3,550	4,139	4,778	5,616
Total Current Liabilities	1,412	1,512	1,651	1,734	1,939	2,163	2,362	2,754	3,518	4,154	4,865
Short-Term Debt	18	15	15	16	18	17	74	16	-	81	99
Accounts Payable	488	501	568	652	665	672	734	849	936	937	1,227
Current Employee Benefit Liabilities	268	311	323	343	383	451	491	465	597	751	870
Other Current Liabilities	209	196	745	723	873	301	1,063	325	390	2,384	2,668
Total Noncurrent Liabilities	650	803	641	613	834	847	827	797	621	624	751
Other Noncurrent Operating Liabilities	353	394	-	0.00	784	588	581	565	621	624	751
Total Equity & Noncontrolling Interests	1,480	1,538	1,674	1,741	2,058	2,053	2,253	1,974	2,471	2,939	3,675
Total Preferred & Common Equity	1,477	1,537	1,673	1,741	2,057	2,053	2,252	1,974	2,470	2,938	3,674
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	1,477	1,537	1,673	1,741	2,057	2,053	2,252	1,974	2,470	2,938	3,674
Common Stock	131	53	8.60	22	33	48	62	75	92	98	102
Retained Earnings	1,433	1,596	1,797	2,060	2,367	2,480	2,836	3,214	3,814	4,778	6,006
Treasury Stock	-10	-10	-38	-254	-254	-366	-562	-1,223	-1,351	-1,853	-2,432
Accumulated Other Comprehensive Income / (Loss)	-77	-102	-94	-88	-89	-109	-84	-93	-86	-86	-1.92
Noncontrolling Interest	3.35	0.85	0.85	0.90	0.65	0.58	0.70	0.70	1.04	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	Q3 2025	Q1 2026
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	9/30/2025	3/31/2026
Total Assets	5,439	5,641	5,908	6,224	6,687	7,073	7,322	8,079	8,400	8,640	9,508
Total Current Assets	3,379	3,562	3,810	4,069	4,508	4,741	5,006	4,911	5,177	5,458	6,074
Cash & Equivalents	404	420	503	524	841	807	1,036	577	486	655	916
Accounts Receivable	2,511	2,669	2,852	3,064	3,206	3,459	3,509	3,808	4,115	4,105	4,550
Inventories, net	102	100	106	115	114	104	94	94	108	105	130
Prepaid Expenses	64	70	59	57	80	77	71	103	120	117	101
Other Current Assets	299	303	289	309	268	294	297	329	348	314	377
Plant, Property, & Equipment, net	156	160	163	171	186	201	205	229	242	235	265
Total Noncurrent Assets	1,903	1,918	1,935	1,985	1,993	2,131	2,111	2,939	2,982	2,947	3,169
Goodwill	917	923	927	953	957	999	1,002	1,337	1,352	1,359	1,434
Intangible Assets	606	585	574	601	570	662	648	1,097	1,082	1,057	1,090
Other Noncurrent Operating Assets	381	410	433	430	466	470	461	506	548	531	645
Total Liabilities & Shareholders' Equity	5,439	5,641	5,908	6,224	6,687	7,073	7,322	8,079	8,400	8,640	9,508
Total Liabilities	3,596	3,575	3,790	3,944	4,072	4,327	4,563	5,127	5,347	5,304	5,641
Total Current Liabilities	2,639	2,661	2,949	3,233	3,431	3,673	3,925	4,222	4,395	4,579	4,821
Short-Term Debt	16	16	87	6.48	76	79	80	-	92	96	102
Accounts Payable	751	724	790	824	865	922	897	1,041	1,118	1,040	1,149
Current Employee Benefit Liabilities	514	386	444	554	478	584	754	601	724	885	710
Other Current Liabilities	1,358	1,536	1,629	359	2,013	2,088	2,194	518	2,461	2,422	2,860
Total Noncurrent Liabilities	958	913	840	711	640	654	638	905	952	724	819
Other Noncurrent Operating Liabilities	788	813	609	614	640	654	638	655	702	724	819
Total Equity & Noncontrolling Interests	1,842	2,066	2,118	2,280	2,615	2,746	2,759	2,952	3,054	3,337	3,868
Total Preferred & Common Equity	1,842	2,066	2,117	2,279	2,614	2,745	2,758	2,950	3,052	3,335	3,867
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	1,842	2,066	2,117	2,279	2,614	2,745	2,758	2,950	3,052	3,335	3,867
Common Stock	71	76	82	88	88	93	98	94	98	101	95
Retained Earnings	3,095	3,319	3,451	3,611	4,003	4,239	4,497	5,007	5,298	5,582	6,293
Treasury Stock	-1,223	-1,239	-1,329	-1,329	-1,391	-1,502	-1,761	-2,072	-2,276	-2,276	-2,520
Accumulated Other Comprehensive Income / (Loss)	-102	-91	-87	-91	-86	-86	-76	-80	-68	-72	-1.92
Noncontrolling Interest	0.70	0.70	0.70	1.04	1.04	1.04	1.04	1.97	1.97	1.12	1.04

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	44,765,864.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	44,765,864.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	28.43
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.57%	12.40%	1.79%	5.77%	12.84%	-4.12%	12.58%	11.84%	13.60%	15.76%	16.62%
EBITDA Growth	-0.85%	7.45%	7.87%	16.10%	13.89%	-33.87%	76.29%	4.78%	46.53%	48.84%	28.41%
EBIT Growth	-0.96%	7.45%	7.16%	22.77%	13.95%	-43.82%	105.70%	6.50%	53.66%	53.86%	27.34%
NOPAT Growth	-3.08%	7.96%	22.68%	23.98%	13.92%	-59.28%	184.36%	6.70%	54.77%	54.75%	28.82%
Net Income Growth	-0.53%	5.59%	24.73%	24.82%	14.66%	-59.11%	188.62%	5.84%	55.95%	59.02%	26.38%
EPS Growth	7.94%	9.19%	28.62%	26.96%	18.56%	-58.26%	194.17%	14.73%	64.32%	61.68%	30.99%
Operating Cash Flow Growth	8.11%	-1.61%	39.52%	-25.96%	31.25%	126.70%	-60.46%	56.18%	80.68%	56.49%	-7.52%
Free Cash Flow Firm Growth	-18.59%	-98.05%	-3,602.17%	206.12%	292.15%	-16.85%	-87.29%	556.38%	81.32%	48.08%	-71.05%
Invested Capital Growth	-1.79%	14.45%	25.05%	7.84%	-11.93%	-19.25%	22.73%	0.79%	-4.76%	-4.87%	58.43%
Revenue Q/Q Growth	0.95%	2.33%	0.82%	2.74%	0.37%	0.21%	3.76%	2.88%	4.05%	2.32%	4.57%
EBITDA Q/Q Growth	2.78%	-2.15%	-4.94%	16.06%	2.12%	6.70%	1.59%	5.97%	12.96%	7.58%	11.77%
EBIT Q/Q Growth	3.45%	-3.02%	-6.67%	20.38%	1.56%	8.98%	1.72%	7.25%	14.52%	8.05%	12.13%
NOPAT Q/Q Growth	3.53%	-4.03%	5.29%	9.55%	1.57%	-4.01%	5.97%	6.97%	14.62%	8.28%	13.09%
Net Income Q/Q Growth	4.38%	-5.29%	5.73%	9.57%	1.79%	-2.84%	6.05%	6.46%	15.55%	8.70%	12.60%
EPS Q/Q Growth	5.84%	-4.19%	6.70%	9.98%	1.95%	0.00%	6.49%	9.02%	16.75%	9.29%	13.44%
Operating Cash Flow Q/Q Growth	14.33%	-12.55%	-1.54%	39.97%	-6.89%	11.13%	-14.63%	12.34%	22.32%	3.36%	4.40%
Free Cash Flow Firm Q/Q Growth	-3.77%	135.23%	-150.10%	63.95%	34.93%	206.82%	-72.49%	-22.71%	126.00%	10.44%	66.56%
Invested Capital Q/Q Growth	-6.03%	-6.68%	20.53%	16.59%	8.78%	-11.40%	-0.15%	8.67%	-9.63%	-11.35%	-3.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.06%	13.74%	14.92%	14.83%	14.78%	15.86%	15.16%	14.48%	16.60%	18.98%	19.33%
EBITDA Margin	5.40%	5.16%	5.47%	6.00%	6.06%	4.18%	6.54%	6.13%	7.90%	10.16%	11.19%
Operating Margin	4.27%	4.06%	4.28%	4.96%	5.02%	2.92%	5.36%	5.10%	6.96%	9.23%	10.09%
EBIT Margin	4.27%	4.08%	4.30%	4.99%	5.04%	2.95%	5.40%	5.14%	6.95%	9.24%	10.09%
Profit (Net Income) Margin	2.57%	2.41%	2.96%	3.49%	3.54%	1.51%	3.87%	3.67%	5.03%	6.91%	7.49%
Tax Burden Percent	61.87%	61.44%	71.28%	71.79%	72.11%	52.69%	72.49%	72.68%	72.56%	73.12%	73.93%
Interest Burden Percent	97.12%	96.12%	96.43%	97.34%	97.50%	97.12%	99.04%	98.17%	99.80%	102.35%	100.47%
Effective Tax Rate	38.11%	37.50%	28.45%	27.62%	27.89%	47.31%	27.51%	27.32%	27.44%	26.88%	26.07%
Return on Invested Capital (ROIC)	13.54%	13.76%	14.06%	15.09%	17.61%	8.47%	24.21%	23.35%	36.88%	59.96%	58.34%
ROIC Less NNEP Spread (ROIC-NNEP)	17.16%	22.16%	2.15%	11.47%	73.85%	8.99%	24.41%	24.61%	37.30%	57.72%	57.81%
Return on Net Nonoperating Assets (RNNOA)	-1.69%	-1.69%	0.09%	1.52%	-0.50%	-2.01%	-6.39%	-4.14%	-8.38%	-22.72%	-19.85%
Return on Equity (ROE)	11.86%	12.07%	14.15%	16.61%	17.12%	6.47%	17.82%	19.21%	28.50%	37.24%	38.49%
Cash Return on Invested Capital (CROIC)	15.35%	0.28%	-8.21%	7.54%	30.31%	29.77%	3.80%	22.57%	41.75%	64.95%	13.12%
Operating Return on Assets (OROA)	8.28%	8.34%	8.46%	10.08%	10.37%	5.25%	10.17%	10.38%	14.42%	18.79%	20.15%
Return on Assets (ROA)	4.98%	4.93%	5.81%	7.04%	7.29%	2.69%	7.30%	7.41%	10.44%	14.06%	14.97%
Return on Common Equity (ROCE)	11.79%	12.05%	14.14%	16.60%	17.11%	6.47%	17.82%	19.21%	28.48%	37.22%	38.48%
Return on Equity Simple (ROE_SIMPLE)	11.68%	11.85%	13.58%	16.29%	15.81%	6.48%	17.04%	20.58%	25.64%	34.28%	0.00%
Net Operating Profit after Tax (NOPAT)	178	192	235	292	332	135	385	411	635	983	1,267
NOPAT Margin	2.64%	2.54%	3.06%	3.59%	3.62%	1.54%	3.89%	3.71%	5.05%	6.75%	7.46%
Net Nonoperating Expense Percent (NNEP)	-3.62%	-8.40%	11.91%	3.62%	-56.24%	-0.52%	-0.19%	-1.25%	-0.42%	2.23%	0.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	18.48%	25.72%	33.46%	33.56%
Cost of Revenue to Revenue	85.94%	86.26%	85.08%	85.17%	85.22%	84.14%	84.84%	85.52%	83.40%	81.02%	80.67%
SG&A Expenses to Revenue	9.77%	9.63%	9.87%	9.83%	9.74%	10.27%	9.80%	9.38%	9.63%	9.75%	10.09%
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	9.78%	9.68%	10.64%	9.87%	9.75%	12.94%	9.80%	9.38%	9.64%	9.75%	9.24%
Earnings before Interest and Taxes (EBIT)	287	308	331	406	462	260	534	569	875	1,346	1,714
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	363	390	420	488	556	367	648	679	995	1,480	1,901
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.96	2.70	2.79	1.93	2.31	2.41	2.99	3.55	4.09	7.10	7.45
Price to Tangible Book Value (P/TBV)	18.02	59.25	21.91	12.83	12.44	8.01	8.70	15.22	10.90	16.42	23.75
Price to Revenue (P/Rev)	0.43	0.55	0.61	0.41	0.52	0.56	0.68	0.63	0.80	1.43	1.61
Price to Earnings (P/E)	16.81	22.82	20.57	11.83	14.61	37.21	17.54	17.25	15.96	20.72	21.50
Dividend Yield	0.69%	0.47%	0.40%	0.55%	0.38%	0.36%	0.41%	0.37%	0.32%	0.21%	0.16%
Earnings Yield	5.95%	4.38%	4.86%	8.46%	6.85%	2.69%	5.70%	5.80%	6.27%	4.83%	4.65%
Enterprise Value to Invested Capital (EV/IC)	2.09	2.76	2.61	1.80	2.52	3.03	3.55	3.85	5.54	12.21	9.90
Enterprise Value to Revenue (EV/Rev)	0.40	0.54	0.63	0.45	0.49	0.49	0.63	0.61	0.74	1.34	1.55
Enterprise Value to EBITDA (EV/EBITDA)	7.50	10.53	11.57	7.42	8.02	11.76	9.61	10.02	9.36	13.19	13.87
Enterprise Value to EBIT (EV/EBIT)	9.47	13.30	14.70	8.92	9.64	16.63	11.65	11.95	10.65	14.51	15.38
Enterprise Value to NOPAT (EV/NOPAT)	15.31	21.38	20.66	12.41	13.42	31.93	16.18	16.56	14.66	19.86	20.81
Enterprise Value to Operating Cash Flow (EV/OCF)	10.20	15.63	13.28	13.36	12.54	5.36	19.53	13.65	10.35	13.87	20.24
Enterprise Value to Free Cash Flow (EV/FCFF)	13.51	1,045.52	0.00	24.82	7.80	9.09	102.98	17.14	12.95	18.33	92.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.28	0.39	0.36	0.03	0.13	0.14	0.13	0.00	0.00	0.03
Long-Term Debt to Equity	0.20	0.27	0.38	0.35	0.02	0.13	0.11	0.12	0.00	0.00	0.00
Financial Leverage	-0.10	-0.08	0.04	0.13	-0.01	-0.22	-0.26	-0.17	-0.22	-0.39	-0.34
Leverage Ratio	2.38	2.45	2.43	2.36	2.35	2.41	2.44	2.59	2.73	2.65	2.57
Compound Leverage Factor	2.31	2.36	2.35	2.30	2.29	2.34	2.42	2.55	2.72	2.71	2.58
Debt to Total Capital	17.55%	21.58%	28.16%	26.53%	3.20%	11.87%	12.42%	11.13%	0.00%	0.00%	2.63%
Short-Term Debt to Total Capital	0.98%	0.77%	0.66%	0.68%	0.85%	0.73%	2.88%	0.70%	0.00%	0.00%	2.63%
Long-Term Debt to Total Capital	16.58%	20.82%	27.50%	25.86%	2.35%	11.14%	9.54%	10.43%	0.00%	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	0.19%	0.04%	0.04%	0.04%	0.03%	0.02%	0.03%	0.03%	0.04%	0.04%	0.03%
Common Equity to Total Capital	82.26%	78.37%	71.80%	73.43%	96.77%	88.11%	87.55%	88.84%	99.96%	99.96%	97.34%
Debt to EBITDA	0.87	1.09	1.56	1.29	0.12	0.75	0.49	0.36	0.00	0.00	0.05
Net Debt to EBITDA	-0.50	-0.13	0.44	0.54	-0.52	-1.70	-0.77	-0.31	0.00	0.00	-0.53
Long-Term Debt to EBITDA	0.82	1.05	1.52	1.26	0.09	0.71	0.38	0.34	0.00	0.00	0.00
Debt to NOPAT	1.77	2.21	2.79	2.16	0.20	2.04	0.83	0.60	0.00	0.00	0.08
Net Debt to NOPAT	-1.01	-0.26	0.79	0.91	-0.87	-4.63	-1.30	-0.51	0.00	0.00	-0.80
Long-Term Debt to NOPAT	1.67	2.13	2.72	2.10	0.15	1.92	0.64	0.56	0.00	0.00	0.00
Altman Z-Score	3.79	4.09	4.26	4.07	4.11	3.81	4.37	4.50	4.78	6.14	6.40
Noncontrolling Interest Sharing Ratio	0.57%	0.14%	0.05%	0.05%	0.04%	0.03%	0.03%	0.03%	0.04%	0.04%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.46	1.43	1.38	1.38	1.37	1.44	1.44	1.26	1.26	1.30	1.22
Quick Ratio	1.31	1.30	1.26	1.23	1.23	1.31	1.28	1.10	1.14	1.18	1.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	201	3.92	-137	146	572	475	60	397	719	1,065	285
Operating Cash Flow to CapEx	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%	1,204.47%
Free Cash Flow to Firm to Interest Expense	22.54	0.31	-10.76	10.77	41.37	52.78	9.96	30.06	41.83	281.90	23.70
Operating Cash Flow to Interest Expense	29.86	20.78	28.66	20.01	25.74	89.51	52.51	37.73	52.31	372.56	108.32
Operating Cash Flow Less CapEx to Interest Expense	26.32	17.80	26.26	16.89	22.63	84.57	47.01	34.53	48.54	353.74	99.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.94	2.04	1.97	2.02	2.06	1.78	1.89	2.02	2.07	2.03	2.00
Accounts Receivable Turnover	5.18	5.29	4.95	4.81	4.82	4.45	4.80	4.64	4.36	4.30	4.35
Inventory Turnover	136.83	173.76	163.19	162.86	188.93	157.85	156.41	135.57	106.85	114.33	123.50
Fixed Asset Turnover	55.03	60.42	60.26	62.18	63.16	55.92	63.79	71.49	74.63	75.30	73.73
Accounts Payable Turnover	12.17	13.17	12.24	11.35	11.87	11.07	11.95	11.96	11.76	12.60	12.66
Days Sales Outstanding (DSO)	70.46	69.00	73.68	75.90	75.68	82.01	76.04	78.63	83.70	84.96	84.00
Days Inventory Outstanding (DIO)	2.67	2.10	2.24	2.24	1.93	2.31	2.33	2.69	3.42	3.19	2.96
Days Payable Outstanding (DPO)	29.99	27.72	29.83	32.15	30.75	32.97	30.54	30.51	31.05	28.97	28.83
Cash Conversion Cycle (CCC)	43.14	43.38	46.08	45.99	46.86	51.34	47.83	50.81	56.07	59.19	58.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,300	1,488	1,861	2,007	1,767	1,427	1,751	1,765	1,681	1,599	2,662
Invested Capital Turnover	5.12	5.42	4.59	4.21	4.86	5.51	6.23	6.30	7.30	8.88	7.82
Increase / (Decrease) in Invested Capital	-24	188	373	146	-239	-340	324	14	-84	-82	982
Enterprise Value (EV)	2,719	4,102	4,861	3,619	4,460	4,321	6,225	6,799	9,313	19,531	26,359
Market Capitalization	2,896	4,151	4,673	3,353	4,750	4,947	6,726	7,008	10,102	20,870	27,371
Book Value per Share	$23.54	$25.35	$28.45	$30.24	$36.63	$37.37	$42.20	$41.41	$52.50	$63.86	$82.07
Tangible Book Value per Share	$2.56	$1.16	$3.63	$4.54	$6.80	$11.25	$14.48	$9.66	$19.71	$27.63	$25.75
Total Capital	1,795	1,961	2,330	2,370	2,126	2,330	2,573	2,221	2,471	2,939	3,774
Total Debt	315	423	656	629	68	277	319	247	0.00	0.00	99
Total Long-Term Debt	298	408	641	613	50	260	245	232	0.00	0.00	0.00
Net Debt	-180	-50	186	265	-291	-626	-502	-209	-790	-1,340	-1,013
Capital Expenditures (CapEx)	32	38	31	42	43	45	33	42	65	71	108
Debt-free, Cash-free Net Working Capital (DFCFNWC)	184	208	181	304	381	72	282	268	139	-104	60
Debt-free Net Working Capital (DFNWC)	671	672	649	668	739	975	1,103	724	929	1,235	1,172
Net Working Capital (NWC)	654	657	634	652	721	958	1,029	708	929	1,235	1,072
Net Nonoperating Expense (NNE)	5.17	9.66	8.12	8.18	7.21	2.38	1.09	4.45	2.11	-24	-6.07
Net Nonoperating Obligations (NNO)	-180	-50	186	265	-291	-626	-502	-209	-790	-1,340	-1,013
Total Depreciation and Amortization (D&A)	75	81	90	82	93	108	113	110	120	135	187
Debt-free, Cash-free Net Working Capital to Revenue	2.74%	2.75%	2.36%	3.74%	4.15%	0.82%	2.85%	2.42%	1.10%	-0.72%	0.35%
Debt-free Net Working Capital to Revenue	9.99%	8.90%	8.44%	8.21%	8.06%	11.08%	11.14%	6.54%	7.38%	8.48%	6.90%
Net Working Capital to Revenue	9.73%	8.70%	8.24%	8.02%	7.86%	10.89%	10.39%	6.40%	7.38%	8.48%	6.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.74	$3.00	$3.84	$4.88	$5.78	$2.41	$7.09	$8.13	$13.37	$21.61	$28.30
Adjusted Weighted Average Basic Shares Outstanding	60.66M	59.66M	58.37M	56.00M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M	44.53M
Adjusted Diluted Earnings per Share	$2.72	$2.97	$3.82	$4.85	$5.75	$2.40	$7.06	$8.10	$13.31	$21.52	$28.19
Adjusted Weighted Average Diluted Shares Outstanding	60.66M	59.66M	58.37M	56.00M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M	44.53M
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	60.66M	59.66M	58.37M	56.00M	56.26M	109.59M	52.67M	47.69M	47.06M	45.47M	44.53M
Normalized Net Operating Profit after Tax (NOPAT)	178	194	278	294	333	259	385	411	637	983	1,267
Normalized NOPAT Margin	2.65%	2.57%	3.61%	3.62%	3.63%	2.95%	3.89%	3.71%	5.06%	6.75%	7.46%
Pre Tax Income Margin	4.15%	3.93%	4.15%	4.86%	4.91%	2.87%	5.34%	5.04%	6.94%	9.46%	10.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	32.14	24.43	25.89	29.96	33.46	28.84	88.03	43.12	50.85	356.11	142.56
NOPAT to Interest Expense	19.89	15.19	18.43	21.54	24.05	15.02	63.38	31.11	36.95	260.22	105.39
EBIT Less CapEx to Interest Expense	28.60	21.45	23.48	26.84	30.35	23.90	82.52	39.93	47.09	337.30	133.57
NOPAT Less CapEx to Interest Expense	16.35	12.21	16.03	18.42	20.94	10.08	57.87	27.91	33.18	241.40	96.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	17.59%	12.17%	8.35%	6.57%	5.60%	13.35%	7.35%	6.69%	5.16%	4.31%	3.61%
Augmented Payout Ratio	78.07%	63.89%	49.36%	82.83%	5.60%	98.01%	58.31%	169.36%	25.33%	52.94%	49.67%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	44,765,864.00	44,532,566.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	44,765,864.00	44,532,566.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	9.71	6.86
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.49%	16.59%	18.75%	20.40%	15.26%	9.62%	12.68%	17.39%	16.35%	19.71%	19.67%
EBITDA Growth	49.21%	55.90%	57.87%	62.85%	50.31%	32.17%	24.58%	25.77%	13.86%	47.07%	26.52%
EBIT Growth	56.37%	63.22%	67.81%	69.47%	54.99%	34.36%	22.62%	24.69%	11.53%	47.66%	26.67%
NOPAT Growth	58.42%	63.03%	69.40%	70.19%	55.31%	35.89%	23.61%	25.33%	11.34%	51.47%	27.13%
Net Income Growth	60.48%	67.47%	76.86%	76.09%	59.22%	38.13%	22.08%	22.05%	9.29%	48.76%	26.93%
EPS Growth	65.28%	74.61%	79.74%	77.97%	62.47%	40.94%	26.14%	28.00%	13.28%	53.02%	30.04%
Operating Cash Flow Growth	1.46%	63.25%	256.37%	-6.62%	101.73%	10.79%	-17.99%	-30.75%	-9.68%	11.70%	-99.49%
Free Cash Flow Firm Growth	-127.88%	155.77%	-56.06%	-1.07%	585.35%	24.92%	-623.54%	-469.81%	-304.36%	-292.69%	76.33%
Invested Capital Growth	14.53%	-4.76%	5.03%	4.34%	-3.04%	-4.87%	41.87%	44.25%	52.61%	58.43%	16.31%
Revenue Q/Q Growth	5.32%	7.22%	-0.20%	6.84%	0.82%	1.98%	2.58%	11.30%	-0.07%	4.92%	2.55%
EBITDA Q/Q Growth	17.57%	21.27%	-9.90%	26.77%	8.52%	6.63%	-15.07%	28.06%	-1.82%	37.73%	-26.93%
EBIT Q/Q Growth	19.51%	23.22%	-10.11%	28.03%	9.30%	6.82%	-17.97%	30.28%	-2.30%	41.42%	-29.61%
NOPAT Q/Q Growth	19.10%	23.32%	-8.70%	26.91%	8.69%	7.90%	-16.94%	28.68%	-3.45%	46.79%	-30.29%
Net Income Q/Q Growth	20.73%	24.61%	-6.79%	25.58%	9.17%	8.10%	-17.62%	25.55%	-2.25%	47.14%	-29.71%
EPS Q/Q Growth	21.02%	25.21%	-6.71%	25.90%	10.48%	8.62%	-16.51%	27.76%	-2.23%	46.73%	-29.05%
Operating Cash Flow Q/Q Growth	-12.87%	62.38%	-68.79%	111.47%	88.22%	-10.82%	-76.90%	78.56%	145.50%	10.28%	-99.89%
Free Cash Flow Firm Q/Q Growth	-141.09%	544.64%	-52.93%	54.70%	101.56%	14.45%	-246.71%	-9.27%	-11.39%	15.99%	76.85%
Invested Capital Q/Q Growth	-3.76%	-9.63%	5.36%	9.00%	-10.57%	-11.35%	64.16%	10.83%	-5.39%	-3.29%	14.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.01%	17.96%	17.17%	18.65%	19.87%	20.08%	18.69%	19.37%	19.42%	19.75%	18.67%
EBITDA Margin	8.26%	9.34%	8.44%	10.01%	10.77%	11.27%	9.33%	10.73%	10.54%	13.84%	9.86%
Operating Margin	7.33%	8.41%	7.57%	9.08%	9.83%	10.31%	8.24%	9.65%	9.43%	12.71%	8.73%
EBIT Margin	7.32%	8.41%	7.57%	9.08%	9.84%	10.31%	8.24%	9.65%	9.43%	12.71%	8.73%
Profit (Net Income) Margin	5.29%	6.15%	5.74%	6.75%	7.31%	7.75%	6.22%	7.02%	6.87%	9.63%	6.60%
Tax Burden Percent	72.35%	72.50%	73.64%	73.00%	72.64%	73.32%	74.24%	73.34%	72.47%	75.22%	74.50%
Interest Burden Percent	99.96%	100.88%	102.99%	101.90%	102.29%	102.55%	101.71%	99.22%	100.47%	100.71%	101.54%
Effective Tax Rate	27.65%	27.50%	26.36%	27.00%	27.36%	26.68%	25.76%	26.67%	27.53%	24.78%	25.50%
Return on Invested Capital (ROIC)	36.79%	44.52%	40.53%	46.11%	55.50%	67.12%	41.02%	44.91%	48.73%	74.81%	40.63%
ROIC Less NNEP Spread (ROIC-NNEP)	36.88%	44.15%	39.46%	45.10%	54.60%	66.44%	40.28%	45.45%	48.55%	74.54%	39.82%
Return on Net Nonoperating Assets (RNNOA)	-5.71%	-9.92%	-9.01%	-8.47%	-14.90%	-26.15%	-7.90%	-6.84%	-12.26%	-25.60%	-6.66%
Return on Equity (ROE)	31.09%	34.60%	31.52%	37.64%	40.60%	40.97%	33.12%	38.07%	36.47%	49.21%	33.97%
Cash Return on Invested Capital (CROIC)	18.27%	41.75%	34.62%	36.97%	52.65%	64.95%	11.34%	8.02%	7.51%	13.12%	31.79%
Operating Return on Assets (OROA)	15.17%	17.44%	16.13%	19.22%	20.68%	20.96%	16.75%	19.50%	19.20%	25.39%	17.61%
Return on Assets (ROA)	10.97%	12.75%	12.23%	14.30%	15.36%	15.76%	12.64%	14.19%	13.98%	19.24%	13.32%
Return on Common Equity (ROCE)	31.07%	34.58%	31.50%	37.63%	40.59%	40.95%	33.10%	38.05%	36.46%	49.20%	33.95%
Return on Equity Simple (ROE_SIMPLE)	24.05%	0.00%	27.50%	30.10%	33.59%	0.00%	35.62%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	170	210	191	243	264	285	237	304	294	432	301
NOPAT Margin	5.30%	6.10%	5.58%	6.63%	7.14%	7.56%	6.12%	7.07%	6.83%	9.56%	6.50%
Net Nonoperating Expense Percent (NNEP)	-0.08%	0.37%	1.07%	1.01%	0.90%	0.68%	0.74%	-0.54%	0.18%	0.27%	0.81%
Return On Investment Capital (ROIC_SIMPLE)	-	8.49%	-	-	-	9.70%	7.39%	8.97%	8.57%	11.43%	7.58%
Cost of Revenue to Revenue	82.99%	82.04%	82.83%	81.35%	80.13%	79.92%	81.31%	80.63%	80.58%	80.25%	81.33%
SG&A Expenses to Revenue	9.61%	9.55%	9.60%	9.58%	10.04%	9.77%	10.45%	9.72%	9.99%	10.24%	9.94%
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	9.68%	9.55%	9.60%	9.58%	10.04%	9.77%	10.45%	9.72%	9.99%	7.03%	9.94%
Earnings before Interest and Taxes (EBIT)	235	289	260	333	364	389	319	415	406	574	404
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	265	321	290	367	398	425	361	462	453	625	456
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.34	4.09	6.29	6.25	7.28	7.10	5.69	7.84	8.71	7.45	8.50
Price to Tangible Book Value (P/TBV)	13.63	10.90	15.12	15.82	18.12	16.42	32.52	38.74	31.62	23.75	24.47
Price to Revenue (P/Rev)	0.82	0.80	1.25	1.25	1.41	1.43	1.12	1.53	1.79	1.61	1.85
Price to Earnings (P/E)	18.04	15.96	22.89	20.77	21.67	20.72	15.99	21.65	25.71	21.50	24.57
Dividend Yield	0.31%	0.32%	0.21%	0.22%	0.20%	0.21%	0.27%	0.19%	0.15%	0.16%	0.16%
Earnings Yield	5.54%	6.27%	4.37%	4.82%	4.61%	4.83%	6.26%	4.62%	3.89%	4.65%	4.07%
Enterprise Value to Invested Capital (EV/IC)	5.09	5.54	8.48	8.14	10.60	12.21	6.27	8.18	10.36	9.90	10.50
Enterprise Value to Revenue (EV/Rev)	0.78	0.74	1.20	1.19	1.34	1.34	1.10	1.52	1.76	1.55	1.81
Enterprise Value to EBITDA (EV/EBITDA)	10.75	9.36	14.24	13.21	13.90	13.19	10.62	14.46	16.76	13.87	16.05
Enterprise Value to EBIT (EV/EBIT)	12.39	10.65	16.00	14.70	15.35	14.51	11.74	16.01	18.65	15.38	17.82
Enterprise Value to NOPAT (EV/NOPAT)	17.07	14.66	21.97	20.17	21.06	19.86	16.02	21.82	25.45	20.81	24.08
Enterprise Value to Operating Cash Flow (EV/OCF)	12.87	10.35	14.05	14.97	14.04	13.87	11.90	18.33	22.86	20.24	26.84
Enterprise Value to Free Cash Flow (EV/FCFF)	29.73	12.95	25.09	22.49	19.82	18.33	64.92	120.43	166.65	92.52	35.50
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.05	0.00	0.03	0.03	0.03	0.00	0.08	0.11	0.03	0.03	0.03
Long-Term Debt to Equity	0.04	0.00	0.00	0.00	0.00	0.00	0.08	0.08	0.00	0.00	0.00
Financial Leverage	-0.15	-0.22	-0.23	-0.19	-0.27	-0.39	-0.20	-0.15	-0.25	-0.34	-0.17
Leverage Ratio	2.83	2.73	2.63	2.67	2.69	2.65	2.65	2.67	2.62	2.57	2.58
Compound Leverage Factor	2.83	2.75	2.71	2.72	2.75	2.72	2.70	2.65	2.63	2.59	2.62
Debt to Total Capital	4.36%	0.00%	2.82%	2.79%	2.83%	0.00%	7.81%	10.07%	2.79%	2.63%	2.58%
Short-Term Debt to Total Capital	0.27%	0.00%	2.82%	2.79%	2.83%	0.00%	0.00%	2.71%	2.79%	2.63%	2.58%
Long-Term Debt to Total Capital	4.09%	0.00%	0.00%	0.00%	0.00%	0.00%	7.81%	7.36%	0.00%	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	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.06%	0.06%	0.03%	0.03%	0.03%
Common Equity to Total Capital	95.60%	99.96%	97.14%	97.18%	97.14%	99.96%	92.13%	89.87%	97.18%	97.34%	97.40%
Debt to EBITDA	0.12	0.00	0.07	0.06	0.06	0.00	0.16	0.21	0.06	0.05	0.05
Net Debt to EBITDA	-0.48	0.00	-0.69	-0.59	-0.69	0.00	-0.21	-0.09	-0.33	-0.53	-0.41
Long-Term Debt to EBITDA	0.11	0.00	0.00	0.00	0.00	0.00	0.16	0.15	0.00	0.00	0.00
Debt to NOPAT	0.19	0.00	0.11	0.10	0.09	0.00	0.24	0.31	0.09	0.08	0.08
Net Debt to NOPAT	-0.76	0.00	-1.07	-0.89	-1.05	0.00	-0.32	-0.13	-0.50	-0.80	-0.61
Long-Term Debt to NOPAT	0.18	0.00	0.00	0.00	0.00	0.00	0.24	0.23	0.00	0.00	0.00
Altman Z-Score	4.54	4.49	5.55	5.50	5.79	5.73	4.92	5.70	6.35	6.00	6.59
Noncontrolling Interest Sharing Ratio	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.05%	0.04%	0.03%	0.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.26	1.26	1.31	1.29	1.28	1.30	1.16	1.18	1.19	1.22	1.26
Quick Ratio	1.11	1.14	1.18	1.16	1.16	1.18	1.04	1.05	1.04	1.10	1.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-66	294	103	159	321	367	-538	-588	-655	-550	-127
Operating Cash Flow to CapEx	1,430.65%	2,066.21%	683.92%	1,509.00%	3,170.39%	2,822.82%	437.44%	722.96%	1,854.89%	1,698.20%	1.99%
Free Cash Flow to Firm to Interest Expense	-733.79	23.33	0.00	0.00	0.00	14.25	0.00	-181.50	0.00	-34.38	0.00
Operating Cash Flow to Interest Expense	2,899.61	33.67	0.00	0.00	0.00	18.24	0.00	59.78	0.00	32.77	0.00
Operating Cash Flow Less CapEx to Interest Expense	2,696.93	32.04	0.00	0.00	0.00	17.60	0.00	51.51	0.00	30.84	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.07	2.07	2.13	2.12	2.10	2.03	2.03	2.02	2.04	2.00	2.02
Accounts Receivable Turnover	4.34	4.36	4.47	4.36	4.33	4.30	4.28	4.13	4.27	4.35	4.25
Inventory Turnover	93.56	106.85	101.63	107.72	110.60	114.33	116.44	118.75	131.02	123.50	127.69
Fixed Asset Turnover	74.02	74.63	75.68	75.58	75.87	75.30	72.23	70.59	73.83	73.73	71.90
Accounts Payable Turnover	12.91	11.76	13.70	13.21	13.49	12.60	12.70	12.35	13.52	12.66	13.08
Days Sales Outstanding (DSO)	84.12	83.70	81.70	83.79	84.27	84.96	85.33	88.39	85.55	84.00	85.95
Days Inventory Outstanding (DIO)	3.90	3.42	3.59	3.39	3.30	3.19	3.13	3.07	2.79	2.96	2.86
Days Payable Outstanding (DPO)	28.28	31.05	26.65	27.63	27.06	28.97	28.75	29.57	26.99	28.83	27.91
Cash Conversion Cycle (CCC)	59.75	56.07	58.64	59.55	60.51	59.19	59.72	61.90	61.34	58.13	60.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,860	1,681	1,850	2,017	1,804	1,599	2,625	2,910	2,753	2,662	3,053
Invested Capital Turnover	6.94	7.30	7.27	6.96	7.77	8.88	6.70	6.35	7.13	7.82	6.25
Increase / (Decrease) in Invested Capital	236	-84	89	84	-56	-82	775	893	949	982	428
Enterprise Value (EV)	9,462	9,313	15,688	16,418	19,122	19,531	16,472	23,788	28,507	26,359	32,049
Market Capitalization	9,881	10,102	16,452	17,146	20,076	20,870	16,797	23,930	29,065	27,371	32,862
Book Value per Share	$48.35	$52.50	$55.63	$58.40	$59.11	$63.86	$64.87	$68.18	$74.51	$82.07	$86.83
Tangible Book Value per Share	$15.38	$19.71	$23.15	$23.07	$23.74	$27.63	$11.36	$13.80	$20.53	$25.75	$30.15
Total Capital	2,384	2,471	2,691	2,824	2,839	2,939	3,202	3,396	3,432	3,774	3,970
Total Debt	104	0.00	76	79	80	0.00	250	342	96	99	102
Total Long-Term Debt	97	0.00	0.00	0.00	0.00	0.00	250	250	0.00	0.00	0.00
Net Debt	-420	-790	-765	-729	-955	-1,340	-327	-144	-559	-1,013	-814
Capital Expenditures (CapEx)	18	21	19	19	17	17	25	27	26	31	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	319	139	312	339	126	-104	112	388	319	60	439
Debt-free Net Working Capital (DFNWC)	843	929	1,153	1,146	1,161	1,235	689	874	974	1,172	1,355
Net Working Capital (NWC)	836	929	1,077	1,068	1,081	1,235	689	782	878	1,072	1,253
Net Nonoperating Expense (NNE)	0.27	-1.85	-5.72	-4.62	-6.20	-7.25	-4.04	2.34	-1.37	-3.05	-4.64
Net Nonoperating Obligations (NNO)	-420	-790	-765	-729	-955	-1,340	-327	-144	-584	-1,013	-814
Total Depreciation and Amortization (D&A)	30	32	30	34	35	36	42	47	48	51	53
Debt-free, Cash-free Net Working Capital to Revenue	2.64%	1.10%	2.37%	2.47%	0.88%	-0.72%	0.75%	2.48%	1.96%	0.35%	2.47%
Debt-free Net Working Capital to Revenue	6.97%	7.38%	8.78%	8.34%	8.16%	8.48%	4.59%	5.59%	6.00%	6.90%	7.64%
Net Working Capital to Revenue	6.91%	7.38%	8.20%	7.77%	7.60%	8.48%	4.59%	5.00%	5.41%	6.31%	7.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.59	$4.48	$4.18	$5.27	$5.83	$6.33	$5.27	$6.74	$6.59	$9.70	$6.85
Adjusted Weighted Average Basic Shares Outstanding	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M	44.77M	44.53M	44.44M
Adjusted Diluted Earnings per Share	$3.57	$4.47	$4.17	$5.25	$5.80	$6.30	$5.26	$6.72	$6.57	$9.64	$6.84
Adjusted Weighted Average Diluted Shares Outstanding	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M	44.77M	44.53M	44.44M
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	47.04M	47.06M	47.00M	46.66M	46.00M	45.47M	44.76M	44.76M	44.77M	44.53M	44.44M
Normalized Net Operating Profit after Tax (NOPAT)	172	210	191	243	264	285	237	304	294	432	301
Normalized NOPAT Margin	5.35%	6.10%	5.58%	6.63%	7.14%	7.56%	6.12%	7.07%	6.83%	9.56%	6.50%
Pre Tax Income Margin	7.31%	8.48%	7.80%	9.25%	10.06%	10.57%	8.38%	9.57%	9.48%	12.80%	8.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2,607.77	22.98	0.00	0.00	0.00	15.10	0.00	128.17	0.00	35.85	0.00
NOPAT to Interest Expense	1,889.07	16.66	0.00	0.00	0.00	11.07	0.00	93.98	0.00	26.96	0.00
EBIT Less CapEx to Interest Expense	2,405.09	21.35	0.00	0.00	0.00	14.45	0.00	119.90	0.00	33.92	0.00
NOPAT Less CapEx to Interest Expense	1,686.40	15.03	0.00	0.00	0.00	10.42	0.00	85.71	0.00	25.03	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	5.72%	5.16%	4.73%	4.50%	4.36%	4.31%	4.41%	4.14%	4.09%	3.61%	3.91%
Augmented Payout Ratio	25.67%	25.33%	25.69%	25.26%	50.54%	52.94%	68.72%	74.08%	49.78%	49.67%	37.44%

Financials Breakdown Chart

Key Financial Trends

EMCOR Group, Inc. (NYSE: EME) has shown a sustained uptrend in revenue and cash flow across the 2022–2025 period, with improving profitability and active balance-sheet management in the latest quarters. Below are the top trends based on the quarterly statements provided.

Q4 2025 revenue rose to $4.513B, about 19% above Q4 2024 ($3.770B), continuing a multi-year uptrend from roughly $2.8–3.0B in 2022 to $4.5B in 2025.
Q4 2025 net income to common shareholders rose to $434.6M, up about 48% from $292.2M in Q4 2024.
Q4 2025 operating cash flow from continuing operations was $524.4M, up from $469.5M in Q4 2024 (+~12%), signaling strong cash generation.
In 2025, EMCOR repaid about $251M of debt in Q3 and maintained a modest long-term debt load (~$250M), improving leverage while preserving liquidity.
The company maintains a steady dividend ($0.25 per share) and used sizable share repurchases in 2025 (e.g., about $154.1M in Q4 2025), supporting earnings per share.
Q4 2025 diluted EPS was $9.64 and basic EPS $9.70, with about 44.5 million weighted-average shares, indicating strong quarterly profitability per share.

Gross margin remained around 20% (Q4 2025 gross margin ≈ 19.8%), with operating margin in the low double digits, indicating stable profitability rather than sharp expansion.
Capex remains moderate and predictable, with quarterly purchases of property, plant & equipment around $27–$32M in 2025 (e.g., Q4 2025 PPE outflow of $31.9M; Q3 2025 $26.7M; Q2 2025 $28.0M; Q1 2025 $26.1M).

Selling, General & Admin expenses rose as a percentage of revenue in Q4 2025 (SG&A $462.3M on revenue $4.513B ≈ 10.3%, up from 9.8% in Q4 2024), which narrowed margins slightly.
Current liabilities are sizable (Total Current Liabilities ≈ $4.58B in Q3 2025), creating liquidity sensitivity if revenue or margins deteriorate.

05/06/26 05:36 PM ETAI 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 2025 ended on December 31, 2025.

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 $1.27 billion in 2025, rising from $172.51 million in 2015. The previous period was $1.01 billion in 2024. See EMCOR Group's forecast for analyst expectations on whatâ€™s next for the company.

What is EMCOR Group's operating income?

EMCOR Group's total operating income in 2025 was $1.71 billion, based on the following breakdown:

Total Gross Profit: $3.28 billion
Total Operating Expenses: $1.57 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 $6.72 billion in 2015 to $16.99 billion in 2025, a change of 152.8%.

How much debt does EMCOR Group have?

EMCOR Group's total liabilities were at $5.62 billion at the end of 2025, a 17.6% increase from 2024, and a 172.3% increase since 2015.

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 $1.11 billion as of their latest financial filing in 2025.

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 23.54 in 2015 to 82.07 in 2025, a change of 248.6%.

Related Companies

Financial statements for NYSE:EME last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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