EME
EMCOR Group, Inc.
Materials • CIK: 0000105634
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Market Cap
$29.43B
P/E (TTM)
26.0x
Rev Growth (TTM)
+14.1%
Net Margin (TTM)
7.0%
FCF Yield (TTM)
3.9%
FCF Margin (TTM)
7.1%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$1.1B
Q3 '25
$449M+171%
Q2 '25
$166M+101%
FCF Margin
TTM7.1%
Q3 '2510.4%+171%
Sector: 4.7%Above Avg
OCF Margin7.7%
OCF/NI1.10x
CapEx Coverage12.7x
FCF Yield3.9%
FCF Growth (2Y)+43%
Cash Conversion Cycle
58 days
DSO: 86+DIO: 0−DPO: 28
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM1.9%
Div Yield0.2%
+Buyback (TTM)1.8%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)0.2%
FCF Payout Ratio3.9%
Free Cash Flow (TTM)$1.1B
Stock Repurchases (TTM)$516.6M
Capital Return / FCF48.9%
Est. Dividends Paid (TTM)$45.3M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
30.7%
Stable
+0.0% YoY+2.9%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
6.9%
8Q: 6.7%
Asset Turnover
2.02x
8Q: 2.06x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 13.9% ≈ 30.7% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
72.32x
8Q:73.16x
-578.6%
Invested Cap Turn
4.46x
8Q:4.53x
-22.9%
CapEx Intensity
2.7%
8Q:2.7%
CapEx/Depreciation
1.53x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $16.2B | $4.3B↓0.1% | $4.3B↑11.3% | $3.9B↑2.6% | $3.8B↑2.0% | $3.7B↑0.8% | $3.7B↑6.8% | $3.4B↓0.2% | $3.4B |
Operating Income | $1.5B | $405.7M↓2.3% | $415.2M↑30.3% | $318.8M↓18.0% | $388.6M↑6.9% | $363.5M↑9.2% | $332.8M↑28.0% | $260.0M↓10.1% | $289.2M |
Net Income | $1.1B | $295.4M↓2.2% | $302.2M↑25.5% | $240.7M↓17.6% | $292.2M↑8.1% | $270.3M↑9.2% | $247.6M↑25.6% | $197.1M↓6.8% | $211.5M |
Operating Cash Flow | $1.2B | $475.5M↑145.5% | $193.7M↑78.6% | $108.5M↓76.9% | $469.5M↓10.8% | $526.4M↑88.2% | $279.7M↑111.5% | $132.3M↓68.8% | $423.8M |
Free Cash Flow | $1.1B | $448.8M↑171.0% | $165.6M↑101.2% | $82.3M↓81.8% | $451.8M↓11.2% | $508.7M↑95.3% | $260.4M↑132.6% | $112.0M↓72.1% | $401.7M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
26.0x
Volatile
8Q: 72.7x+2769%
Valuation Lenses
Earnings
26.0x
vs – sector
Cash Flow
18.0x
EV/FCF vs –
Growth-Adj
1.0xPEG
Undervalued for growth
Quality-Adj
0.8P/E per %ROIC
ROIC: 30.7%
Shareholder Returns
Dividend
0.2%
Buyback
1.8%
Total Yield
1.9%
Market Cap$29.43B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
95/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
37.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
30.7%
8Q:–
+2.9%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 6.9%
Asset Turnover: 2.02x
Earnings Quality
Cash Conversion
1.10x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin19.4%
Capital Efficiency
Invested Capital Turnover4.46x
Working Capital
Cash Conversion Cycle58 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
74/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
14.1%
OpInc Growth YoY
11.6%
EPS Growth YoY
26.3%
FCF 3Y CAGR
42.8%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
19.4%
Operating
9.4%
Below Avg in sector
Net
7.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+0.1 pts
FCF: 7.1% | Net: 7.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $655.10M
Interest Coverage
–
+Net cash position: $655.10M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis