EMCOR Group

EME

Engineering & Construction · Industrials

Price

$776.62

-10.77 (-1.37%)

Market Cap

$34.26B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Good

Stability

Exceptional

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−17.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 54.3M (2021) → 45.1M (2025)

Winston Score History

The full picture

EMCOR Group builds and maintains the systems that keep large buildings running. This includes electrical wiring, plumbing, heating, air conditioning, and fire protection systems. Its customers are hospitals, data centers, factories, military bases, and commercial office buildings across the United States and United Kingdom.

EMCOR earns money by charging for both construction projects and ongoing maintenance contracts. Maintenance contracts are especially valuable because they create steady, recurring revenue. The company operates mostly in the U.S., with a smaller presence in the U.K., and generates roughly $14 billion in annual revenue. Its competitive edge comes from its scale and its ability to handle complex, multi-trade projects that smaller contractors cannot manage alone. The biggest growth driver right now is surging demand from data centers and semiconductor factories, which require massive amounts of electrical and mechanical work to build and operate.

Politician Trades

18 trades / 12mo

12 Congressional buys and 6 sells on EME in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+32.9% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.7%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$924M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

EMCOR Group is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

19.8%

Thin — 19.8% gross margin

Profit after running costs

Operating Margin

10.6%

Modest — 10.6% operating margin

Return on the money invested

ROCE

37.5%

Exceptional — 37.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+18.9%

Fast-growing sales (+18.9% YoY)

Profit growth

EPS YoY

+32.2%

Earnings growing fast (+32.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

90%

Modest — 90% of profit becomes cash

Spare cash per sale

FCF Margin

6.1%

Modest free cash flow (6.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.23

Conservative — low debt load (0.23)

Covers its interest

Interest Cover

249.74x

Comfortably covers interest (249.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.3x

Growth-priced — P/E 24.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+4.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.3 → 20.2)

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Dividends

Dividend

Dividend Yield

0.18%

Small dividend — 0.18% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+45.0%

Dividend growing fast (45.0% YoY)

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