EMCOR Group
EME on NYSE. EMCOR builds and maintains electrical and mechanical systems for commercial and industrial customers. Market value $34.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.22 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 25 cents a year. Above 10 is good.
Quality score: 79 of 100. Price score: 56 of 100. Our list needs 70 on quality and 60 on price.
$824.52 a share, 46% above its 1-year low
Over the past year the price has ranged from $564.92 to $951.96.
Dividend: 0.1% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $9.9bn | $11.1bn | $12.6bn | $14.6bn | $17.0bn |
| Operating margin | |||||
| Operating margin | 5.4% | 5.1% | 7.0% | 9.2% | 10.1% |
| Debt to equity | |||||
| Debt to equity | 0.12 | 0.13 | 0.00 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 14.1% a year
- Buying back its own sharesYes, 7% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $5.2 billion last quarter, up 20% on a year ago.
- Profit: $404 million, up 34% on a year ago.
- It keeps 10 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $1.2 billion, about the same as a year earlier.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.7bn |
| December 2024 | $3.8bn |
| March 2025 | $3.9bn |
| June 2025 | $4.3bn |
| September 2025 | $4.3bn |
| December 2025 | $4.5bn |
| March 2026 | $4.6bn |
| June 2026 | $5.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $270m |
| December 2024 | $292m |
| March 2025 | $241m |
| June 2025 | $302m |
| September 2025 | $295m |
| December 2025 | $435m |
| March 2026 | $305m |
| June 2026 | $404m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 29 October 2026
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
6 long-term investors we follow own it, up from 5 last quarter. 1,244 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $249,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Select Equity GroupGeorge Loening | $348m | 1.8% | Cut |
| Polen CapitalDan Davidowitz | $86m | 0.7% | New |
| Gotham Asset ManagementJoel Greenblatt | $61m | 0.1% | Cut |
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $52m | 0.2% | Added |
| GMOJeremy Grantham | $2m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $249,000 | <0.1% |
Largest holders overall
- BlackRock$3.4bn
- Vanguard Capital Management$2.4bn
- Vanguard Portfolio Management$1.7bn
- State Street$1.6bnAdded
- FMR$1.1bnCut
- Geode Capital Management$1.1bnCut
- AQR Capital Management$760m
- First Trust Advisors LP$641mAdded
- Kayne Anderson Rudnick Investment Management$509mCut
- Victory Capital Management$488mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor8.0%−3.0 ptsSince 30 September 2025
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- FMR LLCPassive investorat least 4.4%−1.5 pts(filed with 1 related holder)Since 31 March 2026
- Kayne Anderson Rudnick Investment Management, LLCPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 8.0%−3.0 pts | 30 September 2025 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
FMR LLC Passive investor | at least 4.4%−1.5 pts (filed with 1 related holder) | 31 March 2026 | |
Kayne Anderson Rudnick Investment Management, LLC Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 9 sold $41m, $26m of it under preset trading plans.
- Lowe Carol PDirectorSold
- Date
- 17 June 2026
- Shares
- 950
- Price
- $844.50
- Value
- $802,275
- Reid William PDirectorSold
- Date
- 11 May 2026
- Shares
- 2,000
- Price
- $925.78
- Value
- $2m
- Altmeyer John WDirectorSold
- Date
- 1 May 2026
- Shares
- 2,500
- Price
- $895.00
- Value
- $2m
- Lind Robert PeterVP and ControllerSold
- Date
- 30 April 2026
- Shares
- 675
- Price
- $894.27
- Value
- $603,632
- Nalbandian Jason RSVP, CFO, Chief Acct. OfficerSold
- Date
- 30 April 2026
- Shares
- 800
- Price
- $856.43
- Value
- $685,144
- Schwarzwaelder StevenDirectorSold
- Date
- 30 April 2026
- Shares
- 5,602
- Price
- $895.19
- Value
- $5m
- Guzzi AnthonyChairman, President and CEO, DirectorSoldunder a preset trading plan
- Date
- 5 March 2026
- Shares
- 36,000
- Price
- $729.48
- Value
- $26m
- Mauricio Maxine LumCAO, EVP & General CounselSold
- Date
- 2 March 2026
- Shares
- 3,357
- Price
- $735.00
- Value
- $2m
- Lind Robert PeterVP and ControllerSold
- Date
- 23 December 2025
- Shares
- 0
- Price
- $625.09
- Value
- $200
- Walker-Lee Robin ADirectorSold
- Date
- 3 November 2025
- Shares
- 1,325
- Price
- $677.22
- Value
- $897,317
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 June 2026 | Lowe Carol P Director | Sold | 950 | $844.50 | $802,275 |
| 11 May 2026 | Reid William P Director | Sold | 2,000 | $925.78 | $2m |
| 1 May 2026 | Altmeyer John W Director | Sold | 2,500 | $895.00 | $2m |
| 30 April 2026 | Lind Robert Peter VP and Controller | Sold | 675 | $894.27 | $603,632 |
| 30 April 2026 | Nalbandian Jason R SVP, CFO, Chief Acct. Officer | Sold | 800 | $856.43 | $685,144 |
| 30 April 2026 | Schwarzwaelder Steven Director | Sold | 5,602 | $895.19 | $5m |
| 5 March 2026 | Guzzi Anthony Chairman, President and CEO, Director | Sold under a preset trading plan | 36,000 | $729.48 | $26m |
| 2 March 2026 | Mauricio Maxine Lum CAO, EVP & General Counsel | Sold | 3,357 | $735.00 | $2m |
| 23 December 2025 | Lind Robert Peter VP and Controller | Sold | 0 | $625.09 | $200 |
| 3 November 2025 | Walker-Lee Robin A Director | Sold | 1,325 | $677.22 | $897,317 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.