EMEEmcor
We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. 10-K, Item 1
- Employees
- 44,000
- Headquarters
- Norwalk, CT
- CEO
- Anthony Guzzi
- Next results
- around Feb 25, 2027
All key numbers (39) From EDGAR
| EPS (ttm) | 34.59 | Sales (ttm) | 19.8B | Net income (ttm) | 1.5B | Sales growth | +16.6% | EPS growth | +31.0% | Sales Q/Q | +28.8% |
| Free cash flow | 1.5B | Gross margin | 19.6% | Oper. margin | 10.4% | Net margin | 7.8% | FCF margin | 7.5% | ROE | 36.1% |
| ROA | 13.7% | R&D / sales | - | Dividend | 1.00 | Debt/Eq | - | Curr. ratio | 1.17 | Cash | 774.8M |
| Op. cash flow (ttm) | 1.6B | EBITDA | 1.8B | EBITDA margin | 10.5% | Quick ratio | 1.17 | Interest cover | 142.55 | ROIC | 29.6% |
| Payout ratio | 3.5% | Tax rate | 26.1% | Shares out. | 43.8M | Shares Y/Y | -3.6% | Book / share | 97.66 | Cash / share | 17.70 |
| Sales / share | 453.10 | Asset turnover | 1.77 | Days sales out. | 91 | Sales 3Y CAGR | +15.3% | Sales 5Y CAGR | +14.1% | EPS 3Y CAGR | +51.5% |
| EPS 5Y CAGR | +63.7% | Employees | 44,000 | Sales / employee | 451K |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
EME against Industrials peers
Ten years, side by side → · All 83 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| EME Emcor | $19.8B | +16.6% | 19.6% | 7.8% | 36.1% | 7.5% | - |
| RSG Republic Services | $19.7B | +3.3% | 36.7% | 11.3% | 18.2% | 13.0% | 1.15 |
| GWW W. W. Grainger | $19.4B | +4.5% | 39.4% | 11.2% | 49.8% | 8.9% | 0.67 |
| EMR Emerson Electric | $19.0B | +5.4% | 53.4% | 14.2% | 13.0% | 18.6% | 0.59 |
| CHRW C.H. Robinson | $18.2B | -8.4% | - | 3.7% | 42.3% | 2.9% | 1.18 |
| LDOS Leidos | $17.8B | +3.1% | 17.3% | 8.0% | 27.4% | 11.0% | 1.17 |
From $9.9B of sales to $383.5M of profit
FY2021, from the 10-K income statementSwipe sideways for the whole flow →
From $11.1B of sales to $406.1M of profit
FY2022, from the 10-K income statementSwipe sideways for the whole flow →
From $12.6B of sales to $633.0M of profit
FY2023, from the 10-K income statementSwipe sideways for the whole flow →
From $14.6B of sales to $1.0B of profit
FY2024, from the 10-K income statementSwipe sideways for the whole flow →
From $17.0B of sales to $1.3B of profit
FY2025, from the 10-K income statementSwipe sideways for the whole flow →
Where each $100 of sales went
- Cost of revenue
- Sales, admin & other
- Tax & other
- Net profit
Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →
Profitability
3 of 4- !Net margin below the peer median7.8% vs 13.0%
- ✓Gross margin up over 5 years15.9% → 19.3%
- ✓Return on equity above 15%36.1%
- ✓A profit in every one of 10 years
Balance sheet
2 of 2- ✓Interest covered more than 5 timesOperating income is over 100× interest expense
- ✓Current assets cover current liabilitiesCurrent ratio 1.17
Cash and shareholders
4 of 4- ✓Free cash flow positive in every one of 10 years$1.2B last year
- ✓Share count down over 5 years−18.5%
- ✓Dividend per share up over 5 years$0.32 → $1.00
- ✓Cash from operations above net income$1.3B vs $1.3B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
Revenue and net income, FY2016 to FY2025
Revenue 17.0B Net income 1.3BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
EME's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7.6B | 7.7B | 8.1B | 9.2B | 8.8B | 9.9B | 11.1B | 12.6B | 14.6B | 17.0B |
| Cost of revenue | 6.5B | 6.5B | 6.9B | 7.8B | 7.4B | 8.4B | 9.5B | 10.5B | 11.8B | 13.7B |
| Gross profit | 1.0B | 1.1B | 1.2B | 1.4B | 1.4B | 1.5B | 1.6B | 2.1B | 2.8B | 3.3B |
| SG&A | 727.1M | 758.7M | 799.2M | 893.5M | 903.6M | 970.9M | 1.0B | 1.2B | 1.4B | 1.7B |
| Operating income | 306.9M | 328.9M | 403.1M | 460.9M | 256.8M | 530.8M | 564.9M | 875.8M | 1.3B | 1.7B |
| Interest expense | 12.6M | 12.8M | 13.5M | 13.8M | 9.0M | 6.1M | 13.2M | 17.2M | 3.8M | 12.0M |
| Pretax income | 296.5M | 318.7M | 395.0M | 450.9M | 252.3M | 529.3M | 558.8M | 872.9M | 1.4B | 1.7B |
| Income tax | 111.2M | 90.7M | 109.1M | 125.7M | 119.4M | 145.6M | 152.6M | 239.5M | 370.2M | 448.8M |
| Net income | 181.9M | 227.2M | 283.5M | 325.1M | 132.9M | 383.5M | 406.1M | 633.0M | 1.0B | 1.3B |
| EPS (diluted) | 2.97 | 3.82 | 4.85 | 5.75 | 2.40 | 7.06 | 8.10 | 13.31 | 21.52 | 28.19 |
| Diluted shares | 61.2M | 59.6M | 58.4M | 56.5M | 55.4M | 54.3M | 50.1M | 47.6M | 46.8M | 45.1M |
| Depreciation & amortization | 38.9M | 39.9M | 38.5M | 43.9M | 46.7M | 48.3M | 47.3M | 51.8M | 56.7M | 67.4M |
| EBITDA | 345.8M | 368.8M | 441.6M | 504.8M | 303.6M | 579.1M | 612.2M | 927.6M | 1.4B | 1.8B |
| Gross margin | 13.7% | 14.9% | 14.8% | 14.8% | 15.9% | 15.2% | 14.5% | 16.6% | 19.0% | 19.3% |
| Operating margin | 4.1% | 4.3% | 5.0% | 5.0% | 2.9% | 5.4% | 5.1% | 7.0% | 9.2% | 10.1% |
| Net margin | 2.4% | 3.0% | 3.5% | 3.5% | 1.5% | 3.9% | 3.7% | 5.0% | 6.9% | 7.5% |
| Revenue growth | - | +1.8% | +5.8% | +12.8% | -4.1% | +12.6% | +11.8% | +13.6% | +15.8% | +16.6% |
| EPS growth | - | +28.6% | +27.0% | +18.6% | -58.3% | +194% | +14.7% | +64.3% | +61.7% | +31.0% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 464.6M | 467.4M | 363.9M | 358.8M | 902.9M | 821.3M | 456.4M | 789.8M | 1.3B | 1.1B |
| Receivables | 1.5B | 1.6B | 1.8B | 2.0B | 1.9B | 2.2B | 2.6B | 3.2B | 3.6B | 4.2B |
| Current assets | 2.2B | 2.3B | 2.4B | 2.7B | 3.1B | 3.4B | 3.5B | 4.4B | 5.4B | 5.9B |
| Property & equipment | 128.0M | 127.2M | 134.4M | 156.2M | 158.4M | 152.1M | 157.8M | 179.4M | 207.5M | 253.3M |
| Goodwill | 979.6M | 964.9M | 990.9M | 1.1B | 851.8M | 890.3M | 919.2M | 956.5M | 1.0B | 1.4B |
| Total assets | 3.9B | 4.0B | 4.1B | 4.8B | 5.1B | 5.4B | 5.5B | 6.6B | 7.7B | 9.3B |
| Accounts payable | 501.2M | 567.8M | 652.1M | 665.4M | 671.9M | 734.3M | 849.3M | 936.0M | 937.1M | 1.2B |
| Current liabilities | 1.5B | 1.7B | 1.7B | 1.9B | 2.2B | 2.4B | 2.8B | 3.5B | 4.2B | 4.9B |
| Total debt | 408.3M | 310.1M | 295.8M | 294.1M | 276.5M | 261.7M | 247.2M | 5.3M | - | - |
| Total liabilities | 2.3B | 2.3B | 2.3B | 2.8B | 3.0B | 3.2B | 3.6B | 4.1B | 4.8B | 5.6B |
| Shareholders' equity | 1.5B | 1.7B | 1.7B | 2.1B | 2.1B | 2.3B | 2.0B | 2.5B | 2.9B | 3.7B |
| Retained earnings | 1.6B | 1.8B | 2.1B | 2.4B | 2.5B | 2.8B | 3.2B | 3.8B | 4.8B | 6.0B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 262.4M | 366.0M | 271.0M | 355.7M | 806.4M | 318.8M | 497.9M | 899.7M | 1.4B | 1.3B |
| Capital spending | 39.6M | 34.7M | 43.5M | 48.4M | 48.0M | 36.2M | 49.3M | 78.4M | 75.0M | 112.8M |
| Free cash flow | 222.7M | 331.4M | 227.5M | 307.3M | 758.4M | 282.6M | 448.6M | 821.3M | 1.3B | 1.2B |
| Dividends paid | 19.5M | 19.0M | 18.6M | 17.9M | 17.7M | 28.2M | 27.2M | 32.7M | 43.4M | 45.0M |
| Buybacks | 94.2M | 93.2M | 216.2M | 0 | 112.6M | 195.5M | 660.6M | 127.7M | 489.8M | 586.3M |
| Acquisitions | 232.9M | 107.2M | 72.1M | 301.0M | 50.4M | 118.2M | 98.7M | 96.5M | 228.2M | 1.0B |
| Debt raised | 400.0M | 0 | 0 | 0 | 300.0M | 0 | 0 | - | - | - |
| Debt repaid | 418.0M | 15.2M | 15.2M | 15.2M | 287.0M | 13.9M | 13.9M | 246.2M | 0 | 0 |
| Investing cash flow | -270.7M | -138.1M | -117.7M | -345.3M | -94.9M | -153.1M | -140.8M | -161.3M | -299.3M | -873.6M |
| Financing cash flow | -9.4M | -228.5M | -253.0M | -19.2M | -171.9M | -245.5M | -710.1M | -412.1M | -555.4M | -663.8M |
| Dividend per share | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.52 | 0.54 | 0.69 | 0.93 | 1.00 |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating lease cost | - | - | - | 66.7M | 69.2M | 70.9M | 77.1M | 93.2M | 103.3M | 122.0M |
| Operating lease cash paid | - | - | - | 65.8M | 65.0M | 69.8M | 74.9M | 90.4M | 101.6M | 118.8M |
| Finance lease principal paid | - | - | - | 4.6M | 4.5M | 4.2M | 3.6M | 2.8M | 2.9M | 2.7M |
| Right-of-use assets | - | - | 0 | 245.5M | 242.2M | 260.8M | 268.1M | 310.5M | 316.1M | 439.0M |
| Operating lease liabilities | - | - | 0 | 258.1M | 259.0M | 278.6M | 288.0M | 334.7M | 342.8M | 468.2M |
| Finance lease liabilities | - | - | 4.2M | 9.7M | 10.0M | 8.0M | 6.5M | 5.3M | 6.1M | 6.3M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on EME in a spreadsheet:
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