# EMCOR Group, Inc. (EME)

> Source: Nexqual · https://nexqual.com/EME · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, EMCOR Group, Inc. (EME), nexqual.com/EME" · informational, not investment advice.

**Price:** USD 660.41 (-5.54% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 699.17 · day 653.68–681 · 52w 564.92–951.96 · market cap $29.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $18.6B, net income $1.44B (7.7% margin), free cash flow $1.17B (SEC filings).
- Valuation: P/E 20.2x (avg 19.7x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold EME (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $11.2M; 6 not under a Rule 10b5-1 plan ($11.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $2K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.36 on a 1–5 scale) (11 analysts), mean target USD 979.13 (range 690–1,200).
- Total return with dividends: 1Y -5.0% vs S&P 500 +14.9%; 5Y +453.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 8.35, revenue estimate $5.19B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.90B | $11.1B | $12.6B | $14.6B | $17.0B | $18.6B |
| Gross profit | $1.50B | $1.60B | $2.09B | $2.77B | $3.28B | — |
| Operating income | $531M | $565M | $876M | $1.34B | $1.71B | $1.93B |
| Net income | $384M | $406M | $633M | $1.01B | $1.27B | $1.44B |
| EPS (diluted) | $7.06 | $8.10 | $13.31 | $21.52 | $28.19 | — |
| Free cash flow | $283M | $449M | $821M | $1.33B | $1.19B | $1.17B |
| Gross margin | 15.2% | 14.5% | 16.6% | 19.0% | 19.3% | — |
| Operating margin | 5.4% | 5.1% | 7.0% | 9.2% | 10.1% | 10.4% |
| Net margin | 3.9% | 3.7% | 5.0% | 6.9% | 7.5% | 7.7% |
| Revenue growth | +12.6% | +11.8% | +13.6% | +15.8% | +16.6% | — |
| Cash + short-term investments | $821M | $456M | $790M | $1.34B | $1.11B | — |
| Total debt | $245M | $232M | $2.8M | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.2x · P/S 1.6x · P/FCF 24.9x · P/B 7.1x · FCF yield 4.02% · Earnings yield 4.94% · Dividend yield (paid, TTM) 0.20% · Buyback yield (TTM) 1.45%
P/E at fiscal year-ends: Dec 2025 21.7x, Dec 2024 21.1x, Dec 2023 16.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold EME. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.74% | $85.6M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-17 | Lowe Carol P | Director | 950 | $802K | 5.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-11 | Reid William P | Director | 2,000 | $1.9M | 16.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Altmeyer John W | Director | 2,500 | $2.2M | 6.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-30 | Lind Robert Peter | VP and Controller | 675 | $604K | 13.8% | No | Too little history (no open-market trades in 2023) |
| 2026-04-30 | Nalbandian Jason R | SVP, CFO, Chief Acct. Officer | 800 | $685K | 4.2% | No | Too little history (no open-market trades in 2023) |
| 2026-04-30 | Schwarzwaelder Steven | Director | 5,602 | $5.0M | 26.1% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $2K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-17…2026-09-01 | McEvoy M Kevin | Director | 3 | $2K | 766.63 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.36 on a 1–5 scale), 11 analysts; mean target USD 979.13 (low 690, high 1,200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Goldman Sachs | Target lowered | Neutral | $885 → $795 |
| 2026-08-10 | Cantor Fitzgerald | Target lowered | Overweight | $1123 → $1047 |
| 2026-07-31 | UBS | Target raised | Buy | $975 → $1065 |
| 2026-07-31 | Oppenheimer | Target raised | Outperform | $1100 → $1200 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.0% | +453.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.0% | +40.7% |
| Volatility (annualized) | 45.7% | 32.0% |
| Max drawdown | -29.9% (May 2026→Oct 2026) | -35.7% (Jan 2025→Mar 2025) |

## Peers (Engineering & Construction)
FER (Ferrovial N.V.) USD 49.71 -0.62% · FIX (Comfort Systems USA, Inc.) USD 1,279.37 -8.70% · J (Jacobs Solutions Inc.) USD 146.26 +2.65% · APG (APi Group Corporation) USD 38.8 -3.51% · MTZ (MasTec, Inc.) USD 171.55 -5.20% · STRL (Sterling Infrastructure, Inc.) USD 372.83 -9.72%

## More
Full page: https://nexqual.com/EME · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-07-30)

- "Range to $20.00 billion - $20.50 billion from $18.50 billion - $19.25 billion Increases 2026 Diluted EPS Guidance Range to $32.00 - $33.25 from $28.25 - $29.75 NORWALK, CONNECTICUT, July 30, 2026 - EMCOR Group, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $8.35 | $7.49 | +11.4% | $5.19B | 9 |
| Next quarter (ends 2026-12-31) | $8.63 | $7.81 | +10.5% | $5.36B | 8 |
| Current fiscal year (ends 2026-12-31) | $33.48 | $29.39 | +13.9% | $20.35B | 11 |
| Next fiscal year (ends 2027-12-31) | $37.95 | $32.93 | +15.3% | $22.67B | 11 |