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EMCOR Group, Inc. — Intrinsic Value & Fair Price

EME
NYSEIndustrialsEngineering & ConstructionCIK 0000105634emcorgroup.comAbout EME
Last close · Oct 16, 2026721.66−10.87 (−1.48%)
Market cap$31.8B
Model value · DCF · Perpetuity growth · 5y
577.52
Emcor closed at $721.66 — overvalued by 25% vs model.
403.39the model's range1,091.30

DCF · Perpetuity growth · 5y leads for profitable growth — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
27.56 – 1,329.77
Wall St. target
1,056.00 32% below
Above model, 1y
9 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
0.22%
Past 2 years
low 0.13%high 0.29%
Dividends per share, a year at a time
$0.52Oct ’21$0.54Oct ’22$0.69Oct ’23$0.93Oct ’24$1.00Oct ’25$1.60TTM
Dividends / free cash flow, FY2025
3.8%
Raised
5 years in a row
Growth, 5 yrs
25.2% a year
Last change
+60.0% · Jan 2026
Every payment, with ex-dates · latest $0.40, paid Oct 30, 2026

Research on EME

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How it is valued

Valued asProfitable Growth
Moderate growth (~16% recent)Moderate margins (7% net margin)Highly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025
P/E
25.6×
EV / EBITDA
15.4×
FCF yield
3.7%
Dividend yield, TTM
0.22%
Beta
1.12
Cost of capital (WACC)
9.56%
Full financials

Analyst actions

third-party, quoted
08-10Cantor Fitzgerald · target1,047.00
08-10D.A. Davidson · target1,047.00
07-31UBS · target1,065.00
01-17Keybanc · “Sector Weight” from “Overweight”downgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists EME as a comparable

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About Emcor

EMCOR Group, Inc. specializes in delivering comprehensive electrical and mechanical construction services, alongside integrated facilities management solutions, primarily serving clients across the United States and the United Kingdom. The company's construction expertise spans the entire project lifecycle, encompassing initial design and integration through installation, commissioning, operation, and ongoing maintenance. This includes vital electrical infrastructure such as power transmission, distribution, and generation systems, advanced energy efficiency solutions, and premise-specific electrical and lighting systems. They also implement sophisticated process instrumentation for critical industries like refining, chemical processing, and food production, in addition to low-voltage networks covering fire alarms, security, process controls, and voice/data communications. Furthermore, EMCOR handles public infrastructure projects involving roadway and transit lighting, signaling, and fiber optic lines. On the mechanical front, EMCOR offers advanced HVAC, refrigeration, and geothermal climate control systems, specialized clean-room process ventilation, and essential fire protection and suppression systems. Their capabilities extend to plumbing, process, and high-purity piping, various controls and filtration systems, water and wastewater treatment, and central plant heating and cooling. The firm also undertakes heavy industrial tasks such as crane and rigging, millwright services, and steel fabrication, erection, and welding. Beyond construction, EMCOR provides extensive integrated facilities management and operational support. This encompasses day-to-day operations and maintenance for commercial and government sites, critical outage services for utilities and industrial plants, military base support, and mobile mechanical maintenance. Supplementary services include indoor air quality management, janitorial and landscaping duties, vendor coordination, call center operations, building systems installation and support, program management for energy systems, technical consulting, and the execution of infrastructure, building, and retrofit projects. The company also delivers specialized industrial services tailored for the oil, gas, and petrochemical sectors. EMCOR Group, Inc. was established in 1987 and maintains its headquarters in Norwalk, Connecticut.

CEO
Anthony J. Guzzi
Headquarters
Norwalk, CT
Employees
44,000
IPO
1995-01-10
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.