Latest Ratios: P/E Ratio 17.5x · EV/EBITDA 11.8x · ROE 38.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $27.0B | $27.6B | $21.2B | $10.2B | $7.4B | $6.9B | $5.1B | $4.9B | $3.5B | $4.9B | $4.3B |
| Enterprise Value | $26.4B | $26.9B | $20.3B | $9.8B | $7.5B | $6.6B | $4.7B | $5.1B | $3.4B | $4.7B | $4.3B |
| P/E Ratio → | 17.47 | 21.70 | 21.09 | 16.19 | 18.29 | 18.04 | 38.11 | 15.01 | 12.31 | 21.40 | 23.82 |
| P/S Ratio | 1.36 | 1.62 | 1.46 | 0.81 | 0.67 | 0.70 | 0.58 | 0.53 | 0.43 | 0.63 | 0.57 |
| P/B Ratio | 7.46 | 7.50 | 7.23 | 4.15 | 3.76 | 3.07 | 2.47 | 2.37 | 2.00 | 2.91 | 2.82 |
| P/FCF | 18.24 | 23.17 | 15.94 | 12.48 | 16.55 | 24.50 | 6.68 | 15.87 | 15.33 | 14.70 | 19.26 |
| P/OCF | 20.77 | 21.17 | 15.09 | 11.39 | 14.91 | 21.72 | 6.29 | 13.71 | 12.87 | 13.31 | 16.37 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.58 | 1.39 | 0.78 | 0.68 | 0.67 | 0.53 | 0.55 | 0.42 | 0.61 | 0.57 |
| EV / EBITDA | 11.77 | 14.17 | 13.70 | 9.85 | 11.14 | 10.33 | 12.93 | 9.20 | 7.07 | 11.30 | 11.09 |
| EV / EBIT | 15.41 | 17.06 | 14.67 | 11.01 | 13.12 | 12.41 | 17.99 | 10.95 | 8.37 | 14.23 | 13.88 |
| EV / FCF | — | 22.63 | 15.20 | 11.94 | 16.73 | 23.50 | 6.20 | 16.56 | 15.03 | 14.23 | 19.07 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.3% | 19.3% | 19.0% | 16.6% | 14.5% | 15.2% | 15.9% | 14.8% | 14.8% | 14.9% | 13.7% |
| Operating Margin | 10.1% | 10.1% | 9.2% | 7.0% | 5.1% | 5.4% | 2.9% | 5.0% | 5.0% | 4.3% | 4.1% |
| Net Profit Margin | 7.5% | 7.5% | 6.9% | 5.0% | 3.7% | 3.9% | 1.5% | 3.5% | 3.5% | 3.0% | 2.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 38.5% | 38.5% | 37.2% | 28.5% | 19.2% | 17.8% | 6.5% | 17.1% | 16.6% | 14.1% | 12.1% |
| ROA | 15.0% | 15.0% | 14.1% | 10.4% | 7.4% | 7.3% | 2.7% | 7.3% | 7.0% | 5.8% | 4.9% |
| ROIC | 51.6% | 51.6% | 50.8% | 32.2% | 21.1% | 21.8% | 9.7% | 17.5% | 19.0% | 16.4% | 16.4% |
| ROCE | 42.9% | 42.9% | 40.4% | 29.9% | 19.3% | 17.8% | 8.9% | 17.6% | 17.3% | 14.0% | 13.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.12 | 0.14 | 0.27 | 0.24 | 0.26 | 0.28 | 0.17 | 0.19 | 0.28 |
| Debt / EBITDA | 0.25 | 0.25 | 0.24 | 0.35 | 0.79 | 0.84 | 1.47 | 1.03 | 0.61 | 0.74 | 1.09 |
| Net Debt / Equity | — | -0.18 | -0.34 | -0.18 | 0.04 | -0.12 | -0.18 | 0.10 | -0.04 | -0.09 | -0.03 |
| Net Debt / EBITDA | -0.34 | -0.34 | -0.67 | -0.45 | 0.12 | -0.44 | -1.01 | 0.38 | -0.14 | -0.38 | -0.11 |
| Debt / FCF | — | -0.54 | -0.74 | -0.54 | 0.18 | -0.99 | -0.48 | 0.69 | -0.30 | -0.47 | -0.18 |
| Interest Coverage | — | — | 365.48 | 51.75 | 43.33 | 88.19 | 29.01 | 33.62 | 30.17 | 25.96 | 24.48 |
Net cash position: cash ($1.1B) exceeds total debt ($468M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.30 | 1.26 | 1.26 | 1.44 | 1.44 | 1.37 | 1.38 | 1.38 | 1.46 |
| Quick Ratio | 1.19 | 1.19 | 1.27 | 1.23 | 1.23 | 1.41 | 1.42 | 1.35 | 1.35 | 1.36 | 1.44 |
| Cash Ratio | 0.23 | 0.23 | 0.32 | 0.22 | 0.17 | 0.35 | 0.42 | 0.19 | 0.21 | 0.28 | 0.31 |
| Asset Turnover | — | 1.83 | 1.89 | 1.90 | 2.00 | 1.82 | 1.74 | 1.90 | 1.99 | 1.94 | 1.94 |
| Inventory Turnover | 108.54 | 108.54 | 123.36 | 94.73 | 110.61 | 155.31 | 138.77 | 193.31 | 163.63 | 153.08 | 174.04 |
| Days Sales Outstanding | — | 98.39 | 96.78 | 100.75 | 93.61 | 89.73 | 86.88 | 87.87 | 86.73 | 82.17 | 78.60 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.2% | 0.2% | 0.3% | 0.4% | 0.4% | 0.3% | 0.4% | 0.5% | 0.4% | 0.4% |
| Payout Ratio | 3.5% | 3.5% | 4.3% | 5.2% | 6.7% | 7.3% | 13.3% | 5.5% | 6.6% | 8.4% | 10.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 4.6% | 4.7% | 6.2% | 5.5% | 5.5% | 2.6% | 6.7% | 8.1% | 4.7% | 4.2% |
| FCF Yield | 5.5% | 4.3% | 6.3% | 8.0% | 6.0% | 4.1% | 15.0% | 6.3% | 6.5% | 6.8% | 5.2% |
| Buyback Yield | 2.2% | 2.1% | 2.3% | 1.2% | 8.9% | 2.8% | 2.2% | 0.0% | 6.2% | 1.9% | 2.2% |
| Total Shareholder Yield | 2.3% | 2.3% | 2.5% | 1.6% | 9.3% | 3.2% | 2.6% | 0.4% | 6.7% | 2.3% | 2.6% |
| Shares Outstanding | — | $45M | $47M | $48M | $50M | $54M | $55M | $57M | $58M | $60M | $61M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EME stock.
EMCOR Group, Inc.'s current P/E ratio is 17.5x. The historical average is 17.9x. This places it at the 48th percentile of its historical range.
EMCOR Group, Inc.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
EMCOR Group, Inc.'s return on equity (ROE) is 38.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 14.6%.
Based on historical data, EMCOR Group, Inc. is trading at a P/E of 17.5x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
EMCOR Group, Inc.'s current dividend yield is 0.16% with a payout ratio of 3.5%.
EMCOR Group, Inc. has 19.3% gross margin and 10.1% operating margin. Operating margin between 10-20% is typical for established companies.
EMCOR Group, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Labor shortage pressuring execution margins
Metrics are mathematically derived from official filings.
Premium Multiples Price in Sustained Growth
According to the supplied valuation data, EME trades at 21.12 trailing and 17.69 forward P/E with a PEG of 0.33, a pricing level that appears to discount continued earnings acceleration rather than a cyclical peak.
The gap between trailing and forward P/E implies consensus expects earnings to keep compounding as recent operating leverage carries forward. Relative to the Dycom and MYR Group peer set, the 17.69 forward multiple looks reasonable, while the far higher multiples at Quanta and MasTec reflect a utility-infrastructure premium that EME does not share. The low PEG suggests investors should monitor whether growth decelerates from the roughly 20% revenue pace, since a slowdown would compress the multiple quickly.
Operating Margin Expansion Reflects Mix Improvement
Based on EMCOR's reported quarterly figures, operating margin moved from about 8.2% in Q1 2025 to 10.6% in Q2 2026, a gain that points to pricing discipline and higher-value project mix rather than one-time items.
Gross margin widening alongside operating margin suggests the improvement originates in project economics instead of overhead cuts alone. The net margin of 7.2% to 9.6% in the stronger quarters tracks operating margin closely, which supports the view that earnings quality is consistent with operations. Investors should note the Q1 2026 margin dip to 8.7% as a reminder that quarterly margins remain sensitive to project timing and labor cost.
ROIC Holds Near Double Digits Despite Scale
As reported in the ratio series, ROIC ranged from roughly 8.8% to 14.5% over ten quarters, with recent readings near 10.5% to 11.5%, suggesting returns are being sustained while the asset base has expanded through acquisitions.
Returns on capital have not decayed as the company scaled, which is notable given the rise in goodwill and acquired intangibles on the balance sheet. The ROE of 8.1% to 12.3% is moderated by a growing equity base, indicating retained earnings are being reinvested rather than returned. Peer ROIC varies widely, with MYR Group and Dycom posting higher figures, so EME's returns are competitive but not clearly superior on a capital-efficiency basis.
Minimal Leverage Preserves Strategic Flexibility
Based on EMCOR's reported figures, debt-to-equity has stayed near 0.13 in most recent quarters while interest coverage moved from roughly 0.8x to above 1.7x, indicating a conservative financing posture with limited refinancing exposure.
The debt-to-EBITDA ratio varying between about 0.8x and 1.8x suggests that debt service has been comfortable in most periods, though the coverage series is noisy and some readings are unavailable. Low leverage gives management room to fund acquisitions without stressing the balance sheet. Investors should monitor whether the rising cash pile is deployed productively, since idle capital would weigh on returns over time.
Misapplied Metric: Price-to-Book for a Services Model
The price-to-book ratio of 7.30 is often misapplied to EME, as it reflects a light asset base of goodwill and working capital rather than hard capital that drives earning power.
Price-to-book tends to overstate valuation for a contractor whose economic engine is labor, bonding capacity, and backlog rather than tangible assets. Growing goodwill from acquisitions inflates the book denominator in ways that obscure underlying returns. A better lens is EV/EBITDA on normalized earnings combined with backlog conversion and free cash flow over a full cycle, since working capital timing distorts single-period cash metrics.