Emcor Group, Inc. (EME) intrinsic value & 10-year financials
Emcor Group, Inc. (EME) has a Graham intrinsic value of $936.35 per share. At $721.66 on Oct 17, 2026, the stock trades 23% below that value. Over the last 10 fiscal years revenue grew 9.4% a year to $17.0B, with an average return on invested capital of 27.5%.
- Graham intrinsic value
- $936.35
- Share price (Oct 17, 2026)
- $721.66
- Price vs Graham value
- 23% below
- Market cap
- $32.6B
- Revenue (FY2025)
- $17.0B
- Revenue growth (10-yr CAGR)
- 9.4%
- ROIC (10-yr avg)
- 27.5%
- Free cash flow (FY2025)
- $1.2B
EME 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $17.0B | $1.3B | $28.19 | $1.2B | 10.1% | 55.8% |
| FY2024 | $14.6B | $1.0B | $21.52 | $1.3B | 9.2% | 59.8% |
| FY2023 | $12.6B | $633.0M | $13.31 | $821.3M | 7.0% | 37.0% |
| FY2022 | $11.1B | $406.1M | $8.10 | $448.6M | 5.1% | 24.0% |
| FY2021 | $9.9B | $383.5M | $7.06 | $282.6M | 5.4% | 24.9% |
| FY2020 | $8.8B | $132.9M | $2.40 | $758.4M | 2.9% | 8.0% |
| FY2019 | $9.2B | $325.1M | $5.75 | $307.3M | 5.0% | 18.2% |
| FY2018 | $8.1B | $283.5M | $4.85 | $227.5M | 5.0% | 18.4% |
| FY2017 | $7.7B | $227.2M | $3.82 | $331.4M | 4.3% | 15.8% |
| FY2016 | $7.6B | $181.9M | $2.97 | $224.9M | 4.1% | 12.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Emcor is a consistent compounder, expanding top-line revenue at 9.4% annually over the past decade.
Emcor has earned high returns on invested capital, averaging 27.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Emcor shows that management has aggressively returned capital to shareholders by retiring 26.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Emcor is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $936.35 per share.