Emcor Group, Inc.
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+ FollowMarket Cap$26.64B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Top-line surge + strong profitability (good)
- Q3 2026 revenue: $5.54B, up +28.8% (+25.5% organic), setting a new quarterly record.
- Adjusted operating margin: 10.5%; GAAP operating margin 9.8% (impairment impacted GAAP).
- Adjusted EPS: $9.60, up +46% YoY (GAAP EPS was $9.04 after a non-cash impairment).
- Construction strength: Electrical +44% revenue, Mechanical +43% revenue; both delivered double-digit margins (Electrical 13.3%, Mechanical 12.1%) with continued execution-driven margin expansion.
Record RPO backlog (surprising/very bullish visibility)
- Remaining performance obligations (RPO): $18.57B, up +47% YoY, +40% vs. year-end 2025, and +8.3% sequentially.
- Growth is mostly organic (management emphasized underlying demand breadth).
- Data centers dominate: $8.74B RPO (record), >2x prior year, +13% sequential; management expects continued growth but acknowledges it can be lumpy.
- Sector momentum highlighted: Healthcare $1.71B RPO (+31% YoY), Water/Wastewater $1.42B (+38%), Institutional $1.72B (+25%), Manufacturing/Industrial $1.18B (+10%, +27% sequential).
Cash flow + capital returns (good, with buyback signal)
- Operating cash flow (quarter): $797M; operating cash flow YTD: $1.1B.
- Balance sheet flexibility: $775M cash and $1.03B working capital.
- Buybacks: Board authorized an additional $500M repurchase authorization; ~$510M returned to shareholders YTD via repurchases + dividends.
- Cash durability discussion: Management expects strong full-year cash generation; noted that increases in contract liabilities are tied to RPO growth and can reverse/convert depending on growth pace (but slowing growth would likely shift working capital dynamics toward cash realization).
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$541.41
18.3% downside
Current Fair Value
18.3% downsideOvervalued by 18.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $26.64 Billion |
|---|---|
| Enterprise Value | $29.39 Billion |
| Annual dividend | $1.45 |
| Dividend yield | 0.26% |
| Earnings per Share | $28.19 |
| Beta | 1.16 |
| Outstanding Shares | 44,118,989 |
Return
| Return on Equity | 36.04% |
|---|---|
| Return on Assets | 13.71% |
| Return on Invested Capital | 41.93% |
Valuation & Multiples
| P/E Ratio | 17.59 |
|---|---|
| PEG | 49.69 |
| Price to Sales | 1.48 |
| Price to Book Ratio | 6.9 |
| Enterprise Value to Revenue | 1.48 |
| Enterprise Value to EBIT | 13.51 |
| Enterprise Value to Net Income | 19 |
| Total Debt to Enterprise | 0.12 |
| Debt to Equity | 0.83 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS
$9.60
Est. $8.37Revenue
$5.54 B
Est. $5.19 BNext Earnings Call
Expected Date
February 25, 2027
EPS Estimate
$9.50
Consensus analyst estimateRevenue Estimate
$5.58 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 67.21% |
|---|---|
| Total Calls | 210▼ 99.91% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 15.99%▼ 76.74% |
|---|---|
| Total Invested | $5.44B▼ 84.29% |
| Investors Holding | 637▼ 639.00% |
About Emcor Group, Inc.
CEO: Anthony Guzzi
