EMCOR Group (EME) ☆

EMCOR Group installs and services electrical and mechanical systems in non-residential buildings and plants. Its FY2025 10-K reports revenues of $16.99 billion, approximately 72% from construction operations, approximately 21% from building services and approximately 7% from industrial services, through "approximately 100 operating subsidiaries"; the United Kingdom operations were sold on December 1, 2025. Data centres now drive the construction book: the network and communications market sector was $2,461,883 thousand, or 48%, of electrical construction segment revenue in 2025, against 34% in 2023, and $1,670,355 thousand, or 23%, of mechanical construction segment revenue, against 8% in 2023. Remaining performance obligations were $13.25 billion at the end of 2025, and the Q2 2026 results release (2026-07-30) put them at "a record $17.14 billion, compared to $11.91 billion as of June 30, 2025", with revenue guidance for 2026 raised to $20.00 billion - $20.50 billion. The 10-K's case for an edge is that bids for large work are "often conditioned upon prior experience, technical capability, and financial strength" and require performance bonds, and that EMCOR's balance sheet, bonding, prefabrication and VDC capabilities and safety record "give us an advantage over many of our competitors". The same filing sets the limits: the industry is "highly fragmented and our competition includes thousands of small companies across the United States", "relatively few barriers exist to prevent entry", most revenue comes from "projects requiring competitive bids", some rivals can price "at lower rates than we are currently able to provide", customers' in-house staff compete for building services, and the 10-K warns that if data centre spending "were to decrease, demand for our services could decline as we transition our resources to other sectors". Gross margin rose to 19.3% in 2025 from 19.0% in 2024, which MD&A attributes to "improved revenue mix and excellent project execution". A scale and execution edge on large, bonded projects, re-tested at every bid in an industry with low entry barriers, is a narrow moat.

评级: 窄

The FY2025 Form 10-K describes an edge that holds on large, complex work but not across the trade. On the advantage side, it says an invitation to bid "is often conditioned upon prior experience, technical capability, and financial strength", that its largest projects "typically require significant technical and management skills and the financial strength to obtain performance bonds, which are often a condition to bidding for and winning these projects", and that those projects "represented approximately 58% of our electrical and mechanical construction services revenues in 2025". It adds: "We believe our financial position, operating results, access to bank credit and surety bonding, technical expertise including prefabrication, VDC, and BIM capabilities, and safety record, among other factors, give us an advantage over many of our competitors." Operating margin was 10.1% in 2025 against 9.2% in 2024, and the filing notes the 2025 figure includes a $144.9 million gain on the sale of the United Kingdom operations that "positively impacted operating margin by 85 basis points". On the limiting side, the same Competition section says "relatively few barriers exist to prevent entry into the electrical and mechanical construction services industry" and "there are relatively few barriers to entry into the building services industry". Item 1A adds that "Certain of our competitors have lower overhead cost structures and, therefore, are able to provide their services at lower rates than we are currently able to provide" and that work "is frequently awarded through a competitive bidding process". An advantage confined to bonded, technically demanding projects, in a trade the company itself calls easy to enter, is a narrow moat, not a wide one.

类型: 成本规模

The 10-K places the advantage in capabilities that come with size rather than in customer lock-in or protected technology. The edge it names is "financial position, operating results, access to bank credit and surety bonding, technical expertise including prefabrication, VDC, and BIM capabilities, and safety record", delivered through "approximately 100 operating subsidiaries" and approximately 44,000 employees. MD&A credits the mechanical construction segment's 2025 result to "a more favorable mix of work and better project execution, including enhanced productivity, due in part to investments in virtual design and construction, prefabrication, and automation". Item 1A makes bonding a scale matter: "if we were to experience an interruption or reduction in the availability of bonding, we may be unable to compete for or work on certain projects." The filing cites no patents as a source of advantage, and switching costs are thin by its own account: "Many of our contracts, especially our building and industrial services contracts, may be canceled or delayed on short notice".

领先地位: 并列领先者

The 10-K gives no market share. It calls the field "highly fragmented" with "thousands of small companies across the United States", adds that "there are a number of larger companies focused on providing electrical and/or mechanical construction services, such as APi Group Corporation, Comfort Systems USA, Inc., Dycom Industries, Inc., Everus Construction Group, Inc., IES Holdings, Inc., MasTec, Inc., MYR Group Inc., Quanta Services, Inc., and Tutor Perini Corporation", and describes EMCOR as "one of the largest specialty contractors in the United States", which is the company's own account. Outside the filing: Wikipedia's EMCOR article (https://en.wikipedia.org/wiki/Emcor) states that "In 2025, the company was ranked 2nd by Engineering News-Record on its list of the largest 600 specialty contractors by revenue"; its footnote links ENR's 2025 Top 600 preview page, which refused this fetch with HTTP 403, so the rank was not read at ENR itself (the footnote's title also reads 2024 while its link is the 2025 page). Statista's summary of the ENR survey for 2018 (https://www.statista.com/statistics/467307/leading-us-firms-in-mechanical-based-on-revenue, published Oct 21, 2019) says "EMCOR Group was ranked as the leading mechanical contractor based in the United States in 2018" and that the overall survey was "topped by electrical contractor Quanta Services and closely followed by EMCOR Group". A filing-based check agrees on scale against one named rival: stored fundamentals from the FY2025 10-Ks show EMCOR revenue of $16,986,422 thousand against $9,101,641 thousand for Comfort Systems USA (https://www.sec.gov/Archives/edgar/data/1035983/000110465926017530/0001104659-26-017530-index.htm). Second place on a revenue ranking of 600 specialty contractors, in a field the 10-K says has thousands of firms, is co-leadership rather than clear leadership; the ranking evidence is second-hand or dated, so the band is held at co-leader and no higher.

定价权: 中等

Margins have widened, but the filing says most work is bid. The 2025 Annual Report's five-year highlights show gross profit of $1,501,737 thousand on revenues of $9,903,580 thousand in 2021, $2,089,339 thousand on $12,582,873 thousand in 2023 and $3,282,988 thousand on $16,986,422 thousand in 2025; MD&A gives gross profit margin of 19.3% in 2025 against 19.0% in 2024. The Q2 2026 release (https://emcorgroup.com/application/files/3517/8535/6062/2Q26_Earnings_Release_Final.pdf) reports operating margin of 10.6% against 9.6% a year earlier, and the chief executive said "We remain focused on maintaining pricing discipline, carefully selecting project opportunities, and executing at a high level across our operations." The limits are in the 10-K: "Competition can place downward pressure on our contract prices and profit margins"; on commodities, "While we believe we can increase our prices to adjust for some price increases in commodities, there can be no assurance that price increases of commodities, if they were to occur, would be recoverable", and "certain of our contracts do not allow us to adjust our prices"; and Note 3 shows projects whose profitability was revised down by more than $1.0 million each reduced operating results by $85,941 thousand in 2025, against $66,319 thousand in 2024.

基于所引来源做出的人工整理护城河判断。 来源：emcorgroup.com

与其他公司对比…

产业链位置

层级: datacenters, power & cooling

• 上游（供应商）： —
• 下游（客户）： —
• 竞争对手： Comfort Systems USA

EMCOR builds the electrical and mechanical plant inside facilities, increasingly data centres: the 10-K says capital spending on data center infrastructure "is rapidly expanding, which has increased demand for our services in recent years". It works directly for owners and "indirectly by acting as a subcontractor to general contractors, systems suppliers, construction managers, developers, property managers, and other subcontractors". Upstream, "we rely on third-party vendors and manufacturers to supply much of the materials and equipment necessary for our operations", with commodity exposure to "copper and steel" and fuel for a fleet of approximately 14,400 vehicles.

由这家公司已映射的供应链关系及其所属产业层级推导而来。

信号贡献 编辑先验

护城河先验在长周期（约 6 个月）上投出 +0.13 票，权重为 0.20——该周期上的群体判断是 neutral（得分 0.06，信念度 0）。

编辑先验——主观、未经回测。它有界（±0.6）、低置信度，且从不对短周期与中周期投票。 查看它究竟如何投票 →

产品线

产品与服务，附编辑判定的市场份额区间与技术壁垒区间——这些是与所引依据绑定的定性判断，绝非杜撰的数字。

你正在看的是什么

这些图表绘制的是 EMCOR Group 在其 SEC 申报文件中已申报的利润表、现金流量表与资产负债表（截至 2026-10-29）。每一个数字都是申报原值 XBRL——没有任何一项是预估。

在已申报的区间内，FY2025 净利润为 $1.3B。

我们的模型在中周期上对这只股票偏向 Low-confidence · Neutral——这是对市场方向的判断，不是对盈利的预测。查看“信号”标签。

申报文件

• 2025Q4 · 申报于 2026-10-29 来源：sec.gov
• 2026Q3 · 申报于 2026-10-29 来源：sec.gov
• 2025Q3 · 申报于 2026-10-29 来源：sec.gov
• 2026Q2 · 申报于 2026-07-30 来源：sec.gov
• 2025Q2 · 申报于 2026-07-30 来源：sec.gov

关键比率与同业对比

正在与同业比较…

机构持有人（13F, 2026Q2）

TradingPilot 计算的列（占 13F 比例、占流通股比例）由申报原值推导而来；只有名称、股数与金额是申报原值。