EMCOR Group, Inc.

EMEActive

CIK 105634 · Environmental Engineering & Consulting

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, EME filings, SEC EDGAR

$41,043

Market cap ($MM)

$40,643

Enterprise value ($MM)

$17,751

Revenue · LTM ($MM)

$2,033

EBITDA · LTM ($MM)

11%

EBITDA margin

2.3x

EV / revenue

20.0x

EV / EBITDA

-0.3x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01EME is a scaled public consolidator in Env Engineering, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is TTEK, ACM, PWR, J, KBR, GVA.

Balance sheet & capacity

Indicative capacity read: -0.3x net debt / EBITDA with EBITDA of $2.0B.

$916

Cash & equiv. ($MM)

$256

Total debt ($MM)

($660)

Net debt ($MM)

-0.3x

Net debt / EBITDA

Valuation

Where it trades against its peer set

EME versus the scaled public Environmental Engineering & Consulting comparables.

Indexed share-price performance

EME versus available Environmental Engineering & Consulting peers and SPY.

+583%

EME

N/A

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
EMCOR Group, Inc.	EME	$17,751	$2,033	11%	$41,043	$40,643	2.3x	20.0x	-0.3x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

EME's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

4.2

Acq. cash outflow ($MM)

N/A

Banker read

01EME reads as a programmatic acquirer: 71 disclosed acquisitions across 17 active years, or 4.2 per active year. The chart shows activity in 12 of the last 12 visible years.
02In the last three years, the file shows 16 acquisitions versus 17 in the prior three; recent activity is broadly steady versus the prior three-year period.
03Spend changes the read: $3.8B of disclosed spend is concentrated in lumpy years, with FY25 the largest year at $1.0B. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

EME count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

16 / 17

Last three years is broadly steady vs prior three.

Peak count year

FY21

8 disclosed acquisitions in the peak visible year.

Recent spend

$1.3B

is up 404% vs prior three; peak FY25 at $1.0B.

Named evidence

9 rows

13% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Feb 3, 2025	Miller Electric Company	Environmental engineering, consulting, and infrastructure services	$877	On February 3, 2025, we completed the acquisition of Miller Electric Company (“Miller Electric”), a leading electrical contractor that operates predominantly across the Southeas...	10-K^†
Jul 29, 2013	RSI	Environmental engineering, consulting, and infrastructure services	$464	On July 29, 2013, we completed the acquisition of RSI. This acquisition will expand and further strengthen our service offerings to new and existing customers and enhance our po...	10-K^†
Jul 29, 2013	RepconStrickland, Inc.	Environmental engineering, consulting, and infrastructure services	$464	On July 29, 2013, we completed the acquisition of RepconStrickland, Inc. (“RSI”). This acquisition expands and strengthens our service offerings to new and existing customers an...	10-K^†
Jul 29, 2013	RSI	Environmental engineering, consulting, and infrastructure services	$464	On July 29, 2013, we completed the acquisition of RSI. This acquisition expands and strengthens our service offerings to new and existing customers and enhances our position wit...	10-K^†
Jun 30, 2011	USM Services Holdings, Inc.	Environmental engineering, consulting, and infrastructure services	$251	On June 30, 2011, we completed the acquisition of USM Services Holdings, Inc. (“USM”) from Transfield Services (Delaware), General Partnership. Under the terms of the transactio...	10-K^†
Jun 30, 2011	USM Services Holdings, Inc.	Environmental engineering, consulting, and infrastructure services	$251	On June 30, 2011, we completed the acquisition of USM Services Holdings, Inc. (“USM”) from Transfield Services (Delaware), General Partnership. Under the terms of the transactio...	10-K^†
Nov 1, 2019	Batchelor & Kimball, Inc.	Environmental engineering, consulting, and infrastructure services	$220	On November 1, 2019, we completed the acquisition of Batchelor & Kimball, Inc. (“BKI”), a leading full service provider of mechanical construction and maintenance services. This...	10-K^†
Nov 1, 2019	Batchelor & Kimball, Inc.	Environmental engineering, consulting, and infrastructure services	$220	On November 1, 2019, we completed the acquisition of Batchelor & Kimball, Inc. (“BKI”), a leading full service provider of mechanical construction and maintenance services. This...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 15 SEC-backed facts across 7 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 26, 2026	Annual M&A 10-K	accepted	1	$1.0B	$877MM	SEC filing
FY2024	Feb 26, 2025	Annual M&A 10-K	accepted	7	$228MM	$231MM	SEC filing
FY2023	Feb 28, 2024	Annual M&A 10-K	accepted	8	$96.5MM	$99.6MM	SEC filing
FY2022	Feb 23, 2023	Annual M&A 10-K	accepted	6	$98.7MM	$101MM	SEC filing
FY2021	Feb 24, 2022	Annual M&A 10-K	accepted	8	$118MM	$131MM	SEC filing
FY2020	Feb 25, 2021	Annual M&A 10-K	accepted	3	$50.4MM	$50.2MM	SEC filing
FY2019	Feb 27, 2020	Annual M&A 10-K	accepted	7	N/A	$305MM	SEC filing
FY2018	Feb 21, 2019	Annual M&A 10-K	accepted	4	N/A	$71.3MM	SEC filing
FY2017	Feb 22, 2018	Annual M&A 10-K	accepted	3	N/A	$109MM	SEC filing
FY2016	Feb 23, 2017	Annual M&A 10-K	quarantined (4 issue)	2	$201MM	$201MM	SEC filing
FY2015	Feb 25, 2016	Annual M&A 10-K	accepted	3	N/A	N/A	SEC filing
FY2014	Feb 26, 2015	Annual M&A 10-K	accepted	0	N/A	N/A	SEC filing
FY2013	Feb 25, 2014	Annual M&A 10-K	accepted	4	$464MM	$464MM	SEC filing
FY2012	Feb 26, 2013	Annual M&A 10-K	accepted	1	N/A	N/A	SEC filing
FY2011	Feb 27, 2012	Annual M&A 10-K	accepted	3	$301MM	$251MM	SEC filing
FY2010	Feb 25, 2011	Annual M&A 10-K	quarantined (1 warn, 1 issue)	2	$39.9MM	N/A	SEC filing
FY2009	Feb 25, 2010	Annual M&A 10-K	warning (1 warn)	N/A	$21.7MM	N/A	SEC filing
FY2008	Feb 26, 2009	Annual M&A 10-K	warning (1 warn)	5	$89.4MM	N/A	SEC filing
FY2007	Feb 21, 2008	Annual M&A 10-K	warning (1 warn)	5	$513MM	N/A	SEC filing
FY2006	Feb 22, 2007	Annual M&A 10-K	warning (1 warn)	N/A	$40.7MM	N/A	SEC filing
FY2005	Feb 23, 2006	Annual M&A 10-K	warning (1 warn)	N/A	$11B	N/A	SEC filing
FY2004	Mar 9, 2005	Annual M&A 10-K	warning (1 warn)	N/A	$1.6MM	N/A	SEC filing
FY2003	Feb 26, 2004	Annual M&A 10-K	quarantined (1 warn, 1 issue)	1	$10.9MM	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.7 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 26, 2026	10-K	Miller Electric Company	Annual M&ANamed deals	SEC filing
Feb 28, 2024	10-K	Eight companies acquired in 2021	Annual M&ANamed deals	SEC filing
Feb 24, 2022	10-K	Batchelor & Kimball, Inc.	Annual M&ANamed deals	SEC filing
Feb 25, 2021	10-K	Batchelor & Kimball, Inc.	Annual M&ANamed deals	SEC filing
Feb 25, 2016	10-K	RepconStrickland, Inc.	Annual M&ANamed deals	SEC filing
Feb 26, 2015	10-K	RSI	Annual M&ANamed deals	SEC filing
Feb 25, 2014	10-K	RSI; USM Services Holdings, Inc.	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+

No filing source clears this category.

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Miller Electric Company acquisition

10-K - Feb 26, 2026

Medium

On February 3, 2025, we completed the acquisition of Miller Electric Company (“Miller Electric”), a leading electrical contractor that operates predominantly across the Southeastern United States. ...

SEC source

RSI acquisition

10-K - Feb 25, 2014

Medium

On July 29, 2013, we completed the acquisition of RSI. This acquisition will expand and further strengthen our service offerings to new and existing customers and enhance our position within the in...

SEC source

RepconStrickland, Inc. acquisition

10-K - Feb 25, 2016

Medium

On July 29, 2013, we completed the acquisition of RepconStrickland, Inc. (“RSI”). This acquisition expands and strengthens our service offerings to new and existing customers and enhances our posit...

SEC source

RSI

10-K - Feb 26, 2015

Medium

On July 29, 2013, we completed the acquisition of RSI. This acquisition expands and strengthens our service offerings to new and existing customers and enhances our position within the industrial s...

SEC source

USM Services Holdings, Inc. acquisition

10-K - Feb 25, 2014

Medium

On June 30, 2011, we completed the acquisition of USM Services Holdings, Inc. (“USM”) from Transfield Services (Delaware), General Partnership. Under the terms of the transaction, we acquired 100% ...

SEC source

USM Services Holdings, Inc.

10-K - Feb 25, 2014

Medium

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive