EMCOR Group, Inc. (EME)

EMCOR Group, Inc. is one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. In 2025 it had revenues of $16.99 billion. It operates through approximately 100 operating subsidiaries that specialize in construction services for electrical and mechanical systems in all types of facilities, and in services for the operation, maintenance, and management of those facilities. On December 1, 2025, the company sold its United Kingdom operations.

The company reports four segments: United States electrical construction and facilities services, United States mechanical construction and facilities services, United States building services, and United States industrial services. Electrical and mechanical construction (about 72% of 2025 revenues, split roughly 42% electrical and 58% mechanical) covers the design, installation, and maintenance of power distribution, lighting, low-voltage, and communications systems. It also covers HVAC, fire protection, plumbing and piping, water and wastewater systems, and sustainable energy solutions such as solar, wind, and EV charging. Projects range from large installations of $10 million to over $200 million, which made up about 58% of this revenue, down to smaller short-duration projects. Building services (about 21% of revenues) include maintenance and services for mechanical, electrical, plumbing, fire safety, and building automation systems, along with HVAC retrofits, energy efficiency programs, facility management, janitorial, landscaping, and government site-based operations. Industrial services (about 7%) include refinery turnaround planning, specialty welding, overhaul and maintenance of process units, and the design, manufacture, and repair of shell and tube heat exchangers. They also include renewable energy services and carbon capture work.

Customers include commercial, technology, manufacturing, industrial, healthcare, utility, and institutional clients, as well as corporations, municipalities, federal and state governments, owners/developers, and building tenants. Construction work is also done indirectly as a subcontractor to general contractors, systems suppliers, construction managers, and developers. Industrial services go directly to refineries and petrochemical plants. Largest project sectors include network and communications (data centers), high-tech manufacturing, manufacturing and industrial, commercial, healthcare, institutional, water and wastewater, transportation, and hospitality and entertainment. Demand has benefited from data center expansion for AI and cloud computing, supply chain re-shoring, high-tech manufacturing, and the energy transition. About 97% of 2025 revenues came from the United States and 3% from the United Kingdom. The federal government building services contracts typically have a base period plus option years and can be terminated for convenience.

The company competes with national, regional, and local firms in highly fragmented markets with relatively few barriers to entry. Named competitors include APi Group, Comfort Systems USA, Dycom, IES Holdings, MasTec, MYR Group, Quanta Services, and Tutor Perini in construction; Carrier, Trane, CBRE, ABM Industries, and Aramark in building services; and Team, Inc. and Turner Industries in industrial services. A majority of revenues come from competitively bid projects, often requiring surety bonding. EMCOR employed about 44,000 people at December 31, 2025, all in the United States, with about 62% represented by unions under roughly 450 collective bargaining agreements. Its executive offices are at 301 Merritt Seven, Norwalk, Connecticut.