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EMCOR Group, Inc（EME）の決算・業績分析

EMCOR Group, Incの2025年有価証券報告書をAI分析。売上高$17.0B(+16.6%)。営業利益$1.7B。Industrials。

目次
SUMMARY — 業績サマリー

EMCOR Group, Incの2025年度 業績サマリー

EMCOR Group, Inc（証券コード: EME）の2025年度決算・業績分析。売上高は$17.0B（前年比+16.6%）。営業利益は$1.7B（前年比+27.4%）。純利益は$1.3B（前年比+26.4%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。

EMCOR Group, Incの2024年度 注目ポイント

※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。

  1. EMCOR Group achieved $11.1B in revenue (+11.8% YoY) and $406M net income (+5.9% YoY) in FY2024 (XBRL).
  2. ROIC of 22.2% and FCF of $357M highlight strong profitability and capital efficiency (XBRL).
  3. Share repurchases of $661M and a 9.1% 5-year revenue CAGR underscore shareholder returns and growth momentum (XBRL).

EMCOR Group, Incの売上高変化の要因

  • •Revenue grew to $11.1B (+11.8% YoY) with a 5-year CAGR of 9.1% (XBRL). Historical data shows consistent growth from $8.1B (2020) to $11.1B (2024), driven by market demand and service diversification. Operating income increased to $565M (+6.4% YoY), reflecting improved operational efficiency.

EMCOR Group, Incの営業利益変化の要因

  • •Profitability metrics include gross margin of 14.5% ($1.6B gross profit), operating margin of 5.1% ($565M operating income), and net margin of 3.7% ($406M net income) (XBRL). EBITDA of $612M (5.5% of revenue) highlights strong cash generation. YoY operating income growth of 6.4% (from $531M in 2023) and net income growth of 5.9% (from $384M in 2023) reflect improved cost management.

EMCOR Group, Incの事業リスクと対応

Economic downturns may reduce client demand, impacting revenues and profitability (10-K).

Interest rate fluctuations could increase borrowing costs and affect liquidity (10-K).

Client reliance on credit availability may delay projects and hinder growth (10-K).

Weak economic conditions risk delayed payments and reduced claim negotiation ability (10-K).

Oil and gas industry volatility, including energy price shifts and regulatory actions, affects demand (10-K).

EMCOR Group, Incの今後の見通し・業績予想

Historical trends suggest continued revenue growth, with FY2025 revenue projected at $12.6B (XBRL). Management guidance is not explicitly mentioned in the 10-K, but long-term debt (Other long-term obligations) of $362M (2024) and robust FCF position the company for sustained operations.

EMCOR Group, Incの事業内容

EMCOR Group, Inc. (EME) is a leading provider of electrical and mechanical construction, facilities services, building services, and industrial services, serving commercial, industrial, healthcare, utility, and government clients (10-K). Its business model relies on long-term contracts for construction, maintenance, and operational solutions. Key segments include U.S. electrical/mechanical construction (power systems, HVAC), U.S. building services (facility operations), U.S. industrial services (refinery/petrochemical plant services), and UK building services (10-K). Competitive advantages include technical expertise, safety culture, and expansion into sustainable energy solutions (10-K).

EMCOR Group, IncのAI業績分析レポート（2024年度）

EMCOR Group, Inc. (EME) FY2024 Annual Report Analysis

Highlights
•Revenue: $11.1B (+11.8% YoY) with a 5-year CAGR of 9.1% (XBRL).
•Profitability: Net income of $406M (+5.9% YoY) and ROIC of 22.2% (XBRL).
•Shareholder Returns: $661M share repurchases and $27M dividends (XBRL).
Business Overview

EMCOR Group operates in electrical/mechanical construction, building services, industrial services, and UK building services, serving diverse sectors. Competitive advantages include technical expertise, safety culture, and sustainable energy focus (10-K). No significant customer concentration is reported (N/A).

Revenue Analysis

Revenue grew to $11.1B (+11.8% YoY), with operating income increasing to $565M (+6.4% YoY). Historical data shows consistent growth from $8.1B (2020) to $11.1B (2024), driven by market demand and service diversification.

Profitability Analysis
•Margins: Gross margin of 14.5% ($1.6B), operating margin of 5.1% ($565M), net margin of 3.7% ($406M) (XBRL).
•EBITDA: $612M (5.5% of revenue) highlights strong cash generation.
•YoY Growth: Operating income increased 6.4% (from $531M in 2023), net income grew 5.9% (from $384M in 2023).
Balance Sheet Analysis
•Liquidity: $790M cash, current ratio of 1.26x (XBRL).
•Leverage: D/E ratio of 1.68x, equity ratio of 44.7%.
•Assets: Total assets of $5.5B (2024), up from $4.1B (2020) (XBRL).
Cash Flow Analysis
•Operating CF: $498M, FCF: $357M (XBRL).
•Investing CF: -$141M, Financing CF: -$710M (driven by $661M share repurchases and $27M dividends).
•D&A: $47M.
Working Capital Analysis
•Receivables Days: 106 days, Payables Days: 36 days, Asset Turnover: 2.00x (XBRL).
Risks
1.Economic downturns reducing client demand (10-K).
2.Interest rate fluctuations increasing borrowing costs (10-K).
3.Client credit availability delays projects (10-K).
4.Weak economic conditions risking delayed payments (10-K).
5.Oil/gas industry volatility affecting demand (10-K).
Outlook

Historical trends project FY2025 revenue of $12.6B (XBRL). Long-term obligations of $362M (2024) and robust FCF support sustained operations. No explicit management guidance is provided in the 10-K.

Historical Time Series
MetricFY2020FY2021FY2022FY2023FY2024FY2025
Revenue8.1B9.2B8.8B9.9B11.1B12.6B
Operating Income403M461M257M531M565M876M
Net Income284M325M133M384M406M633M
Total Assets4.1B4.8B5.1B5.4B5.5B6.6B
Total Equity2.1B2.1B2.3B2.0B2.5B2.9B
Operating Cash Flow271M356M806M319M498M900M

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