EME (EMCOR Group) Operating Income: $1,654 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

EME EMCOR Group Inc EME
94 GF Score
Price $744.16
GF Value $562.95
Valuation Significantly Overvalued
! 1 Warning Sign
View Full Analysis

What is EMCOR Group Operating Income?

EMCOR Group EME -0.78% 94 Operating Income is $1,654 Mil as of Mar. 2026. GuruFocus rates EME with a GF Score™ of 94/100 and a GF Value™ of $562.95 (Significantly Overvalued). The stock has 1 warning sign investors should review.

EMCOR Group's Operating Income for the three months ended in Mar. 2026 was $404 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $1,654 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. EMCOR Group's Operating Income for the three months ended in Mar. 2026 was $404 Mil. EMCOR Group's Revenue for the three months ended in Mar. 2026 was $4,628 Mil. Therefore, EMCOR Group's Operating Margin % for the quarter that ended in Mar. 2026 was 8.73%.

Good Sign:

EMCOR Group Inc operating margin is expanding. Margin expansion is usually a good sign.

EMCOR Group's 5-Year average Growth Rate for Operating Margin % was 13.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. EMCOR Group's annualized ROC % for the quarter that ended in Mar. 2026 was 19.94%. EMCOR Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 215.79%.


EMCOR Group  (NYSE:EME) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

EMCOR Group's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=1615.38 * ( 1 - 25.5% )/( (5780.627 + 6289.505)/ 2 )
=1203.4581/6035.066
=19.94 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=9291.399 - 2438.367 - ( 1111.968 - max(0, 4864.94 - 5937.345+1111.968))
=5780.627

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=9508.107 - 2302.182 - ( 916.42 - max(0, 4821.499 - 6074.493+916.42))
=6289.505

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

EMCOR Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1615.38/( ( (692.306 + max(-278.067, 0)) + (743.342 + max(61.538000000001, 0)) )/ 2 )
=1615.38/( ( 692.306 + 804.88 )/ 2 )
=1615.38/748.593
=215.79 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4241.177 + 126.252 + 120.231) - (2438.367 + 2327.36 + -9.0949470177293E-13)
=-278.067

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4549.956 + 130.208 + 100.577) - (2302.182 + 2417.021 + 0)
=61.538000000001

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

EMCOR Group's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=403.845/4628.233
=8.73 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


EMCOR Group Operating Income Related Terms


EMCOR Group Operating Income Historical Data

* Premium members only.

The historical data trend for EMCOR Group's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

EMCOR Group Operating Income Chart

EMCOR Group Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 530.80 564.88 878.11 1,344.86 1,568.54

EMCOR Group Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 318.76 415.21 405.70 428.88 403.85
EME
94GF Score
EMCOR Group Inc EME
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

EMCOR Group Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $1,654 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $1,654 Mil mean?
EMCOR Group (EME) has a Operating Income of $1,654 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on EMCOR Group and its competitors.
Is EMCOR Group's Operating Income too high?
EMCOR Group's current Operating Income is $1,654 Mil. Overall, EMCOR Group has a GF Score™ of 94/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does EMCOR Group's Operating Income compare to MTZ and STRL?
EMCOR Group's Operating Income of $1,654 Mil can be compared against companies in the Construction industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Construction company?
A good Operating Income depends on the Construction industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on EMCOR Group and its competitors. EMCOR Group's current Operating Income is $1,654 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EMCOR Group stock overvalued right now?
Based on GuruFocus' analysis, EMCOR Group (EME) is currently considered Significantly Overvalued. The stock's GF Value™ is $562.95, compared to a current price of $744.16 — trading 32.2% above its estimated fair value. The current Operating Income is $1,654 Mil. EMCOR Group's overall GF Score™ is 94/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For EMCOR Group (EME), the current Operating Income is $1,654 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is EMCOR Group (EME) Overvalued in 2026?

Based on GuruFocus' analysis, EMCOR Group stock appears to be overvalued. The current stock price of $744.16 is trading 32.2% above its estimated GF Value™ of $562.95. GuruFocus considers EMCOR Group to be Significantly Overvalued.

Key valuation signals for EME:

  • Operating Income: $1,654 Mil
  • GF Value™: $562.95 vs. price of $744.16 (32.2% above fair value)
  • GF Score™: 94/100 with 1 warning sign

No single metric tells the full story. See the EME stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


EMCOR Group Business Description

Address 301 Merritt Seven, Norwalk, CT, USA, 06851-1092
EMCOR Group Inc is a specialty contractor in the United States and a provider of electrical and mechanical construction and facilities services, building services, and industrial services. Its services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. The company's operating subsidiaries are organized into reportable segments: United States mechanical construction and facilities services, which derives key revenue; United States electrical construction and facilities services; United States building services; United States industrial services; and United Kingdom building services. Geographically, its key revenue is derived from the United States.
94GF Score

Get the complete analysis for EME

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$744.16
Price
$562.95
GF Value