Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026

Emcor Group, Inc. (EME)

A forensic read on Emcor Group, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

10.8

Distress distance

Clean

Earnings quality

Forensic signals

25.1

P / E (ttm)

34.6%

ROE

$36.1B

Market cap

0.20%

Dividend yield

16.6%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Emcor Group, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 10.8, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+46.3%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +46.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +19% against revenue +17%. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 1% of net operating assets, diverging from the balance-sheet accrual read.

$226M

FY2020–FY2020

Goodwill impairments. Took $226M of goodwill writedowns across 1 year (FY2020 ($226M)) — about 170% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$16.99B

Revenue Growth YoY+16.6%

Revenue CAGR (3yr)+15.3%

Net Margin7.5%

Free Cash Flow$1.19B

Return on Equity34.6%

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.