Emcor

Management has compounded value with a balanced playbook: (1) organic investments in VDC/prefab and field productivity, (2) disciplined M&A including Miller Electric at about 876.8 million and nine smaller 2025 deals for about 182.1 million to deepen electrical, mechanical, controls, and fire protection capabilities, (3) active repurchases of roughly 579 million in 2025 with 680.6 million authorization remaining at 12/31/25, and (4) a dividend increase to 0.40 per quarter starting 1Q26. Divestiture of the U.K. unit sharpened U.S. focus and added capital flexibility.

Track record is strong, and leverage is minimal, though amortization from acquired intangibles will weigh on GAAP margins.