Emcor

Emcor ended 2025 with cash and cash equivalents of about 1.11 billion and negligible long‑term debt (about 4.6 million).

Contract liabilities materially exceed contract assets, reflecting advantageous working capital and customer pre‑billings. 2025 operating cash flow was about 1.30 billion with capex of roughly 112.8 million, for TTM FCF near 1.19 billion. This balance sheet comfortably supports downturn resilience, bonding needs, and bolt‑on M&A.