Emcor

Structural pricing power is modest because much of the book is competitively bid fixed‑price or GMP work.

Emcor can earn premium margins on complex, schedule‑critical projects and through cost‑plus or service work, but broad‑based price setting is rare. 2025 operating margins reached 10.1 percent on a favorable mix, yet management guides 2026 operating margin to 9.0 to 9.4 percent, implying mix/tight execution are key levers rather than list‑price control.

Building services and controls add areas of steadier margin and periodic price realization but do not transform the overall pricing dynamic.