{"schemaVersion":1,"research":true,"symbol":"eme","name":"EMCOR Group","topic":"moat","path":"/stock/eme/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:47:31.936Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"EMCOR demonstrates technical capability, customer relationships and strong operating execution, but the supplied disclosures do not establish a durable economic moat. Low entry barriers, frequent competitive bidding, lower-cost competitors and actual contract losses constrain customer dependency and pricing power. Productivity investments and improving results support current competitive strengths; they do not establish protected pricing or a lasting relative cost advantage.","advantages":[{"mechanism":"intangible_assets","claim":"Technical expertise, established customer relationships and execution capabilities provide current competitive strengths. Management's differentiation claims have some support from reported productivity improvements and operating results, but durable competitive protection is not established.","durability":"Requires continued investment and successful execution. Long-standing relationships coexist with actual rebid losses and customer termination rights; neither accounting intangible values nor strong recent results establishes lasting protection.","risks":"Low entry barriers, cheaper competing providers, competitive rebidding, labor productivity problems and customer spending cycles can erode these strengths. Pricing flexibility is constrained by fixed-price contracts.","invalidation":"Repeated rebid losses, persistent productivity deterioration or sustained operating declines after adjusting for acquisitions and project mix would undermine the current-strength claim. Conversely, sustained customer renewal advantages, demonstrated price premiums and persistent relative productivity advantages through weaker demand would warrant reconsidering the no-moat verdict.","competitors":["APi Group Corporation","Comfort Systems USA, Inc.","Service Logic LLC","Carrier Global Corporation","Trane Technologies plc","Amentum Services, Inc.","Fluor Corporation","CBRE Group, Inc.","ABM Industries Incorporated"],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: management's claimed differentiation","excerpt":"We believe that our range of service offerings, technical capability, skilled workforce, and strong project execution, along with our safety culture and financial resources, differentiate us from our competition and position us to benefit from future capital and maintenance spending by our existing and potential customers."},{"id":"e2","sourceId":"filing-1","location":"Risk factors: long-standing relationships and customer termination rights","excerpt":"Although we provide services to a diverse portfolio of end markets and have long-standing relationships with many of our significant customers, our customers may unilaterally reduce, fail to renew, or terminate their contracts with us at any time."},{"id":"e3","sourceId":"filing-1","location":"MD&A: mechanical segment execution and productivity investments","excerpt":"In addition to the impact of greater revenues, the operating results of this segment for 2025 benefited from a more favorable mix of work and better project execution, including enhanced productivity, due in part to investments in virtual design and construction, prefabrication, and automation."},{"id":"e4","sourceId":"filing-2","location":"MD&A: electrical segment execution and favorable project mix","excerpt":"The increase in operating income and operating margin of this segment for both 2026 periods resulted from greater gross profit and gross profit margin given the growth in its revenues, excellent project execution, and a more favorable mix of work."},{"id":"e5","sourceId":"filing-1","location":"Competition: named mechanical services competitors","excerpt":"Within our mechanical services division, we compete with entities such as APi Group Corporation, Comfort Systems USA, Inc., and Service Logic LLC, as well as Carrier Global Corporation and Trane Technologies plc."},{"id":"e6","sourceId":"filing-1","location":"Competition: named commercial and government site-based competitors","excerpt":"Within our commercial and government site-based divisions, competition includes companies such as Amentum Services, Inc., IAP Worldwide Services, Inc., Fluor Corporation, Cushman & Wakefield plc, CBRE Group, Inc., Jones Lang LaSalle Incorporated, Sodexo, Inc., Aramark, and ABM Industries Incorporated."},{"id":"e7","sourceId":"filing-1","location":"Risk factors: low barriers to entry","excerpt":"In addition, relatively few barriers exist to prevent entry into most of the industries in which we operate."},{"id":"e8","sourceId":"filing-1","location":"Risk factors: competitors with lower overhead and service rates","excerpt":"Certain of our competitors have lower overhead cost structures and, therefore, are able to provide their services at lower rates than we are currently able to provide."},{"id":"e9","sourceId":"filing-1","location":"Risk factors: frequent competitive bidding","excerpt":"Our project and service work is frequently awarded through a competitive bidding process, which is standard in our industry."},{"id":"e10","sourceId":"filing-4","location":"Risk factors: realized building services rebid losses in 2023 and 2024","excerpt":"For example, in 2024 and 2023, our United States building services segment and our United Kingdom building services segment were unsuccessful in retaining certain contracts upon rebid."},{"id":"e11","sourceId":"filing-1","location":"MD&A: reduced labor productivity and acquisition amortization","excerpt":"Operating margin for the year ended December 31, 2025 was negatively impacted by: (a) lower profitability on certain projects in new geographies where we encountered reduced labor productivity or availability while investing in the development of a workforce and (b) the incremental intangible asset amortization expense resulting from the acquisition of Miller Electric, which reduced operating margin by approximately 80 basis points."},{"id":"e12","sourceId":"filing-2","location":"Market risk: fixed-price contracts restricting price adjustments","excerpt":"Additionally, certain of our fixed price contracts do not allow us to adjust our prices and, as a result, increases in material costs could reduce our profitability with respect to projects in progress."},{"id":"e13","sourceId":"filing-4","location":"Risk factors: realized gross profit deterioration from supply disruptions","excerpt":"These disruptions resulted in declines in gross profit and gross profit margin for certain of our operations."},{"id":"e14","sourceId":"filing-5","location":"MD&A: adverse operating effects of material price escalation","excerpt":"Similar to our United States electrical construction and facilities services segment, the results of this segment in the prior year were negatively impacted by external market conditions, which manifested themselves through price escalations, particularly for materials and commodities, such as copper and steel, that are used in our mechanical and fire protection operations."},{"id":"e15","sourceId":"filing-5","location":"MD&A: efforts to seek contractually permitted price increases","excerpt":"As contractually permitted, and in order to combat inflationary pressures, we have and will continue to seek increases in pricing to the extent we experience increases in our costs."},{"id":"e16","sourceId":"filing-2","location":"Market risk: management's qualified cost-recovery expectation","excerpt":"While we believe we can increase our contract prices to adjust for some price increases in commodities, there can be no assurance that such price increases, if they were to occur, would be recoverable."},{"id":"e17","sourceId":"filing-2","location":"Unaudited statements of operations: first-half 2026 comparative results","excerpt":"and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)(Unaudited) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenues $ 5,154,892 $ 4,304,400 $ 9,783,125 $ 8,171,772 Cost of sales 4,132,513 3,470,629 7,896,796 6,615,283 Gross profit 1,022,379 833,771 1,886,329 1,556,489 Selling, general and administrative expenses 475,039 418,559 935,144 822,521 Operating income 547,340 415,212 951,185 733,968 Net periodic pension income — 55 — 109 Interest income (expense), net 4,322 (3,240) 10,549 2,147 Income before income taxes 551,662 412,027 961,734 736,224 Income tax provision 147,968 109,867 252,556 193,387 Net income $ 403,694 $ 302,160 $ 709,178 $ 542,837 Basic earnings per common share $ 9.09 $ 6.74 $ 15.94 $ 12.00 Diluted earnings per common share $ 9.06 $ 6.72 $ 15.89 $ 11.96 Dividends declared per common share $ 0.40 $ 0.25 $ 0.80 $ 0.50 See Notes to Consolidated Financial Statements."},{"id":"e18","sourceId":"filing-2","location":"MD&A: mechanical segment margin decline and contract mix","excerpt":"The 110 basis point decrease in this segment’s operating margin for both 2026 periods was primarily a result of a change in project mix, which included: (a) a greater percentage of revenues generated from projects for which we are acting as either the construction manager or prime contractor and that carry lower than average gross profit margins, and (b) an increase in the number of guaranteed maximum price and cost plus contracts, particularly in newer geographies or on projects where design or scope is still evolving."},{"id":"e19","sourceId":"filing-2","location":"MD&A: building services execution and completed restructuring","excerpt":"In addition to the impact of greater revenues, this segment’s operating results for both 2026 periods benefited from (a) an increase in gross profit margin, given a more favorable project mix as well as improved execution, and (b) a decrease in the ratio of selling, general and administrative expenses to revenues, partially due to lower overhead costs within its commercial and government site-based services divisions following the restructuring actions we completed in 2025."},{"id":"e20","sourceId":"filing-1","location":"Business: government option years, renegotiation and termination rights","excerpt":"The agreements pursuant to which this division provides services to the federal government are frequently for a base period and a number of option years exercisable at the sole discretion of the government, are often subject to modification or renegotiation by the government in terms of scope of services, and are subject to termination for convenience by the government prior to the expiration of the applicable term."},{"id":"e21","sourceId":"filing-2","location":"Unaudited cash flows: operating cash generation, investment and distributions","excerpt":"and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)(Unaudited) Six months ended June 30, 2026 2025 Cash flows - operating activities: Net income $ 709,178 $ 542,837 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 37,753 32,139 Amortization of identifiable intangible assets 69,083 56,452 Provision for credit losses 4,602 9,029 Deferred income taxes (11,129) 677 Excess tax benefits from share-based compensation (7,809) (3,950) Non-cash share-based compensation expense 15,007 13,092 Other reconciling items (834) (1,169) Changes in operating assets and liabilities, excluding the effect of businesses acquired (525,938) (346,949) Net cash provided by operating activities 289,913 302,158 Cash flows - investing activities: Payments for acquisitions of businesses, net of cash acquired (94,953) (887,237) Proceeds from sale or disposal of property, plant, and equipment 2,056 2,586 Purchases of property, plant, and equipment (59,860) (54,174) Net cash used in investing activities (152,757) (938,825) Cash flows - financing activities: Proceeds from revolving credit facility — 525,000 Repayments of revolving credit facility — (275,000) Repayments of finance lease liabilities (1,327) (1,433) Dividends paid to stockholders (35,586) (22,640) Repurchases of common stock (268,519) (432,165) Taxes paid related to net share settlements of equity awards (18,285) (13,541) Payments for contingent consideration arrangements (996) (11,346) Net cash used in financing activities (324,713) (231,125) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — 14,558 Decrease in cash, cash equivalents, and restricted cash (187,557) (853,234) Cash, cash equivalents, and restricted cash at beginning of year (1) 1,111,968 1,340,395 Cash, cash equivalents, and restricted cash at end of period (2) $ 924,411 $ 487,161 _________ (1)Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of December 31, 2024."},{"id":"e22","sourceId":"filing-2","location":"Financial instruments: no outstanding revolving credit borrowings","excerpt":"Although there were no outstanding borrowings under our 2023 Credit Agreement as of June 30, 2026 and December 31, 2025, the carrying value of any debt associated with this agreement would approximate its fair value due to the variable rate on such debt."},{"id":"e23","sourceId":"filing-2","location":"MD&A: incremental acquisition operating contribution","excerpt":"Operating income for the three and six months ended June 30, 2026 included incremental acquisition contribution of $13.9 million and $34.6 million, respectively, net of amortization expense attributable to identifiable intangible assets of $5.6 million and $14.4 million, respectively."},{"id":"e24","sourceId":"filing-3","location":"Compensation discussion: established 2025 incentive payment thresholds","excerpt":"The Compensation Committee determined that no annual incentive award based upon the foregoing financial measurements was to be payable unless we achieved adjusted earnings per share for 2025 in excess of $20.00 and 2025 adjusted positive operating cash flow of at least 20% of 2025 adjusted operating income."},{"id":"e25","sourceId":"filing-3","location":"Compensation discussion: achieved 2025 incentive metrics","excerpt":"19 For 2025, our adjusted earnings per share was $25.90 and our 2025 Cash Flow Ratio was approximately 83% which, in accordance with the Matrix, permitted payment to each named executive officer of his or her Maximum Potential Incentive Award based solely on financial metrics."},{"id":"e26","sourceId":"filing-3","location":"Compensation discussion: actual January 2025 restricted stock unit awards","excerpt":"On January 2, 2025, pursuant to the terms of the LTIP, each named executive officer, as well as each other participant in the LTIP, was awarded a number of restricted stock units under our 2010 Incentive Plan entitling him/her to receive in February 2028 an equal number of shares of our Common Stock, generally subject to him/her remaining continuously employed by us through January 2, 2028, except as described under “Potential Post Employment Payments – Long Term Incentive Plan” beginning on page 39."},{"id":"e27","sourceId":"filing-3","location":"Compensation discussion: exclusions from annual incentive calculations","excerpt":"However, in calculating such 2025 earnings per share and operating income for purposes of determining annual incentive awards there was, as provided in the program, to be excluded from such calculations (a) non-cash charges directly associated with the write-down of balance sheet values of assets, (b) investment banking, consulting, legal, and accounting fees and related disbursements directly associated with any proposed or consummated (i) sale or disposition of Company assets or securities or (ii) acquisition or investment, (c) the effect of any changes in statutory tax rates from those in effect on March 26, 2025, (d) restructuring charges, negative tax consequences, or other accounting adjustments due to a sale or closure of a subsidiary’s business, inclusive of the U.K., (e) the cumulative effect of any change in accounting principles, (f) charges relating to withdrawal liabilities in connection with multi-employer pension plans and specific surcharges assessed by a multi-employer plan related to supplemental contributions (i.e., lump sum type contributions and not an increase in the hourly contribution rate) to ameliorate an underfunding in such plan, and (g) income or loss from discontinued operations (as so adjusted, “adjusted earnings per share” and “adjusted operating income,” as applicable)."},{"id":"e28","sourceId":"filing-1","location":"Governance: independent board committees with formal charters","excerpt":"Each of these committees has a formal charter and is comprised of independent directors."},{"id":"e29","sourceId":"filing-3","location":"Governance: independent lead director responsibilities","excerpt":"The Lead Director presides at meetings at which the Chairperson is not present, including executive sessions; participates in the formation of, and approves, the agenda for each Board meeting, whether or not the Chairperson is present; calls meetings of the independent directors; serves as a liaison between the Chairperson and the independent directors; ensures that he or she is available for consultation and direct communication with stockholders and other key constituents; guides the annual performance review and succession planning for the Chief Executive Officer; partners with the 5 Corporate Governance Committee to conduct the Board’s annual self-evaluation; and performs such other duties as the Board may from time to time delegate."},{"id":"e30","sourceId":"filing-3","location":"Governance: completed 2025 board assessment questionnaires","excerpt":"For 2025, each director completed a written questionnaire which solicited open-ended and candid feedback on an anonymous basis."},{"id":"e31","sourceId":"filing-3","location":"Governance: actual audit committee meetings during 2025","excerpt":"The Audit Committee met five times during 2025."},{"id":"e32","sourceId":"filing-3","location":"Governance: other services provided by compensation consultant affiliates","excerpt":"In 2025, those other services performed by Mercer and Other Marsh Subsidiaries totaled $1,045,857."},{"id":"e33","sourceId":"filing-3","location":"Governance: committee's assessment of consultant conflicts","excerpt":"Because of the policies and procedures that Mercer has in place, as well as the policies and procedures that the Compensation Committee has in place, the Compensation Committee has concluded that to the extent the work performed by Mercer and Other Marsh Subsidiaries may create a possible appearance of a conflict of interest, there are sufficient safeguards and policies in place to mitigate or eliminate any such conflict, and therefore, no conflict of interest exists."},{"id":"e34","sourceId":"filing-1","location":"Segment information: 2023–2025 operating income and disposal gain","excerpt":"and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 18 - SEGMENT INFORMATION (Continued) 2025 2024 2023 Operating income (loss): United States electrical construction and facilities services $ 611,952 $ 447,186 $ 230,640 United States mechanical construction and facilities services 905,325 799,613 530,644 United States building services 187,192 176,720 182,995 United States industrial services 24,998 44,213 35,375 Total United States operations 1,729,467 1,467,732 979,654 United Kingdom building services 20,969 21,485 25,681 Corporate administration (181,894) (144,354) (127,229) Gain on sale of United Kingdom operations 144,876 — — Impairment loss on long-lived assets — — (2,350) Consolidated operating income 1,713,418 1,344,863 875,756 Other items: Net periodic pension income (cost) 211 894 (1,119) Interest expense (12,020) (3,779) (17,199) Interest income 20,015 35,404 15,415 Income before income taxes $ 1,721,624 $ 1,377,382 $ 872,853 The following tables provide the significant expenses that are regularly provided to and reviewed by our CODM for each of our reportable segments for the years ended December 31, 2025, 2024, and 2023 (in thousands): 2025 2024 2023 Cost of sales: United States electrical construction and facilities services $ 4,068,755 $ 2,673,491 $ 2,359,816 United States mechanical construction and facilities services 5,625,203 5,147,903 4,188,707 United States building services 2,503,079 2,516,745 2,567,993 United States industrial services 1,087,976 1,086,503 997,951 Total United States operations 13,285,013 11,424,642 10,114,467 United Kingdom building services 418,421 376,423 379,067 Consolidated cost of sales $ 13,703,434 $ 11,801,065 $ 10,493,534 2025 2024 2023 Selling, general and administrative expenses: United States electrical construction and facilities services $ 393,545 $ 222,250 $ 193,267 United States mechanical construction and facilities services 519,953 458,141 355,452 United States building services 431,971 421,353 369,146 United States industrial services 155,125 146,474 134,464 Total United States operations 1,500,594 1,248,218 1,052,329 United Kingdom building services 31,958 27,616 31,675 Corporate administration 181,894 144,354 127,229 Consolidated selling, general and administrative expenses $ 1,714,446 $ 1,420,188 $ 1,211,233 75 Table of Contents EMCOR Group, Inc."}],"changes":["Retains the previous none verdict: current execution strengths do not establish durable competitive protection.","Adds explicit named competitor coverage for disclosed building services divisions and realized rebid losses as contrary evidence.","Adds criterion-level pricing and management assessments using operating results, cash flows and actual proxy disclosures; distinguishes awarded equity from future vesting and advisory proposals."],"limitations":["Assessment uses only the supplied passages. All source dates retain dateKind filed; they are filing dates, not retrieval dates.","Named competitor coverage is specific to disclosed building services divisions. The passages do not establish comprehensive named coverage or comparative performance across all construction and industrial operations.","Management's explanations of differentiation, productivity and operating drivers are issuer assertions supported to varying degrees by reported results; they do not independently establish relative superiority.","Customer price changes, realized price premiums, renewal rates and customer-level repeat spending are not quantified. Historical cost pressure supports an assessment of weak price recovery, but does not isolate customer pricing from productivity or project mix.","Proxy passages establish actual incentive arrangements and governance practices, but do not supply management ownership quantities or establish compliance with ownership guidelines. Future vesting and advisory voting outcomes are not assumed.","Acquisition contributions and financing disclosures permit capital-discipline assessment, but acquisition returns and repurchase value creation are not established. Interim 2026 financial results are unaudited."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Technical capabilities and productivity investments support current differentiation, but low entry barriers, cheaper competitors and frequent bidding leave structural protection weak.","evidenceIds":["e1","e3","e7","e8","e9"]},{"criterion":"durability","grade":1,"rationale":"Long-standing relationships provide continuity, but customer termination rights and realized rebid losses demonstrate that relationships do not reliably protect future business.","evidenceIds":["e2","e10","e20"]},{"criterion":"customer_dependency","grade":1,"rationale":"Technical competence matters to customers, but frequent competitive awards and actual supplier replacement on rebid provide evidence of weak dependency. No substantial switching friction is demonstrated.","evidenceIds":["e1","e9","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Execution improvements and recent earnings growth show operating adaptability. Actual labor productivity problems, historical cost pressure and contract losses offset that strength; competitive protection through a downturn remains unproven.","evidenceIds":["e3","e10","e11","e13","e17","e19"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Historical material escalation and supply disruptions reduced profitability, while fixed-price terms restricted recovery. This indirectly supports weak realized cost recovery. Seeking price increases is not evidence that customers accepted them, and customer price changes are not isolated.","evidenceIds":["e12","e13","e14","e15","e16"]},{"criterion":"retention","grade":1,"rationale":"Long-standing relationships indicate some repeat demand, but disclosed rebid losses in 2023 and 2024 demonstrate fragile retention in building services. The assessment uses relationship and contract outcomes; no company-wide retention rate is inferred.","evidenceIds":["e2","e10"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 operating income outgrew revenue and building services benefited from execution and restructuring. Historical input-cost damage, labor problems and mechanical contract-mix pressure make resilience mixed. Favorable margins do not independently prove pricing power.","evidenceIds":["e11","e13","e17","e18","e19"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Frequent bidding, restrictions on repricing certain fixed-price work, and government discretion over renewals, scope and termination limit unilateral control over prices and terms. Some cost-plus work exists, but does not establish broad contractual freedom.","evidenceIds":["e9","e12","e18","e20"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual operating cash generation, capital investment and acquisitions coexist with no revolving borrowings at June 2026 and positive acquisition contributions. However, first-half operating cash flow fell despite earnings growth; investment and shareholder distributions exceeded operating cash generation and reduced cash. Acquisition returns and repurchase value creation remain unestablished.","evidenceIds":["e17","e21","e22","e23"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Established annual incentives include earnings and cash-conversion thresholds, achieved 2025 results are disclosed, and actual equity awards require continued service through 2028. Alignment is mixed because adjusted metrics exclude several acquisition and asset-related costs, while service-based equity does not itself require operating outperformance. Ownership quantities and future vesting are not assumed.","evidenceIds":["e24","e25","e26","e27"]},{"criterion":"execution","grade":3,"rationale":"Multi-year construction operating-income gains, first-half 2026 growth, disclosed productivity investments and completed restructuring support strong execution. Management's causal explanations are partly indirect evidence; acquisition effects, the 2025 disposal gain, labor problems and weaker industrial results prevent an exceptional grade.","evidenceIds":["e3","e4","e11","e17","e19","e23","e34"]},{"criterion":"governance","grade":3,"rationale":"Independent committees, an independent lead director with substantive responsibilities, completed board assessments and actual audit committee meetings support strong governance processes. Their ultimate effectiveness is not established; substantial other services from compensation-consultant affiliates create a potential conflict whose mitigation is the committee's own assessment.","evidenceIds":["e28","e29","e30","e31","e32","e33"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"42562f32ea743d5c7e6248b783a8aa5202393c16afc51d4371c3e915ab970201","updatedAt":"2026-10-18T13:47:31.936Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/105634/000010563426000025/eme-20251231.htm","publishedAt":"2026-02-26","sha256":"4d5f1a4fa4339eeb5eb70c6c862b9acf0ba6251f373ae7821ec09f8dd79691d4","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/105634/000010563426000110/eme-20260630.htm","publishedAt":"2026-07-30","sha256":"e9bf3c997d38b36ae3f7beb377d0cee60178e07d3d9998d73ccf574458899dff","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/105634/000114036126015809/ny20062562x1_def14a.htm","publishedAt":"2026-04-21","sha256":"71db009c0e67ac174b713a23556da63984aa5910eec4948d181f73cf64a8c502","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-20241231.htm","publishedAt":"2025-02-26","sha256":"d9052ad11238595b12b2e2b72f6845ae9c05c8f63fd54818a995421647c9f870","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/105634/000010563424000006/eme-20231231.htm","publishedAt":"2024-02-28","sha256":"082d1dc2531f9c40666f7f21dba32aefd337848604c1b6aadebb6e41b2e20b0c","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/105634/000010563426000046/eme-20260331.htm","publishedAt":"2026-04-29","sha256":"e6891bfb19f6bae484e087e373f24c4f56a3492d5b9f7fac0636c2c3445976f8","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:8cfb92ea86098d0fdf802582cb1c53245931890d2daa8c6c6e859f91eeeb4912","usage":{"input_tokens":89852,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3865,"reasoning_output_tokens":192},"basisSupplement":{"previousHash":"219f4a91915a9802a26097de7d120d23bb97e93905d1406ed7bc9ad4f31577bf","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":15.163577211473022,"operating_margin":5.359678015424725,"roic":24.66313402094846,"fcf_margin":2.8537660118866106,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":14.477939928422586,"operating_margin":5.099953774426423,"roic":23.743157764992365,"fcf_margin":4.050551998353214,"sbc_revenue":null},"issues":{"sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":16.604625986449996,"operating_margin":6.959904943807348,"roic":36.821762983303344,"fcf_margin":6.526736779430261,"sbc_revenue":null},"issues":{"sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":18.98276108744431,"operating_margin":9.232818137655913,"roic":59.74996588133277,"fcf_margin":9.15099124571025,"sbc_revenue":null},"issues":{"sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":19.327130810714582,"operating_margin":10.086985946775608,"roic":null,"fcf_margin":7.001551003501503,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/105634/000010563426000025/eme-20251231.htm","publishedAt":"2026-02-26","sha256":"4d5f1a4fa4339eeb5eb70c6c862b9acf0ba6251f373ae7821ec09f8dd79691d4","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/105634/000010563426000110/eme-20260630.htm","publishedAt":"2026-07-30","sha256":"e9bf3c997d38b36ae3f7beb377d0cee60178e07d3d9998d73ccf574458899dff","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/105634/000114036126015809/ny20062562x1_def14a.htm","publishedAt":"2026-04-21","sha256":"71db009c0e67ac174b713a23556da63984aa5910eec4948d181f73cf64a8c502","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-20241231.htm","publishedAt":"2025-02-26","sha256":"d9052ad11238595b12b2e2b72f6845ae9c05c8f63fd54818a995421647c9f870","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/105634/000010563424000006/eme-20231231.htm","publishedAt":"2024-02-28","sha256":"082d1dc2531f9c40666f7f21dba32aefd337848604c1b6aadebb6e41b2e20b0c","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/105634/000010563426000046/eme-20260331.htm","publishedAt":"2026-04-29","sha256":"e6891bfb19f6bae484e087e373f24c4f56a3492d5b9f7fac0636c2c3445976f8","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}