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Held by 339 of 2,417 reporting institutions (97th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 10 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PWR | $93.5B | 91.3× | 49.0× | 3.3× | 20.3% | 15.0% | 3.6% | 11.5% | 6.9% | 2.8× | 614 |
| FIX | $43.4B | 42.7× | 190.7× | 23.7× | -73.9% | 22.0% | 55.8% | 41.8% | 39.4% | -3.8× | 356 |
| EME | $29.8B | 24.1× | 16.1× | 1.8× | 16.6% | 19.3% | 7.5% | 34.6% | 34.6% | -0.6× | 339 |
| IESC | $8.7B | 13.7× | 20.0× | 2.6× | 16.9% | 25.5% | 9.1% | 34.6% | 34.6% | -0.3× | 89 |
| AGX | $4.8B | 35.3× | 32.9× | 5.1× | 8.1% | 20.5% | 14.6% | 29.8% | 29.8% | -2.5× | 108 |
| LGN | $3.0B | — | 38.4× | 1.2× | 21.5% | 21.0% | -2.3% | -15.2% | -4.9% | 6.4× | 30 |
| AMRC | $1.1B | 19.0× | 13.2× | 0.6× | 28.8% | 14.5% | 3.2% | 5.6% | 2.1% | 7.7× | 25 |
| LMB | $577M | 15.0× | 8.9× | 0.9× | 24.7% | 26.2% | 6.0% | 20.0% | 16.9% | 0.4× | 21 |
| BBCP | $516M | 113.7× | 9.3× | 1.3× | -7.7% | 38.5% | 1.6% | 2.4% | 0.9% | 3.9× | 17 |
| PHOE | $361M | — | — | 50.1× | -2.2% | 4.6% | -16.7% | -19.5% | -19.5% | — | — |
| MTRX | $265M | — | — | 0.3× | 13.6% | 7.3% | -0.3% | -1.8% | -1.8% | — | 19 |
Peers = companies sharing EME's sector (Electrical Work) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 4% of free cash flow, leaving room to grow it and fund buybacks. Last year: $45.0M dividends + $586.3M buybacks = $631.3M returned on $1.19B FCF.
6 consecutive years of dividend increases · 13%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 35%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $679.55 today, the market must believe free cash flow compounds 13.0%/yr for a decade (off $1.11B on the 3-yr avg basis).
The market's 13.0% is more conservative than its 9-yr track record.
Default is 10.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt -$1.11B
mean 36.7% · volatility σ 64% · implied rate exceeded in 6/9 yrs
Central path = implied 13.0%/yr growth; shaded band = ±1σ (64%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.99B 100.0% | $14.57B 100.0% | $12.58B 100.0% | $11.08B 100.0% | $9.90B 100.0% | $8.80B 100.0% | $9.17B 100.0% | $8.13B 100.0% | $7.69B 100.0% | $7.55B 100.0% |
| Cost of Revenue | $13.70B 80.7% | $11.80B 81.0% | $10.49B 83.4% | $9.47B 85.5% | $8.40B 84.8% | $7.40B 84.1% | $7.82B 85.2% | $6.93B 85.2% | $6.54B 85.1% | $6.51B 86.3% |
| Gross Profit | $3.28B 19.3% | $2.77B 19.0% | $2.09B 16.6% | $1.60B 14.5% | $1.50B 15.2% | $1.40B 15.9% | $1.36B 14.8% | $1.21B 14.8% | $1.15B 14.9% | $1.04B 13.7% |
| Selling, General & Admin | $1.71B 10.1% | $1.42B 9.7% | $1.21B 9.6% | $1.04B 9.4% | $970.9M 9.8% | $903.6M 10.3% | $893.5M 9.7% | $799.2M 9.8% | $758.7M 9.9% | $727.1M 9.6% |
| Operating Income | $1.71B 10.1% | $1.34B 9.2% | $875.8M 7.0% | $564.9M 5.1% | $530.8M 5.4% | $256.8M 2.9% | $460.9M 5.0% | $403.1M 5.0% | $328.9M 4.3% | $306.9M 4.1% |
| Interest Expense | $12.0M 0.1% | $3.8M 0.0% | $17.2M 0.1% | $13.2M 0.1% | $6.1M 0.1% | $9.0M 0.1% | $13.8M 0.2% | $13.5M 0.2% | $12.8M 0.2% | $12.6M 0.2% |
| Interest & Investment Income | $20.0M 0.1% | $35.4M 0.2% | $15.4M 0.1% | $2.8M 0.0% | $949K 0.0% | $1.5M 0.0% | $2.3M 0.0% | $2.7M 0.0% | $965K 0.0% | $663K 0.0% |
| Pretax Income | $1.72B 10.1% | $1.38B 9.5% | $872.9M 6.9% | $558.8M 5.0% | $529.3M 5.3% | $252.3M 2.9% | $450.9M 4.9% | $395.0M 4.9% | $318.7M 4.1% | $296.5M 3.9% |
| Income Tax Expense | $448.8M 2.6% | $370.2M 2.5% | $239.5M 1.9% | $152.6M 1.4% | $145.6M 1.5% | $119.4M 1.4% | $125.7M 1.4% | $109.1M 1.3% | $90.7M 1.2% | $111.2M 1.5% |
| Net Income | $1.27B 7.5% | $1.01B 6.9% | $633.0M 5.0% | $406.1M 3.7% | $383.5M 3.9% | $132.9M 1.5% | $325.1M 3.5% | $283.5M 3.5% | $227.2M 3.0% | $181.9M 2.4% |
| Per Share | ||||||||||
| EPS (Basic) | $28.30 | $21.61 | $13.37 | $8.13 | $7.09 | $2.41 | $5.78 | $4.88 | $3.84 | $3.00 |
| EPS (Diluted) | $28.19 | $21.52 | $13.31 | $8.10 | $7.06 | $2.40 | $5.75 | $4.85 | $3.82 | $2.97 |
| Weighted Avg Shares (Basic) | 45.0M | 46.6M | 47.4M | 49.9M | 54.1M | 55.2M | 56.2M | 58.1M | 59.3M | 60.8M |
| Weighted Avg Shares (Diluted) | 45.1M | 46.8M | 47.6M | 50.1M | 54.3M | 55.4M | 56.5M | 58.4M | 59.6M | 61.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-01 | 2 co-filers Group filing | Open-market buy43d late | 2 | $736.79 | $1k |
| 2026-07-31 | Nalbandian Jason R SVP, Chief Acct Officer & CFO | Grant | 4 | $0.00 | $0 |
| 2026-07-31 | Mauricio Maxine Lum CAO, EVP & General Counsel | Grant | 4 | $0.00 | $0 |
| 2026-07-31 | Altmeyer John W Director |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
EOD close · as of 2026-10-30
Earns 23.91pts above its cost of capital, positive in 5 of the last 5 years.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 13.7% | 4.1% | 2.4% |
| FY2017 | 14.9% | 4.3% | 3.0% |
| FY2018 | 14.8% | 5.0% | 3.5% |
| FY2019 | 14.8% | 5.0% | 3.5% |
| FY2020 | 15.9% | 2.9% | 1.5% |
| FY2021 | 15.2% | 5.4% | 3.9% |
| FY2022 | 14.5% | 5.1% | 3.7% |
| FY2023 | 16.6% | 7.0% | 5.0% |
| FY2024 | 19.0% | 9.2% | 6.9% |
| FY2025 | 19.3% | 10.1% | 7.5% |
ROIC ex-goodwill is 58.51% against 34.83% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
| Grant |
| 3 |
| $0.00 |
| $0 |
| 2026-07-31 | Guzzi Anthony Chairman, President and CEO | Grant | 13 | $0.00 | $0 |
| 2026-06-17 | Lowe Carol P Director | Open-market sale | 950 | $844.50 | $802k |
| 2026-06-17 | 2 co-filers Group filing | Open-market buy119d late | 1 | $826.31 | $826 |
| 2026-06-04 | Altmeyer John W Director | Grant | 304 | $0.00 | $0 |
| 2026-06-04 | Schwarzwaelder Steven Director | Grant | 230 | $0.00 | $0 |
| 2026-06-04 | Walker-Lee Robin A Director | Grant | 230 | $0.00 | $0 |
| 2026-06-04 | Roche Patrick J Director | Grant | 304 | $0.00 | $0 |
| 2026-06-04 | Mcevoy M Kevin Director | Grant | 230 | $0.00 | $0 |
| 2026-06-04 | Lowe Carol P Director | Grant | 304 | $0.00 | $0 |
| 2026-06-04 | Johnson Ronald L Director | Grant | 230 | $0.00 | $0 |
| 2026-06-04 | Dahl Amy E Director | Grant | 230 | $0.00 | $0 |
| 2026-05-11 | Reid William P Director | Open-market sale | 2,000 | $925.78 | $1.9m |
| 2026-05-01 | Altmeyer John W Director | Open-market sale | 2,500 | $895.00 | $2.2m |
| 2026-04-30 | Nalbandian Jason R SVP, CFO, Chief Acct. Officer | Open-market sale | 800 | $856.43 | $685k |
| 2026-04-30 | Lind Robert Peter VP and Controller | Open-market sale | 675 | $894.27 | $604k |
| 2026-04-30 | Guzzi Anthony Chairman, President and CEO | Gift | 3,000 | $0.00 | $0 |
| 2026-04-30 | Schwarzwaelder Steven Director | Open-market sale | 5,602 | $895.19 | $5.0m |
| 2026-04-30 | Reid William P Director | Grant | 1 | $0.00 | $0 |
| 2026-04-30 | Altmeyer John W Director | Grant | 2 | $0.00 | $0 |
| 2026-04-30 | Nalbandian Jason R SVP, Chief Acct Officer & CFO | Grant | 4 | $0.00 | $0 |
| 2026-04-30 | Mauricio Maxine Lum CAO, EVP & General Counsel | Grant | 4 | $0.00 | $0 |
| 2026-04-30 | Guzzi Anthony Chairman, President and CEO | Grant | 13 | $0.00 | $0 |
| 2026-03-17 | Mauricio Maxine Lum CAO, EVP & General Counsel | Gift | 1,377 | $0.00 | $0 |
| 2026-03-05 | Guzzi Anthony Chairman, President and CEO | 10b5-1 plan sale | 36,000 | $729.48 | $26.3m |
| 2026-03-02 | Mauricio Maxine Lum CAO, EVP & General Counsel | Open-market sale | 3,357 | $735.00 | $2.5m |
| 2026-02-27 | Lind Robert Peter VP and Controller | Tax withholding | 233 | $724.62 | $169k |
| 2026-02-27 | Mauricio Maxine Lum CAO, EVP & General Counsel | Tax withholding | 1,709 | $724.62 | $1.2m |
| 2026-02-27 | Guzzi Anthony Chairman, President and CEO | Tax withholding | 8,303 | $724.62 | $6.0m |
| 2026-02-27 | Nalbandian Jason R SVP, CFO, Chief Acct. Officer | Tax withholding | 734 | $724.62 | $532k |
| 2026-01-30 | Nalbandian Jason R SVP, Chief Acct Officer & CFO | Grant | 4 | $0.00 | $0 |
| 2026-01-30 | Reid William P Director | Grant | 1 | $0.00 | $0 |
| 2026-01-30 | Lowe Carol P Director | Grant | 1 | $0.00 | $0 |
| 2026-01-30 | Altmeyer John W Director | Grant | 4 | $0.00 | $0 |
| 2026-01-30 | Mauricio Maxine Lum CAO, EVP & General Counsel | Grant | 6 | $0.00 | $0 |
| 2026-01-30 | Guzzi Anthony Chairman, President and CEO | Grant | 25 | $0.00 | $0 |
| 2026-01-02 | Guzzi Anthony Chairman, President and CEO | Grant | 7,261 | $0.00 | $0 |
Where each multiple sits in its own 14-yr range · 98th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 35% against ROIC 35% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 38.5% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 85.2 | 85.2 | 84.1 | 84.8 | 85.5 | 83.4 | 81.0 | 80.7 |
| Gross Profit | 14.8 | 14.8 | 15.9 | 15.2 | 14.5 | 16.6 | 19.0 | 19.3 |
| SG&A | 9.8 | 9.7 | 10.3 | 9.8 | 9.4 | 9.6 | 9.7 | 10.1 |
| Operating Income | 5.0 | 5.0 | 2.9 | 5.4 | 5.1 | 7.0 | 9.2 | 10.1 |
| Income Tax | 1.3 | 1.4 | 1.4 | 1.5 | 1.4 | 1.9 | 2.5 | 2.6 |
| Net Income | 3.5 | 3.5 | 1.5 | 3.9 | 3.7 | 5.0 | 6.9 | 7.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EME: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Return on equity (35%) and return on invested capital (35%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$1.5B of goodwill — 40% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 13.9% | 10.9% (today's — no rate published for this year) | 2.9pts |
| FY2020 | 10.1% | 10.9% (today's — no rate published for this year) | -0.8pts |
| FY2021 | 17.9% | 7.7% | 10.2pts |
| FY2022 | 18.2% | 8.7% | 9.4pts |
| FY2023 | 28.2% | 8.1% | 20.1pts |
| FY2024 | 44.0% | 10.2% | 33.8pts |
| FY2025 | 37.1% | 11.2% | 26.0pts |
| Now | 34.6% | 10.9% | 23.7pts |
Converts 1.08x of reported profit into free cash flow over 5 years, with accruals negative.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.27B | $1.27B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $29M | $1.30B |
| Operating cash flow | $1.30B | $1.30B |
| Capex | −$113M | $1.19B |
| Free cash flow | $1.19B | $1.19B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -4.1% | -5.3% | -1.2 points |
| FY2021 | 12.6% | 14.7% | 2.1 points |
| FY2022 | 11.8% | 16.5% | 4.6 points |
| FY2023 | 13.6% | 24.8% | 11.2 points |
| FY2024 | 15.8% | 11.7% | -4.1 points |
| FY2025 | 16.6% | 18.6% | 1.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 80.8 days | not reported | 31.1 days | 49.7 days |
| FY2020 | 79.7 days | not reported | 33.1 days | 46.6 days |
| FY2021 | 81.2 days | not reported | 31.9 days | 49.3 days |
| FY2022 | 84.6 days | not reported | 32.7 days | 51.9 days |
| FY2023 | 92.9 days | not reported | 32.6 days | 60.4 days |
| FY2024 | 89.6 days | not reported | 29 days | 60.7 days |
| FY2025 | 91.1 days | not reported | 32.7 days | 58.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.6 percent |
| FY2020 | -13.3 percent |
| FY2021 | 1.2 percent |
| FY2022 | -1.7 percent |
| FY2023 | -4.0 percent |
| FY2024 | -5.2 percent |
| FY2025 | -0.3 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 99.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 142.55x |
| 5% | 135.42x |
| 10% | 128.29x |
| 15% | 121.17x |
| 20% | 114.04x |
| 25% | 106.91x |
| 30% | 99.78x |
| 35% | 92.66x |
| 40% | 85.53x |
| 45% | 78.40x |
| 50% | 71.27x |
| 55% | 64.15x |
| 60% | 57.02x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $474,509,000 of the $474,509,000 total — a fixed obligation that does not appear in a headline debt figure.
At $679.55, free cash flow must compound 13.2%/yr for 10 years. It has done 25.3%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 146.8% | 13.2% |
| FY2021 | −62.7% | 13.2% |
| FY2022 | 58.7% | 13.2% |
| FY2023 | 83.1% | 13.2% |
| FY2024 | 62.3% | 13.2% |
| FY2025 | −10.8% | 13.2% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 4 of the last 6 years.