企業概要
EMCOR Group, Inc. is a prominent player in the Industrials sector, specifically within the Engineering & Construction industry, where it delivers specialized electrical and mechanical construction services alongside comprehensive facilities, building, and industrial support across the United States and the United Kingdom. The firm's operational scope encompasses the full lifecycle of infrastructure projects, offering critical design, integration, installation, startup, operation, and maintenance services focused on power transmission and distribution networks. This entity operates on a substantial scale, boasting a market capitalization of 358 億ドル (35.83B) and generating annual revenue of 169.9 億ドル (16.99B) while employing a workforce of 44,000 individuals. Such valuation metrics and revenue figures position the company as a significant force within its sector, indicating deep market penetration and the ability to execute large-scale projects that require extensive engineering expertise and a vast logistical network to serve both domestic and international markets effectively.
財務健全性
The company reported a trailing twelve-month revenue of 169.9 億ドル (16.99B) and a corresponding net income of 12.7 億ドル (1.27B), with an EBITDA reaching 17.6 億ドル (1.76B), illustrating a cost structure where operating expenses consume approximately 12.4 億ドル between gross profit and net income. The free cash flow stands at 9.91 億ドル (991.14M), which signifies a robust capacity for self-funding operations, servicing debt obligations, and potentially funding internal growth initiatives without relying heavily on external equity financing. Profitability analysis reveals a gross margin of 19.3%, an operating margin of 9.5%, and a profit margin of 7.5%, indicating that for every dollar of revenue, the company retains 19.3 cents at the gross level, 9.5 cents after operating costs, and 7.5 cents after all expenses including taxes. In terms of liquidity and leverage, the company holds cash reserves of 11.1 億ドル (1.11B) against total debt of 4.75 億ドル (474.56M), supported by a debt-to-equity ratio of 12.91, suggesting a highly conservative balance sheet where cash assets significantly outweigh debt liabilities. Short-term liquidity is further evidenced by a current ratio of 1.22, which indicates that current assets are 1.22 times greater than current liabilities, providing a comfortable buffer against short-term obligations. Furthermore, the return on equity is 38.5% and the return on assets is 11.6%, metrics that collectively reveal highly effective management in utilizing shareholder capital and total assets to generate superior returns compared to industry averages.
バリュエーション評価
Valuation metrics indicate a trailing P/E ratio of 28.41 and a forward P/E of 25.58, implying that the market expects earnings to expand significantly in the coming period, thereby narrowing the gap between current pricing and future expectations. The price-to-book ratio stands at 9.70, suggesting that the market prices the company at a substantial premium over its tangible book value, reflecting intangible assets such as brand reputation, specialized engineering capabilities, and stable long-term contracts. Alternative valuation measures include a price-to-sales ratio of 2.11 and an EV/EBITDA of 19.84, which together suggest the company is valued at a premium relative to its sales volume and earnings power before interest, taxes, depreciation, and amortization. Regarding price volatility and trading range, the stock has fluctuated between a 52-week low of 347.68 円 (347.68) and a 52-week high of 835.00 円 (835.00), with the current trading price situated significantly below the 52-week high, indicating potential mean reversion or a correction from recent peaks. The beta value is recorded at 1.11, meaning the stock exhibits slightly higher volatility than the broader market index, moving 11% more than the market in response to general economic shifts or sector-wide movements.
Growth & Income
Growth dynamics are highlighted by a revenue growth rate of 19.7% year-over-year and an earnings growth rate of 53.0% year-over-year, demonstrating that earnings are expanding at a pace more than double that of revenue, which often implies improving operational leverage, margin expansion, or one-time gains contributing to the bottom line. The company maintains a dividend yield of 0.2% with a payout ratio of 3.5%, a structure that indicates a very conservative approach to dividend distribution where the vast majority of earnings are retained within the business rather than distributed to shareholders. Given the low payout ratio, the dividend policy is highly sustainable even if earnings were to fluctuate, though the primary capital allocation strategy appears focused on reinvesting earnings into organic growth, acquisitions, or debt reduction rather than maximizing shareholder yield through dividends. Overall, the profile of EMCOR Group, Inc. is characterized by aggressive earnings growth outpacing revenue expansion and a capital-light dividend strategy that prioritizes internal capital generation over external income distribution to shareholders.