EMCOR Group, Inc. (EME) Balance Sheet
EME balance sheet, 2025
December 31, 2025 · U.S. dollars$9.29B assets = $5.62B liabilities + $3.67B equity
Both columns are drawn to the same scale: what EME owns equals what it owes plus shareholders’ equity. Hover a block for its value.
EME financial health
Current ratio1.22
Adequate · current assets cover current liabilities 1.22×
Debt / equity0.13
Low leverage · $0.13 of debt for each $1 of equity
Equity / assets39.5%
Balanced · of assets funded by shareholders
Cash / debt237.5%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles27.1%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
EME balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.89B2016 | $9.29B2025 | +10.1%/yr | |
| Total liabilities | $2.31B2016 | $5.62B2025 | +10.4%/yr | |
| Shareholders’ equity | $1.54B2016 | $3.67B2025 | +10.2%/yr | |
| Cash & short-term investments | $464.6M2016 | $1.11B2025 | +10.2%/yr | |
| Total debt | $423.3M2016 | $468.2M2025 | +1.1%/yr | |
| Net cash (debt) | $41.3M2016 | $643.8M2025 | +$602.5M | |
| Working capital | $699.1M2016 | $1.07B2025 | +$373.3M | |
| Book value per share | $25.112016 | $81.552025 | +14.0%/yr | |
| Current ratio | 1.462016 | 1.222025 | −0.24 | |
| Debt / equity | 0.282016 | 0.132025 | −0.15 | |
| Shares outstanding | 61.2M2016 | 45.1M2025 | −3.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EME assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
EME liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
EME debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
EME balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.11B | $1.34B | $789.8M | $456.4M | $821.3M | $902.9M | $358.8M | $363.9M | $467.4M | $464.6M |
| Cash & equivalents | $1.11B | $1.34B | $789.8M | $456.4M | $821.3M | $902.9M | $358.8M | $363.9M | $467.4M | $464.6M |
| Short-term investments | — | — | — | — | — | — | — | — | $2.0M | $2.0M |
| Receivables | $4.58B | $3.86B | $3.47B | $2.84B | $2.43B | $2.09B | $2.21B | $1.93B | $1.73B | $1.63B |
| Inventory | $126.3M | $95.7M | $110.8M | $85.6M | $54.1M | $53.3M | $40.4M | $42.3M | $42.7M | $37.4M |
| Other current assets | $120.2M | $91.6M | $73.1M | $79.3M | $80.9M | $70.7M | $52.0M | $48.1M | $43.8M | $82.7M |
| Total current assets | $5.94B | $5.39B | $4.45B | $3.46B | $3.39B | $3.12B | $2.66B | $2.39B | $2.28B | $2.21B |
| Property, plant & equipment (net) | $692.3M | $523.6M | $489.9M | $425.9M | $412.8M | $400.6M | $401.7M | $134.4M | $127.2M | $128.0M |
| Goodwill & intangible assets | $2.52B | $1.67B | $1.54B | $1.51B | $1.48B | $1.43B | $1.68B | $1.48B | $1.46B | $1.47B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.9M | $2.3M | $8.8M |
| Other non-current assets | $140.5M | $137.1M | $130.3M | $123.6M | $158.0M | $107.6M | $93.5M | $86.2M | $92.0M | $79.6M |
| Total assets | $9.29B | $7.72B | $6.61B | $5.52B | $5.44B | $5.06B | $4.83B | $4.09B | $3.97B | $3.89B |
| Liabilities | ||||||||||
| Accounts payable | $1.23B | $937.1M | $936.0M | $849.3M | $734.3M | $671.9M | $665.4M | $652.1M | $567.8M | $501.2M |
| Short-term debt | $99.2M | $83.5M | $80.2M | $82.8M | $74.0M | $70.5M | $71.2M | $16.0M | $15.4M | $15.0M |
| Deferred revenue | $2.33B | $2.05B | $1.60B | $1.10B | $788.1M | $722.3M | $623.6M | $552.3M | $524.2M | $489.2M |
| Total current liabilities | $4.86B | $4.15B | $3.52B | $2.75B | $2.36B | $2.16B | $1.94B | $1.73B | $1.65B | $1.51B |
| Long-term debt | $3.9M | $3.8M | $2.8M | $231.6M | $245.4M | $259.6M | $50.0M | $279.8M | $294.8M | $408.3M |
| Lease obligations | $468.2M | $348.9M | $334.7M | $294.4M | $286.7M | $269.0M | $267.8M | — | — | — |
| Other long-term liabilities | $747.5M | $620.1M | $617.7M | $565.2M | $581.2M | $587.7M | $784.0M | $333.2M | $346.0M | $394.4M |
| Total liabilities | $5.62B | $4.78B | $4.14B | $3.55B | $3.19B | $3.01B | $2.77B | $2.35B | $2.29B | $2.31B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $613,000 | $612,000 | $611,000 | $609,000 | $607,000 | $606,000 | $604,000 | $601,000 | $8.6M | $52.8M |
| Retained earnings (deficit) | $6.01B | $4.78B | $3.81B | $3.21B | $2.84B | $2.48B | $2.37B | $2.06B | $1.80B | $1.60B |
| Treasury stock | — | — | — | −$1.22B | −$562.0M | −$366.5M | −$253.9M | −$253.9M | −$37.7M | −$10.3M |
| Accumulated other comprehensive income | −$1.9M | −$85.5M | −$85.7M | −$93.5M | −$83.6M | −$109.2M | −$89.3M | −$87.7M | −$94.2M | −$101.7M |
| Minority interest | $1.0M | $1.0M | $1.0M | $702,000 | $702,000 | $576,000 | $646,000 | $896,000 | $850,000 | $853,000 |
| Total shareholders' equity | $3.67B | $2.94B | $2.47B | $1.97B | $2.25B | $2.05B | $2.06B | $1.74B | $1.67B | $1.54B |
| Key figures | ||||||||||
| Total debt | $468.2M | $348.9M | $345.3M | $535.2M | $540.3M | $535.5M | $570.3M | $295.8M | $310.1M | $423.3M |
| Net cash (debt) | $643.8M | $990.6M | $444.5M | −$78.7M | $281.0M | $367.3M | −$211.5M | $68.1M | $157.3M | $41.3M |
| Working capital | $1.07B | $1.24B | $928.6M | $708.5M | $1.03B | $957.7M | $721.3M | $651.8M | $633.6M | $699.1M |
| Tangible book value | $1.15B | $1.27B | $927.2M | $460.5M | $772.8M | $618.0M | $381.8M | $261.4M | $213.3M | $70.1M |
| Book value per share | $81.55 | $62.76 | $51.93 | $39.36 | $41.44 | $37.04 | $36.40 | $29.78 | $28.07 | $25.11 |
| Shares outstanding | 45.1M | 46.8M | 47.6M | 50.1M | 54.3M | 55.4M | 56.5M | 58.4M | 59.6M | 61.2M |
| Current ratio | 1.22 | 1.30 | 1.26 | 1.26 | 1.44 | 1.44 | 1.37 | 1.38 | 1.38 | 1.46 |
| Quick ratio | 1.17 | 1.25 | 1.21 | 1.20 | 1.38 | 1.39 | 1.32 | 1.32 | 1.33 | 1.38 |
| Debt / equity | 0.13 | 0.12 | 0.14 | 0.27 | 0.24 | 0.26 | 0.28 | 0.17 | 0.19 | 0.28 |
| Equity / assets | 39.5% | 38.1% | 37.4% | 35.7% | 41.4% | 40.5% | 42.6% | 42.6% | 42.2% | 39.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $924.4M | $916.4M | $1.11B | $655.1M | $486.0M | $576.7M | $1.34B | $1.04B | $807.3M | $841.0M | $789.8M | $523.6M |
| Cash & equivalents | $924.4M | $916.4M | $1.11B | $655.1M | $486.0M | $576.7M | $1.34B | $1.04B | $807.3M | $841.0M | $789.8M | $523.6M |
| Receivables | $5.50B | $4.93B | $4.58B | $4.42B | $4.46B | $4.14B | $3.86B | $3.81B | $3.75B | $3.47B | $3.47B | $3.37B |
| Inventory | $153.7M | $130.2M | $126.3M | $105.4M | $108.2M | $94.1M | $95.7M | $94.5M | $103.9M | $113.8M | $110.8M | $115.5M |
| Other current assets | $94.8M | $100.6M | $120.2M | $278.6M | $119.6M | $102.6M | $91.6M | $70.7M | $76.6M | $79.7M | $73.1M | $57.0M |
| Total current assets | $6.67B | $6.07B | $5.94B | $5.46B | $5.18B | $4.91B | $5.39B | $5.01B | $4.74B | $4.51B | $4.45B | $4.07B |
| Property, plant & equipment (net) | $788.1M | $743.3M | $692.3M | $632.9M | $634.9M | $587.7M | $523.6M | $527.5M | $532.5M | $507.9M | $489.9M | $476.8M |
| Goodwill & intangible assets | $2.54B | $2.52B | $2.52B | $2.42B | $2.43B | $2.43B | $1.67B | $1.65B | $1.66B | $1.53B | $1.54B | $1.55B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $161.3M | $166.5M | $140.5M | $133.3M | $155.0M | $146.8M | $137.1M | $137.7M | $138.8M | $145.0M | $130.3M | $124.3M |
| Total assets | $10.16B | $9.51B | $9.29B | $8.64B | $8.40B | $8.08B | $7.72B | $7.32B | $7.07B | $6.69B | $6.61B | $6.22B |
| Liabilities | ||||||||||||
| Accounts payable | $1.25B | $1.15B | $1.23B | $1.04B | $1.12B | $1.04B | $937.1M | $897.1M | $922.0M | $865.1M | $936.0M | $824.2M |
| Short-term debt | $105.7M | $102.3M | $99.2M | $95.8M | $92.0M | $87.7M | $83.5M | $80.2M | $78.7M | $76.0M | $80.2M | $81.2M |
| Deferred revenue | $2.61B | $2.42B | $2.33B | $2.14B | $2.13B | $2.06B | $2.05B | $1.88B | $1.78B | $1.65B | $1.60B | $1.49B |
| Total current liabilities | $5.23B | $4.82B | $4.86B | $4.58B | $4.39B | $4.22B | $4.15B | $3.93B | $3.67B | $3.43B | $3.52B | $3.23B |
| Long-term debt | $0 | $0 | $3.9M | $3.9M | $254.1M | $254.6M | $3.8M | $4.0M | $0 | $0 | $2.8M | $97.5M |
| Lease obligations | $541.9M | $510.4M | $468.2M | $424.6M | $420.1M | $385.6M | $348.9M | $349.8M | $358.2M | $345.8M | $334.7M | $331.0M |
| Other long-term liabilities | $852.0M | $819.0M | $747.5M | $720.4M | $698.3M | $650.1M | $620.1M | $633.6M | $653.7M | $640.5M | $617.7M | $613.9M |
| Total liabilities | $6.08B | $5.64B | $5.62B | $5.30B | $5.35B | $5.13B | $4.78B | $4.56B | $4.33B | $4.07B | $4.14B | $3.94B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $613,000 | $613,000 | $613,000 | $612,000 | $612,000 | $612,000 | $612,000 | $612,000 | $612,000 | $612,000 | $611,000 | $611,000 |
| Retained earnings (deficit) | $6.68B | $6.29B | $6.01B | $5.58B | $5.30B | $5.01B | $4.78B | $4.50B | $4.24B | $4.00B | $3.81B | $3.61B |
| Accumulated other comprehensive income | −$1.9M | −$1.9M | −$1.9M | −$71.5M | −$68.0M | −$79.7M | −$85.5M | −$76.3M | −$85.7M | −$86.4M | −$85.7M | −$91.4M |
| Minority interest | $1.0M | $1.0M | $1.0M | $1.1M | $2.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $4.08B | $3.87B | $3.67B | $3.34B | $3.05B | $2.95B | $2.94B | $2.76B | $2.74B | $2.61B | $2.47B | $2.28B |
| Key figures | ||||||||||||
| Total debt | $541.9M | $510.4M | $468.2M | $424.6M | $670.1M | $635.6M | $348.9M | $349.8M | $358.2M | $345.8M | $345.3M | $435.0M |
| Net cash (debt) | $382.5M | $406.0M | $643.8M | $230.5M | −$184.1M | −$58.9M | $990.6M | $685.8M | $449.1M | $495.2M | $444.5M | $88.6M |
| Working capital | $1.45B | $1.25B | $1.07B | $878.4M | $782.1M | $688.7M | $1.24B | $1.08B | $1.07B | $1.08B | $928.6M | $836.1M |
| Tangible book value | $1.54B | $1.34B | $1.15B | $919.2M | $617.7M | $516.6M | $1.27B | $1.11B | $1.08B | $1.09B | $927.2M | $724.8M |
| Book value per share | $91.55 | $85.83 | $81.55 | $74.14 | $67.83 | $63.85 | $63.59 | $59.20 | $58.20 | $55.25 | $52.18 | $48.08 |
| Shares outstanding | 44.6M | 45.1M | 45.1M | 45.0M | 45.0M | 46.2M | 46.2M | 46.6M | 47.2M | 47.3M | 47.3M | 47.4M |
| Current ratio | 1.28 | 1.26 | 1.22 | 1.19 | 1.18 | 1.16 | 1.30 | 1.28 | 1.29 | 1.31 | 1.26 | 1.26 |
| Quick ratio | 1.23 | 1.21 | 1.17 | 1.11 | 1.13 | 1.12 | 1.25 | 1.23 | 1.24 | 1.26 | 1.21 | 1.21 |
| Debt / equity | 0.13 | 0.13 | 0.13 | 0.13 | 0.22 | 0.22 | 0.12 | 0.13 | 0.13 | 0.13 | 0.14 | 0.19 |
| Equity / assets | 40.2% | 40.7% | 39.5% | 38.6% | 36.3% | 36.5% | 38.1% | 37.7% | 38.8% | 39.1% | 37.4% | 36.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
EME financial position
At the end of fiscal 2025 (December 31, 2025), EMCOR had total assets of $9.3 billion (up 20.4% from a year earlier), total liabilities of $5.6 billion and shareholders' equity of $3.7 billion. It held $1.1 billion in cash and short-term investments against $468.2 million of debt, a net cash position of $643.8 million. Its current ratio was 1.22. In the latest quarter (ended June 30, 2026) total assets were $10.2 billion and equity $4.1 billion.
Related: EME income statement, EME cash flow statement, EME key metrics. See the EME stock overview for the latest quote and news.
EME balance sheet FAQ
What are EMCOR's total assets?
EMCOR reported total assets of $9.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $7.7 billion a year earlier.
How much debt does EMCOR have?
EMCOR had $468.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.13.
How much cash does EMCOR have?
EMCOR held $1.1 billion in cash and short-term investments at the end of fiscal 2025; with $468.2 million of debt that is net cash of $643.8 million.
What is EMCOR's book value?
EMCOR's shareholders' equity (book value) was $3.7 billion at the end of fiscal 2025, or $81.55 per share.
What is EMCOR's current ratio?
EMCOR had current assets of $5.9 billion and current liabilities of $4.9 billion, a current ratio of 1.22 (it can cover its short-term obligations).
How much goodwill does EMCOR have?
EMCOR carried $2.5 billion of goodwill and intangible assets, 27.1% of total assets, at the end of fiscal 2025.