---
title: "EMCOR spent $1.6 billion on electricians and issued no press release"
description: "The contractor has bought roughly $1.6 billion of electrical capacity since February 2025 without a single acquisition press release, paying about seven times trailing EBITDA for crews its own stock values at twenty-six times earnings. Late October's Q3 report, the first to consolidate all five deals, is the first honest read."
publisher: "The Inference"
section: "Deals"
published: 2026-10-11T21:18:50.730Z
modified: 2026-10-11T21:18:50.730Z
canonical: https://theinference.org/article/emcor-spent-1-6-billion-on-electricians-and-issued-no-press-release
language: en
keywords: "EMCOR, Acquisitions, Data Centers, Electrical, Construction"
---

# EMCOR spent $1.6 billion on electricians and issued no press release

> The contractor has bought roughly $1.6 billion of electrical capacity since February 2025 without a single acquisition press release, paying about seven times trailing EBITDA for crews its own stock values at twenty-six times earnings. Late October's Q3 report, the first to consolidate all five deals, is the first honest read.

## A spree without a press release

[EMCOR Group](https://theinference.org/markets/companies/emcor) has spent roughly $1.6 billion buying electrical contractors since February 2025: $876.8 million for Miller Electric, then about $750 million this year for five shops, B&B, Sidney, Giles, Schmidt and Connelly Electric [1][2][6]. Not one of the 2026 purchases has drawn a press release [3]. Miller got two, an agreement notice and a closing notice, in January and February 2025 [3].

The 2026 newsroom holds dividends, earnings dates and investor events [3]. EDGAR shows [no 8-K since July 31, 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000105634&type=8-K&dateb=&owner=include&count=15), and that filing reported a mine-safety order at a Texas subsidiary [4][5]. The spree lived in a footnote [6].

## The filings do the announcing

[The July 30 quarterly report](https://www.sec.gov/Archives/edgar/data/105634/000010563426000110/eme-20260630.htm) carries what the newsroom skipped: two electrical contractors closed in July, two more under signed agreement in Texas and the Midwest, roughly $700 million upfront across the four, after $99.8 million for four smaller deals in the first half [6]. Nine other 2025 deals cost $182.3 million [6].

The five 2026 shops carry about $750 million upfront against $625 million of trailing revenue and $105 million of EBITDA to June 2026, guided to add $250–275 million of second-half revenue while intangible amortization mutes near-term earnings [1]. Anthony Guzzi [called them "recent and pending" on July 30](https://www.sec.gov/Archives/edgar/data/105634/000010563426000112/eme-ex991_2026630xq2.htm) [7].

*Chart: **The quiet spree: $750M of 2026 electrical deals after Miller Electric's $877M** Bar chart of upfront purchase prices: Miller Electric $876.8M in 2025, five 2026 electrical deals about $750M, nine other 2025 deals $182.3M*

*Upfront purchase prices, US$ millions, as stated in filings and management terms: Miller Electric and the nine other 2025 deals per the Form 10-Q filed July 30, 2026; the five 2026 electrical acquisitions at about $750M combined upfront per management terms reported October 8, 2026. No press release accompanied the 2026 deals. [1][6]*

## Seven times in, twenty-six times out

On those figures the 2026 deals cost about seven times trailing EBITDA, against a stock at 25.7 times trailing earnings and 22.4 times 2027 estimates [2]. The bases differ: EBITDA sits before depreciation and tax, earnings after both, so the true spread is narrower than the headline. The direction survives: at $789.45 a share on the 44.1 million shares the July filing counts, the market values EMCOR near $35 billion [6][9].

*Chart: **The deals price at about 7x EBITDA; the stock trades near 26x earnings** Column chart comparing valuation multiples: about 7 times trailing EBITDA paid for the 2026 electrical deals, 25.7 times trailing earnings for the stock, 22.4 times 2027 consensus estimates*

*Purchase multiple on the five 2026 electrical deals versus EMCOR's own trading multiples: deals at about 7 times trailing EBITDA per management terms reported October 8, 2026; the stock at 25.7 times trailing earnings and 22.4 times 2027 estimates per MarketScreener, October 8, 2026. The bases differ: EBITDA is before depreciation and tax, earnings after both, so the spread is narrower than the columns suggest. [2]*

## Rivals are bidding for the same crews

The crews are the scarce input. [Microsoft](https://theinference.org/markets/companies/microsoft) president Brad Smith put the national need near half a million new electricians over a decade [8]. The auction has other bidders: Quanta Services, already holding Cupertino Electric, has added Phalcon and Enerfab; Comfort Systems bought Hunt Electric, Feyen Zylstra and Meisner Electric and grew electrical revenue 81.2 percent in the second quarter; Dycom paid about $1.95 billion for Power Solutions to enter data-center electrical work [1][8].

## One trade is 45 percent of the book

Network and communications work, mostly data centers, is 45 percent of EMCOR's record $17.14 billion order book, up 43.9 percent in a year, and 58 percent of second-quarter electrical segment revenue [2][7]. One research estimate puts half the whole business in data centers [8].

[Execution is the catch](https://theinference.org/article/colossus-went-up-in-122-days-its-subcontractors-are-still-filing-liens). Electrical margins slid from 13.4 to 12.1 percent during the 2025 expansion before recovering to 13.9 percent in the second quarter [2][7], and goodwill and intangibles sit near a quarter of assets [2][6]. Revenue has still grown near 20 percent for three straight quarters [11].

*Chart: **Revenue has grown near 20% for three straight quarters** Line chart of EMCOR quarterly revenue rising from $3.2B in Q3 2023 to $5.15B in Q2 2026*

*Quarterly revenue, US$ billions, Q3 2023 through Q2 2026, as reported in EMCOR's SEC filings; no guidance drawn. [11]*

## Q3 is the first clean number

The quarter due late October, with no date set as of October 11 against a October 16 notice a year earlier [3], is the first to consolidate all five deals. Management raised full-year guidance on July 30 to $20.00–20.50 billion of revenue and $32.00–33.25 of diluted EPS [2][7]. [UBS told clients on October 9 to expect continued growth and margin strength](https://www.investing.com/news/analyst-ratings/ubs-reiterates-buy-on-emcor-group-stock-ahead-of-q3-earnings-93CH-4941331) [9][10], and the average analyst target of $1,033 sits about 31 percent above the close [9].

The roll-up has been priced before it has printed a single quarter. Watch the electrical margin, not the revenue line: buying crews is the easy part.

## Takeaway

Five quiet acquisitions worth about $750 million fold into EMCOR's Q3 report, the first clean read on a $1.6 billion electrical roll-up priced near seven times EBITDA while the stock trades at about twenty-six times earnings; the electrical margin, not the revenue line, is the number to watch.

## Sources

1. [Zacks via Yahoo Finance UK, "EMCOR's Five Electrical Acquisitions: Can They Boost AI Reach?", 8 October 2026](https://uk.finance.yahoo.com/news/emcors-five-electrical-acquisitions-boost-163300333.html)
2. [MarketScreener, "EMCOR Group, Inc.: Wiring the AI Economy", 8 October 2026](https://www.marketscreener.com/news/emcor-group-inc-wiring-the-ai-economy-ce785ddedc8efe22)
3. [EMCOR Group, Investor Relations press releases, accessed 11 October 2026](https://emcorgroup.com/investor-relations/press-releases)
4. [SEC EDGAR, EMCOR Group 8-K filing list, accessed 11 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000105634&type=8-K&dateb=&owner=include&count=15)
5. [EMCOR Group Form 8-K, mine-safety report, filed 31 July 2026](https://www.sec.gov/Archives/edgar/data/105634/000010563426000115/eme-20260728.htm)
6. [EMCOR Group Form 10-Q for the quarter ended 30 June 2026, filed 30 July 2026](https://www.sec.gov/Archives/edgar/data/105634/000010563426000110/eme-20260630.htm)
7. [EMCOR Group, second quarter 2026 earnings release, Exhibit 99.1 to Form 8-K, 30 July 2026](https://www.sec.gov/Archives/edgar/data/105634/000010563426000112/eme-ex991_2026630xq2.htm)
8. [MarketBeat via Yahoo Finance, "The AI Boom's Next Big Winners May Wear Hard Hats", 7 October 2026](https://finance.yahoo.com/markets/stocks/articles/ai-boom-next-big-winners-123500201.html)
9. [MT Newswires via MarketScreener, "Emcor Seen Posting Continued Growth, Margin Strength in Q3, UBS Says", 9 October 2026](https://www.marketscreener.com/news/emcor-seen-posting-continued-growth-margin-strength-in-q3-ubs-says-ce785ddcdb8ff426)
10. [Investing.com, "UBS reiterates Buy on Emcor Group stock ahead of Q3 earnings", 9 October 2026](https://www.investing.com/news/analyst-ratings/ubs-reiterates-buy-on-emcor-group-stock-ahead-of-q3-earnings-93CH-4941331)
11. [Emcor, quarterly figures from its SEC filings, company_series, retrieved 11 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000105634)


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EMCOR spent $1.6 billion on electricians and issued no press release — The Inference. Canonical: https://theinference.org/article/emcor-spent-1-6-billion-on-electricians-and-issued-no-press-release