EMCOR Group, Inc. (EME): what the price assumes

In the published model solve dated 2026-Q2, anchored at $736.56, EMCOR Group, Inc. (EME) is priced for +12.6% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/EME

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The operating-margin figure is value-band context at year 10: derived from the framework's value band, a separate calculation — not part of the priced-in solve.

Solve inputs: computed at a 9.8% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: within-range (limited comparison data)

Valuation X-Ray

The price is justified by relative-multiple and growth-DCF; asset-based/earnings-power land below the price.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Relative, Growth Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 9.0%); the inversion above states its own rate.

Per-Model Detail (n=14)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• The number that decides this company is contracted work not yet performed: remaining performance obligations hit a record $15.62 billion at March 31, 2026, up 32.9% on the prior year, against consolidated revenues of $16.99 billion for the whole of 2025.
• The concentration sits in where that work came from, with the largest increases in network and communications driven by data center construction contracts, while backlog in high-tech manufacturing fell as semiconductor construction projects completed.
• Management raised its 2026 outlook in April to revenues of $18.50 billion to $19.25 billion and diluted earnings of $28.25 to $29.75 per share, holding the operating margin band at 9.0% to 9.4%.

Bull Case

One number carries this thesis, and everything else is commentary on it. Remaining performance obligations, which is contracted work signed but not yet built, stood at a record $15.62 billion at the end of March 2026, against $11.75 billion a year earlier. For a company that reported consolidated revenues of $16.99 billion across all of 2025, that is close to a year of work already under contract before a single new bid is won. Change that number and the verdict changes with it. Nothing else in the file has the same leverage.

The quality of the backlog matters as much as the size, and the annual report is unusually direct on the point: "We believe our reported remaining performance obligations for our construction contracts are firm and contract cancellations have not had a material adverse effect on us." The reason is economic rather than legal. A customer who cancels a half-built mechanical system in a data center does not save money; they lose a year. That asymmetry is what makes this backlog behave more like revenue than like a pipeline.

Where the work sits is the second thing worth knowing. Mechanical construction and facilities services is the largest line in the business, carrying roughly 42% of revenue and $6.93 billion of the backlog at the end of 2025, with electrical construction next at about 30% of revenue and $4.96 billion of backlog. Backlog grew $3.15 billion across 2025, of which acquisitions including Miller Electric contributed about $1.61 billion and the rest came from new awards. The annual report attributes the largest sector increases to "network and communications, predominantly as a result of several data center construction contracts", followed by institutional work for colleges and universities and by water and wastewater projects in the Southeast.

Then there is the part that separates a good contractor from a busy one. In the first quarter of 2026 operating income reached $403.8 million, or 8.7% of revenues, against 8.2% a year earlier, while selling and administrative costs fell to 9.9% of revenues from 10.4%. Volume growth in construction is easy to buy by bidding badly. Margin expansion during volume growth is the only durable evidence that the estimating discipline is real, because every point of it has to be earned on job sites where the cost was fixed before the work started.

Capital allocation has been unspectacular and effective. The share count has fallen roughly 4.1% a year across the four years to March 2026, and the balance sheet holds more cash than borrowings, so growth has been funded from operations rather than from the credit market. Management has also earned some benefit of the doubt on its own numbers: since 2007 it has raised guidance on 29 separate occasions, reaffirmed on 4 and withdrawn it once, and of the five revenue guides that can be scored against reported results, all five were delivered.

Bear Case

The competition is winning the same boom faster, and that is the uncomfortable place to start. FIX carries trailing revenue of roughly 10.1 billion dollars growing 38.4% year over year at an operating margin near 15.7%. STRL is smaller, about 2.88 billion dollars, but growing 37.0% at an operating margin close to 16.9%. PWR is larger, near 30.1 billion dollars, and still growing 21.1%. EMCOR's own trailing operating margin runs about 9%. Every one of those companies is bidding for the same electrical and mechanical scope on the same data centers, and two of them are converting it into profit at nearly double the rate.

The 10-K does not pretend otherwise. "Our industry is highly competitive. Our industry is served by numerous small, owner-operated private companies, a few public companies, and several large regional companies." And the threat is not only from other contractors: "We may also face competition from the in-house service organizations of existing or prospective customers, particularly with respect to building services." A hyperscaler that decides to bring electrical fit-out in house does not need to beat anyone on price. It just stops buying.

The backlog itself carries a concentration the headline growth rate hides. The largest increases came from network and communications, which is data centers, while the annual report notes a reduction in obligations from the high-tech manufacturing sector as certain semiconductor construction projects completed. That is what a cycle looks like from inside: one sector rolling off while another carries the number. The question is not whether data center construction is real. It is what happens to a book of business this size when the sector that built it pauses to digest.

Set that against what the price asks. At roughly 21 times company-wide operating profit, today's quote implies operating profit compounding about 21.3% a year for five years. The company's own recent record supports the rate; the demand is that it persists, and of comparable fast-growers, only about 36% managed five years at that pace. Management's own outlook is more modest than the price: revenues of $18.50 billion to $19.25 billion for 2026 against $16.99 billion in 2025, with an operating margin band of 9.0% to 9.4%. That is roughly a tenth of growth at the revenue line and a small step at the margin line, not a fifth compounding for half a decade.

The delivery risk is structural to the trade. The annual report explains that "Cost and scheduling estimates are based on a number of assumptions, including those about future economic conditions, commodity and other materials pricing, job-site productivity, cost and availability of labor, equipment, and materials, and supply chain efficiency, among other factors." and separately that "Trade and sanction policies (including tariffs) may also affect the pricing of such supplies and materials." On a fixed-price contract the price is agreed first and the costs arrive later. When copper, switchgear or skilled electricians reprice mid-project, the gap is absorbed by the contractor, and the industry's own competitive factor list puts availability of a skilled workforce at the top.

There is one more reading of the numbers that deserves airtime. The earnings-power approaches land far below the price, and they do so for a specific reason: they capitalise a five-year average of operating profit of about $1.06 billion rather than the trailing figure of roughly $1.54 billion. Whether that is conservatism or realism depends entirely on whether the last two years are the new base or the top of a construction cycle. Nobody knows yet, and the price has already decided.

Valuation

Price measured against operating profit is the right frame for a contractor, because book value says almost nothing about a business whose main assets are relationships, estimating skill and a fleet of roughly 14,600 vehicles. On that basis the market is paying about 21 times company-wide operating profit. Inverted, that quote implies operating profit compounding around 21.3% a year for the next five years, discounted at a 9.9% cost of capital with 4% growth assumed thereafter. The rate itself is not exotic for this company. Across the sixteen years of record behind it, the pace being asked for sits inside what has recently been delivered, and the stretch lies in how long it must persist rather than in the rate.

The disagreement among approaches splits down an interesting seam. The peer-multiple methods and the cash-flow methods both land above today's quote, meaning the price sits below what either supports. The asset-based approaches and the earnings-power approaches land well underneath, with the price roughly two and a half times above where the earnings-power group arrives. That is not the usual pattern of an expensive growth stock, where only the forward methods reach the price. It is the pattern of a business whose recent profitability is far above its own multi-year average, so approaches anchored on the average say expensive and approaches anchored on the run rate say reasonable.

That distinction is worth making concrete because it is the whole argument. One earnings-power approach capitalises a five-year average operating profit of about $1.06 billion at a zero-growth perpetuity. Trailing operating profit is roughly $1.54 billion, on a trailing operating margin near 9%. The method is not wrong; it is answering a different question, namely what the business is worth if the last two years were unusual. Management's 2026 guide of a 9.0% to 9.4% operating margin band says the company does not think they were.

Cohort position sharpens rather than settles it. FIX runs an operating margin near 15.7% on about 10.1 billion dollars of trailing revenue; STRL near 16.9% on about 2.88 billion dollars; PWR about 5.7% on roughly 30.1 billion dollars, and MTZ under 1% on about 15.3 billion dollars. The spread inside this cohort is enormous, which tells you profitability here is a function of project mix and execution rather than of the industry itself. Sitting at about 9% places this business above the large diversified contractors and below the specialists that have concentrated hardest on the highest-margin work.

The revenue base is more diversified than the backlog. Mechanical construction and facilities services carries roughly 42% of revenue, electrical construction about 30%, building services 18% and industrial services 7%, and the recurring service work inside the building services line is the part that does not depend on new construction starting. Backlog, by contrast, tilts harder toward the two construction segments, which is where the growth is and also where the estimating risk lives.

On the balance sheet there is little to argue about. Cash exceeds borrowings, the company is not consuming cash, and the share count has fallen about 4.1% a year over the four years to March 2026. That combination removes financing from the list of things that could go wrong, and it leaves the entire question resting on the one place it belongs: whether the backlog keeps converting at the margin the last two years have produced.

Catalysts

The most recent print, on April 29, 2026, was a record on both lines that matter. First-quarter revenues reached $4.63 billion, up 19.7% year over year, or 16.8% on an organic basis once acquisitions and the sale of the United Kingdom operations are stripped out. Diluted earnings came in at $6.84 per share against $5.26 a year earlier, and operating income reached $403.8 million, or 8.7% of revenues, against 8.2% in the prior-year quarter.

Backlog was the headline. Remaining performance obligations stood at $15.62 billion as of March 31, 2026, against $13.25 billion at the end of December and $11.75 billion a year earlier. The company reported increases across most of its sectors, with the largest coming from network and communications, water and wastewater, institutional and healthcare work. Chief executive Tony Guzzi described the bookings as notable for their quality and diversity and said the business was well positioned for the remainder of the year.

Guidance moved up with it. Full-year 2026 revenue guidance was raised to a range of $18.50 billion to $19.25 billion from $17.75 billion to $18.50 billion, and diluted earnings guidance to $28.25 to $29.75 per share from $27.25 to $29.25, with the operating margin band left unchanged at 9.0% to 9.4%. The margin band being held while the revenue range moved is the detail to watch. It says the company expects to grow into the backlog without paying for the growth in profitability, and the next quarterly report is the first real test of that.

Peer Cohorts (Per Segment, With Filing Citations)

United States electrical construction and facilities services (reported)

• IESC (IES Holdings, Inc.)
• FY2025 10-K: …quality, timeliness and price. We believe that we have a competitive advantage due to our breadth of capabilities, focus on quality, technical support, customer service, and financial resources. Seasonality and Quarterly Fluctuations Infrastructure Solutions' revenues from its custom-engineered bus systems and…
• FY2025 10-K: …constant presence. We also provide mechanical services such as maintenance agreements, installation, or replacement of mechanical equipment for commercial and industrial facilities. This segment provides services for a variety of project types, including data centers, manufacturing facilities, office buildings, wind…
• MYRG (MYR GROUP INC.)
• FY2025 10-K: …individual project performance, project location and other items, to support the CODM's assessment of segment performance and resource allocation decisions. Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities…
• FY2025 10-K: …processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. In our C&I segment, we generally provide our electric construction and maintenance services as a subcontractor to general…
• PWR (Quanta Services, Inc.)
• FY2025 10-K: …States that specializes in electrical solutions including low voltage technology, testing, engineering, integration, renewable energy and electric prefabrication solutions (which has primarily been included in the Electric segment) and a business located in the United States that provides helicopter services (which…
• FY2025 10-K: …and networks (primarily included in the Electric segment); a business that provides services related to fiber optic networks (primarily included in the Electric segment); and a business that specializes in designing, manufacturing, and distributing liquid-filled power transformers primarily for electrical companies…
• MTZ (MasTec, Inc.)
• FY2025 10-K: …derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless…
• FY2025 10-K: …wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. Our Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets…
• PRIM (Primoris Services Corporation)
• FY2025 10-K: …such as pipe, solar panels, turbines, boilers and vessels, are typically supplied by the customer. ​ Substantially all of our gas and electric distribution and communication services are provided pursuant to renewable MSAs on a "unit-price" basis. Fees on unit-price contracts are negotiated and earned based on units…
• FY2025 10-K: …segment. ​ ​ ● Power Delivery, inspection, maintenance, and replacement of electrical utility infrastructure - We are experiencing strong tailwinds in our power delivery business due to increased demand for electricity in the United States. Electric utilities continue to invest in grid resiliency, modernization,…
• DY (DYCOM INDUSTRIES, INC.)
• FY2025 10-K: …construction services for telecommunications providers in various states. This acquisition expands our geographic presence within our existing customer base. During the second quarter of fiscal 2025, we acquired a telecommunications construction contractor for a total purchase price of $24.5 million ($20.4 million…
• FY2025 10-K: …for electric and gas utilities. The Company's services are provided by its operating segments on a decentralized basis. Each operating segment consists of a subsidiary (or in certain instances, the combination of two or more subsidiaries), whose results are regularly reviewed by the Company's Chief Executive Officer,…

United States mechanical construction and facilities services (reported)

• FIX (COMFORT SYSTEMS USA, INC.)
• FY2025 10-K: …was established in 1997. We provide mechanical and electrical contracting services. Our mechanical segment principally includes heating, ventilation and air conditioning ("HVAC"), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes…
• FY2025 10-K: …our 2025 revenue. Construction, Installation, Expansion and Renovation Services -Construction, installation, expansion and renovation services consist of "design and build" and "plan and spec" projects. In "design and build" projects, the commercial MEP company is responsible for designing, engineering and installing…
• IESC (IES Holdings, Inc.)
• FY2025 10-K: …constant presence. We also provide mechanical services such as maintenance agreements, installation, or replacement of mechanical equipment for commercial and industrial facilities. This segment provides services for a variety of project types, including data centers, manufacturing facilities, office buildings, wind…
• FY2025 10-K: …quality, timeliness and price. We believe that we have a competitive advantage due to our breadth of capabilities, focus on quality, technical support, customer service, and financial resources. Seasonality and Quarterly Fluctuations Infrastructure Solutions' revenues from its custom-engineered bus systems and…
• PRIM (Primoris Services Corporation)
• FY2025 10-K: …such as pipe, solar panels, turbines, boilers and vessels, are typically supplied by the customer. ​ Substantially all of our gas and electric distribution and communication services are provided pursuant to renewable MSAs on a "unit-price" basis. Fees on unit-price contracts are negotiated and earned based on units…
• FY2025 10-K: …We maintain a revolving credit facility to provide letter of credit capability and, if needed, to augment our liquidity needs. ​ Backlog ​ Backlog is discussed in Item 7. " Management's Discussion and Analysis of Financial Condition and Results of Operations " of this Annual Report on Form 10-K, which is incorporated…
• MYRG (MYR GROUP INC.)
• FY2025 10-K: …individual project performance, project location and other items, to support the CODM's assessment of segment performance and resource allocation decisions. Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities…
• FY2025 10-K: …processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. In our C&I segment, we generally provide our electric construction and maintenance services as a subcontractor to general…
• STRL (Sterling Infrastructure, Inc.)
• FY2025 10-K: …medical benefits to employees electing coverage under the plans. Under its self-insured plans, the Company has stop-loss coverage per claim to limit the exposure arising from these claims. Self-insured claims filed and claims incurred but not reported are accrued based upon management's estimates of the ultimate cost…
• FY2025 10-K: …cash flows from operating leases $ 23,255 $ 22,472 Operating cash flows from finance leases $ 31 $ 40 Financing cash flows from finance leases $ 127 $ 195 Right-of-use assets obtained in exchange for lease obligations (non-cash): Operating leases $ 3,606 $ 15,170 Finance leases $ - $ - Supplemental balance sheet…

United States building services (reported)

• ABM (ABM INDUSTRIES INCORPORATED)
• FY2025 10-K: …support services to airlines and airports, including parking and transportation management, janitorial and maintenance services, passenger assistance, catering logistics, aircraft cabin maintenance, and transportation solutions. We typically provide services to clients in this segment under master services…
• FY2025 10-K: …consider these risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new…
• AMRC (Ameresco, Inc.)
• FY2025 10-K: …we often provide ongoing O&M services under multi-year contracts. These services offer end-to-end technical guidance and include operating, maintaining, and repairing facility energy systems, such as boilers, chillers, and building controls, as well as central power and small-scale plants. For larger projects, we…
• FY2025 10-K: …with Revenue from Contracts with Customers (Topic 606). Projects Our Projects service relates to energy efficiency projects, which include the design, engineering, and installation of an array of innovative technologies and techniques to improve energy efficiency and control the operation of a building's energy- and…
• FIX (COMFORT SYSTEMS USA, INC.)
• FY2025 10-K: …was established in 1997. We provide mechanical and electrical contracting services. Our mechanical segment principally includes heating, ventilation and air conditioning ("HVAC"), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes…
• FY2025 10-K: …our 2025 revenue. Construction, Installation, Expansion and Renovation Services -Construction, installation, expansion and renovation services consist of "design and build" and "plan and spec" projects. In "design and build" projects, the commercial MEP company is responsible for designing, engineering and installing…

United States industrial services (reported)

• PRIM (Primoris Services Corporation)
• FY2025 10-K: PSU activity for 2025: ​ ​ ​ ​ ​ ​ ​ Nonvested PSUs ​ ​ ​ Units ​ Weighted Average Grant Date Fair Value per Unit Balance at December 31, 2024 ​ 334,723 ​ $ 32.02 Granted ​ 189,484 ​ $ 70.25 Vested ​ ( 186,988 ) ​ $ 29.04 Forfeited ​ ( 74,862 ) ​ $ 47.70 Balance at December 31, 2025 ​ 262,357 ​ $ 48.99 ​ At December…
• FY2025 10-K: …with an overview of our business and a discussion of trends, including seasonality, that affect our industry. That is followed by an overview of the critical accounting policies and estimates that we use to prepare our financial statements. Next, we discuss our results of operations and liquidity and capital…
• MTZ (MasTec, Inc.)
• FY2025 10-K: …Segment We are one of the largest pipeline contractors in North America, with a balanced portfolio of service offerings, including union and non-union services. Our pipeline offerings include construction and maintenance services for pipeline distribution, including for natural gas, water, wastewater and carbon…
• FY2025 10-K: …the IIJA, IRA, existing renewable portfolio standards, environmental policies, tax incentives and/or similar programs could negatively affect demand for our services. In July 2025, OBBBA was signed into law, and while it extended many provisions of the Tax Cuts and Jobs Act of 2017 ("TCJA"), it also accelerated the…
• TTEK (TETRA TECH, INC.)
• FY2025 10-K: , if any, of the Settlement Amounts will be recovered from the insurance carrier. As a result of the settlement agreement and consent decree with the United States and in connection with discussions regarding the ancillary claims, we recorded a $ 115.0 million charge to operating income ($ 97.0 million for the…
• FY2025 10-K: …included in Item 8. For more information on risks related to our business, reportable segments and geographic regions, including risks related to foreign operations, see Item 1A, "Risk Factors" of this report. Government Services Group GSG provides high-end consulting and engineering services primarily to U.S.…
• ACM (AECOM)
• FY2025 10-K: . • Construction Management. Program and construction management services for large scale building facility construction projects primarily in the Americas including: sports arenas, modern office and residential towers, hotels, convention centers, performance venues, aviation, and other facilities. As previously…
• FY2025 10-K: …water service offerings, we provide water, wastewater, water supply and water resource services, which are necessary in response to sustainability and resilience, drought mitigation and other factors as part of major capital/infrastructure projects. Our services may be sequenced over multiple phases or multiple…
• FLR (FLUOR CORPORATION)
• FY2025 10-K: …of liquidity and maximization of yield. These investments may include money market funds, bank deposits placed with highly-rated financial institutions, repurchase agreements that are fully collateralized by U.S. Government-related securities, high-grade commercial paper and high quality short-term and medium-term…
• FY2025 10-K: …range of services to clients producing various commodities, including copper, lithium, rare earth minerals, iron ore, bauxite, alumina, aluminum, steel, diamond, gold and fertilizers. Our services include conceptual and feasibility studies through detailed EPC, commissioning and startup support. Many of our…

United Kingdom building services (reported)

• FIX (COMFORT SYSTEMS USA, INC.)
• FY2025 10-K: …our 2025 revenue. Construction, Installation, Expansion and Renovation Services -Construction, installation, expansion and renovation services consist of "design and build" and "plan and spec" projects. In "design and build" projects, the commercial MEP company is responsible for designing, engineering and installing…
• FY2025 10-K: …was established in 1997. We provide mechanical and electrical contracting services. Our mechanical segment principally includes heating, ventilation and air conditioning ("HVAC"), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes…
• IESC (IES Holdings, Inc.)
• FY2025 10-K: …quality, timeliness and price. We believe that we have a competitive advantage due to our breadth of capabilities, focus on quality, technical support, customer service, and financial resources. Seasonality and Quarterly Fluctuations Infrastructure Solutions' revenues from its custom-engineered bus systems and…
• FY2025 10-K: …are the cost of labor and materials. These costs may vary from the costs we originally estimated. Variations from estimated contract costs along with other risks inherent in performing fixed price and unit price contracts may result in actual revenue and gross profits or interim projected revenue and gross profits…
• MYRG (MYR GROUP INC.)
• FY2025 10-K: …materially impact our tax liabilities. The nature of our business exposes us to potential liability for warranty claims and faulty engineering, which may reduce our profitability. Our customer contracts typically include a warranty for the services that we provide against certain defects in workmanship and material.…
• FY2025 10-K: …individual project performance, project location and other items, to support the CODM's assessment of segment performance and resource allocation decisions. Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities…
• PRIM (Primoris Services Corporation)
• FY2025 10-K: …such as pipe, solar panels, turbines, boilers and vessels, are typically supplied by the customer. ​ Substantially all of our gas and electric distribution and communication services are provided pursuant to renewable MSAs on a "unit-price" basis. Fees on unit-price contracts are negotiated and earned based on units…
• FY2025 10-K: …We maintain a revolving credit facility to provide letter of credit capability and, if needed, to augment our liquidity needs. ​ Backlog ​ Backlog is discussed in Item 7. " Management's Discussion and Analysis of Financial Condition and Results of Operations " of this Annual Report on Form 10-K, which is incorporated…
• MTZ (MasTec, Inc.)
• FY2025 10-K: …derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless…
• FY2025 10-K: …governmental policies that reduce tax or funding incentives and changes in governmental processes that delay or reduce investments in projects, as well as changes in climate and environmental policies that contribute to demand for clean energy infrastructure. See Item 1A. "Risk Factors" under " Changes to laws,…
• PWR (Quanta Services, Inc.)
• FY2025 10-K: . Certain of our customers assign work to us on a project-by-project basis under MSAs. Under these agreements, our customers generally have no obligation to assign a specific amount of work to us. Additionally, the in-house service organizations of our existing or prospective customers are capable of performing, or…
• FY2025 10-K: …or the issuance of change orders and/or assertion of contract claims against customers. See Contract Estimates and Changes in Estimates in Note 4 of the Notes to Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data in Part II of this Annual Report. Subcontract work and provision of…
• DY (DYCOM INDUSTRIES, INC.)
• FY2025 10-K: …construction services for telecommunications providers in various states. This acquisition expands our geographic presence within our existing customer base. During the second quarter of fiscal 2025, we acquired a telecommunications construction contractor for a total purchase price of $24.5 million ($20.4 million…
• FY2025 10-K: …and should be read in conjunction with this discussion. Revenue Recognition. We perform a significant amount of our services under master service agreements and other contracts that contain customer-specified service requirements. These agreements include discrete pricing for individual tasks including, for example,…
• STRL (Sterling Infrastructure, Inc.)
• FY2025 10-K: …an invoice (or equivalent) demonstrating transfer of control to the customer. Accounts Receivable- Receivables are generally based on amounts billed to the customer in accordance with contractual provisions. Receivables are written off based on the individual credit evaluation and specific circumstances of the…
• FY2025 10-K: …partner's performance issues, the customer may terminate the project, which could result in legal liability to us, harm to our reputation and reduce our profit on a project. Certain counterparties to construction joint venture arrangements, which may include our historical direct competitors, may not desire to…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.