EME vs MTZ: EMCOR and MasTec compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- EMCOR is the larger company, worth $32.5B, about 2.1 times MasTec.
- MasTec grew revenue faster over the last year (+23.4% vs +19.8%).
- On earnings, EMCOR is the cheaper stock (24.6x vs 33.9x).
- MasTec's price assumes faster free cash flow growth: about 18% a year, against 9% for EMCOR (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EME | MTZ |
|---|---|---|
| Market cap | $32.5B | $15.3B |
| Share price | $789.45 | $212.65 |
| Revenue (last fiscal year) | $17.0B | $14.3B |
| Free cash flow (last fiscal year) | $1.2B | $286M |
| Revenue growth, last year | +19.8% | +23.4% |
| Revenue growth per year, last 5 fiscal years | +14.4% | +15.8% |
| Operating margin | 10.4% | — |
| Net margin | 7.7% | 3.1% |
| Return on equity | 35.3% | 14.2% |
| P/E (trailing) | 24.6x | 33.9x |
| Price / free cash flow | 27.4x | 53.4x |
| EV / EBITDA | 16.3x | 16.6x |
| FCF growth the price implies | 9.1% | 17.9% |
| Dividend yield | 0.18% | — |
| Debt / equity | 1.49x | 2.11x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 7 |
| Insider purchases, last 12 months | 10 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
EMCOR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.9B | $283M | 5.4% |
| 2022 | $11.1B | $449M | 5.1% |
| 2023 | $12.6B | $821M | 7.0% |
| 2024 | $14.6B | $1.3B | 9.2% |
| 2025 | $17.0B | $1.2B | 10.1% |
MasTec
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.0B | $623M | — |
| 2022 | $9.8B | $89M | — |
| 2023 | $12.0B | $494M | — |
| 2024 | $12.3B | $973M | — |
| 2025 | $14.3B | $286M | — |
Where the revenue comes from
EMCOR
No segment breakdown reported.
MasTec · by segments, 2025
Clean Energy and Infrastructure$4.7B33%
Power Delivery$4.2B29%
Communications$3.3B23%
Pipeline Infrastructure$2.1B15%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EME in InvestinglyQuestions
Which is bigger, EMCOR or MasTec?
EMCOR (EME), at $32.5B against $15.3B.
Is EME or MTZ cheaper?
By trailing P/E, EMCOR (24.6x) is cheaper than MasTec (33.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, EME or MTZ?
MasTec: revenue grew +23.4% over the last year, against +19.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.