Emcor management check
EME · Industrials · Construction & Engineering · CEO Anthony J. Guzzi
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $681, against $190 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.81 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.1% of net income$14.4m of reported pay in fiscal 2025, against $1.3bn of net income.
- Watch
Do they own the stock?
Insiders are selling6 insiders sold $11.2m in the last six months, against $2k bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.6% a year over the last three fiscal years.
- Good
Is leadership stable?
5 leadership filings in 3 yearsCEO in the pay table: Anthony J. Guzzi. 5 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 55 | |
| Pay for performance | 90 | 86 | |
| CEO cost | 46 | 48 | |
| Skin in the game | — | — | 55 |
| Dilution | 82 | 62 | |
| Stable leadership | 100 | 75 | |
| Clean books | 100 | 100 |
Closest peers
Others in Construction & Engineering, by management score. Emcor is 2nd of 81 in its sector.
- 12CATCaterpillar Inc.87
- 16EMEEmcor86
- 21GEGE Aerospace85
- 28FIXComfort Systems USA84
- 134PWRQuanta Services73
- 335JJacobs Solutions59
Pay versus performance
From the proxy statement filed April 21, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Anthony J. Guzzi | $14.4m | $21.4m | $3.7m | $681 | $190 | $1.3bn |
| 2024 | Anthony J. Guzzi | $14.0m | $27.2m | $3.8m | $504 | $159 | $1.0bn |
| 2023 | Anthony J. Guzzi | $11.8m | $16.3m | $4.3m | $239 | $135 | $633.0m |
| 2022 | Anthony J. Guzzi | $11.4m | $13.0m | $3.9m | $163 | $114 | $406.1m |
| 2021 | Anthony J. Guzzi | $11.0m | $14.3m | $3.8m | $140 | $121 | $383.5m |
The board says pay is tied most to Adjusted earnings per share. Its other key measures: Adjusted operating income, Adjusted positive operating cash flow.
Insiders and the CEO's stake
Anthony Guzzi (Chairman, President and CEO) held 167,325 shares directly after their latest Form 4 on Jul 31, 2026.
6 insiders sold $11.2m in the last six months, against $2k bought.
- BoughtM Kevin McevoyDirector$2kSep 1, 2026
- SoldSteven SchwarzwaelderDirector$5.0mApr 30, 2026
- SoldJohn W AltmeyerDirector$2.2mMay 1, 2026
- SoldWilliam P ReidDirector$1.9mMay 11, 2026
Leadership and governance on file
- Oct 29, 2025Leadership change8-K 5.02
- Jun 5, 2025Leadership change8-K 5.02
- Dec 19, 2024Leadership change8-K 5.02
- May 9, 2024Leadership change8-K/A 5.02
- Dec 15, 2023Leadership change8-K 5.02
- Dec 15, 2022Leadership change8-K 5.02
Latest shareholder vote results: Jun 4, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $2.2bn returned to owners in buybacks and dividends, 60% of net income, and $0 of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.9bn | $11.1bn | $12.6bn | $14.6bn | $17.0bn |
| Net income | $383.5m | $406.1m | $633.0m | $1.0bn | $1.3bn |
| Stock-based pay | — | — | — | — | — |
| Buybacks | $195.5m | $660.6m | $127.7m | $489.8m | $586.3m |
| Dividends | $28.2m | $27.2m | $32.7m | $43.4m | $45.0m |
| Diluted shares | 54m | 50m | 48m | 47m | 45m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.