EME vs FLR vs NOA Stock Comparison

Emcor, Fluor and North American Construction Prices as of Oct 26, 2026 Peers: Industry group
EME EMCOR Group, Inc.
$665.73 -12.7% 1M -11.0% 1Y
Market cap
$29.67B
P/E
20.6x
Revenue (TTM)
$18.60B
Div. yield
0.00%
Engineering and Construction Industrials
5 wins
FLR Fluor Corp
$44.88 -10.8% 1M -8.3% 1Y
Market cap
$6.43B
P/E
–
Revenue (TTM)
$15.54B
Div. yield
–
Engineering and Construction Industrials
1 win

Head to Head

11 decided of 12

Emcor leads on 5 of the 12 questions below (Emcor 5, North American Construction 5, Fluor 1). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionEMEFLRNOALeader
Larger companyMarket capitalisation $29.67B $6.43B $350.77M EME
Cheaper on earningsLower P/E, profitable companies only 20.6x -3.2x 14.9x NOA
Cheaper on forward earningsLower price / next fiscal year consensus EPS 19.2x 17.8x 10.0x NOA
Faster revenue growthRevenue growth, trailing twelve months +18.9% -4.8% +7.5% EME
More profitableNet margin, trailing twelve months 7.7% -12.8% 2.2% EME
Better return on capitalReturn on invested capital — 0.0% 15.3% NOA
Less leveragedLower net debt / EBITDA — 13.1x -0.1x NOA
Higher dividend yieldTrailing dividend yield 0.00% 0.00% 0.00% –
Better 1-year returnPrice return, last 12 months -11.0% -8.3% -22.0% FLR
Better 5-year returnAnnualised price return, 5 years +41.7%/yr +19.9%/yr -6.0%/yr EME
Less volatileAnnualised volatility, 1 year 45.5% 48.4% 48.1% EME
Higher overall scoreMean of the five percentile scores vs peers 64/100 46/100 66/100 NOA

Percentile Scorecard

EMEFLRNOA

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisEMEFLRNOA
Valuation 57 #23 of 52 31 #36 of 52 90 #6 of 52
Growth 56 #17 of 37 3 #36 of 37 14 #32 of 37
Profitability 86 #6 of 37 22 #29 of 37 67 #13 of 37
Financial Health 70 #18 of 57 71 #17 of 57 61 #23 of 57
Shareholder Returns 54 #13 of 27 100 #1 of 27 96 #2 of 27
Overall 64 46 66
  • EME ranked among 57 companies in Construction Services
  • FLR ranked among 57 companies in Construction Services
  • NOA ranked among 57 companies in Construction Services

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodEMEFLRNOASPY
1 month -12.7%-10.8%-3.5% -0.8%
3 months -10.4%-13.2%-14.5% +3.5%
6 months -24.8%-13.2%-17.2% +7.0%
Year to date +8.8%+13.2%-17.3% +12.2%
1 year -11.0%-8.3%-22.0% +13.0%
3 years +224.2%+34.8%-42.9% +86.3%
3 years, per year +48.0%+10.5%-17.0% +23.1%
5 years +471.3%+147.1%-26.7% +68.6%
5 years, per year +41.7%+19.9%-6.0% +11.0%
10 years +1,083.3%-11.4%+296.0% +258.0%
10 years, per year +28.0%-1.2%+14.8% +13.6%

Risk

MeasureEMEFLRNOASPY
Volatility, 1Y 45.5%48.4%48.1% 12.7%
Downside volatility, 1Y 48.2%49.3%56.1% 12.7%
Beta vs S&P 500, 1Y 1.931.851.20 1.00
Return / volatility, 1Y -0.24-0.17-0.46 1.02
Max drawdown, 5Y -36.2%-47.6%-55.8% -25.4%
From 52-week high -29.5%-21.9%-29.6% -1.8%
52-week high $943.75$57.49$16.88 $779.14
52-week low $581.58$39.63$11.22 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleEMEFLRNOA
P/E now vs peer median 20.5xmedian 25.7x -3.1xmedian 25.7x 14.5xmedian 25.7x
P/S now vs peer median 1.6xmedian 0.8x 0.4xmedian 0.8x 0.3xmedian 0.8x
EV/EBITDA now vs peer median 13.4xmedian 12.9x -27.2xmedian 12.9x 1.4xmedian 12.9x
P/FCF now vs peer median 25.1xmedian 22.5x -18.4xmedian 22.5x -1.6xmedian 22.5x
P/B now vs peer median 7.2xmedian 2.3x 2.2xmedian 2.3x 1.0xmedian 2.3x
PEG now vs peer median 0.44median 0.56 0.01median 0.56 -0.57median 0.56

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsEMEFLRNOA
Revenue $18.60B $15.54B $1.06B
Gross profit $3.61B -$124.00M $137.57M
Operating income $1.93B -$216.00M $76.84M
Net income $1.44B -$2.00B $23.49M
Free cash flow $1.17B -$330.00M -$218.42M
EPS (diluted) $32.30 $-14.16 $0.73
Cash & equivalents $924.41M $2.92B $118.01M
Total debt – $1.07B $97.41M
Shares (diluted) 44.55M 141.00M 32.27M
Enterprise value $26.06B -$6.78B -$354.98K

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricEMEFLRNOA
P/E 20.5x -3.1x 14.5x
P/FCF 25.1x -18.4x -1.6x
P/Operating cash flow 22.8x -21.2x –
P/S 1.6x 0.4x 0.3x
P/B 7.2x 2.2x 1.0x
P/Tangible book 9.8x 2.2x 1.1x
EV/EBITDA 13.4x -27.2x 1.4x
EV/EBIT 14.8x -19.0x 4.2x
EV/Revenue 1.5x 0.3x 0.3x
EV/FCF 24.4x -12.5x -1.5x
EV/Operating cash flow 22.1x -14.3x –
PEG (3Y EPS CAGR) 0.44 0.01 -0.57

Growth

14 metrics
MetricEMEFLRNOA
Revenue growth (1Y) 18.9% -4.8% 7.5%
Revenue CAGR (3Y) 16.7% 1.1% 18.0%
Gross profit growth (1Y) 18.5% -125.2% -2.3%
Gross profit CAGR (3Y) 26.3% -34.7% 12.5%
Operating income growth (1Y) 29.9% -172.0% -22.0%
Operating income CAGR (3Y) 41.7% -76.9% 6.6%
Net income growth (1Y) 30.2% -148.3% -7.1%
Net income CAGR (3Y) 43.8% -196.3% -26.9%
EPS growth (1Y) 31.5% -156.8% -6.7%
EPS CAGR (3Y) 47.0% -253.8% -25.5%
Operating cash flow growth (1Y) -0.6% -182.0% –
Operating cash flow CAGR (3Y) 20.8% -85.8% –
Free cash flow growth (1Y) -3.1% -235.8% -9.6%
Free cash flow CAGR (3Y) 20.3% -124.9% -50.4%

Profitability

14 metrics
MetricEMEFLRNOA
Gross margin 19.4% -0.8% 13.0%
EBITDA margin 11.5% -1.0% 22.4%
Operating margin 10.4% -1.4% 7.3%
Pretax margin 10.5% -1.0% 19.2%
Net margin 7.7% -12.8% 2.2%
FCF margin 6.3% -2.1% -20.6%
Operating cash flow margin 6.9% -1.8% –
Return on equity 36.2% -69.0% 16.7%
Return on assets 14.6% -25.6% 3.9%
Return on invested capital – 0.0% 15.3%
Return on capital employed 41.9% -4.7% –
Asset turnover 1.9x 2.0x 0.7x
Cash conversion (OCF / net income) 0.9x 0.1x –
Stock comp / revenue 0.1% 0.2% 0.4%

Financial Health

11 metrics
MetricEMEFLRNOA
Debt / assets – 14.2% 6.2%
Debt / equity – 0.4x 0.3x
Net debt / EBITDA – 13.1x -0.1x
Debt / FCF – -3.2x -0.4x
Liabilities / assets 59.8% 63.0% 78.6%
Equity / assets 40.2% 37.0% 21.4%
Interest coverage – -5.0x –
Current ratio 1.3x 1.8x –
Quick ratio 1.2x 1.7x –
Cash ratio 0.2x 1.0x –
Altman Z-score 6.46 3.69 –

Shareholder Returns

7 metrics
MetricEMEFLRNOA
Dividend yield 0.2% – 4.0%
Net buyback yield 1.4% 21.0% 8.1%
Shareholder yield 1.7% 21.0% 12.1%
Payout ratio (earnings) 4.0% – –
Payout ratio (FCF) 4.9% – –
Dividend growth (1Y) 26.6% – –
Dividend CAGR (3Y) 25.6% – –

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusEMEFLRNOA
Forward P/E 19.2xFY2026 17.8xFY2026 10.0xFY2026
EPS, next fiscal year $34.73FY2026 $2.52FY2026 $1.19FY2026
EPS growth, next FY +34.2%FY2026 +15.1%FY2026 +43.4%FY2026
EPS growth, the year after +10.7% +24.6% +22.7%
Revenue, next fiscal year $19.07BFY2026 $15.93BFY2026 $1.16BFY2026
Revenue growth, next FY +12.2%FY2026 +2.8%FY2026 +23.6%FY2026
Revenue growth, the year after +13.1% +22.1% +9.6%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersEMEFLRNOA
Held by institutions 93.1% 93.4% 57.1%
Institutions holding 1,235 549 72
Change in shares held, QoQ -0.1% +1.1% -3.6%
Institutions buying 659 249 45
Institutions selling 419 222 18
Buyers to sellers 1.57 1.12 2.50

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

EMEFLRNOA
EME 1.00 0.50 0.25
FLR 0.50 1.00 0.24
NOA 0.25 0.24 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, EME, FLR and NOA?

Emcor (EME) is the largest by market capitalisation: Emcor (EME) $29.67B, Fluor (FLR) $6.43B, North American Construction (NOA) $350.77M.

Which stock is cheaper, EME, FLR and NOA?

North American Construction (NOA) trades on the lowest price-to-earnings ratio (Emcor (EME) 20.6x, Fluor (FLR) -3.2x, North American Construction (NOA) 14.9x). On next year's consensus earnings, North American Construction (NOA) is cheapest (Emcor (EME) 19.2x, Fluor (FLR) 17.8x, North American Construction (NOA) 10.0x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Emcor (EME) grew revenue fastest over the trailing twelve months: Emcor (EME) +18.9%, Fluor (FLR) -4.8%, North American Construction (NOA) +7.5%.

Which company is more profitable?

Emcor (EME) has the highest net margin (Emcor (EME) 7.7%, Fluor (FLR) -12.8%, North American Construction (NOA) 2.2%). On return on invested capital, North American Construction (NOA) leads (Fluor (FLR) 0.0%, North American Construction (NOA) 15.3%).

Which stock has performed better?

Over the past year Fluor (FLR) returned the most: Emcor (EME) -11.0%, Fluor (FLR) -8.3%, North American Construction (NOA) -22.0%. Over five years, Emcor (EME) compounded fastest (Emcor (EME) +41.7%/yr, Fluor (FLR) +19.9%/yr, North American Construction (NOA) -6.0%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Only one of these companies pays a dividend: Emcor (EME) 0.00%, Fluor (FLR) 0.00%, North American Construction (NOA) 0.00%. Fluor (FLR) and North American Construction (NOA) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Emcor (EME) has been the steadiest (Emcor (EME) 45.5%, Fluor (FLR) 48.4%, North American Construction (NOA) 48.1%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, EME, FLR and NOA?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Emcor (EME) leads on 5. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.