What Is EMCOR (EME)? A Long-Term Look at a Specialty Contracting and Services Company That “Brings Buildings and Factories to Life—and Keeps Them Running Without Interruption”

* This report is based on data as of 2026-01-08.

What does EMCOR do? (Business explanation a middle schooler can understand)

EMCOR Group (EME), in one sentence, is a company that “brings life (power, HVAC, piping, fire protection, and controls) into buildings and factories.” A building isn’t usable as an empty shell. Only when power is live, HVAC runs, water and gas flow, fire protection is installed, and systems operate intelligently does it become a “working building.” EMCOR gets paid by designing and installing that internal infrastructure, fixing it when it breaks, and maintaining it so it keeps running.

The key point is that EMCOR isn’t selling “machines.” It’s selling the work (construction and services) required to deliver a fully functioning, on-site operating environment. Field execution is a tight weave of safety, quality, schedule, procurement, and staffing—so value typically comes less from product differentiation and more from planning and execution capability.

Who does it serve, and how does it make money? (Customers and revenue model)

Customers are primarily B2B: office buildings and commercial facilities, factories, hospitals, data centers, schools, and public facilities. Recently, the emphasis has been on “facilities that cannot afford downtime,” especially data centers / manufacturing / healthcare.

• Construction fees (project revenue): revenue from new builds, expansions, and retrofit equipment work
• Maintenance and repair fees (recurring revenue): repeat wins from inspections, emergency response, parts replacement, and renewal work
• Ancillary services: design and engineering, systems that run facilities intelligently (e.g., building automation controls), and energy-efficiency proposals

In short, EMCOR runs on a two-part engine: “build work” × “keep-it-running services.”

Core business pillars and expansion opportunities

1) Electrical contracting and related services (a major pillar)

This includes power reception and distribution, wiring, switchboards, backup power, and communications/security cabling for buildings and plants. A notable recent move is EMCOR’s acquisition of Miller Electric, which strengthens electrical and technology services in mission-critical areas such as data centers. This is a business where the bar rises as “downtime is not an option,” and execution quality is typically the primary driver of value.

2) Mechanical (HVAC and piping) (a major pillar)

This covers HVAC, piping, and plumbing—the systems that make a building “usable.” Beyond new construction, there’s ongoing demand to replace aging equipment; while cyclical, this is an area where work tends to persist through renewal and replacement.

3) Maintenance, repair, and replacement (often a mid-to-large pillar)

Equipment fails, wears out, and eventually gets replaced. EMCOR also targets “keep-it-running work” through inspections, repairs, and renewal projects. Because many facilities can’t simply shut down, demand typically doesn’t drop to zero even in weaker economic periods.

4) Large-scale, complex projects skewed to industrial and infrastructure

On larger, more complex sites—such as factories and energy-related projects—execution capability is put to the test, including schedule control, subcontractor management, and documentation. EMCOR can be viewed as a company that competes here through “execution-led” delivery.

Potential future pillars: electrical + technology services, and a productivity revolution

In discussing Miller Electric, the company points to adjacent areas beyond electrical contracting, including systems integration, building automation, energy/sustainability-related offerings, and engineering. Over time, EMCOR may have room to evolve from being “just an electrical contractor” toward an operator-side role that “runs buildings intelligently,” anchored in electrical capabilities.

Digital design (e.g., VDC) and prefabrication (pre-assembly) that reduces on-site labor hours also matter. This is less about changing the revenue mix and more about improving margin, safety, and schedule stability—ultimately strengthening the company’s ability to “run difficult projects without breaking them.”

Why is it chosen? EMCOR’s value proposition (the core of its winning formula)

EMCOR is typically chosen not because its products are meaningfully different, but because it can reliably deliver “it works” in the field. In the company’s phrasing, this is “local execution, national reach.”

• Reliability in environments where failure is not an option: quality, safety, and schedule determine the cost of downtime
• Ability to integrate multiple domains: as electrical, HVAC, piping, and controls become more intertwined, integration capability becomes more valuable
• Ability to support after construction: maintenance and renewal often lead to the next job

What are the tailwinds? Decomposing growth drivers causally

A major tailwind for EMCOR is mission-critical end markets, with data centers as the clearest example. As AI adoption drives higher compute demand, data center build-outs and upgrades tend to accelerate—pulling through more work on the equipment side, including power, cooling, and redundancy.

• Rising power demand: higher-density facilities make electrical design, installation, and redundancy more complex, widening execution gaps
• More advanced cooling/HVAC: beyond electrical, there is more opportunity in thermal-management construction and replacement
• Geographic and capability expansion (including M&A): the Miller Electric acquisition is positioned as an expansion of both geography and capabilities

While this shift toward “growth areas” is appealing, it also—at the same time, as discussed later—raises project size/complexity and increases the difficulty of M&A integration.

Long-term fundamentals: capturing the company’s “pattern” in numbers

Over the long term, EMCOR has grown revenue steadily, while profits and free cash flow (FCF) have grown faster.

Growth rates (5-year and 10-year)

• Revenue CAGR: 5-year approx. +9.7%, 10-year approx. +8.5%
• EPS CAGR: 5-year approx. +30.2%, 10-year approx. +23.9%
• FCF CAGR: 5-year approx. +34.1%, 10-year approx. +20.4%

Revenue has compounded at a solid high-single-digit to just-under-10% pace, while EPS and FCF have expanded much faster. In other words, the company’s long-term “pattern” isn’t just top-line growth—it also reflects improvements in economics (margins) and per-share efficiency.

Capital efficiency (ROE): notable recent strength

• ROE (latest FY): 34.28%
• Past 5-year median: approx. 20.58%
• Past 10-year median: approx. 16.05%

Latest FY ROE sits above the historical distribution over the past 5 and 10 years. It’s more appropriate to read this not as “consistently high ROE over the long term,” but as a period where capital efficiency has improved meaningfully in recent years (and whether it holds can be influenced by the cycle and project profitability).

Cash generation (FCF margin) and CapEx intensity

• FCF margin: TTM 7.07%, latest FY 9.15%
• Past 5-year median: 6.53%, past 10-year median: 3.75%
• CapEx intensity (CapEx/operating CF, latest): 5.61%

FCF margin has moved up from a past 10-year median in the 3–4% range to 7–9% more recently. Paired with relatively low CapEx intensity, that fits a model that earns less through “heavy CapEx” and more through field operations and project turnover.

Also, the fact that FCF margin shows 9.15% on an FY basis and 7.07% on a TTM basis is best interpreted as a presentation difference driven by the FY vs. TTM measurement windows.

Sources of growth: revenue × economics × share count

Over the long run, revenue has increased at an 8–9% annual rate, while EPS has grown faster. The materials show shares outstanding declining from approximately 67.06 million in FY2014 to approximately 46.81 million in FY2024, so EPS growth can be cleanly framed as “revenue growth” + “margin improvement” + “share count reduction (per-share uplift)”.

Lynch-style “pattern” classification: which category is this stock closest to?

Within Lynch’s six categories, the materials suggest EMCOR is closest to Cyclicals. The nuance is that with growth themes like data centers layered on top, the stock often looks like a hybrid “growth × cycle” profile.

• Higher EPS volatility (indicator dispersion: 0.696)
• Evidence of large drawdowns in annual EPS (negative EPS in FY2010; margin deterioration in FY2020)
• Even with steady revenue growth, profit and FCF can expand materially and remain sensitive to project economics and supply/demand (consistent with the nature of contracting work)

On the cycle timeline, profit, ROE, and margins fell in FY2020, then improved stepwise from FY2021 through FY2024, reaching FY2024 operating margin of 9.23%, net margin of 6.91%, and ROE of 34.28%. In long-cycle terms, the “positioning versus historical distribution” suggests the company may be past the recovery phase and operating at a high level (closer to peak) (without asserting that a peak is definitively in).

Near-term momentum (TTM and implications from the last 8 quarters): is the long-term “pattern” intact?

In a sentence, the current setup is mixed: “revenue and EPS are strong, but FCF is weak.” The materials characterize overall momentum as Stable.

EPS and revenue: strong in a favorable phase

• EPS (TTM): 25.12, YoY: +26.34%
• Revenue (TTM): $16.243 billion, YoY: +14.11%

Because cyclicals often see profits expand in favorable environments, the current strength fits the classification. It also has the feel of a “top-of-cycle” phase. The fact that TTM revenue growth is above the 5-year CAGR (approx. 9.7%) points to a notably strong recent demand backdrop.

FCF: declining while earnings rise

• FCF (TTM): $1.149 billion, YoY: -10.46%
• FCF margin (TTM): 7.07% (positive and with meaningful cushion in level terms)

FCF being down YoY despite higher earnings (EPS) and revenue is the first “gap” investors should flag. In contracting businesses, working capital tied to project progress, billing/collection timing, and other short-term cash movements can cause earnings and cash to diverge; the right framing here is not a conclusion, but simply “the fact of a divergence”.

Margins (FY): improvement over the last three years

• Operating margin: FY2022 approx. 5.10% → FY2023 approx. 6.96% → FY2024 approx. 9.23%

At least on an FY basis, there’s a clear trend of margin expansion alongside revenue growth. However, with TTM FCF declining, one caution remains: you can’t assume “margin improvement equals simultaneous improvement in cash”. If FY and TTM tell different stories, the appropriate interpretation is a presentation difference driven by different time periods.

Financial soundness (bankruptcy risk framing): is this a company running on excessive leverage?

Based on the figures in the materials, EMCOR’s balance sheet does not look “strained by debt dependence,” and near-term bankruptcy risk can be framed as relatively low (this describes the current structure, not a guarantee of the future).

• D/E (latest FY): 0.12
• Net Debt / EBITDA (latest FY): -0.65 (a level that can imply a net cash position)
• Interest coverage (latest FY): approx. 365x
• Cash ratio (latest FY): 0.32 (not enough to cover everything with cash alone, but best viewed alongside low leverage)

In particular, negative Net Debt / EBITDA and extremely strong interest coverage reduce the risk that a project-based business—naturally exposed to cyclicality and project-level volatility—“runs into a liquidity wall at the jobsite”.

Dividends and capital allocation: is this a dividend stock, or about growth and flexibility?

EME’s dividend is not usually the centerpiece of the thesis. The TTM dividend yield is 0.16% (assuming a share price of $653.57), so this is not a name where income is the primary lens.

• Dividend yield: currently 0.16% (below the 5-year average of 0.38% and the 10-year average of 0.55%)
• DPS growth: 5-year CAGR +23.9%, 10-year CAGR +11.3%
• Dividend burden: approx. 4.0% of earnings, approx. 3.95% of FCF
• Dividend coverage by FCF: approx. 25.34x
• Dividend continuity: 16 years of dividends, 5 years of consecutive increases (with a cut in 2019)

While the yield is small, dividend growth is strong and the payout burden is low, so the dividend is best viewed not as “stretched,” but as a modest piece of the overall capital allocation toolkit. The materials suggest a profile where future capital allocation could lean toward growth investment and other return mechanisms (no assertion is made here regarding amounts).

As a recent marker, in December 2025 the company announced a dividend increase and an expansion of its share repurchase authorization. This can be framed as a continuation of the prior narrative of “balanced growth investment + shareholder returns,” and it’s an area to validate over time through execution.

Where valuation stands today (historical self-comparison only)

Here we place today’s levels against the company’s own historical ranges across six metrics: PEG / P/E / free cash flow yield / ROE / FCF margin / Net Debt / EBITDA. This is not a buy/sell call—just a read on the stock’s historical coordinates.

PEG (valuation versus growth)

• Current: 0.99 (at a share price of $653.57)
• Versus past 5-year range: above the normal range (toward the expensive side)
• Versus past 10-year range: within the normal range but toward the higher end
• Direction over the last 2 years: up

P/E (valuation versus earnings)

• Current: 26.01x
• Versus past 5-year and 10-year ranges: above the normal range for both
• Direction over the last 2 years: up

Free cash flow yield (valuation versus cash)

• Current: 3.93%
• Versus past 5-year and 10-year ranges: below the normal range for both (toward the low-yield side)
• Direction over the last 2 years: down

ROE (capital efficiency)

• Current: 34.28%
• Versus past 5-year and 10-year ranges: above the normal range for both
• Direction over the last 2 years: up

Free cash flow margin (quality of cash generation)

• Current (TTM): 7.07%
• Versus past 5-year range: within the range (near the upper bound)
• Versus past 10-year range: above the normal range
• Direction over the last 2 years: up

Net Debt / EBITDA (financial leverage)

Net Debt / EBITDA is an inverse indicator: the smaller the value (the more negative), the more net-cash-like the balance sheet and the greater the financial flexibility.

• Current: -0.65
• Versus past 5-year range: within the range but more negative (more net-cash-like)
• Versus past 10-year range: below the normal range (even more net-cash-like)
• Direction over the last 2 years: numerically more negative

Putting the six metrics together

On valuation (PEG and P/E), the stock screens expensive versus the past five years, while FCF yield sits toward the low-yield end. Meanwhile, quality metrics (ROE and FCF margin) are strong, and the balance sheet (Net Debt / EBITDA) looks net-cash-like. Put differently, the coordinates are: “business quality and balance sheet are strong, but valuation is elevated.”

Cash flow tendencies: what can happen when EPS and FCF do not align

In the latest TTM, EPS is up +26.34% and revenue is up +14.11%, while FCF is -10.46%. Rather than stamping that as “bad,” it should be read with the premise that project-based businesses structurally go through periods where earnings and cash don’t move in lockstep.

The key points highlighted by the materials are as follows.

• Working capital: depending on percent-complete accounting and billing/collection timing, cash can lag earnings
• Change-order and billing friction: if agreement on design changes or additional work is delayed, cash conversion gets pushed out
• Schedule slippage: higher overhead and incremental staffing can increase volatility in both profitability and cash flow

At the same time, FCF remains positive in absolute terms, and the FCF margin is in the 7% range, which provides some cushion. The question is whether, from here, “earnings growth will ultimately show up in cash growth, even if with a lag.”

Success story: why EMCOR has won (the essence)

EMCOR’s success story is less about simply “being in a growth market” and more about execution that stays reliable in environments where failure isn’t an option. Unlike software where value can largely end at deployment, here value comes from the integrated ability to coordinate on-site safety, quality, schedule, procurement, and staffing to deliver a working operating state.

In mission-critical settings, the work doesn’t stop at construction; maintenance, renewals, and capacity upgrades often recur after commissioning. That allows construction and services to reinforce each other, creating a “trust accumulation loop” where build quality helps win the next award. Even if network effects aren’t as strong as in software, in practice a “repeat-award loop” can still create meaningful revenue repeatability.

Story durability: are recent moves consistent with the winning formula?

What stands out over the last 1–2 years is a reinforced narrative around increasing exposure to data centers / mission-critical. There is also messaging that data center-related backlog is rising, which fits the success story (execution in environments that can’t be stopped).

However, there are trade-offs at the same time.

• Larger and more complex projects: attractive, but execution difficulty rises as well
• Capability expansion via acquisitions: adds capacity, but also raises integration difficulty (culture and process standardization)

This tension sets up the next section on “hard-to-see failure modes (Invisible Fragility).”

Invisible Fragility (hard-to-see breakdown risk): 8 items to inspect more when it looks strong

Here we lay out potential “ways things can break” as internal structural risks, rather than focusing on short-term stock moves or one-off numbers.

1) Skewed customer concentration (the better the customer, the more concentration tends to build)

In data centers, the buyer universe is limited and projects are often very large, creating a setup where shifts in a handful of companies’ capex plans can move bookings and utilization. Backlog growth is a tailwind, but it also deserves scrutiny as an early concentration risk (the facts on concentration require ongoing monitoring).

2) Sudden shifts in competitive dynamics (breaks via contract terms, not price)

In contracting, profitability can break not only through price pressure, but through deteriorating contract terms—compressed schedules, unfavorable change clauses, pressure from subcontractor shortages, and risk transfer. SEC filings include disclosures where project-specific cost estimate revisions negatively impacted profit, underscoring how inherent contracting risks can surface.

3) Normalization of differentiation (when execution becomes “ordinary”)

If digital design, prefabrication, and advanced schedule management become standard across the industry and performance gaps narrow, the playing field where the company wins can shrink. In that scenario, profits may be pressured not through price alone, but through award terms and competition for talent.

4) Supply chain dependence (material delays translate directly into profit volatility)

Electrical, HVAC, and controls often rely on specific components (e.g., switchgear) where lead times can dictate the overall schedule. That creates a “hard-to-see from the outside” failure mode: schedule stall → overhead increase → incremental staffing → margin deterioration.

5) Cultural degradation (quiet degradation from acquisitions × distributed job sites)

The more the footprint expands through acquisitions, the more misalignment in safety culture, on-site decision standards, risk reporting lines, and training/development playbooks can show up later as incidents, rework, and attrition. “It depends on the location or manager” is a common diligence checkpoint in this model (not a conclusion—just a monitoring topic).

6) Profitability degradation (later in the numbers, earlier on the jobsite)

There is a recent fact pattern where earnings and cash are not aligned; in contracting, if change/billing delays, schedule slippage, and overly optimistic cost estimates persist, margins can get hit later. SEC disclosures on profit impacts from estimate revisions support the real-world plausibility of this risk.

7) Worsening financial burden (the “complacency” of a company with flexibility)

Today the balance sheet looks net-cash-like and flexible, but precisely because that flexibility exists, there’s a scenario where the company stacks overly aggressive projects, acquisitions, and hiring during a growth phase—and then, years later, both economics and the organization take damage at the same time. This is not “happening,” but a risk scenario describing how it could break if it does.

8) Industry structure change (standardization and insourcing by buyers)

If large buyers push standardization across design/procurement/construction and partially insource, contractors’ room to add value can shrink, potentially eroding profit sources (field improvements and proposals). This is structural pressure that’s hard to see in the short term and can play out gradually over multiple years.

Competitive landscape: who does it compete with, and what constitutes barriers to entry?

EMCOR competes less on product features and more on a holistic contest of execution (field operations) / talent acquisition / project selectivity. While there are many competitors, in high-difficulty work such as mission-critical projects, requirements around quality, safety, schedule, documentation, change management, and staffing tend to concentrate awards among firms with proven track records and organizational capacity.

Key competitors (the set varies by end market)

• Comfort Systems USA (FIX): strong in mechanical (HVAC/piping) and expanding into electrical via acquisitions, potentially increasing overlap
• Quanta Services (PWR): more infrastructure-oriented, but competitive touchpoints can increase in adjacent areas
• MYR Group (MYRG): overlaps in electrical contracting (T&D, renewables, grid-adjacent)
• IES Holdings (IESC): overlaps in electrical, communications, and data-related work
• Large specialist electrical contractors (e.g., Rosendin, M.C. Dean, etc.): top-tier competitors in data centers
• IFM-oriented players (e.g., ABM, JLL, CBRE, etc.): can control maintenance/operations in an integrated manner and sit upstream in the procurement structure

Switching costs (difficulty/ease of switching)

• Switching costs tend to be high: domains with high downtime risk such as data centers and hospitals, where history, equipment understanding, and site rules matter
• Switching can be more common: certain work packages where specifications are standardized, procurement is increasingly unbundled, and unit price/schedule become the primary evaluation criteria (systematic primary sources in public information are limited)

Moat and durability: what is the “true nature” of EMCOR’s strength?

EMCOR’s moat is less about proprietary technology and more about intangible operating capability. The foundation is the ability to execute the “basics” repeatedly in difficult environments—estimating discipline, schedule control, quality assurance, staffing, subcontractor control, and consistent documentation.

• Moat characteristics: not a uniform nationwide monopoly, but a model that bundles local moats by region and domain to raise the average
• Factors that increase durability: a growing base of maintenance/renewal work, a rising mission-critical mix, and project selectivity enabled by low leverage
• Factors that reduce durability: talent constraints (shortages of skilled labor, supervisors, and PMs), and a structure where, once indirect work is standardized, only differences in field execution remain

Structural positioning in the AI era: tailwind or headwind?

EMCOR isn’t “selling AI.” It sits on the physical infrastructure implementation side, where demand can rise as AI-driven compute needs grow. In the AI era, what expands isn’t just compute—it’s the real-world constraints around power, cooling, and equipment renewal—and EMCOR operates on that constraint side of the equation.

Where AI is likely to be a tailwind

• Mission-criticality: demand for data center power, cooling, redundancy, and renewal tends to rise
• AI integration is centered on internal operations: design accuracy, planning, inspection, documentation, and risk detection can directly impact margins and execution stability
• Reinforcing barriers to entry: prefabrication expansion reduces on-site labor and improves repeatability of safety, quality, and schedule

Where AI could be a headwind (or a selection pressure)

• What gets substituted is indirect work, not field work: estimating, drawing checks, paperwork, and progress reporting may be embedded into standard tools, making efficiency easier to normalize
• Convergence of differentiation: as indirect work commoditizes, differentiation concentrates in field execution, talent, and standardization capability, making weaker players more likely to be competed out

From a positioning standpoint, the main battlefield isn’t AI operating systems or platforms, but the “implementation layer of the physical world (application layer).” The implication is that value-add tends to increase as the company moves upstream into electrical + technology services, systems integration, and building automation.

Leadership and culture: an execution company can also break through “culture”

EMCOR’s CEO is Anthony (Tony) J. Guzzi. This is less a founder-led story and more an “execution company” that wins by coordinating distributed operations—so what matters at the top is less flash and more management that improves repeatability at the jobsite.

Management focus (policies that can be abstracted from public information)

• Continue delivering complex, high-difficulty projects through quality, safety, and schedule execution
• Balance growth investment (organic + acquisitions) with shareholder returns
• Build bookings and backlog while expanding customer end markets (e.g., data centers)

Values and cultural characteristics (strength of discipline and side effects)

The company cites values such as Integrity / Discipline / Transparency, Mutual Respect and Trust, Commitment to Safety (zero incidents), and Teamwork. That fits a business responsible for systems that can’t be taken offline.

At the same time, in a company with distributed job sites and a growing acquisition footprint, culture can be a strength while also creating monitoring topics such as the following.

• If there is variation by location or manager, it can show up as variation in customer experience
• If discipline hardens into rigidity, it can create side effects that reduce field speed and flexibility
• There was an announcement of an additional director in October 2025, and the move to add board depth can be monitored (though we do not assert that culture changes based on this alone)

Generalized patterns that tend to appear in employee reviews (inspection inputs, not assertions)

• Positive: accumulation of technical and field experience, compensation tends to be viewed relatively favorably, recognition of safety emphasis
• Negative: work-life balance depends on the site, variability in management quality, heavy procedures (the flip side of safety and quality)

10-year competitive scenarios (bull, base, bear)

Bull

As data center expansion and renewal continue and complexity rises, EMCOR sustains differentiation through maturity in “field execution × standardization × integration,” while M&A integration progresses and repeat awards accumulate.

Base

Demand remains, but buyer standardization and unbundled procurement advance, intensifying price competition by work package. EMCOR maintains its advantage, but expanding excess returns becomes harder; differentiation converges to project selectivity and talent/field operations.

Bear

Standardized packages reduce discretion; talent constraints disrupt quality and schedules; rework and change-order friction increase. Scale grows through acquisitions, but integration lags, cross-location dispersion becomes visible, and competition becomes more homogeneous as peers expand capabilities.

KPIs investors should monitor (to detect shifts in competition, quality, and capital efficiency)

• Changes in bookings and backlog in mission-critical (data centers, etc.), and skew by customer and region
• Profitability volatility in large projects: whether changes, delays, and cost estimate revisions are increasing over multiple quarters
• Mix of maintenance and renewal (stability of revenue composition)
• Talent: whether hiring tone is “expansion” or “backfill,” and whether there are bottlenecks in supervisors, PMs, and skilled labor
• Safety and quality: whether negative signals such as major incidents or regulatory actions are emerging
• M&A quality: frequency and scale, and explanations that indicate progress in standardization and integration
• Alignment between earnings and cash: whether FCF follows when EPS is growing, or whether the divergence persists

Two-minute Drill: “Investment thesis skeleton” for long-term investors

EMCOR gets paid to bring “life” to the electrical, HVAC, and piping systems inside buildings, plants, and data centers—and to keep those systems operating without downtime. As a growth theme, AI-driven data center investment can be a tailwind, but outcomes are determined less by the theme itself and more by the discipline to run difficult job sites without breaking them (safety, quality, schedule, and estimating).

• Long-term pattern: revenue has grown steadily (5-year CAGR approx. 9.7%), while profit and FCF have grown faster. However, EPS volatility is high, leaving cyclical elements.
• Key near-term point: EPS and revenue are strong, but TTM FCF is down YoY. The key is whether earnings and cash re-align.
• Balance sheet implication: a net-cash-like position and high interest coverage provide capacity to absorb project volatility and short-term cost increases.
• Largest risk: as projects get larger/more complex and acquisitions expand, profitability and culture can be impaired “invisibly” through weaker contract terms and schedule/labor constraints.
• Valuation coordinates: versus its own history, P/E and PEG are on the high side and FCF yield is on the low side, while quality metrics (ROE and FCF margin) and the balance sheet are strong.