EMCOR Group (EME)

Electrical + mechanical construction (EMCOR) — data-center build + MEP services

AI exposure 36% — derived from reported segment revenue, not asserted.

Where it sits

Physical Infrastructure → Grid Infrastructure Contractors · figures rebased to Q2 2026, reported 2026-07-30

Mechanical construction (HVAC, cooling, piping for data centers) leads 4 businesses in this sub-tier that together are 100% of revenue, so Grid Infrastructure Contractors is effectively the whole company rather than one leg of it.

Reported segments

• US Construction (Mechanical + Electrical) — 77% of revenue
• Building + Industrial Services — 23% of revenue

EMCOR (~$20.0-20.5B FY2026 guided; UK arm divested) — mechanical/electrical construction & services. US Construction ~77% (mechanical ~45% = data-center cooling/HVAC + electrical ~32% = data-center power = the AI growth driver, primary B2 Grid Contractors; record RPO $17.14B +44% YoY, awards led by AI/data-center) + Building/Industrial Services ~23%. Primary B2 Grid Infrastructure Contractors. Builds data-center mechanical+electrical systems; competes PWR/FIX; serves hyperscalers/colos.

How the 36% is built

• US Construction (Mechanical + Electrical) — 77% of revenue × 45% AI-driven (disclosed). EMCOR discloses revenue by market sector: Network & Communications was 52% of the US electrical construction segment (10-Q, three months ended Mar 31 2026, vs 47% a year earlier), and in Q2 2026 electrical N&C grew 45% while mechanical N&C more than doubled on $2.30B of mechanical revenue — a blended ~46% across the…
• Building + Industrial Services — 23% of revenue × 5% AI-driven (estimate). Building Services ($837.7M, +5.6%) and Industrial Services ($353.8M, +25.9%) serve mostly non-data-center commercial and refinery customers; some mission-critical facilities maintenance attaches to delivered campuses, but it is not broken out

Investment read

Moat. Mechanical/electrical/plumbing (MEP) construction scale + execution + services; data-center + reshoring + electrification demand, record backlog.

Bottleneck / pricing power. Strong pricing power via backlog + skilled-labor scarcity (MEP crews); data-center + manufacturing buildout fills the book at good margins.

Role in the AI stack. The MEP-construction layer for data centers + reshoring.

Connected companies

• Digital Realty Trust (DLR) — EME supplies: mechanical/electrical build
• Quanta Services (PWR) — EME competes with: Overlap on data-center electrical construction; Quanta is utility T&D-led, EMCOR is facility MEP-led (limited direct grid overlap)
• Comfort Systems USA (FIX) — EME competes with: Mechanical/electrical (MEP) contracting + data center build
• MYR Group (MYRG) — EME competes with: Overlap in commercial/industrial electrical construction (incl. data centers); MYR smaller and T&D-weighted vs EMCOR's broad MEP scale
• Dycom Industries (DY) — EME competes with: adjacent data-center construction overlap — Dycom (outside-plant fiber) vs EMCOR (building MEP)
• Microsoft (MSFT) — EME supplies: mechanical/electrical construction for Microsoft data centers
• Meta Platforms (META) — EME supplies: data-center construction for Meta
• Amazon (AMZN) — EME supplies: data-center construction for AWS
• Alphabet (GOOGL) — EME supplies: data-center construction for GOOGL AI data centers
• Oracle (ORCL) — EME supplies: electrical/mechanical MEP construction for AI data centers (end tenant undisclosed)
• CoreWeave (CRWV) — EME supplies: electrical/mechanical construction on data-center campuses CRWV occupies (usually contracted by the developer)

Others in Grid Infrastructure Contractors

• Quanta Services (PWR)
• Comfort Systems USA (FIX)
• MYR Group (MYRG)
• Dycom Industries (DY)

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