Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is EMCOR Group Inc (EME) Halal?

PASS

EMCOR Group Inc · NYSE: EME · Industrials

The short answer

EMCOR Group passes all three Shariah gates: it runs a permissible electrical/mechanical construction and facilities-services business, carries zero interest-bearing debt (0.00% of its ~$33.46 billion market cap), and interest income of about 0.12% of revenue is far under the 5% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. EMCOR Group Inc., headquartered in Norwalk, Connecticut, is one of the largest specialty contractors in the United States. Per Item 1 (Business) of its FY2025 Form 10-K, it is a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services, serving commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries organized into four reportable segments: United States electrical construction and facilities services, United States mechanical construction and facilities services, United States building services, and United States industrial services.

FY2025 revenue was $16.99 billion (about 97% United States, 3% United Kingdom). On December 1, 2025 the company sold its United Kingdom building services segment (EMCOR (UK) Limited and EMCOR Group (UK) plc) for net proceeds of about $256.6 million, recording a pretax gain of $144.9 million. The 10-K describes no interest-based lending and no tobacco, gambling, pork or alcohol business lines; industrial services supplied to refineries and petrochemical plants are construction and maintenance services, not oil production. The business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (0.00%, ceiling 33%). EMCOR Group reports no interest-bearing debt. Per the 'Outstanding Debt and Interest Payments' discussion in its Q2 2026 Form 10-Q: 'As of June 30, 2026, there were no direct borrowings outstanding under our revolving credit facility' (the $1.30 billion 2023 revolving credit facility; $1.23 billion of capacity was available at December 31, 2025). No long-term debt appears on the consolidated balance sheet at either June 30, 2026 or December 31, 2025. Operating lease liabilities ($105,669 thousand current plus $436,259 thousand long-term at June 30, 2026) are excluded — they are not interest-bearing debt.

$0 of interest-bearing debt against a market capitalization of about $33.46 billion (Finnhub, XNYS, October 1, 2026) is 0.00%, well under the 33% ceiling. Cash and cash equivalents of $924,411 thousand at June 30, 2026 represent about 2.76% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.12%, ceiling 5%). EMCOR Group's FY2025 Form 10-K separately discloses interest income on the face of its Consolidated Statements of Operations: $20,015 thousand for 2025 (and $35,404 thousand for 2024). MD&A confirms the figures, noting the 2025 decrease was 'a result of a lower average daily invested cash balance in 2025.' FY2025 interest income of $20,015 thousand against FY2025 revenue of $16,986,422 thousand is about 0.12%, far under the 5% ceiling.

Note: the Q2 2026 condensed income statement reports only a net line — 'Interest income (expense), net' of $4,322 thousand for the thirteen weeks ended June 30, 2026 — so the verified FY2025 gross interest income figure from the 10-K is used for this gate.

Key figures used

Frequently asked questions

What does EMCOR Group do?

EMCOR Group Inc (NYSE: EME) is a specialty contractor headquartered in Norwalk, Connecticut. Per its FY2025 Form 10-K, it is one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. Its services reach commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries, organized into four reportable segments: United States electrical construction and facilities services, United States mechanical construction and facilities services, United States building services, and United States industrial services. FY2025 revenue was $16.99 billion, about 97% from the United States and 3% from the United Kingdom (the UK building services segment was sold on December 1, 2025).

Is EMCOR Group's business Shariah compliant?

EMCOR runs a construction and facilities-services business - electrical and mechanical systems design, installation, operation and maintenance (HVAC, plumbing, fire protection, energy solutions), building maintenance and management, and industrial services to refineries and petrochemical plants. Its 10-K describes no interest-based lending and no tobacco, gambling, pork or alcohol business lines. Industrial services are provided directly to refineries and petrochemical plants, but EMCOR supplies construction and maintenance services to those facilities; it does not itself produce or refine oil. The business passes this screener's first gate.

How much interest-bearing debt does EMCOR Group have?

EMCOR Group reports zero interest-bearing debt. Its Q2 2026 Form 10-Q states: 'As of June 30, 2026, there were no direct borrowings outstanding under our revolving credit facility' (a $1.30 billion facility dating to December 2023; $1.23 billion of capacity was available at December 31, 2025). No long-term debt appears on the consolidated balance sheet at either June 30, 2026 or December 31, 2025. Operating lease liabilities ($105,669 thousand current plus $436,259 thousand long-term at June 30, 2026) are excluded as they are not interest-bearing debt. $0 of interest-bearing debt against a market capitalization of about $33.46 billion is 0.00%, well under the 33% ceiling.

How much interest income does EMCOR Group earn?

EMCOR Group's FY2025 Form 10-K separately discloses interest income on the face of its Consolidated Statements of Operations: $20,015 thousand for 2025 (with $35,404 thousand for 2024). MD&A confirms the same figures, noting the 2025 decline was due to a lower average daily invested cash balance. FY2025 interest income of $20,015 thousand against FY2025 revenue of $16,986,422 thousand is about 0.12% - far under the 5% non-compliant income ceiling. (The Q2 2026 10-Q income statement reports only a net line, 'Interest income (expense), net' of $4,322 thousand for the quarter, so the verified FY2025 gross figure is used.)

What do third-party Shariah screeners say about EMCOR Group?

Zoya publishes an EMCOR Group (EME) page, but its public FAQ text is internally contradictory (it carries both 'Shariah-compliant and therefore considered halal' and 'not considered halal' template variants), so no current Zoya status can be stated from public sources. Musaffa publishes an EME stock page and, as of September 2026, classifies EMCOR Group as halal under its AAOIFI-based methodology. I could not verify a ShariaPortfolio rating page for EME from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).