Private equity is swallowing up mom-and-pop shops. Multi-trade platforms are rolling through markets like storm fronts. And the gap between the top operators and everyone else is getting wider by the quarter.

These are the numbers. Your yardstick for the coming future.

The Big Picture

Before we get into the weeds, here’s the reality:

The top end of each trade is pulling in hundreds of millions (some over a billie) while the most efficient crews are clearing $300K+ per employee. Growth isn’t crazy everywhere, but the leaders are still stacking 5–15% gains YoY.

HVAC

Top end: $107M – $750M revenue

Revenue/Employee: $300K+

Growth: 5–10% YoY

Leaders like Wrench Group ($750M, 7,400+ employees, 2.5M customers/year) and Goettl ($107M, +12% workforce growth) aren’t just selling installs they’re locking down service agreements and buying out local competition.

If you’re under $10M and wondering why it feels harder to compete…it’s because your competitors are running marketing teams bigger than your whole payroll.

Plumbing

Top end: $500M – $940M revenue

Revenue/Employee: $235K–$300K

Growth: 1–5% YoY

Even Roto-Rooter, the biggest name in the game, barely grew 1–2% this year. Residential demand? Flat. The operators winning are bundling HVAC + plumbing + restoration under one roof and taking every service call they can get their hands on.

If you’re still “just plumbing,” you’re going to feel the squeeze.

Electrical

Top end: $1M – $500M+ revenue

Revenue/Employee: $250K+

Growth: 5–15% YoY

Electrical is still fragmented, but the real money is in multi-trade platforms. Redwood Services ($500M+, 2,500 employees, ~200K jobs/year) is proof: they grow electrical divisions by upselling during HVAC and plumbing calls.

Pure-play electricians can win locally — but the fastest growth is coming from cross-trade leverage.

Roofing

Top end: $300M – $1.5B revenue

Revenue/Employee: $250K–$350K+

Growth: 5–10% YoY (industry avg: 0.8%)

Tecta America ($1.5B) and CentiMark ($1.3B+) are swallowing regional players whole. PE-backed residential roofers like Erie Home ($525M) are doubling down on marketing, storm work, and even solar add-ons.

If you’re not specialized or scaling fast, you’re competing against crews with better prices on materials and more cash for recruiting.

Key Visuals From The Big Guys

5 Take Aways

1. The giants are getting bigger, and they’re coming for your market.

2. Revenue per employee is the truth, $300K+ is the mark of efficiency for bigger players.

3. Diversification is insulation, multi-trade > single-trade.

4. Job volume stability wins, maintenance work cushions slow months.

5. Local still matters, but you have to out-market and out-recruit.

What to Do Next

• Run your numbers. Where’s your revenue per employee?

• Track your job volume YoY. Is it holding or sliding?

• Consider service expansion. Add a trade before someone else buys your competitor.

• Look for acquisition plays. Beat the rollups to the punch.

Because in 2025, it’s not about surviving the market.

It’s about making sure the market doesn’t survive without you.