Limbach Holdings Inc LMB

IndustrialsConstruction & EngineeringUnited States of America

Last close 46.93 USD on Nov 2, 2026, −39.7% year to date

Quant rating

Quant rating B Rank 113 of 486 in Industrials

Growth A 46 of 486
Valuation A 15 of 486
Quality A 66 of 486
Revisions C 235 of 486
Momentum D 405 of 486

Wall Street consensus Buy (2.20)Average target 81.25 USD +73.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 560M
Enterprise value: 583M
52-week range: 40.97 – 114.95
3-year range: 29.94 – 149.53
Dividend yield: –
Beta (5 years): 1.36
Shares outstanding: 11.9M
Next earnings: Nov 3, 2026

About the company

Limbach Holdings, Inc. is a building systems solutions company. The Company firm that designs, delivers, and maintains mechanical, electrical, and plumbing and controls (MEPC) system. The Company operates in two segments: Owner Direct Relationships (ODR) and General Contractor Relationships (GCR). Through the ODR segment, the Company performs owner direct projects and/or provides maintenance or service primarily on mechanical, plumbing or electrical systems, specialty contracting projects to existing buildings direct to, or assigned by, building owners or operators. The GCR segment manages new construction or renovation projects that involve primarily mechanical, electrical, and/or plumbing (MEP) services awarded to the Company by general contractors or construction managers. The Company operators of mission-critical facilities across healthcare, industrial and manufacturing, data centers, life science, higher education and cultural and entertainment markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	647	519	516	497	490	–
Revenue growth	24.7%	0.5%	3.9%	1.3%	−13.7%	2.6%
EPS (basic, normalized)	3.23	2.57	1.76	0.64	0.73	–
EPS growth	25.7%	46.0%	175.0%	−12.3%	–	–
Gross margin	26.2%	27.8%	23.1%	18.9%	17.5%	22.7%
Net margin	6.0%	6.0%	4.0%	1.4%	1.4%	3.7%
ROE	22.4%	22.5%	19.2%	7.4%	9.5%	16.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	17.5
Current ratio	1.49x
Long-term debt (mil)	35.8
Net debt (mil)	23.2
Total equity (mil)	203
Net debt / equity	0.11x
Net debt / EBITDA	0.28x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	647	+24.7%	0.9x	81.8	+35.2%	7.1x	3.23	+25.7%	14.5x
2026	773	+19.6%	0.8x	79.3	−3.0%	7.3x	3.21	−0.5%	14.6x
2027	879	+13.7%	0.7x	94.2	+18.8%	6.2x	4.10	+27.5%	11.5x
2028	938	+6.7%	0.6x	103	+9.7%	5.6x	4.41	+7.5%	10.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	773	0.0%	+4.0%	+4.4%	3.21	−0.5%	−24.8%	−13.7%
2027	879	0.0%	+11.8%	+11.8%	4.10	+5.3%	−10.5%	−5.1%
2028	938	0.0%	+11.5%	+11.5%	4.41	0.0%	−15.8%	−15.8%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	119	122	134	144	133	142	185	187	139	173
Sales mean (mil)	122	123	130	149	121	144	184	198	134	177
Surprise	−2.7%	−0.3%	+3.4%	−3.8%	+10.0%	−1.4%	+0.1%	−5.4%	+3.5%	−2.1%
EPS reported	0.64	0.50	0.62	0.82	0.85	0.64	0.73	1.02	0.36	0.39
EPS mean	0.34	0.37	0.53	0.80	0.28	0.62	0.85	1.03	0.03	0.72
Surprise	+88.2%	+35.1%	+17.0%	+2.5%	+209.1%	+2.4%	−14.1%	−1.4%	+1,025.0%	−45.8%

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LMB Limbach Holdings Inc	560M	0.28x	6.0%	2.75x	14.6x	11.5x	7.3x	6.2x
VMI Valmont Industries, Inc.	8.2B	1.01x	8.2%	4.64x	18.3x	16.2x	11.5x	10.3x
IBP Installed Building Products, Inc.	5.9B	1.31x	8.9%	9.16x	21.5x	20.4x	13.5x	13.1x
AGX Argan, Inc.	4.7B	−6.32x	14.6%	9.25x	25.1x	21.2x	15.9x	12.7x
BDT Bird Construction Inc.	2.8B	1.58x	1.4%	8.62x	25.6x	18.1x	14.3x	10.9x
PRIM Primoris Services Corporation	4.0B	1.09x	3.6%	2.47x	34.2x	14.2x	16.4x	8.6x
Mean		−0.17x	7.1%	6.15x	23.2x	16.9x	13.2x	10.3x
Median		1.05x	7.1%	6.63x	23.3x	17.2x	13.9x	10.6x

Technical analysis

1M−4.4%
3M−34.5%
1Y−50.3%
3Y+53.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Limbach Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	647	519	516	497	490	568
Cost of revenue	477	374	397	403	404	487
Gross profit	169	144	119	93.7	85.9	81.4
Selling, general & administrative expenses	110	97.2	87.4	77.9	71.4	63.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	8.4	4.7	1.9	1.6	0.5	0.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	0	0.3	0	2.0	0
Other operating expenses	2.0	3.8	0.7	2.3	0	0
Operating income	49.5	38.6	29.0	12.0	12.0	17.2
Net interest income (expense)	−2.5	0.4	−1.0	−1.8	−2.6	−10.3
Gain (loss) on sale of assets	1.7	0.9	0.1	−0.6	0	0.1
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	48.6	40.0	28.1	9.6	9.5	7.0
Provision for taxes	9.6	9.1	7.3	2.8	2.8	1.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	39.1	30.9	20.8	6.8	6.7	5.8
Extraordinary items	–	–	–	–	–	–
Net income	39.1	30.9	20.8	6.8	6.7	5.8
EBIT, normalized	49.5	38.6	29.3	12.0	14.0	17.2
EBITDA, normalized	67.6	50.5	37.6	20.2	20.0	23.3
Basic EPS, normalized	3.23	2.57	1.76	0.64	0.73	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Limbach Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	11.3	44.9	59.8	36.0	14.5	42.1
Receivables	179	167	149	186	173	153
Total inventory	–	–	–	–	–	–
Prepaid expenses	0	0	0	0	0	0
Other current assets	5.0	8.2	7.7	4.0	5.1	4.4
Total current assets	195	220	217	226	193	199
Property, plant & equipment	63.1	51.7	40.6	36.5	41.7	38.5
Goodwill	70.6	33.0	16.4	11.4	11.4	6.1
Intangibles	49.2	41.2	25.0	15.3	16.9	11.7
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	3.2	5.9	5.5	5.3	4.6	6.5
Total assets	381	352	304	295	268	262
Liabilities
Accounts payable	74.2	60.8	65.3	75.1	63.8	66.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	33.8	40.9	34.6	28.5	28.8	28.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	5.0	3.3	2.7	9.6	9.9	6.5
Other current liabilities	22.1	46.0	42.6	45.9	27.2	48.3
Total current liabilities	135	151	145	159	130	150
Long-term debt	30.5	23.6	19.6	21.5	29.8	36.5
Minority interest	–	–	–	–	–	–
Other liabilities	19.8	24.0	18.7	18.5	20.1	21.6
Total liabilities	185	199	184	199	180	208
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	97.3	94.2	92.5	87.8	85.0	57.6
Retained earnings (accumulated deficit)	100	61.3	30.4	9.6	2.8	−3.9
Treasury stock	−2.0	−2.0	−2.0	−2.0	–	–
Other equity	0	0	0	0	0	0
Total equity	196	153	121	95.4	87.8	53.7
Total liabilities & shareholders' equity	381	352	304	295	268	262

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Limbach Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	39.1	30.9	20.8	6.8	6.7	5.8
Depreciation, depletion & amortization	18.1	11.9	8.2	8.2	5.9	6.2
Deferred taxes	2.6	−0.4	−0.3	−0.5	1.8	−1.3
Non-cash items	12.0	12.9	10.3	9.1	9.3	8.9
Changes in working capital	−26.2	−18.5	18.4	11.8	−47.9	20.2
Cash from operations	45.7	36.8	57.4	35.4	−24.2	39.8
Investing activities
Capital expenditures	−3.8	−7.5	−2.3	−1.0	−0.8	−1.5
Other investing cash flows	−63.8	−35.0	−14.8	0.5	−18.5	0.2
Cash from investing	−67.6	−42.6	−17.1	−0.5	−19.3	−1.3
Financing activities
Financing cash flow items	−8.0	−6.5	−2.7	−0.8	−2.5	−0.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3.7	−2.6	−13.8	−12.5	18.3	−4.5
Cash from financing	−11.7	−9.1	−16.5	−13.4	15.9	−4.7
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−33.6	−14.9	23.8	21.5	−27.7	33.8
Free cash flow	41.9	29.3	55.1	34.4	−25.0	38.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.