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Limbach Holdings, Inc.

LMB Industrials Building Products & Equipment

Limbach Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $646.8 million, up 24.7% from fiscal 2024.

Revenue
+24.9%
EPS
+4.59%
Free cash flow
+50.5%
Total debt
+150.7%

Quarter to September 2026, against a year earlier

54.63 0.13 +0.24%
Market cap
$639.3M
P/E
20.9×
Fwd P/E
14.9×
Dividend yield
—
F-score
5/9
Altman Z
5.60
Beneish M
−2.23
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.52
Sold, $m 3.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — 3 — —
Sell 1 — — 2 4 — 1 — — 1 — —
Insider Ownership 6.63%

Capital & Financial Ratios $m

Size
Market Cap 639.29
Revenue ttm 729.65
Net income ttm 30.88
Free cash flow ttm 58.61
Net debt Q 118.18
Valuation
P/E 20.89
Forward P/E 14.90
Price / sales 0.89
Forward P/S Powerpack
Price / FCF 11.12
Price / book 3.19
Financial health
Current ratio Q 1.54 (at or above 1.5: strong)
Debt / equity Q 0.75
Interest coverage Q 12.12
Growth
Revenue growth Q +24.85% (above 0%: growing)
Operating income growth Q +12.87% (above 0%: growing)
EPS, this year −10.14% (below 0%: weak)
EPS, next year A +18.58% (at or above 15%: strong)
Revenue, next year A +23.64% (at or above 10%: strong)
EPS, past 5 yrs +35.01% (at or above 15%: strong)
EPS, next 5 yrs A +8.02%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 0.2×; over the ten years it ranged from 0.1× in 2020 to 2.9× in 2025.
P/E against its own 10 years 37.83%
10-year low 10-year high
P/S against its own 10 years 76.10%
10-year low 10-year high
P/B against its own 10 years 69.53%
10-year low 10-year high
EV/Sales against its own 10 years 78.72%
10-year low 10-year high
EV/FCF against its own 10 years 53.17%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 60 45 11 36
Receivables 98 120 133 190
Inventory — — — —
Other 59 56 50 76
217 220 195 302
2023 2024 2025 Q'26
Payables 65 61 74 98
ST’ Debt 3 3 5 9
Other 42 45 21 48
145 151 135 197

Compound Annual Growth %

10y 5y 3y
Sales 6.92% 2.62% 9.19%
Cash Flow 54.08% 2.80% 8.91%
Earnings 24.48% 46.41% 79.11%
Book Value 37.32% 29.50% 27.03%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.30 Actual 1.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.28 1.40 Beat by 0.12
Q1 FY26 0.28 0.64 Beat by 0.36
Q2 FY26 0.98 0.64 Miss by 0.34
Q3 FY26 1.30 1.37 Beat by 0.07
Q4 FY26 1.66 — Reports 1 March 2027

EPS $

Mar Jun Sep Dec Year
’26 0.36 0.39 0.79 — —
’25 0.85 0.64 0.73 1.02 3.23
’24 0.64 0.50 0.62 0.82 2.57
’23 0.27 0.46 0.61 0.44 1.76
’22 (0.15) 0.08 0.34 0.35 0.64
’21 (0.25) 0.07 0.38 0.41 0.66
’20 (0.01) 0.37 0.31 0.05 0.72
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 139 173 230 — —
’25 133 142 185 187 647
’24 119 122 134 144 519
’23 121 125 128 143 516
’22 115 116 122 143 497
’21 113 121 129 127 490
’20 139 135 164 130 568
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) 19 20 — —
’25 2 2 13 28 46
’24 (4) 17 5 19 37
’23 9 17 17 14 57
’22 (3) 16 10 12 35
’21 (17) (7) 8 (7) (24)
’20 4 19 13 5 40
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) 18 20 — —
’25 0 2 13 28 44
’24 (6) 13 5 18 31
’23 9 17 17 13 56
’22 (3) 15 10 12 35
’21 (17) (7) 8 (8) (25)
’20 3 19 12 4 38
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 447 486 547 553 568 490 497 516 519 647 730 +4.2% 800 958 1,039 +17.1%
Gross margin, % 12.45 13.51 10.87 12.99 14.32 17.52 18.87 23.10 27.81 26.18 23.35 +13.7 pt
EBT (2) 4 (2) (2) 7 9 10 28 40 49 38 n/m
EBT margin, % (0.45) 0.80 (0.45) (0.37) 1.23 1.93 1.93 5.44 7.70 7.52 5.26 +8.0 pt
Net income 2 1 (2) (2) 6 7 7 21 31 39 31 +40.2%
Per share, $
Per share, $ Revenue 74.01 65.01 72.27 72.21 72.24 48.97 47.65 47.93 46.14 55.88 61.38 (3.1%)
Earnings — (0.13) (0.52) (0.23) 0.74 0.67 0.65 1.93 2.75 3.37 2.62 n/m
Cash flow 0.79 (0.54) 3.35 (0.12) 5.06 (2.42) 3.39 5.32 3.27 3.95 4.99 +19.6%
Capex (0.22) (0.43) (0.49) (0.33) (0.17) (0.03) (0.05) (0.17) (0.53) (0.17) (0.06) (2.8%)
Free cash flow 0.57 (0.98) 2.86 (0.45) 4.89 (2.45) 3.35 5.15 2.74 3.78 4.93 +23.4%
Book value 9.57 7.51 6.13 6.12 6.83 8.77 9.16 11.22 13.65 16.90 17.20 +6.5%
Shares, m 6 7 8 8 8 10 10 11 11 12 12 +7.5%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 16.59 14.29 16.88 22.77 31.22 23.03 20.89 12.5
P/S 0.19 0.21 0.05 0.05 0.17 0.18 0.23 0.92 1.85 1.39 0.89 0.5
P/B 1.78 2.15 0.60 0.62 1.80 1.03 1.20 3.92 6.27 4.61 3.19 2.4
EV/Sales 0.23 0.27 0.10 0.12 0.17 0.24 0.22 0.84 1.82 1.43 1.06 0.5
EV/FCF 29.81 (17.77) 2.44 (18.65) 2.54 (4.69) 3.14 7.85 30.64 21.14 13.14 5.6
Cash, $m
Cash, $m Operating cash flow 5 (4) 25 (1) 40 (24) 35 57 37 46 59 +28.6%
Capex (1) (3) (4) (2) (1) 0 0 (2) (6) (2) (1) +4.5%
Free cash flow 3 (7) 22 (3) 38 (25) 35 56 31 44 59 +32.6%
Balance, $m
Balance, $m Working capital 28 31 23 39 49 63 67 72 69 60 105 +8.6%
Net debt 18 26 25 35 1 25 (5) (38) (18) 24 118 +3.0%
Shareholders’ equity 58 56 46 47 54 88 95 121 153 196 204 +14.5%
Returns, %
Returns, % ROA 0.87 (0.45) (1.69) (0.69) 2.22 2.54 2.42 6.93 9.40 10.65 6.33 +9.8 pt
ROIC 3.37 4.57 0.94 6.17 19.67 7.74 8.30 21.96 17.83 14.06 7.94 +10.7 pt
ROE 5.20 (1.97) (8.36) (3.81) 11.54 9.49 7.42 19.18 22.50 22.38 16.00 +17.2 pt
People
People Employees 430 480 1,700 1,900 1,700 1,650 1,500 1,400 1,400 1,500 — +14.9%
Revenue/emp, $m 1.04 1.01 0.32 0.29 0.33 0.30 0.33 0.37 0.37 0.43 — (9.3%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Limbach Holdings, Inc. vs peers in Building Products & Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ARLO Arlo Technologies, Inc. $1.6B 64.5× 86.1× +6.91% (above 0%: growing) −85.71% (below 0%: shrinking) +35.08% (above 0%: growing) 46.50% 0.69% Compare
APOG Apogee Enterprises, Inc. $959.5M 14.4× 14.3× +9.20% (above 0%: growing) −1.82% (below 0%: shrinking) −53.59% (below 0%: shrinking) 24.59% 8.56% Compare
NX Quanex Building Products Corporation $958.7M 21.1× 17.5× +1.33% (above 0%: growing) n/m +3.58% (above 0%: growing) 28.19% 9.26% Compare
ROCK Gibraltar Industries, Inc. $940.7M — (loss-making) 15.7× +64.63% (above 0%: growing) −68.18% (below 0%: shrinking) −105.37% (below 0%: shrinking) 25.92% 11.74% Compare
SWIM Latham Group, Inc. $931.8M 98.5× 76.4× +12.52% (above 0%: growing) +42.86% (above 0%: growing) −5.62% (below 0%: shrinking) 36.68% 12.96% Compare
NPKI NPK International Inc. $723.4M 17.3× 17.2× +10.81% (above 0%: growing) 0.00% −135.14% (below 0%: shrinking) 31.34% 12.01% Compare
JBI Janus International Group, Inc. $650.8M 19.8× 17.5× +2.37% (above 0%: growing) −46.67% (below 0%: shrinking) −51.57% (below 0%: shrinking) 34.39% 8.82% Compare
LMB Limbach Holdings, Inc. $639.3M 20.9× 14.9× +24.85% (above 0%: growing) +4.59% (above 0%: growing) +50.45% (above 0%: growing) 23.36% 6.54%
PPIH Perma-Pipe International Holdings, Inc. $223.0M 14.2× 19.3× +24.35% (above 0%: growing) +181.82% (above 0%: growing) +216.09% (above 0%: growing) 29.22% 7.14% Compare
Median of peers $936.2M 19.8× 17.5× +10.01% −1.82% −28.60% 30.28% 9.04%

All 34 Building Products & Equipment stocks →

Pay and ownership Proxy statement filed 23 April 2026

Ownership

Directors and executive officers, together 7.00%
Wasatch Advisors LP 8.40%
BlackRock, Inc. 8.20%
Thrivent Financial for Lutherans 6.20%
FMR LLC 5.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Limbach Holdings, Inc. (LMB) Latest News

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

3 Nov

Impact 3 · · StockStory
Impact 3 · · Business Wire

12 Oct

Impact 3 · · StockStory

26 Sep

Impact 3 · · Zacks

23 Sep

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10 Sep

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2 Sep

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1 Sep

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28 Aug

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11 Aug

Impact 4 · · The Motley Fool transcript

10 Aug

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9 Aug

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6 Aug

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5 Aug

Impact 3 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

4 Aug

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Impact 3 ·
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9 Jul

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1 Jul

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14 May

Impact 3 · · StockStory

9 May

Impact 4 · · Insider Monkey

8 May

Impact 4 · · MarketBeat
Impact 3 · · Simply Wall St.
stockrow.com/LMB · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com