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. In the quarter to June 2026, revenue grew 22.0%, EPS fell 40.3%, free cash flow grew 931.2% and total debt rose 24.0%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Limbach Holdings, Inc. (LMB) Beneish M-score
Limbach Holdings, Inc.'s Beneish M-score for fiscal 2025 is −2.23; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.23 | 0.07 |
| FY2024 | −2.30 | 0.88 |
| FY2023 | −3.18 | (0.45) |
| FY2022 | −2.73 | (0.88) |
| FY2021 | −1.84 | 1.47 |
| FY2020 | −3.31 | (0.74) |
| FY2019 | −2.57 | 0.27 |
| FY2018 | −2.84 | (0.44) |
| FY2017 | −2.39 | (222.62) |
| FY2016 | 220.23 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.89 | — | 0.82 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 1.30 | — | 0.52 | |
| Sales growth index | 1.25 | — | 1.11 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 0.90 | — | −0.16 | |
| Total accruals to total assets | (0.02) | — | −0.08 | |
| Leverage index | 0.88 | — | −0.29 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.23 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ASPN Aspen Aerogels, Inc. compare | −5.8× |
| ARLO Arlo Technologies, Inc. compare | −3.9× |
| NX Quanex Building Products Corporation compare | −3.6× |
| JBI Janus International Group, Inc. compare | −2.9× |
| NPKI NPK International Inc. compare | −2.9× |
| ROCK Gibraltar Industries, Inc. compare | −2.8× |
| APOG Apogee Enterprises, Inc. compare | −2.6× |
| SWIM Latham Group, Inc. compare | −2.5× |
| LMB Limbach Holdings, Inc. | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI