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Limbach Holdings, Inc. (LMB) stock

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NASDAQ: LMB Nasdaq Construction & Engineering Next results ~November 3, 2026

C+ Fundamentals grade

Limbach Holdings, Inc. is a US-listed company in the construction & engineering industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($130.14) is 2.71x the share price ($48.02) and 3.62x the median of our other models ($35.98); the other models don't support a gap this wide.

Price vs value

Under review: our cash-flow value ($130.14) is 2.71x the share price ($48.02) and 3.62x the median of our other models ($35.98); the other models don't support a gap this wide. We'll show the comparison once resolved.

Limbach Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 2 selling7 purchases and 23 sales by directors and officers, last 12 monthsInsider trades
  • Funds95 adding, 93 cuttingOf 34 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Limbach Holdings files

Where Limbach stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $684m, up 23.7% on a year earlier, faster than the 22.5% growth a quarter earlier. Free-cash-flow margin rose to 7.4% from 4.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 6 of our 7 financial-health checks. At that price, our model says the market is pricing in about 2.4% a year of cash-flow growth for five years, slower than the 6.9% a year revenue growth it has delivered.

Our model value for Limbach Holdings is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Limbach Holdings, Inc.'s trailing-twelve-month revenue grew 23.7% year on year, with a free-cash-flow margin of 7.4%. Where it lags: stock pay as % of revenue of 1.1% ranks 27 of 33 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$99–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 113.5% while net income fell 14.4%: a 128pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 23.7% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 71% and a beta of 1.4 against the S&P 500.
  • Gross margin slipping. Gross margin is down 4.7 points on a year ago.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.1% ranks 27 of 33 construction & engineering companies we cover (median 0.7%).
  • Heavily shorted. 10.5% of the shares available to trade are sold short (4.2 days of average volume to cover).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 7.8% over 90 days.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.64 against an average estimate of $0.93: missed by 30.9%
Revenue
$173m, up 21.9% on a year earlier
Share reaction
-32.1% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
revenue $760m to $790m (FY 2026); adjusted EBITDA $78m to $84m (FY 2026)
Next report
November 3, 2026; average EPS estimate $1.21

Limbach Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.0%
  • 1 week-2.9%
  • 1 month-4.4%
  • This year-39.7%
  • 1 year-50.3%
  • 5 years+570.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$684M
Operating margin
5.7%
Net margin
4.4%
EPS (TTM, diluted)
$2.50

Growth

Revenue growth
+23.7%
Change in growth rate
+1.2 pts
Share count change
−0.3%

Cash

Free cash flow (TTM)
$50.6M
FCF margin
7.4%
Stock pay % of revenue
1.1%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Announcement
  3. Results
  4. Guidance
  5. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Limbach Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($130.14) is 2.71x the share price ($48.02) and 3.62x the median of our other models ($35.98); the other models don't support a gap this wide.

Our value per share comes from a discounted-cash-flow model of Limbach Holdings, Inc.'s free cash flow after stock-based pay ( $38.3M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Limbach Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$99–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$68 ~$61–$92 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$36 ~$25–$52 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$31 ~$28–$36 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Limbach Holdings, Inc. with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2015201720182019202020212022202320242025Now
Share price$9.85$13.83$3.68$3.78$12.33$9.00$10.41$45.47$85.54$77.85$46.93
Market value$73m$103m$28m$29m$99m$92m$111m$537m$1.0bn$940m$566m
+ Net debt (− = net cash)$0$33m$29m$35m$902000$25m−$5m−$38m−$18m$24m$23m
Enterprise value$73m$136m$57m$64m$100m$117m$106m$500m$1.0bn$965m$589m
Multiples
Price / sales —0.2x0.1x0.1x0.2x0.2x0.2x1.0x2.0x1.5x0.8x
Price / earnings —145.1x——17.1x13.7x16.3x25.9x33.3x24.1x18.7x
Price / free cash flow ——1.3x—2.6x—3.2x9.7x35.2x22.4x11.2x
EV / EBITDA 32.5x9.0x8.4x4.5x4.3x5.9x5.3x13.3x20.0x14.3x10.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

42 /100

Weak moat

How hard Limbach Holdings's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.9% of total assets over 9 years.

  • Pricing power 4 / 20

    Gross margin has been a median 18.4%, moving by 5.7 percentage points (standard deviation) across 9 years.

  • Durability 5 / 20

    Operating margin has been a median 2.7%; its worst year was 1.0%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 7 of 9 years, at a median 4.3% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 33.1% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $219m and EPS of $1.21 (range $0.87 to $1.43) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.81 −16% $800m +24%
Next $4.70 +23% $958m +20%

Next year's EPS estimate has moved −7.8% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −19.6% on 90 days ago. In the last 30 days, 0 analysts raised Limbach Holdings, Inc.'s forecast and 3 cut it.

Consensus EPS forecast Limbach Holdings, Inc., last 90 days
$3.50 $4.00 $4.50 $5.00 $5.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.74 Current fiscal year, 60 days ago: $4.74 Current fiscal year, 30 days ago: $4.74 Current fiscal year, 7 days ago: $3.96 Current fiscal year, Now: $3.81 $3.81 Next fiscal year, 90 days ago: $5.09 Next fiscal year, 60 days ago: $5.09 Next fiscal year, 30 days ago: $5.09 Next fiscal year, 7 days ago: $4.27 Next fiscal year, Now: $4.70 $4.70

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.74$5.09
60 days ago $4.74$5.09
30 days ago $4.74$5.09
7 days ago $3.96$4.27
Now $3.81$4.70

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.93 $0.64 −30.9%
Mar 2026 $0.21 $0.64 +206.7%
Dec 2025 $1.24 $1.40 +13.3%
Sept 2025 $1.05 $1.05 +0.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Revenue FY 2026 $760m to $790m Raised
    “Revenue $760 million - $790 million $730 million - $760 million” source
  • Gross margin percentage FY 2026 23% to 24% Lowered
    “Gross margin percentage 23 - 24% 26 - 27%” source
  • Adjusted EBITDA FY 2026 $78m to $84m Non-GAAP Lowered
    “Adjusted EBITDA $78 million - $84 million $90 million - $94 million” source
  • Total organic revenue growth FY 2026 9% growth to 14% growth Non-GAAP Raised
    “Total organic revenue growth (1) 9 - 14% 4 - 8%” source
  • ODR revenue as a percentage of total revenue FY 2026 70% to 80% Lowered
    “ODR revenue as a percentage of total revenue 70 - 80% 75 - 80%” source
  • ODR organic revenue growth FY 2026 6% growth to 10% growth Non-GAAP Lowered
    “ODR organic revenue growth (1) 6 - 10% 9 - 12%” source
Show 2 more items
  • SG&A expense as a percentage of total revenue FY 2026 15% to 16% Narrowed
    “SG&A expense as a percentage of total revenue 15 - 16% 15 - 17%” source
  • Free cash flow FY 2026 about 75% Non-GAAP Maintained
    “Free cash flow (2) 75% of Adjusted EBITDA 75% of Adjusted EBITDA” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Limbach Holdings, Inc.'s revenue by +24.1% next year and +17.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+28.6%, weight 46%) , management guidance (+24.6%, weight 23%) and the company's own record (+16.9%, weight 31%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold00%
Sell120%

Monthly trend

  1. Oct 20261315
  2. Sep 20261315
  3. Aug 20261315
  4. Jul 20261315

Counts of recommendations published by analysts covering Limbach Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.5%
of tradable shares
Days to cover
4.16
at average volume
Short interest, 1 month
+21%
to October 15, 2026
Held by institutions
83%
of shares
Held by insiders
7.0%
of shares
Employees
1,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −50.3%

$94.48 on October 31, 2025 to $46.93

ThenNowEffect
Revenue (last 12 months) $553m $684m +23.7%
Net margin 6.4% 4.4% −30.8%
P/E multiple 32.4x 18.7x −42.1%
Share count 12m 12m +0.3%

Biggest factor: p/e multiple.

Last 3 years +55.6%

$30.17 on November 3, 2023 to $46.93

ThenNowEffect
Revenue (last 12 months) $512m $684m +33.6%
Net margin 3.1% 4.4% +43.5%
P/E multiple 21.2x 18.7x −11.5%
Share count 11m 12m −8.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LMB−27%+16%+337%+88%−9%−40%
Industry peers (median)+41%−8%+43%+47%+30%+0%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LMB42%42%75%67%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LMB−61%−44%−24%−25%−56%−64%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 84% from November 16, 2016 to March 23, 2020. Getting back needed a 529% gain, reached on March 13, 2023, 1085 days after the low.

Price behaviour

52-week range
$41.22 – $114.11
From 52-week high
−58.9%
vs 50-day average
−3.6%
vs 200-day average
−34.3%
Volatility (1 year)
71%
Beta vs S&P 500
1.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±15.3%
After a week
6 up, 6 down
typical move ±18.5%
After a month
5 up, 7 down
typical move ±21.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −32.1% +1.6% −36.7% −33.7%
May 5, 2026 −24.8% +2.2% −29.3% −17.6%
March 3, 2026 −2.4% −0.2% −9.8% −10.1%
November 4, 2025 −10.1% −0.8% −17.5% −19.6%
August 5, 2025 −18.7% +0.3% −19.2% −16.7%
May 5, 2025 +11.1% −1.4% +19.4% +28.3%
March 10, 2025 +9.6% −3.5% +3.2% −2.3%
November 5, 2024 +27.5% +3.7% +26.9% +36.0%
August 6, 2024 +13.9% +0.2% +14.0% +18.0%
May 8, 2024 −1.1% +0.6% +5.1% +19.0%
March 13, 2024 −16.0% −0.4% −11.4% −20.3%
November 8, 2023 +16.3% −0.7% +29.9% +38.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Limbach Holdings, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Limbach Holdings, Inc.
$500M $550M $600M $650M $700M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $517.1M Revenue (TTM), FY23 Q4: $516.4M Revenue (TTM), FY24 Q1: $514.3M Revenue (TTM), FY24 Q2: $511.7M Revenue (TTM), FY24 Q3: $517.8M Revenue (TTM), FY24 Q4: $518.8M Revenue (TTM), FY25 Q1: $532.9M Revenue (TTM), FY25 Q2: $552.9M Revenue (TTM), FY25 Q3: $603.6M Revenue (TTM), FY25 Q4: $646.8M Revenue (TTM), FY26 Q1: $652.6M Revenue (TTM), FY26 Q2: $683.8M $683.8M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $517.1M
FY23 Q4 $516.4M
FY24 Q1 $514.3M
FY24 Q2 $511.7M
FY24 Q3 $517.8M
FY24 Q4 $518.8M
FY25 Q1 $532.9M
FY25 Q2 $552.9M
FY25 Q3 $603.6M
FY25 Q4 $646.8M
FY26 Q1 $652.6M
FY26 Q2 $683.8M
Revenue growth, TTM YoY Limbach Holdings, Inc.
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 7.7% Revenue growth, TTM YoY, FY23 Q4: 3.9% Revenue growth, TTM YoY, FY24 Q1: 2.3% Revenue growth, TTM YoY, FY24 Q2: -0.0% Revenue growth, TTM YoY, FY24 Q3: 0.1% Revenue growth, TTM YoY, FY24 Q4: 0.5% Revenue growth, TTM YoY, FY25 Q1: 3.6% Revenue growth, TTM YoY, FY25 Q2: 8.1% Revenue growth, TTM YoY, FY25 Q3: 16.6% Revenue growth, TTM YoY, FY25 Q4: 24.7% Revenue growth, TTM YoY, FY26 Q1: 22.5% Revenue growth, TTM YoY, FY26 Q2: 23.7% 23.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 7.7%
FY23 Q4 3.9%
FY24 Q1 2.3%
FY24 Q2 -0.0%
FY24 Q3 0.1%
FY24 Q4 0.5%
FY25 Q1 3.6%
FY25 Q2 8.1%
FY25 Q3 16.6%
FY25 Q4 24.7%
FY26 Q1 22.5%
FY26 Q2 23.7%
Operating margin (TTM) Limbach Holdings, Inc.
5% 6% 7% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 5.4% Operating margin (TTM), FY23 Q4: 5.7% Operating margin (TTM), FY24 Q1: 6.1% Operating margin (TTM), FY24 Q2: 6.2% Operating margin (TTM), FY24 Q3: 6.3% Operating margin (TTM), FY24 Q4: 7.4% Operating margin (TTM), FY25 Q1: 7.5% Operating margin (TTM), FY25 Q2: 7.7% Operating margin (TTM), FY25 Q3: 7.4% Operating margin (TTM), FY25 Q4: 7.6% Operating margin (TTM), FY26 Q1: 6.5% Operating margin (TTM), FY26 Q2: 5.7% 5.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 5.4%
FY23 Q4 5.7%
FY24 Q1 6.1%
FY24 Q2 6.2%
FY24 Q3 6.3%
FY24 Q4 7.4%
FY25 Q1 7.5%
FY25 Q2 7.7%
FY25 Q3 7.4%
FY25 Q4 7.6%
FY26 Q1 6.5%
FY26 Q2 5.7%
FCF margin (TTM) Limbach Holdings, Inc.
4% 6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.4% FCF margin (TTM), FY23 Q4: 10.7% FCF margin (TTM), FY24 Q1: 7.8% FCF margin (TTM), FY24 Q2: 7.2% FCF margin (TTM), FY24 Q3: 4.8% FCF margin (TTM), FY24 Q4: 5.6% FCF margin (TTM), FY25 Q1: 6.7% FCF margin (TTM), FY25 Q2: 4.3% FCF margin (TTM), FY25 Q3: 5.3% FCF margin (TTM), FY25 Q4: 6.5% FCF margin (TTM), FY26 Q1: 5.2% FCF margin (TTM), FY26 Q2: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.4%
FY23 Q4 10.7%
FY24 Q1 7.8%
FY24 Q2 7.2%
FY24 Q3 4.8%
FY24 Q4 5.6%
FY25 Q1 6.7%
FY25 Q2 4.3%
FY25 Q3 5.3%
FY25 Q4 6.5%
FY26 Q1 5.2%
FY26 Q2 7.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Limbach Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $647M
  2. Cost of revenue $477M · 73.8%
  3. Gross profit $169M · 26.2%
  4. Selling, general and admin $110M · 16.9%
  5. Other operating costs $10.3M · 1.6%
  6. Operating income $49.5M · 7.6%
  7. Income tax $9.6M · 1.5%
  8. Net income $39.1M · 6.0%

Shares of revenue. Source: Limbach Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 486 547 553 568 490 497 516 519 647 684
Gross profit — 66 59 72 81 86 94 119 144 169 161
EBITDA 2 15 7 14 23 20 20 38 51 68 58
Operating income −0 6 1 8 17 14 12 29 39 49 39
Net income −0 1 −2 −2 6 7 7 21 31 39 30
Diluted EPS −$0.04 −$0.13 −$0.52 −$0.23 $0.72 $0.66 $0.64 $1.76 $2.57 $3.23 $2.50
Growth (year on year)
Revenue — — +12.5% +1.2% +2.7% −13.7% +1.3% +3.9% +0.5% +24.7% +23.7%
EBITDA — +576.0% −55.4% — +62.5% −14.5% +1.2% +86.1% +34.6% +33.8% +2.3%
Operating income — — — — — −18.4% −14.2% +143.8% +31.9% +28.0% −7.5%
Net income — — — — — — — — +48.8% +26.5% −14.4%
Diluted EPS — — — — — — — — +46.0% +25.7% −14.1%
Margins
Gross margin — 13.5% 10.9% 13.0% 14.3% 17.5% 18.9% 23.1% 27.8% 26.2% 23.6%
EBITDA margin — 3.1% 1.2% 2.6% 4.1% 4.1% 4.1% 7.3% 9.7% 10.4% 8.5%
Operating margin — 1.2% 0.2% 1.5% 3.0% 2.9% 2.4% 5.7% 7.4% 7.6% 5.7%
Net margin — 0.1% −0.3% −0.3% 1.0% 1.4% 1.4% 4.0% 6.0% 6.0% 4.4%
Free-cash-flow margin — −1.5% 3.9% −0.6% 6.7% −5.1% 6.9% 10.7% 5.6% 6.5% 7.4%
Cash flow
Cash from operations −0 −4 25 −1 40 −24 35 57 37 46 52
Capital spending — 3 4 3 1 1 1 2 8 4 2
Free cash flow — −7 21 −4 38 −25 34 55 29 42 51
Stock-based pay — 2 2 2 1 3 3 5 6 7 8
Free cash flow after stock pay — −9 19 −5 37 −28 32 50 23 35 43
Balance sheet
Cash — 1 2 8 42 14 36 60 45 11 18
Total debt 0 33 30 43 43 40 31 22 27 36 41
Net debt (negative = net cash) — 33 29 35 1 25 −5 −38 −18 24 23
Diluted shares 7m 7m 8m 8m 8m 10m 11m 12m 12m 12m 12m
Returned to shareholders
Buybacks — — — — — 0 2 0 0 — —
Total returned — — — — — 0 2 0 0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · June 30, 2026
What it owns · $404m
Short-term assets $223mLonger-term assets $181m
What it owes, and who funded it · $404m
Short-term liabilities $150mLonger-term liabilities $51mShareholders' equity $203m
  • Short-term assets cover short-term liabilities $223m of assets due within a year against $150m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $223m short-term assets against $51m of longer-dated liabilities.
  • More cash than debt $18m of cash against $41m of debt.
  • Debt below 40% of shareholders' equity Debt is 20% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 34% to 20% over five years.
  • A year's operating cash flow covers at least 20% of debt $52m of operating cash flow against $41m of debt.
  • Operating profit covers interest at least five times over Operating income of $39m against $4m of interest.

From Limbach Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−0.3%
year over year
Sales & admin spending
16.5%
of revenue
Days sales outstanding
80 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated LMB CDLR SLND MTRX ORN ESOA Median
Revenue, last 12 months $684m $701m $603m $874m $928m $467m $1.5bn
Revenue growth, last 12 months 23.7% 160.6% −32.7% 13.6% 11.0% 21.2% 21.2%
Revenue growth, 3-year average 10.1% — −19.6% 3.2% 9.5% 20.4% 11.3%
Revenue growth, latest quarter 21.9% — −47.4% 13.0% 13.8% 25.5% 26.9%
Gross margin 23.6% 61.8% −44.1% 7.3% 11.8% 11.8% 13.0%
Operating margin 5.7% 51.2% −54.6% −1.1% 1.2% 3.9% 4.1%
Operating margin, 3-year average 6.5% — −21.9% −3.3% 1.2% 3.6% 5.4%
Net margin 4.4% 45.2% −67.0% −0.3% 0.6% 1.9% 1.9%
Cash from operations / revenue 7.7% 63.5% −25.9% 0.8% 0.3% 2.2% 4.4%
Free-cash-flow margin 7.4% −135.6% −26.1% 0.2% −4.1% 1.2% 2.3%
Free-cash-flow margin, 3-year average 6.3% — −9.3% 7.8% −0.1% 2.5% 5.5%
Stock pay / revenue 1.1% 0.3% — 0.8% 0.7% 0.0% 0.7%
Change in share count −0.3% 2.2% 6.0% 1.9% 2.2% 4.5% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 23.7% 21.2% 18 of 43
Change in growth rate Growth +1.2pp +3.2pp 28 of 43
Gross margin Profitability 23.6% 11.8% 9 of 39
Operating margin Profitability 5.7% 4.1% 16 of 39
Net margin Profitability 4.4% 2.1% 15 of 42
Free-cash-flow margin Cash generation 7.4% 2.3% 12 of 43
Stock pay as % of revenue Cash generation 1.1% 0.7% 27 of 33
Long-term debt as % of assets Balance sheet 8.9% 16.2% 10 of 35
Change in share count Balance sheet -0.3% 1.9% 12 of 40
Days sales outstanding Balance sheet 80 days 67 days 20 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Owner Direct Relationships $486M 75.1% ▲ 40.6%
General Contractor Construction Manager Relationships $161M 24.9% ▼ 7.0%

From Limbach Holdings, Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$740M
Institutions reporting
178
Shares held vs prior quarter
▼ 5.8%
Positions opened / closed
27 / 39

Top buyers and sellers, Q2 2026: 95 institutions bought and 93 sold ; the biggest buyer was Boston Partners (+168K shares) and the biggest seller Capital International Investors (−824K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $75.4M 979K 10.2% ▲ 15.6%
Thrivent Financial For Lutherans $66.5M 864K 9.0% ▼ 1.8%
FMR LLC $56.6M 736K 7.7% ▲ 4.8%
Vanguard Capital Management LLC $37.1M 481K 5.0% ▲ 4.0%
Royce & Associates LP $34.2M 444K 4.6% ▲ 16.7%
Wasatch Advisors LP $29.3M 381K 4.0% ▼ 60.7%
Neumeier Poma Investment Counsel LLC $24.9M 324K 3.4% ▲ 3.2%
Geode Capital Management, LLC $23M 298K 3.1% ▲ 9.4%
Corsair Capital Management, L.P. $22.2M 288K 3.0% ▼ 7.6%
Dimensional Fund Advisors LP $20.4M 265K 2.8% ▼ 0.4%
State Street Corp $19.5M 254K 2.6% ▲ 7.9%
Segall Bryant & Hamill, LLC $19.3M 251K 2.6% ▲ 49.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Limbach Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $515,933 7 trades by 3 insiders, last 12 months Insider sales History → $3.1M 23 trades by 2 insiders · 100% under pre-set plans
Net ▼ $2.6M net selling
Insider Date Trade Shares Price Value
Palm Global Small Cap Master Fund Lp 10% owner September 15, 2026 Buy 3,346 $50.61 $169,341
Palm Global Small Cap Master Fund Lp 10% owner September 15, 2026 Buy 212 $50.66 $10,740
Palm Global Small Cap Master Fund Lp 10% owner September 15, 2026 Buy 662 $51.25 $33,928
Krzeminski Laurel J Director September 15, 2026 Buy 500 $50.58 $25,290
Sharp Jay Executive Vice President September 15, 2026 Sell pre-set plan 5,094 $50.21 $255,770
Gaboury David Richard Director September 14, 2026 Buy 1,940 $51.35 $99,619
Palm Global Small Cap Master Fund Lp 10% owner September 11, 2026 Buy 1,000 $49.59 $49,590
Palm Global Small Cap Master Fund Lp 10% owner September 11, 2026 Buy 2,600 $49.01 $127,426
Sharp Jay Executive Vice President June 15, 2026 Sell pre-set plan 200 $81.32 $16,264
Sharp Jay Executive Vice President June 15, 2026 Sell pre-set plan 788 $78.46 $61,826
Sharp Jay Executive Vice President June 15, 2026 Sell pre-set plan 1,862 $79.67 $148,346
Sharp Jay Executive Vice President June 15, 2026 Sell pre-set plan 2,021 $80.34 $162,367

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • March 3, 2026
  • November 4, 2025
  • August 5, 2025
  • May 5, 2025

Recent SEC filings

Data status

When each part of this page on Limbach Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Limbach Holdings, Inc. in brief

What does Limbach Holdings, Inc. do?
Limbach Holdings, Inc. is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Limbach Holdings, Inc.'s stock ticker?
Limbach Holdings, Inc. trades under the ticker LMB on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Limbach Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Limbach Holdings, Inc. reported revenue of $684M, 23.7% higher than a year earlier, according to its SEC filings.
What is Limbach Holdings, Inc.'s free cash flow?
Limbach Holdings, Inc.'s free-cash-flow margin is 7.4% of revenue over the trailing twelve months, ranking 12 of the 43 construction & engineering companies we cover.
Who are Limbach Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Thrivent Financial For Lutherans and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Limbach Holdings, Inc.'s market cap?
On November 2, 2026, Limbach Holdings, Inc.'s market capitalisation was about $566M, with a price-to-earnings ratio of 18.7 and net debt of $23.2M. Market figures come from third-party market data and may be delayed.
How much debt does Limbach Holdings, Inc. have?
Limbach Holdings, Inc.'s debt-to-equity ratio is 20.0%, from its latest balance sheet (33.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Limbach Holdings, Inc.'s competitors?
In our Construction & Engineering peer group, the companies closest to Limbach Holdings, Inc. are Cadeler A/s, Southland Holdings, Inc., Matrix Service Co, Orion Group Holdings Inc and Energy Services Of America Corp. The side-by-side comparison below sets their revenue, margins and growth against Limbach Holdings, Inc.'s.
Are insiders buying or selling Limbach Holdings, Inc. stock?
Over the last 12 months, Limbach Holdings, Inc.'s directors and officers reported 7 open-market purchases and 23 sales on Form 4. The insider trading page charts every trade.
When is Limbach Holdings, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Limbach Holdings, Inc. announces its own schedule.