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Limbach Holdings, Inc. key statistics and ratios

In fiscal 2025, Limbach Holdings, Inc. had return on equity of 22.4% and a net margin of 6.0%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2015Dec 20152017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin—0.1%−0.3%−0.3%1.0%1.4%1.4%4.0%6.0%6.0%4.4%
Return on equity−6.8%2.7%−3.9%−3.8%11.5%9.5%7.4%19.2%22.5%22.4%15.2%
Return on assets−0.7%0.5%−0.8%−0.7%2.2%2.5%2.4%6.9%9.4%10.7%7.7%
Effective tax rate—81.6%——16.9%29.2%29.2%26.1%22.7%19.7%18.7%
SG&A as % of revenue—11.5%10.4%11.4%11.2%14.6%15.7%16.9%18.7%16.9%16.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Limbach Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Limbach Holdings, Inc.