Limbach Holdings (LMB)
NASDAQ:LMB
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Limbach Holdings
(NASDAQ:LMB)
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Rating:72Outperform
Price Target:
$86.00
▲(4.13% Upside)
Action:UpgradedDate:03/03/26
The score is driven primarily by improving fundamentals (higher margins, stronger earnings, and lower leverage) and constructive earnings-call guidance with strong bookings and cash-generation targets. Offsetting this are mixed technicals (below the 200-day average and slightly below the 20-day) and a higher P/E that leaves less room for execution missteps, especially with near-term acquisition-related margin headwinds.
Positive Factors
Improving Profitability and Margins
Material margin improvement over the multi-year period demonstrates better project pricing, operational control and favorable mix. Sustained higher gross and net margins support reinvestment, cash generation and return on capital, strengthening the firm's fundamental profit base over coming years.
Negative Factors
Acquisition-Related Gross Margin Compression
Acquired businesses (notably Pioneer Power) have lower margin profiles, driving consolidated gross-margin dilution. Recovery depends on multi-year integration and operational improvement; until realized, acquisition mix can structurally suppress reported margins and pressure near-term profitability metrics.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Profitability and Margins
Material margin improvement over the multi-year period demonstrates better project pricing, operational control and favorable mix. Sustained higher gross and net margins support reinvestment, cash generation and return on capital, strengthening the firm's fundamental profit base over coming years.
Read all positive factors
Limbach Holdings (LMB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$964.60M
Dividend YieldN/A
Average Volume (3M)204.25K
Price to Earnings (P/E)18.6
Beta (1Y)1.54
Revenue Growth16.56%
EPS Growth35.80%
CountryUS
Employees1,400
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)1.40
Shares Outstanding11,679,391
10 Day Avg. Volume154,959
30 Day Avg. Volume204,254
Financial Highlights & Ratios
PEG Ratio0.36
Price to Book (P/B)4.63
Price to Sales (P/S)1.40
P/FCF Ratio21.61
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue1.62
Enterprise Value/Gross Profit6.17
Enterprise Value/Ebitda14.89
Forecast
1Y Price Target
$117.67Price Target Upside42.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)4.5
Revenue Forecast (FY)$742.58M
Limbach Holdings Business Overview & Revenue Model
Company Description
Limbach Holdings, Inc. operates as an integrated building systems solutions company in the United States. It operates in two segments, General Contractor Relationships and Owner Direct Relationships. The company engages in the design, prefabricati...
How the Company Makes Money
Limbach makes money primarily by delivering MEP projects and recurring building-systems services. A major revenue stream comes from contracting work tied to the design, fabrication, installation, and commissioning of mechanical systems (notably HV...
Limbach Holdings Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Shows gross profit for each business segment after direct costs, highlighting which parts of the company deliver healthy margins and which are under margin pressure. For Limbach, segment-level gross margins reveal the effects of labor and subcontracting costs, material price swings, and project cost overruns, helping investors see whether growth is translating into profitable revenue or being driven by low-margin contracts.
Shows gross profit for each business segment after direct costs, highlighting which parts of the company deliver healthy margins and which are under margin pressure. For Limbach, segment-level gross margins reveal the effects of labor and subcontracting costs, material price swings, and project cost overruns, helping investors see whether growth is translating into profitable revenue or being driven by low-margin contracts.
Data provided by:
The Fly
The FlyLimbach Holdings Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call communicated strong operational and financial momentum — record revenue growth (24.7%), outsized ODR growth (40.6% with 17% organic), record adjusted EBITDA (+28.4%), strong cash generation and low leverage — driven by strategic mix shift, active M&A and sales investments. Primary concerns centered on margin pressure from recent acquisitions (notably Pioneer Power), near-term seasonality and integration timelines that will depress consolidated gross margins in the short term. Management provided clear remediation plans (integration phases, sales enablement, REVOLVE solutions) and multi-year visibility for margin recovery.Positive Updates
Record Full-Year Revenue Growth
Total revenue for 2025 grew 24.7% year-over-year to $646.8 million, the first substantial revenue growth since 2020 and described as a record year.
Negative Updates
Gross Margin Compression Due to Acquisitions
Consolidated total gross margin for 2025 was 26.2%, down from 27.8% in 2024. Q4 consolidated gross margin fell to 25.7% from 30.3% year-over-year, primarily driven by Pioneer Power’s lower gross margin profile and fewer project write-ups.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Revenue Growth
Total revenue for 2025 grew 24.7% year-over-year to $646.8 million, the first substantial revenue growth since 2020 and described as a record year.
Read all positive updates
Company Guidance
For 2026 management guided revenue of $730–760 million (up 13%–17% YoY) and adjusted EBITDA of $90–94 million (up 10%–16% YoY), based on total organic revenue growth of 4%–8% and ODR organic growth of 9%–12%, an ODR mix of 75%–80% of revenue, total gross margin of 26%–27%, SG&A of 15%–17% of revenue, free cash flow at ~75% of adjusted EBITDA, a CapEx run rate of ~$5 million, a seasonally slow Q1, plus strong Q4 bookings of $225 million vs. Q4 revenue of $187 million; balance sheet targets include low leverage (net debt $24.6M; net debt/adjusted EBITDA 0.3x) and ~ $96M liquidity.Limbach Holdings Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 646.80M | 518.78M | 516.35M | 496.78M | 490.35M |
| Gross Profit | 169.31M | 144.28M | 119.29M | 93.74M | 85.91M |
| EBITDA | 69.89M | 53.72M | 38.39M | 19.91M | 17.99M |
| Net Income | 48.63M | 30.88M | 20.75M | 6.80M | 6.71M |
Balance Sheet | |||||
| Total Assets | 381.13M | 352.13M | 304.44M | 294.56M | 267.51M |
| Cash, Cash Equivalents and Short-Term Investments | 11.35M | 44.93M | 59.83M | 36.00M | 14.48M |
| Total Debt | 55.87M | 48.73M | 41.98M | 50.30M | 60.64M |
| Total Liabilities | 185.47M | 198.64M | 183.52M | 199.11M | 179.67M |
| Stockholders Equity | 195.66M | 153.49M | 120.92M | 95.44M | 87.84M |
Cash Flow | |||||
| Free Cash Flow | 41.89M | 29.26M | 55.10M | 34.38M | -25.02M |
| Operating Cash Flow | 45.70M | 36.78M | 57.37M | 35.37M | -24.23M |
| Investing Cash Flow | -67.59M | -42.57M | -17.09M | -495.00K | -19.30M |
| Financing Cash Flow | -11.70M | -9.12M | -16.49M | -13.35M | 15.87M |
Limbach Holdings Technical Analysis
Positive
82.59
Price Trends
84.60
Negative
80.80
Positive
96.15
Negative
Market Momentum
-0.24
Negative
52.28
Neutral
81.43
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMB, the sentiment is Positive. The current price of 82.59 is above the 20-day moving average (MA) of 79.09, below the 50-day MA of 84.60, and below the 200-day MA of 96.15, indicating a neutral trend. The MACD of -0.24 indicates Negative momentum. The RSI at 52.28 is Neutral, neither overbought nor oversold. The STOCH value of 81.43 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LMB.
Limbach Holdings Risk Analysis
Limbach Holdings disclosed 60 risk factors in its most recent earnings report. Limbach Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Limbach Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $964.60M | 18.61 | 22.04% | ― | 16.56% | 35.80% | |
67 Neutral | $1.16B | 29.35 | 19.12% | ― | 12.90% | 72.61% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | $343.45M | -92.28 | -13.58% | ― | 17.16% | 24.10% | |
55 Neutral | $461.36M | 158.32 | 1.60% | ― | 7.02% | ― | |
49 Neutral | $1.40B | 34.84 | 4.24% | ― | 12.22% | 17.41% |
* Industrials Sector Average
LMB
Limbach Holdings
82.59
2.42
3.02%
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Limbach Holdings Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Limbach Holdings Posts Record 2025 Results, Authorizes Buyback
Positive
Mar 3, 2026
Limbach Holdings reported record fourth‑quarter and full‑year 2025 results on March 2, 2026, driven by its ongoing shift toward Owner Direct Relationships and the contribution from recent acquisitions, notably Pioneer Power. Total reve...
Business Operations and StrategyExecutive/Board Changes
Limbach Holdings Expands Board And Increases Director Compensation
Positive
Jan 5, 2026
On January 5, 2026, Limbach Holdings announced that its board appointed veteran HVAC executive Terence (Terry) P. Dugan as an independent Class A director, effective January 1, 2026, expanding the board from six to seven members and placing him on...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.