Limbach Holdings (LMB)
NASDAQ:LMB
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Limbach Holdings
(NASDAQ:LMB)
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Rating:64Neutral
Price Target:
$82.00
▼(-12.36% Downside)
Action:Reiterated
Date:06/12/26
The score is primarily supported by strong multi-year profitability improvement and solid leverage/returns, plus reaffirmed 2026 guidance and strong bookings. Offsetting these positives are weak recent cash-flow consistency, clear near-term margin/earnings pressure highlighted in Q1, and bearish technical signals with the stock trading below key moving averages.
Positive Factors
Strong multi-year revenue acceleration
Sustained, multi-year revenue acceleration reflects expanding market share and higher project wins. Durable top-line growth improves fixed-cost absorption, funds strategic investments (sales, vertical teams) and underpins margin recovery prospects over the next several quarters.
Negative Factors
Volatile cash flow conversion
Declining and inconsistent cash generation reduces financial flexibility and raises dependence on financing for operations and acquisitions. Working-capital swings and project timing can depress free cash flow in future quarters, making capital allocation and margin recovery harder to execute reliably.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong multi-year revenue acceleration
Sustained, multi-year revenue acceleration reflects expanding market share and higher project wins. Durable top-line growth improves fixed-cost absorption, funds strategic investments (sales, vertical teams) and underpins margin recovery prospects over the next several quarters.
Read all positive factors
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.
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The Fly
The FlyLimbach Holdings (LMB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$934.13M
Dividend YieldN/A
Average Volume (3M)385.10K
Price to Earnings (P/E)28.3
Beta (1Y)1.39
Revenue Growth22.45%
EPS Growth-3.60%
CountryUS
Employees1,400
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)2.86
Shares Outstanding11,921,067
10 Day Avg. Volume355,939
30 Day Avg. Volume385,095
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 Cap1.09
Enterprise Value/Revenue1.55
Enterprise Value/Gross Profit6.19
Enterprise Value/Ebitda15.99
Forecast
1Y Price Target
$104.00Price Target Upside11.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)4.98
Revenue Forecast (FY)$743.34M
Limbach Holdings Business Overview & Revenue Model
Company Description
Limbach Holdings, Inc. is a U.S.-based provider of comprehensive building systems solutions, engaging with both general contractors and directly with building owners. The company's services encompass the entire lifecycle of critical infrastructure...
How the Company Makes Money
Limbach primarily makes money by providing MEP and building systems work to building owners and general contractors under contracted arrangements. Revenue is generally generated through two main channels: (1) project-based work, where the company ...
Limbach Holdings Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: strong operational momentum in bookings (book-to-bill 1.5x), clear traction in the data center vertical including near-term >$30M and $6M awards, and a reaffirmed 2026 growth and EBITDA guide. However, near-term financial performance was weaker with meaningful declines in organic revenue, gross margins, adjusted EBITDA and net income, driven partly by integration and seasonal factors and higher fixed costs. Management outlined specific remediation actions for Pioneer Power margins and emphasized strategic investments expected to drive revenue and margin expansion over the year and beyond. Given substantial operational positives but notable near-term financial headwinds, the overall tone is cautious and constructive.Positive Updates
Strong Bookings and Book-to-Bill
Q1 bookings of $209.0M produced a book-to-bill of 1.5x; more than $434M of bookings over the past two quarters ($225M in Q4'25 + $209M in Q1'26). Approximately 27% of Q1 bookings came from data center opportunities, indicating accelerating demand.
Negative Updates
Organic Revenue Decline
Total organic revenue decreased 13.4% YoY in Q1; ODR organic revenue declined 5.4% and GCR organic revenue fell sharply by 30.2%, reflecting lower bookings in mid-2025 and seasonal patterns among industrial customers.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Bookings and Book-to-Bill
Q1 bookings of $209.0M produced a book-to-bill of 1.5x; more than $434M of bookings over the past two quarters ($225M in Q4'25 + $209M in Q1'26). Approximately 27% of Q1 bookings came from data center opportunities, indicating accelerating demand.
Read all positive updates
Company Guidance
Limbach reaffirmed 2026 guidance of $730–760 million in revenue (up 13–17% YoY) and $90–94 million of adjusted EBITDA (up 10–16%), supported by assumptions of total organic revenue growth of 4–8%, ODR organic growth of 9–12% with ODR representing 75–80% of revenue, total gross margin of 26–27%, SG&A of 15–17% of revenue, free cash flow targeted at 75% of adjusted EBITDA and approximately $5 million of annual CapEx; management also expects sequential improvement in Q2 and is comfortable with consensus, citing strong bookings (Q1 bookings $209 million, book‑to‑bill 1.5x, >$434 million booked over the last two quarters with ~27% from data centers) as evidence of building revenue momentum.Limbach Holdings Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 652.55M | 646.80M | 518.78M | 516.35M | 496.78M | 490.35M |
| Gross Profit | 163.76M | 169.31M | 144.28M | 119.29M | 93.74M | 85.91M |
| EBITDA | 63.42M | 69.89M | 53.72M | 38.39M | 19.91M | 17.99M |
| Net Income | 33.23M | 48.63M | 30.88M | 20.75M | 6.80M | 6.71M |
Balance Sheet | ||||||
| Total Assets | 376.97M | 381.13M | 352.13M | 304.44M | 294.56M | 267.51M |
| Cash, Cash Equivalents and Short-Term Investments | 15.77M | 11.35M | 44.93M | 59.83M | 36.00M | 14.48M |
| Total Debt | 76.47M | 55.87M | 48.73M | 41.98M | 50.30M | 60.64M |
| Total Liabilities | 180.64M | 185.47M | 198.64M | 183.52M | 199.11M | 179.67M |
| Stockholders Equity | 196.34M | 195.66M | 153.49M | 120.92M | 95.44M | 87.84M |
Cash Flow | ||||||
| Free Cash Flow | 33.66M | 41.89M | 29.26M | 55.10M | 34.38M | -25.02M |
| Operating Cash Flow | 35.65M | 45.70M | 36.78M | 57.37M | 35.37M | -24.23M |
| Investing Cash Flow | -65.77M | -67.59M | -42.57M | -17.09M | -495.00K | -19.30M |
| Financing Cash Flow | 7.79M | -11.70M | -9.12M | -16.49M | -13.35M | 15.87M |
Limbach Holdings Technical Analysis
Neutral
93.56
Price Trends
83.82
Negative
84.19
Negative
85.48
Negative
Market Momentum
-0.52
Negative
49.60
Neutral
38.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMB, the sentiment is Neutral. The current price of 93.56 is above the 20-day moving average (MA) of 78.50, above the 50-day MA of 83.82, and above the 200-day MA of 85.48, indicating a neutral trend. The MACD of -0.52 indicates Negative momentum. The RSI at 49.60 is Neutral, neither overbought nor oversold. The STOCH value of 38.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $1.44B | 24.56 | 19.38% | ― | 14.87% | 121.85% | |
67 Neutral | $603.55M | 71.64 | 5.40% | ― | 6.74% | 250.16% | |
64 Neutral | $934.13M | 28.30 | 17.86% | ― | 22.45% | -3.60% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $391.06M | -25.77 | -10.79% | ― | 13.88% | 34.22% | |
47 Neutral | $1.49B | 45.61 | 2.94% | ― | 8.57% | -42.26% |
* Industrials Sector Average
LMB
Limbach Holdings
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Limbach Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
Limbach Holdings Stockholders Approve Directors and Governance Measures
Positive
Jun 11, 2026
On June 9, 2026, Limbach Holdings held its annual meeting of stockholders, with 10,432,247 common shares represented in person or by proxy. Shareholders elected Joshua S. Horowitz, Linda G. Alvarado, and Terence P. Dugan as Class A directors to se...
Business Operations and StrategyExecutive/Board Changes
Limbach Holdings Appoints Michael Reed as Chief Operating Officer
Positive
May 18, 2026
On May 18, 2026, Limbach Holdings, Inc. appointed Michael Reed to the newly created role of Executive Vice President and Chief Operating Officer, underscoring the company’s focus on operational excellence and scalable growth. Reed, who joine...
Business Operations and StrategyFinancial Disclosures
Limbach Reports Q1 2026 Results, Reaffirms Full-Year Outlook
Negative
May 5, 2026
Limbach Holdings reported first-quarter 2026 results on May 5, 2026, showing revenue up 4.3% year over year to $138.9 million, driven largely by the 2025 acquisition of Pioneer Power, while organic revenue declined amid prior-period booking softne...
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.