Limbach Holdings (LMB)
NASDAQ:LMB
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Limbach Holdings
(NASDAQ:LMB)
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Rating:63Neutral
Price Target:
$77.00
▼(-17.70% Downside)
Action:Reiterated
Date:05/19/26
The score is anchored by solid underlying financial performance and reaffirmed full-year guidance supported by strong bookings, but it is held back by weak technical momentum (price below key moving averages with negative MACD), a high P/E valuation, and near-term margin and cash-flow pressure highlighted in the latest quarter.
Positive Factors
Strong bookings & data-center traction
Sustained, large bookings and a 1.5x book-to-bill provide multi-quarter revenue visibility and backlog conversion optionality. Significant data-center demand (27% of bookings) targets mission-critical, higher-repeat projects, supporting durable topline growth and operating leverage as projects ramp.
Negative Factors
Margin compression from acquisitions
Integration of lower-margin acquired operations has materially compressed gross margins. Management expects a 2–3 year remediation window for margin recovery; until then, persistent lower margins will reduce cash generation, constrain reinvestment, and limit near-term improvement in consolidated profitability metrics.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong bookings & data-center traction
Sustained, large bookings and a 1.5x book-to-bill provide multi-quarter revenue visibility and backlog conversion optionality. Significant data-center demand (27% of bookings) targets mission-critical, higher-repeat projects, supporting durable topline growth and operating leverage as projects ramp.
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
$850.69M
Dividend YieldN/A
Average Volume (3M)314.89K
Price to Earnings (P/E)52.4
Beta (1Y)1.40
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. Volume349,825
30 Day Avg. Volume314,895
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 Cap1.07
Enterprise Value/Revenue1.40
Enterprise Value/Gross Profit5.57
Enterprise Value/Ebitda14.47
Forecast
1Y Price Target
$117.00Price Target Upside25.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)4.98
Revenue Forecast (FY)$743.34M
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 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 | 62.98M | 69.89M | 53.72M | 38.39M | 19.91M | 17.99M |
| Net Income | 42.80M | 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
Negative
93.56
Price Trends
83.15
Negative
84.39
Negative
88.22
Negative
Market Momentum
-4.41
Positive
43.36
Neutral
26.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LMB, the sentiment is Negative. The current price of 93.56 is above the 20-day moving average (MA) of 81.59, above the 50-day MA of 83.15, and above the 200-day MA of 88.22, indicating a bearish trend. The MACD of -4.41 indicates Positive momentum. The RSI at 43.36 is Neutral, neither overbought nor oversold. The STOCH value of 26.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $1.41B | 34.71 | 19.38% | ― | 14.87% | 121.85% | |
67 Neutral | $568.73M | 23.32 | 5.40% | ― | 6.74% | 250.16% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $850.69M | 52.39 | 17.86% | ― | 22.45% | -3.60% | |
59 Neutral | $358.14M | 97.14 | -10.79% | ― | 13.88% | 34.22% | |
58 Neutral | $1.68B | -18.44 | 2.94% | ― | 8.57% | -42.26% |
* Industrials Sector Average
LMB
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Limbach Holdings Corporate Events
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...
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...
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.