Limbach Holdings (LMB) AI Stock Analysis

• Market Cap: $925.15M
• Dividend Yield: N/A
• Average Volume (3M): 167.15K
• Price to Earnings (P/E): 26.3
• Beta (1Y): 1.62
• Revenue Growth: 16.56%
• EPS Growth: 35.80%
• Country: US
• Employees: 1,400
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 1.05
• Shares Outstanding: 11,626,814
• 10 Day Avg. Volume: 192,742
• 30 Day Avg. Volume: 167,151
• PEG Ratio: 0.74
• Price to Book (P/B): 6.36
• Price to Sales (P/S): 1.88
• P/FCF Ratio: 33.39
• Enterprise Value/Market Cap: 1.35
• Enterprise Value/Revenue: 2.07
• Enterprise Value/Gross Profit: 7.69
• Enterprise Value/Ebitda: 19.43
• 1Y Price Target: $113.00
• Price Target Upside: 39.96% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 4.1
• Revenue Forecast (FY): $658.36M

• Rating: 74 Outperform
• Price Target: $88.00 ▲(8.99% Upside)

Limbach Holdings' strong financial performance and strategic growth initiatives, particularly in the ODR segment, are significant positives. However, technical indicators suggest a bearish trend, and valuation metrics indicate the stock is fairly valued. The share repurchase program adds a positive sentiment, but challenges in margin management and increased expenses need addressing.

Positive Factors

Revenue Growth

Strong revenue growth indicates successful execution of strategic initiatives and market demand, supporting long-term business expansion.

Share Repurchase Program

The share repurchase program reflects confidence in growth strategy and enhances shareholder value by reducing share count and offsetting dilution.

ODR Segment Growth

Focus on ODR segment aligns with strategic goals, offering higher margins and stable revenue streams, strengthening competitive position.

Negative Factors

Gross Margin Decline

Declining gross margins due to acquisitions may pressure overall profitability, requiring cost management to sustain long-term margins.

Increased SG&A Expenses

Rising SG&A expenses can erode operating margins, necessitating efficiency improvements to maintain profitability and competitive edge.

Organic Revenue Growth Adjustment

Lowered organic growth forecast suggests challenges in market penetration or product adoption, impacting future revenue potential.

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, prefabrication, installation, management, and maintenance of mechanical, electrical, plumbing, and control systems, as well as heating, ventilation, air-conditioning (HVAC) system. Its facility services comprise mechanical construction, HVAC service and maintenance, energy audits and retrofits, engineering and design build, constructability evaluation, equipment and materials selection, offsite/prefabrication construction, and sustainable building solutions and practices. The company serves research, acute care, and inpatient hospitals; public and private colleges, universities, research centers and K-12 facilities; sports arenas; entertainment facilities, and amusement rides; passenger terminals and maintenance facilities for rail and airports; government facilities comprising federal, state, and local agencies; hotels and resorts; office building and other commercial structures; data centers; and industrial manufacturing facilities. The company was founded in 1901 and is headquartered in Pittsburgh, Pennsylvania.

How the Company Makes Money

Limbach Holdings generates revenue primarily through its contracting services, which include project-based work for new construction and upgrades in the MEP sector. Key revenue streams come from service contracts, maintenance agreements, and the installation of systems in commercial and institutional buildings. The company also earns income through its service and repair operations, which provide ongoing support to clients. Significant partnerships with construction firms, developers, and facility managers further enhance its revenue potential. Additionally, Limbach's focus on energy efficiency and sustainability initiatives has opened new avenues for growth, allowing them to capitalize on the increasing demand for eco-friendly building solutions.

Limbach Holdings Financial Statement Overview

Summary

Limbach Holdings shows strong financial health with robust revenue growth and profitability. The balance sheet reflects moderate leverage and effective equity utilization, while cash flow generation is solid, albeit with some room for improvement in cash retention.

Income Statement

Limbach Holdings has demonstrated strong revenue growth with a 9.16% increase in TTM, indicating a positive trajectory. The gross profit margin of 27.3% and net profit margin of 6.06% reflect solid profitability. However, the EBIT margin has decreased compared to the previous year, suggesting potential cost management issues.

Balance Sheet

The company's debt-to-equity ratio of 0.46 indicates moderate leverage, which is manageable. Return on equity is strong at 22.51%, showcasing effective use of equity to generate profits. The equity ratio of 44.37% suggests a stable financial position with a good proportion of assets financed by equity.

Cash Flow

The free cash flow growth rate of 34.87% in TTM is impressive, indicating strong cash generation capabilities. The operating cash flow to net income ratio of 1.01 suggests efficient conversion of income into cash. However, the free cash flow to net income ratio of 0.87 indicates room for improvement in cash retention.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	603.58M	518.78M	516.35M	496.78M	490.35M	568.21M
Gross Profit	162.40M	144.28M	119.29M	93.74M	85.91M	81.39M
EBITDA	64.27M	53.72M	38.39M	19.91M	17.99M	21.79M
Net Income	36.61M	30.88M	20.75M	6.80M	6.71M	5.81M
Balance Sheet
Total Assets	409.12M	352.13M	304.44M	294.56M	267.51M	262.16M
Cash, Cash Equivalents and Short-Term Investments	9.88M	44.93M	59.83M	36.00M	14.48M	42.15M
Total Debt	82.75M	48.73M	41.98M	50.30M	60.64M	62.44M
Total Liabilities	227.56M	198.64M	183.52M	199.11M	179.67M	208.43M
Stockholders Equity	181.56M	153.49M	120.92M	95.44M	87.84M	53.73M
Cash Flow
Free Cash Flow	31.97M	29.26M	55.10M	34.38M	-25.02M	38.33M
Operating Cash Flow	36.86M	36.78M	57.37M	35.37M	-24.23M	39.81M
Investing Cash Flow	-92.75M	-42.57M	-17.09M	-495.00K	-19.30M	-1.32M
Financing Cash Flow	14.54M	-9.12M	-16.49M	-13.35M	15.87M	-4.69M

Limbach Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 80.74
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 80.74 is above the 20-day moving average (MA) of 75.18, below the 50-day MA of 80.99, and below the 200-day MA of 103.97, indicating a neutral trend. The MACD of 0.51 indicates Negative momentum. The RSI at 57.92 is Neutral, neither overbought nor oversold. The STOCH value of 63.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LMB.

Limbach Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GLDD	81 Outperform	$920.03M	11.41	17.37%	―	12.53%	35.68%
WLDN	76 Outperform	$1.67B	40.54	16.38%	―	12.90%	72.61%
LMB	74 Outperform	$925.15M	26.26	22.61%	―	16.56%	35.80%
ORN	66 Neutral	$417.76M	43.39	6.31%	―	7.02%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AMRC	61 Neutral	$1.60B	25.70	6.31%	―	12.22%	17.41%
MTRX	47 Neutral	$334.68M	-13.88	-16.33%	―	17.16%	24.10%

Limbach Holdings Corporate Events

Limbach Holdings Announces Share Repurchase Program

On December 15, 2025, Limbach Holdings announced a share repurchase program authorized by its board of directors, allowing the company to buy back up to $50 million of its common stock by December 15, 2027. This move reflects the company’s confidence in its growth strategy and aims to manage potential dilution from incentive compensation programs, ultimately reinforcing its focus on delivering long-term stockholder value.

Limbach Holdings Reports Strong Q3 2025 Revenue Growth

Limbach Holdings reported a strong third quarter for 2025, with a 37.8% increase in total revenue to $184.6 million compared to the previous year, driven by acquisitions and organic growth. The company achieved a net income of $8.8 million and adjusted EBITDA of $21.8 million, reflecting its strategic focus on higher-margin ODR business. The acquisition of Pioneer Power has expanded Limbach’s footprint and contributed significantly to revenue, although it has impacted gross margins due to its lower margin profile. The company remains committed to improving Pioneer Power’s margins and reaffirmed its full-year revenue guidance of $650 million to $680 million.