LMB
Limbach Holdings, Inc.
Next earnings Aug 3, 2026 · consensus $0.74 EPS, $179M rev
Last earnings +11.6% on 2026-05-05
$81.26
▼ -0.79%$81.26▼ -42.44%
over 1Y
L $65.92EODHDH $149.53
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-0.8%
1W-0.6%
1M+0.9%
3M+0.6%
YTD+2.8%
1Y-42.4%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 9 analysts
Buy
LMB is compounding ODR-led growth into expanding margins — a 25x P/E is fair for 25% EPS growth and a strengthening balance sheet.
Revenue $647M · FY2025
The read
Quality fundamentals and an attractive price line up (~51% below fair value) — the rarer case where both the business and the entry look good.
Limbach has executed a textbook mix-shift from low-margin GCR construction to higher-margin owner-direct (ODR) service work, and the FY2025 numbers show it landing. Revenue jumped 24.7% to $647M, but operating income grew faster at +28.0% and net income +26.5% to $39.1M — operating leverage is real, not optical. The 10-K explicitly says management is intentionally shrinking GCR backlog to 'focus on higher margin projects' while ODR backlog grew to $255.8M from $225.3M, with 84% expected to convert to revenue in 2026. That gives strong visibility into next-year growth without requiring price discovery.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $490M | $497M | $516M | $519M | $647M |
| Gross profit | $85.9M | $93.7M | $119M | $144M | $169M |
| Operating income | $14.0M | $12.0M | $29.3M | $38.6M | $49.5M |
| Net income | $6.71M | $6.80M | $20.8M | $30.9M | $39.1M |
| Diluted EPS | $0.66 | $0.64 | $1.76 | $2.57 | $3.23 |
| Net margin | 1.4% | 1.4% | 4.0% | 6.0% | 6.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$973M
EV / EBITDA14.4
EV / Sales1.5
EV / FCF23.2
P / FCF22.7
PEG (trailing)0.95
Earnings yield4.1%
FCF yield4.4%
Quality & risk
ROIC (est.)16.9%
Free cash flow$41.9M
Total debt$34.8M
Net cash-$23.5M
Altman Z-Score5.75 safe
Piotroski F-Score6/9
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+2.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-06-11
Annual meeting vote results: directors elected, routine governance items approved.
- 8-K Officer / director change2026-05-18
Officer/director change disclosed alongside Reg FD exhibit; no financial impact stated.
- 8-K Earnings results2026-05-05
Q1 2026 quarterly: ODR mix shift continues, balance sheet remains lightly levered.
- 10-Q Quarterly report2026-05-05
Q1 2026 quarterly: ODR mix shift continues, balance sheet remains lightly levered.
- DEF 14A Proxy statement2026-04-23
2026 proxy: director slate and exec comp items, no unusual governance asks.
- 8-K Earnings results2026-03-03
FY2025 results: revenue +24.7% to $647M, net income +26.5%, EPS $3.23.
- 10-K Annual report2026-03-02
FY2025 10-K: rev $647M (+25%), ODR backlog $256M, equity $196M, ROE 20%.
- 8-K Officer / director change2026-01-05
Officer change plus other event, likely tied to Pioneer Power acquisition close.
- 8-K Other event2025-12-15
Disclosed Pioneer Power Transaction adding to ODR backlog and growth pipeline.
Recent filings
all on EDGAR ↗4Period ending 2026-06-152026-06-17open ↗144Filing2026-06-15open ↗8-KPeriod ending 2026-06-092026-06-11open ↗4Period ending 2026-05-182026-05-20open ↗3Period ending 2026-05-182026-05-20open ↗8-KPeriod ending 2026-05-182026-05-18open ↗SCHEDULE 13G/AFiling2026-05-14open ↗8-KPeriod ending 2026-05-052026-05-05open ↗10-QPeriod ending 2026-03-312026-05-05open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-242026-04-28open ↗144Filing2026-04-24open ↗
Frequently asked
- Is Limbach Holdings, Inc. (LMB) a buy?
- LMB currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. LMB is compounding ODR-led growth into expanding margins — a 25x P/E is fair for 25% EPS growth and a strengthening balance sheet.
- What is LMB's fair value?
- A Modified-Graham model based on LMB's SEC fundamentals estimates a fair value of about $122.74. It is an estimate from reported earnings, not a price target.
- Is LMB overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, LMB currently appears undervalued relative to its SEC-grounded earnings power.
- What is Limbach Holdings, Inc.'s quality score?
- LMB scores 75.90196078431372/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001606163, latest 10-Q filed 2026-05-05) · EODHD · analysis by claude-code · as of 6/25/2026, 2:24:33 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.