One-glance verdict
Within fair range
$69.27 our estimate vs market $53.23
Wall Street consensus: $77.20 (11.4% higher than our fair-value estimate)
23% below our estimate
Fundamentals snapshot
Limbach Holdings, Inc.
LMB · NCM · Industrials · Building Products & Equipment
Current price
$53.23
52-week range
$40.74 - $114.95
Market cap
$634.77M
Balance sheet
Healthy
16.42x Strong cushion
Net debt $42.06M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 5.7% last year.
- Reward Returns 16.2% on equity, ahead of 66% of its peers.
- Reward Free cash flow was positive in 7/10 years.
- Risk Net debt grew 211.5% over 3 years.
What this company does
Limbach Holdings, Inc.
Limbach Holdings is a specialty company that installs and maintains the crucial systems that make large buildings work, like the heating, air conditioning, and plumbing for hospitals and data centers. The company focuses heavily on working directly with building owners for ongoing service and repairs, which creates a stable source of recurring revenue (predictable income that is likely to continue regularly). This direct business is often considered more reliable than depending only on one-time construction projects.
How the company got here
Founded way back in 1901, Limbach has a long history of working on the essential systems inside buildings. For much of its life, it operated like a traditional construction contractor. A key turning point came in the 2020s when the company made a strategic shift, moving away from lower-profit new construction jobs to focus more on building direct, long-term relationships with facility owners for higher-value, recurring work. This change in focus from just building things to servicing them over their entire lifecycle has reshaped the company into what it is today.
What it actually does
Think about a large, complex building like a hospital, a university, or a data center. Limbach is the company that designs, installs, and maintains the critical systems that make the building work – things like heating, ventilation, air conditioning (HVAC), plumbing, and electrical systems. They are the experts who make sure the lights stay on, the temperature is right, and the water is running in facilities where system failures are not an option. They handle everything from brand new construction projects to repairs, maintenance, and upgrades for existing buildings.
Owner Direct Relationships (ODR)
This is the company's largest and fastest-growing business, making up the majority of its revenue. In this segment, Limbach works directly with the building owners and facility managers—the people responsible for the building long-term. They provide ongoing maintenance, repairs, and system upgrades, acting as a long-term partner rather than a one-time contractor. This creates a steady, predictable stream of business because buildings always need upkeep, and the relationships are built on trust and deep knowledge of the facility's specific systems.
General Contractor Relationships (GCR)
This is the more traditional side of Limbach's business. In this segment, the company works on new construction or major renovation projects. Instead of being hired by the building owner, they are typically hired as a subcontractor by a general contractor (the company managing the entire building project). While still an important part of their work, Limbach has become more selective about these projects, focusing on complex jobs where their technical expertise is a key advantage, rather than just competing on price.
What management is betting on now
Management's core strategy is to continue growing its Owner Direct Relationships (ODR) business. The goal is to become an indispensable partner to building owners, providing services over the entire life of a building, which creates more stable and profitable revenue compared to one-off construction projects. They are also focused on expanding into high-demand markets like data centers and life sciences facilities, where system reliability is absolutely critical. The company also makes strategic acquisitions (buying smaller, specialized companies) to add new capabilities and expand its geographic reach.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$4.58M
FY2024 Q4
$17.95M
FY2025 Q1
$11.00K
FY2025 Q2
$1.16M
FY2025 Q3
$12.85M
FY2025 Q4
$27.88M
FY2026 Q1
$-8.22M
FY2026 Q2
$18.10M
Revenue
$173.46M
Net income
$4.75M
Diluted EPS
0.39
Operating cash flow
$18.74M
Free cash flow
$18.10M
Fetching…
Sources
Revenue
$138.86M
Net income
$4.38M
Diluted EPS
0.36
Operating cash flow
$-7.81M
Free cash flow
$-8.22M
Fetching…
Sources
Revenue
$186.87M
Net income
$12.30M
Diluted EPS
1.01
Operating cash flow
$28.13M
Free cash flow
$27.88M
Fetching…
Sources
Revenue
$184.58M
Net income
$8.79M
Diluted EPS
0.73
Operating cash flow
$13.33M
Free cash flow
$12.85M
Fetching…
Sources
Revenue
$142.24M
Net income
$7.76M
Diluted EPS
0.64
Operating cash flow
$2.00M
Free cash flow
$1.16M
Fetching…
Sources
Revenue
$133.11M
Net income
$10.21M
Diluted EPS
0.85
Operating cash flow
$2.24M
Free cash flow
$11.00K
Fetching…
Sources
Revenue
$143.65M
Net income
$9.84M
Diluted EPS
0.81
Operating cash flow
$19.29M
Free cash flow
$17.95M
Fetching…
Sources
Revenue
$133.92M
Net income
$7.48M
Diluted EPS
0.62
Operating cash flow
$4.93M
Free cash flow
$4.58M
Fetching…
Sources
Is it cheap or expensive?
Fair value $69.27 vs current price $53.23
Wall Street consensus is the average analyst price target: $77.20 (11.4% higher than our fair-value estimate).
Our most-likely fair value is $69.27 a share — about 30.1% away from today's price of $53.23, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net debt $42.1M. Interest coverage 16.4x.
Net debt
$42.06M
Interest coverage
16.42x
Limbach Holdings, Inc.'s profit covers its interest bill about 16.4 times over. which is stronger than every peer shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
LMB
BASELINE
Limbach Holdings, Inc.
Total debt $59.59M Interest coverage 16.42x This is the baseline the peer rows are being compared against.
Total debt $162.70M Interest coverage 1.37x -92% vs LMB Carries about 12.0x less debt cushion than LMB.
Total debt $19.46M Interest coverage 0.79x -95% vs LMB Carries about 20.8x less debt cushion than LMB.
Total debt $2.57B Interest coverage 1.46x -91% vs LMB Carries about 11.2x less debt cushion than LMB.
Total debt $89.19M Interest coverage 7.68x -53% vs LMB Carries about 2.1x less debt cushion than LMB.
Total debt $464.86M Interest coverage 4.60x -72% vs LMB Carries about 3.6x less debt cushion than LMB.
What you should know
The case for and against LMB
3 Rewards
1 Risk
Rewards
-
Revenue grew 5.7% last year.
-
Returns 16.2% on equity, ahead of 66% of its peers.
-
Free cash flow was positive in 7/10 years.
Risks
-
Net debt grew 211.5% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
21.21x
Forward P/E
11.33x
P/B
3.12x
P/S
0.93x
EV/EBITDA
10.87x
PEG ratio
1.70x
Profitability
How much profit each dollar creates
Gross margin
23.6%
Operating margin
4.3%
Net margin
4.4%
ROE
16.2%
ROA
6.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.29x
Current ratio
1.49x
Quick ratio
1.40x
Total debt
$59.59M
Total cash
$17.53M
Growth
How the business has been compounding
Revenue TTM
$683.77M
Revenue 5Y CAGR
7.2%
EPS TTM
2.51
EPS 5Y CAGR
71.5%
Cash flow
How much cash the business throws off
Operating CF TTM
$52.39M
Free CF TTM
$41.89M
FCF margin
6.1%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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