Limbach Holdings, Inc. LMB
Limbach Holdings, Inc. (the "Company," "we" or "our"), a Delaware corporation headquartered in Warrendale, Pennsylvania, is a building systems solutions firm that designs, delivers, and maintains mechanical (heating, ventilation, and air conditioning), electrical, plumbing, and controls ("MEPC") systems. The Company partners with building owners and operators of mission-critical facilities across healthcare, industrial and manufacturing, data centers, life sciences, higher education, and cultural and entertainment markets. With approximately 1,500 team members across 21 offices throughout the Eastern and Midwestern regions of the United States, the Company strives to be an indispensable partner by combining its national capabilities with strong local execution and talent to deliver proactive, safe, and reliable solutions for complex facilities. Operating on a connected platform, the Company integrates engineering expertise with field execution to provide customized MEPC infrastructure solutions that address both operational and capital project needs, optimizing performance, enhancing reliability, and ensuring long-term safety.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $646.8M | $518.8M | $516.4M | $496.8M | $490.4M | $568.2M | $553.3M | $546.5M | $485.7M | — |
| Cost of revenue | $477.5M | $374.5M | $397.1M | $403.0M | $404.4M | $486.8M | $481.5M | $487.1M | $420.1M | — |
| Gross profit | $169.3M | $144.3M | $119.3M | $93.7M | $85.9M | $81.4M | $71.9M | $59.4M | $65.6M | — |
| SG&A | $109.5M | $97.2M | $87.4M | $77.9M | $71.4M | $63.6M | $63.2M | $57.1M | $56.0M | — |
| Total operating expenses | $119.9M | $105.7M | $90.0M | $81.7M | $71.9M | $64.2M | $63.8M | $58.4M | $59.6M | — |
| Operating income | $49.5M | $38.6M | $29.3M | $12.0M | $14.0M | $17.2M | $8.1M | $1.1M | $6.0M | — |
| Interest expense | $3.1M | $1.9M | $2.0M | $2.1M | $2.6M | $8.6M | $6.3M | $3.3M | $2.0M | — |
| Pre-tax income | $48.6M | $40.0M | $28.1M | $9.6M | $9.5M | $7.0M | -$2.1M | -$2.5M | $3.9M | — |
| Income tax | $9.6M | $9.1M | $7.3M | $2.8M | $2.8M | $1.2M | $282.0K | $635.0K | $3.2M | — |
| Net income | $39.1M | $30.9M | $20.8M | $6.8M | $6.7M | $5.8M | -$1.8M | -$1.8M | $712.0K | — |
| EPS, basic | 3.37 | 2.75 | 1.93 | 0.65 | 0.67 | 0.74 | -0.23 | -0.52 | -0.13 | — |
| EPS, diluted | 3.23 | 2.57 | 1.76 | 0.64 | 0.66 | 0.72 | -0.23 | -0.52 | -0.13 | — |
| Shares, diluted (wtd. avg.) | $12.1M | $12.0M | $11.8M | $10.7M | $10.2M | $8.1M | $7.7M | $7.6M | $7.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $11.3M | $44.9M | $59.9M | $36.1M | $14.6M | $42.3M | $8.5M | $1.7M | $739.0K | $7.4M |
| Receivables | $133.2M | $119.7M | $97.8M | $124.4M | $89.3M | $85.8M | $105.1M | $105.1M | $129.3M | $114.0M |
| Total current assets | $195.0M | $220.3M | $217.0M | $226.0M | $192.9M | $199.4M | $195.4M | $205.0M | $166.3M | $155.2M |
| Property, plant and equipment | — | — | — | — | — | — | — | $20.5M | $17.9M | $18.5M |
| Goodwill | $70.6M | $33.0M | $16.4M | $11.4M | $11.4M | $6.1M | $6.1M | $10.5M | $10.5M | $10.5M |
| Other intangibles | $49.2M | $41.2M | $25.0M | $15.3M | $16.9M | $11.7M | $12.3M | $13.0M | $14.2M | $17.8M |
| Total assets | $381.1M | $352.1M | $304.4M | $294.6M | $267.5M | $262.2M | $261.6M | $253.6M | $213.0M | $206.9M |
| Accounts payable | $74.2M | $60.8M | $65.3M | $75.1M | $63.8M | $66.8M | $86.3M | $74.4M | $67.4M | $57.0M |
| Short-term debt | $5.0M | $3.3M | $2.7M | $9.6M | $9.9M | $6.5M | $4.4M | $3.1M | $6.4M | $4.5M |
| Total current liabilities | $135.1M | $151.0M | $145.1M | $159.1M | $129.7M | $150.3M | $156.9M | $182.1M | $135.5M | $126.7M |
| Long-term debt | — | — | — | — | $29.8M | $36.5M | $38.9M | $23.6M | $20.6M | $21.5M |
| Total liabilities | $185.5M | $198.6M | $183.5M | $199.1M | $179.7M | $208.4M | $214.7M | $207.3M | $156.9M | $149.1M |
| Retained earnings | $100.3M | $61.3M | $30.4M | $9.6M | $2.8M | -$3.9M | -$9.7M | -$8.4M | -$6.6M | -$7.7M |
| Total equity | $195.7M | $153.5M | $120.9M | $95.4M | $87.8M | $53.7M | $46.9M | $46.4M | $48.2M | $47.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $45.7M | $36.8M | $57.4M | $35.4M | -$24.2M | $39.8M | -$926.0K | $25.3M | -$4.1M | — |
| Depreciation and amortisation | $18.1M | $11.9M | $8.2M | $8.2M | $5.9M | $6.2M | $6.3M | $5.7M | $9.1M | — |
| Stock-based compensation | $7.0M | $5.8M | $4.9M | $2.7M | $2.6M | $1.1M | $1.8M | $2.2M | $1.7M | — |
| Capital expenditure | $3.8M | $7.5M | $2.3M | $993.0K | $791.0K | $1.5M | $2.7M | $3.9M | $3.3M | — |
| Investing cash flow | -$67.6M | -$42.6M | -$17.1M | -$495.0K | -$19.3M | -$1.3M | -$2.5M | -$3.7M | -$3.2M | — |
| Financing cash flow | -$11.7M | -$9.1M | -$16.5M | -$13.4M | $15.9M | -$4.7M | $10.1M | -$20.6M | $519.0K | — |
| Buybacks | — | $0 | $0 | $2.0M | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-026892.
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