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LMB

Limbach Holdings, Inc.

LMB

Limbach Holdings, Inc. • NASDAQ
$70.75 ▼ -0.74% (-0.53)
Market Cap $822.60 M
52w High $154.05
52w Low $63.02
Dividend Yield 0%
P/E 23.35
Volume 45.21K
Outstanding Shares 11.63M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $184.583M ▲ $28.63M ▼ $8.788M ▲ 4.761% ▼ $0.756 ▲ $18.841M ▲
Q2-2025 $142.241M ▲ $29.184M ▲ $7.762M ▼ 5.457% ▼ $0.67 ▼ $15.25M ▲
Q1-2025 $133.108M ▼ $28.808M ▼ $10.214M ▲ 7.673% ▲ $0.89 ▲ $12.589M ▼
Q4-2024 $143.65M ▲ $30.557M ▲ $9.842M ▲ 6.851% ▲ $0.87 ▲ $17.592M ▲
Q3-2024 $133.92M $25.226M $7.484M 5.588% $0.66 $14.087M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.883M ▼ $409.117M ▲ $227.555M ▲ $181.562M ▲
Q2-2025 $38.94M ▲ $342.98M ▲ $172.446M ▼ $170.534M ▲
Q1-2025 $38.09M ▼ $336.37M ▼ $175.24M ▼ $161.13M ▲
Q4-2024 $44.93M ▼ $352.129M ▲ $198.638M ▲ $153.491M ▲
Q3-2024 $51.163M $324.417M $182.218M $142.199M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.788M ▲ $13.329M ▲ $-65.753M ▼ $23.302M ▲ $-29.122M ▼ $12.848M ▲
Q2-2025 $7.762M ▼ $2.001M ▼ $-227K ▲ $-924K ▲ $850K ▲ $1.156M ▲
Q1-2025 $10.214M ▲ $2.241M ▼ $-1.925M ▲ $-7.156M ▼ $-6.84M ▼ $11K ▼
Q4-2024 $9.842M ▲ $19.289M ▲ $-24.844M ▼ $-678K ▲ $-6.233M ▲ $17.952M ▲
Q3-2024 $7.484M $4.934M $-12.494M $-811K $-8.371M $4.583M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
General Contractor Construction Manager Relationships Segment
General Contractor Construction Manager Relationships Segment
 $90.00M ▲$40.00M ▼$30.00M ▼$40.00M ▲
Owner Direct Relationships Segment
Owner Direct Relationships Segment
 $180.00M ▲$90.00M ▼$110.00M ▲$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Limbach’s income statement shows a company that has turned a mostly flat top line into much stronger profitability. Revenue has hovered in a fairly tight range over the last five years, but gross margins have improved meaningfully, and operating profit has climbed steadily. Net income and earnings per share have grown multiple times over since the start of the period, with especially strong improvement in the last two years. This suggests a successful shift toward higher‑margin work, better project selection, and tighter execution rather than simple volume growth. The key risk is that with revenue not growing rapidly, the story is heavily dependent on maintaining these richer margins and mix benefits.

Balance Sheet

Balance Sheet The balance sheet looks progressively stronger and more resilient than it did a few years ago. Total assets and shareholder equity have both trended upward, indicating the business has been building its capital base and retaining more of its earnings. Debt levels appear moderate and have inched down over time relative to the size of the company, pointing to a more conservative financial profile. Cash balances move around year to year but are not alarmingly low in the context of positive cash generation. Overall, Limbach has shifted from a more thinly capitalized contractor into a company with a sturdier financial foundation, though it still operates without the deep balance-sheet buffers of much larger industrial peers.

Cash Flow

Cash Flow Cash flow has been a clear bright spot. Operating cash flow has been positive in most years, with a notable recovery after a weak patch early in the period. Free cash flow has similarly been positive in most years and improved recently, helped by modest capital spending needs. This pattern suggests that reported profits are largely backed by real cash, not just accounting gains, and that the business model does not require heavy ongoing investment to sustain or grow operations. The main watch point is that cash generation in project‑based businesses can be lumpy, so investors should expect some year‑to‑year swings rather than a perfectly smooth trend.

Competitive Edge

Competitive Edge Competitively, Limbach is moving from being “just another contractor” to a more differentiated solutions provider. Its shift from subcontracting for general contractors toward direct, long‑term relationships with building owners in mission‑critical sectors (healthcare, data centers, life sciences, industrial facilities) improves pricing power, margins, and customer stickiness. The combination of deep mechanical and electrical expertise with data analytics and building performance monitoring is a distinctive blend that many traditional rivals and pure software players struggle to match. The key competitive risks are execution—continuing to win and renew these owner‑direct relationships—and the cyclical nature of construction and capital spending, which can still influence demand even with a higher share of recurring service work.

Innovation and R&D

Innovation and R&D Innovation is a central part of Limbach’s repositioning. The “Limbach Insights” data and analytics suite, built in partnership with a smart‑building software provider, turns building systems into continuously monitored assets instead of one‑time projects. This allows predictive maintenance, energy optimization, and portfolio‑level oversight for clients, which can create long‑term service relationships and high switching costs. The broader “Limbach 3.0” vision—more geographic expansion, deeper technology integration, potential OEM‑like elements, and heavier use of AI and sustainability solutions—aims to move the company further away from commodity contracting. The opportunity is to turn their data and domain knowledge into a scalable, higher‑margin platform; the risk is the complexity of blending construction culture with a more software‑driven, analytics‑heavy model while competitors also modernize.

Summary

Limbach today looks like a legacy contractor that has successfully upgraded itself into a more profitable, technology‑enabled building solutions company. Financially, profits and margins have improved markedly on relatively stable revenue, the balance sheet is sturdier, and cash flow is generally solid and supportive of growth. Strategically, the pivot toward direct owner relationships, mission‑critical facilities, and data‑driven services provides a clearer competitive edge and a more recurring revenue profile than the traditional bid‑driven model. Looking ahead, the big questions are whether Limbach can sustain its margin gains, keep scaling its analytics and service platform, and navigate construction cycles and acquisition integration without slipping back into lower‑quality, lower‑margin work. Overall, the trajectory over the last several years is one of improving quality and increasing differentiation in a mature, often commoditized industry.

NEWS

November 4, 2025 · 5:29 PM UTC

Limbach Holdings, Inc. Reports Third Quarter 2025 Results

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