Limbach Holdings, Inc.

Consumer Discretionary
Engineering & Construction
www.limbachinc.com

Earnings Score
Moat Score
Safety Score

Market Cap $1.31B
PE 39
Debt $27.11M
Cash $38.16M
EV $1.30B
FCF $35.76M

Earnings

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Sales & Net Margins

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Earnings	$33.50M
EBIT	$40.70M
ROE	21%
ROA	12%
FCF	$35.76M
Equity	$161.13M
Growth Stability	100%
PE	39.25
PEG	0.42
PB	8.16
P/FCF	36.78
P/S	2.47
Price/Cash	0.03
Debt/Equity	0.17
Debt/FCF	0.76
Net Margins	8%
Gross Margins	28%
Op. Margins	8%
Earnings CAGR	31%
Sales Growth YoY	12%
Sales Growth QoQ	-7%
Sales CAGR	1%
FCF CAGR	8%
Equity CAGR	33%
Earnings Stability	0.29
Earnings Growth YoY	35%
Earnings Growth QoQ	4%

Earnings CAGR 5Y	93%
Sales CAGR 5Y	-1%
FCF CAGR 5Y	3%
Equity CAGR 5Y	25%
Earnings CAGR 3Y	3%
Sales CAGR 3Y	3%
FCF CAGR 3Y	22%
Equity CAGR 3Y	25%
Market Cap	$1.31B
Revenue	$532.91M
Assets	$336.37M
Total Debt	$27.11M
Cash	$38.16M
Shares Outstanding	11.42M
EV	1.3B
Earnings Score	20%
Moat Score	92%
Safety Score	97%
Final Score	69%
Working Capital	72.76M
Current Ratio	1.55
Gross Profit	$149.91M
Shares Growth 3y	4%
Equity Growth QoQ	5%
Equity Growth YoY	28%

Assets & ROA

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Stockholders Equity & ROE

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Limbach Holdings Inc is a commercial specialty contractor in the fields of heating, ventilation, air conditioning, plumbing, electrical, and building controls for the design and construction of new and renovated buildings, maintenance services, energy retrofits, and equipment upgrades. It operates in two segments: Construction, which involves new construction or renovation projects, primarily HVAC, plumbing, or electrical services; and Service segment, which provides maintenance or services primarily on HVAC, plumbing, electrical systems, and building controls directly for building owners and direct specialty contracting projects. The company derives the majority of its revenue from the construction segment.

SEC Filings

Direct access to Limbach Holdings, Inc. (LMB) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Limbach Holdings, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Limbach Holdings, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 31%

Stability 29%

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Limbach Holdings, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Limbach Holdings, Inc..

Years

Calculation mode

= $611M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$36M	$39M	$42M	$45M	$48M	$52M	$56M	$60M	$65M	$70M	$76M	$755M
DCF		$35M	$34M	$34M	$33M	$32M	$32M	$31M	$30M	$30M	$29M	$291M
Value	$611M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	07/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-	-	-0%	-1%	-0%	1%	1%	1%	4%	6%	8%
ROA	-	-	3%	0%	3%	7%	5%	4%	10%	11%	12%
ROE	-	-	-2%	-9%	-4%	11%	8%	7%	17%	20%	21%

Net Margins (7.67%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	07/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	-4.54	1.42	-14.49	1.12	-1.59	0.9	0.4	0.92	0.76
Debt over Equity	-	-	0.7	0.65	1.11	0.8	0.45	0.33	0.18	0.18	0.17
Growth Stability	-	-	-	-	-	-	100%	100%	100%	100%	100%

Good Debt/FCF ratio (0.76)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.17)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	07/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-	-	13%	1%	3%	-14%	1%	4%	0%	-1%
Earnings YoY growth	-	-	-	319%	-55%	-427%	16%	1%	205%	49%	93%
Equity YoY growth	-	-	-	-4%	1%	15%	63%	9%	27%	27%	25%
FCF YoY growth	-	-	-	-391%	-117%	-1K%	-165%	-237%	60%	-47%	3%