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Limbach Holdings, Inc. operates as a building systems solution company in the United States. The company operates through two segments, Owner Direct Relationships and General Contractor Relationships. It engages in the construction or renovation projects that involve primarily include mechanical, electrical, plumbing, and controls services (MEPC). It also provides professional and consultative services; inspection, troubleshooting, repair, and services; system and/or facility assessments; turnkey rental equipment solutions; MEPC infrastructure solutions; and customized solutions. The company serves research, acute care, and inpatient hospitals; public and private colleges, universities, research centers; entertainment facilities, and amusement rides and parks; data centers; automotive, energy and general manufacturing plants; and life sciences, including organizations and companies, whose work is centered around research and development focused on living things. Limbach Holdings, Inc. was founded in 1901 and is headquartered in Tampa, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $647M | $70M | $39M | $42M | 20.0% | 24.7% | 26.5% |
| 2024 | $519M | $54M | $31M | $29M | 20.1% | 0.5% | 48.8% |
| 2023 | $516M | $38M | $21M | $55M | 17.2% | 3.9% | 205.3% |
| 2022 | $497M | $20M | $7M | $34M | 7.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 496.78 | 516.35 | 518.78 | 646.80 |
| Cost Of Revenue | 403.04 | 397.06 | 374.50 | 477.49 |
| Gross Profit | 93.74 | 119.29 | 144.28 | 169.31 |
| Operating Expense | 79.45 | 89.28 | 101.89 | 117.88 |
| Operating Income | 14.29 | 30.01 | 42.39 | 51.44 |
| EBITDA | 19.91 | 38.39 | 53.72 | 69.89 |
| EBIT | 11.75 | 30.15 | 41.84 | 51.76 |
| Pretax Income | 9.61 | 28.10 | 39.97 | 48.63 |
| Tax Provision | 2.81 | 7.35 | 9.09 | 9.56 |
| Net Income | 6.80 | 20.75 | 30.88 | 39.06 |
| Net Income Common Stockholders | 6.80 | 20.75 | 30.88 | 39.06 |
| Total Expenses | 482.49 | 486.34 | 476.39 | 595.37 |
| Interest Expense | 2.14 | 2.05 | 1.87 | 3.13 |
| Interest Income | 0 | 1.22 | 2.23 | 0.81 |
| Selling General And Administration | 77.88 | 87.40 | 97.20 | 109.52 |
| Normalized EBITDA | 22.45 | 39.47 | 56.51 | 70.39 |
| Normalized Income | 8.60 | 21.55 | 33.03 | 39.46 |
| Basic EPS | 0.65 | 1.93 | 2.75 | 3.37 |
| Diluted EPS | 0.64 | 1.76 | 2.57 | 3.23 |
| Tax Effect Of Unusual Items | -0.74 | -0.28 | -0.63 | -0.10 |
| Tax Rate For Calcs | 0.29 | 0.26 | 0.23 | 0.20 |
| Total Unusual Items | -2.54 | -1.08 | -2.79 | -0.49 |
| Total Unusual Items Excluding Goodwill | -2.54 | -1.08 | -2.79 | -0.49 |
| Net Income From Continuing Operation Net Minority Interest | 6.80 | 20.75 | 30.88 | 39.06 |
| Reconciled Depreciation | 8.16 | 8.24 | 11.89 | 18.13 |
| Reconciled Cost Of Revenue | 396.45 | 390.70 | 367.30 | 467.71 |
| Net Interest Income | -2.14 | -0.83 | 0.36 | -2.32 |
| Net Income From Continuing And Discontinued Operation | 6.80 | 20.75 | 30.88 | 39.06 |
| Total Operating Income As Reported | 12.01 | 29.28 | 38.62 | 49.45 |
| Diluted Average Shares | 10.68 | 11.81 | 12.03 | 12.08 |
| Basic Average Shares | 10.43 | 10.77 | 11.24 | 11.58 |
| Diluted NI Availto Com Stockholders | 6.80 | 20.75 | 30.88 | 39.06 |
| Net Income Including Noncontrolling Interests | 6.80 | 20.75 | 30.88 | 39.06 |
| Net Income Continuous Operations | 6.80 | 20.75 | 30.88 | 39.06 |
| Other Income Expense | -2.54 | -1.08 | -2.79 | -0.49 |
| Special Income Charges | -2.85 | -0.96 | -2.82 | -0.30 |
| Gain On Sale Of Ppe | 0.28 | 0.08 | 0.95 | 1.68 |
| Other Special Charges | 0.85 | 0.31 | 0 | 0 |
| Restructuring And Mergern Acquisition | 2.29 | 0.73 | 3.77 | 1.99 |
| Gain On Sale Of Security | 0.31 | -0.12 | 0.03 | -0.19 |
| Net Non Operating Interest Income Expense | -2.14 | -0.83 | 0.36 | -2.32 |
| Interest Expense Non Operating | 2.14 | 2.05 | 1.87 | 3.13 |
| Interest Income Non Operating | 0 | 1.22 | 2.23 | 0.81 |
| Depreciation Amortization Depletion Income Statement | 1.57 | 1.88 | 4.69 | 8.36 |
| Depreciation And Amortization In Income Statement | 1.57 | 1.88 | 4.69 | 8.36 |
| Amortization | 1.57 | 1.88 | 4.69 | 8.36 |
| Amortization Of Intangibles Income Statement | 1.57 | 1.88 | 4.69 | 8.36 |
| Operating Revenue | 496.78 | 516.35 | 518.78 | 646.80 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Limbach Holdings, Inc.this co. | LMB | $1.1B | 28.29↓ discount | 5.43 | 20.0% | 15.98 |
| Cadre Holdings, Inc. | CDRE | $1.2B | 26.84 | 3.63 | 13.9% | 14.36 |
| NANO Nuclear Energy Inc. | NNE | $1.2B | - | 1.89 | -18.0% | -11.07 |
| BrightView Holdings, Inc. | BV | $1.1B | 168.57 | 0.89 | 3.1% | 7.46 |
| Resolute Holdings Management, Inc. | RHLD | $1.1B |
| - |
| 172.36 |
| -7.6% |
| 7.81 |
| Willdan Group, Inc. | WLDN | $1.1B | 20.88 | 3.53 | 17.2% | 17.21 |
| LegalZoom.com, Inc. | LZ | $1.1B | 70.71 | 6.35 | 9.0% | 11.12 |
| Genco Shipping & Trading Limited | GNK | $1.1B | - | 1.17 | -0.5% | 19.61 |
| Graham Corporation | GHM | $1.0B | 67.23 | 7.59 | 10.2% | 41.88 |
| Peer Median | - | 67.23 | 3.58 | 6.0% | 12.74 | |