Limbach Holdings, Inc.
- Open
- 46.00
- Day high
- 49.38
- Day low
- 45.38
- Prev close
- 44.79
- Volume
- 782K
- Mkt cap
- $580M
- P/E (TTM)
- 18.8
- EPS (TTM)
- $2.59
- P/B
- 2.9
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$389K over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
Limbach Holdings, Inc. (LMB) is a Industrials company listed on NASDAQ. The stock is down 55% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4). Drillr has 1 published research article covering LMB.
Limbach Holdings, Inc. (LMB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LMB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.93 | $0.64 | -30.9% | $173M | -2.2% |
| May 6, 2026 | $0.28 | $0.64 | +128.6% | $139M | +3.4% |
| Mar 10, 2025 | $0.84 | $1.15 | +36.9% | $144M | -3.8% |
| Mar 13, 2024 | $0.40 | $0.44 | +10.0% | $143M | +8.1% |
| Mar 8, 2023 | — | $0.00 | — | $143M | — |
| Mar 16, 2022 | $0.40 | $0.48 | +20.0% | $127M | -1.4% |
| Nov 10, 2021 | $0.30 | $0.38 | +26.7% | $129M | +2.3% |
| Aug 12, 2021 | $0.08 | $0.07 | -12.5% | $121M | +4.1% |
| May 14, 2021 | $-0.01 | $-0.08 | -733.3% | $113M | -82.5% |
| Mar 25, 2021 | $0.01 | $0.05 | +600.3% | $130M | — |
| Nov 12, 2020 | $0.09 | $0.31 | +244.4% | $164M | -23.1% |
| Aug 13, 2020 | $-0.31 | $0.37 | +219.4% | $135M | +19.4% |
LMB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Sharp Jayofficer: Executive Vice President | Sell | 2,021 | $80.34 |
| Jun 17, 2026 | Sharp Jayofficer: Executive Vice President | Sell | 200 | $81.32 |
| Jun 17, 2026 | Sharp Jayofficer: Executive Vice President | Sell | 1,862 | $79.67 |
| Jun 17, 2026 | Sharp Jayofficer: Executive Vice President | Sell | 788 | $78.46 |
| May 20, 2026 | Reed Michael Jamesofficer: Chief Operating Officer | Grant | 403 | — |
| May 1, 2026 | Brooks Jayme L.officer: Chief Financial Officer | Sell | 3,440 | $100.00 |
| Apr 28, 2026 | Brooks Jayme L.officer: Chief Financial Officer | Sell | 2,173 | $100.05 |
| Apr 15, 2026 | Brooks Jayme L.officer: Chief Financial Officer | Sell | 5,703 | $85.43 |
| Apr 10, 2026 | Brooks Jayme L.officer: Chief Financial Officer | Sell | 841 | $85.11 |
| Apr 10, 2026 | Brooks Jayme L.officer: Chief Financial Officer | Sell | 3,366 | $85.19 |
| Mar 18, 2026 | Sharp Jayofficer: Executive Vice President | Sell | 709 | $79.52 |
| Mar 18, 2026 | Brooks Jayme L.officer: Chief Financial Officer | Sell | 1,546 | $80.28 |
| Mar 18, 2026 | Brooks Jayme L.officer: Chief Financial Officer | Sell | 1,100 | $81.40 |
| Mar 18, 2026 | Brooks Jayme L.officer: Chief Financial Officer | Sell | 460 | $78.80 |
| Mar 18, 2026 | Brooks Jayme L.officer: Chief Financial Officer | Sell | 4,167 | $78.07 |
Source: LMB SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full LMB insider & 13F page →Limbach Holdings, Inc. company profile
Overview
Limbach Holdings, Inc. (NASDAQ:LMB) is an integrated building systems solutions company that has been serving the United States construction and facility maintenance market since its founding in 1901. Originally established as a mechanical contractor, the Pittsburgh-based company went public in 2014 and has evolved into a comprehensive provider of mechanical, electrical, plumbing, and HVAC systems for mission-critical facilities. Over the past several years, Limbach has strategically transformed its business model from primarily serving general contractors on new construction projects to focusing on direct relationships with facility owners for ongoing maintenance, upgrades, and specialized services.
Business
Limbach operates in the building systems and mechanical contracting industry, which encompasses the design, installation, and maintenance of essential infrastructure systems that keep commercial and industrial facilities operational. The company specializes in mechanical, electrical, plumbing, and control systems, with particular expertise in heating, ventilation, and air-conditioning (HVAC) systems that are critical for maintaining proper environmental conditions in sensitive facilities. The company operates through two primary business segments. The Owner Direct Relationships (ODR) segment, which now represents approximately 67% of total revenue, involves direct contracts with facility owners for maintenance, repairs, upgrades, and specialized services. This segment focuses on mission-critical facilities where system downtime can result in significant operational disruption or financial losses. The General Contractor Relationships (GCR) segment, comprising about 33% of revenue, involves traditional construction projects where Limbach works as a subcontractor under general contractors for new building construction and major renovations. Limbach's services extend beyond basic installation to include energy audits and retrofits, engineering and design-build services, constructability evaluation, equipment selection, prefabrication construction, and sustainable building solutions. The company has also invested in specialized equipment, including a $4 million fleet of portable climate control rental equipment that can be deployed for emergency situations or temporary climate solutions during facility upgrades. The company serves six primary vertical markets: healthcare facilities (hospitals, research centers), educational institutions (universities, K-12 schools), data centers, industrial manufacturing facilities, life sciences facilities, and cultural/entertainment venues. Healthcare has emerged as their largest vertical market, driven by the critical nature of environmental controls in medical facilities and significant deferred maintenance needs across the healthcare infrastructure.
Revenue model
Limbach generates revenue through multiple streams within its two primary business segments. In the Owner Direct Relationships segment, the company earns revenue through service contracts for ongoing maintenance and repairs, project-based work for system upgrades and retrofits, emergency repair services, and specialized solutions like temporary climate control rentals. This segment typically commands higher margins (approximately 29% gross margin) due to the specialized nature of the work and the critical importance of system reliability to customers. The General Contractor Relationships segment generates revenue through traditional construction subcontracting, where Limbach bids on and executes mechanical and electrical installation projects as part of larger construction efforts. This segment operates at lower margins (approximately 25% gross margin) due to competitive bidding processes and the commodity-like nature of new construction work. The company's customers are primarily facility owners and operators who require continuous, reliable operation of their building systems. In healthcare, these include hospitals and medical research facilities where environmental control failures can compromise patient safety or research integrity. Industrial customers include manufacturing facilities where temperature and air quality control are essential for production processes. Data center customers require precise environmental controls to prevent equipment failure and maintain operational uptime. Several factors influence Limbach's profitability margins. Positive margin drivers include the ongoing shift toward higher-margin ODR work, the company's focus on mission-critical facilities that prioritize reliability over lowest cost, growing demand for energy efficiency retrofits, and the development of specialized service offerings like predictive maintenance and rental equipment. Negative margin pressures include material cost inflation, labor shortages in skilled trades, competitive pricing in the GCR segment, and potential economic downturns that could reduce facility investment spending. The company's strategic focus on building long-term relationships with ODR customers helps insulate it from some competitive pressures while creating opportunities for margin expansion through value-added services.
Competitive moat
Limbach's competitive moat is moderate but strengthening through its strategic transformation toward owner-direct relationships. The company's primary moat derives from its specialized expertise in mission-critical facility systems, where the cost of system failure far exceeds the cost of premium service. This creates customer stickiness, as facility owners prioritize reliability and expertise over lowest-cost providers when their operations depend on continuous environmental control. The company's 120+ year operating history and established relationships provide some competitive advantage, particularly in regulated industries like healthcare where track record and compliance expertise matter significantly. Limbach's investment in specialized equipment, including its climate control rental fleet, creates a modest barrier to entry for competitors and provides additional revenue opportunities during emergency situations. However, the mechanical contracting industry remains highly fragmented with relatively low barriers to entry for basic services. Competitive threats come from large national players like EMCOR Group and Comfort Systems USA, which have greater scale and resources, as well as numerous regional and local contractors who can compete aggressively on price. The skilled labor shortage in mechanical trades affects all industry participants, potentially limiting growth and pressuring margins. Potential disruption could come from technological advances in building automation and predictive maintenance systems, which might reduce the need for traditional maintenance services, or from new entrants offering technology-enabled solutions that provide superior predictive capabilities. The company is attempting to address this by investing in data collection and analysis capabilities to offer predictive maintenance services, though this transformation is still in early stages. The strength of Limbach's moat ultimately depends on its ability to successfully transition from a traditional contractor to a trusted technology-enabled service partner for mission-critical facilities, which remains an ongoing strategic challenge rather than an established competitive advantage.
Risks & safety
Limbach demonstrates a moderate margin of safety with manageable debt levels but elevated valuation metrics that suggest limited downside protection. • Financial Stability: Current ratio of 1.55x indicates adequate short-term liquidity, with $38 million in cash providing operational flexibility. Debt-to-equity ratio of 0.30x represents conservative leverage levels. • Cash Generation: Positive free cash flow of $11,000 in Q1 2025 was significantly lower than historical levels, raising concerns about cash generation consistency. Full-year 2024 free cash flow of $29.3 million was more robust. • Valuation Concerns: Current P/E ratio of 20.8x and EV/EBITDA of 27.2x appear elevated for a cyclical industrial services company, suggesting limited margin of safety at current prices. Price-to-book ratio of 5.3x indicates significant premium to tangible assets. • Operational Risks: Heavy dependence on skilled labor in tight employment market, exposure to construction cycle volatility, and ongoing business model transformation create execution risks that could impact financial performance.
Recent development
Over the past three years, Limbach has undergone a significant strategic transformation focused on shifting from a traditional construction subcontractor to a provider of ongoing facility services for mission-critical customers. The company has successfully increased its Owner Direct Relationships revenue from approximately 44% of total revenue in 2022 to 68% in Q1 2025, with management targeting 70-80% ODR mix for the full year. Key strategic initiatives include substantial investment in account management capabilities, adding 40 new sales professionals in the most recent quarter alone to deepen customer relationships and identify additional service opportunities. The company has invested $4 million in portable climate control rental equipment, creating a new revenue stream while providing emergency response capabilities that strengthen customer relationships. Limbach has pursued targeted acquisitions to expand both geographic reach and service capabilities, completing four acquisitions since November 2021, including recent additions of Kent Island Mechanical and other strategic targets. These acquisitions focus on companies with strong owner-direct customer bases and cultural alignment with Limbach's service-oriented approach. The company has also made significant investments in vertical market specialization, identifying six mission-critical sectors with healthcare emerging as the largest opportunity. Management has developed specialized expertise and service offerings tailored to each vertical's unique requirements, moving beyond basic maintenance to provide energy audits, predictive maintenance solutions, and comprehensive facility optimization services. Recent quarters have shown management's focus on evolving service offerings beyond traditional maintenance, including data collection and analysis capabilities to provide predictive maintenance solutions, expanded rental equipment services, and development of long-term strategic partnerships with key customers in each geographic market.
LMB company profile · for informational purposes only — not investment advice.
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