NASDAQ · LMB

Limbach Holdings, Inc.

Basic Materials · Construction Materials

$51.74▲ 3.38% ($1.69)at close

As of 4:00 PM ET

52-week

$40.74$114.95

Market cap

$616.80M

P/E

20.62

EPS (TTM)

$2.51

Next earnings

Nov 3, 2026

What the market price implies · Reverse DCF

To support a price of $51.74, this model requires revenue to grow by 11.16%/yr over the next 10 years, compounded annually.

Historical revenue grew by 7.17%/yr over the past 4 years. The required annual growth rate is 3.99 percentage points higher.

Selected forecast · Base scenario

7.03%/yr · actual 10-year annualized revenue growth

Year 1 growth: 11.02%

Market-implied · Base operating assumptions + edited margins

11.16%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$51.74

Estimated value / share

$39.17

Base scenario

This estimate is 24.3% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 11.02% · Ending margin 5.72% · Discount rate 12.56%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 19, 2026, 2:18 PM UTC · provider

Why this method?

FCFF is positive, but it is still too unstable and too short-lived to anchor even a normalized FCFF DCF. Use revenue and margin assumptions instead of compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 4 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 180.9%. Latest capex is 2.3x the prior median, which points to a capex supercycle that should be normalized first.

Do you have 5+ years of positive FCFF history? Only 4 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -49.82%Revenue (TTM): 23.67%FCF (TTM): 113.52%P/FCF: 56th pct

What changed

The stock fell 49.82% over the last year. Revenue grew 23.67% over the trailing twelve months. Operating margin moved from 7.68% to 5.72%. Free cash flow grew 113.52% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price. The market appears to be discounting durability, risk, or trust rather than just the latest reported numbers.

What would invalidate this read

This read changes if operating margin (currently 5.72%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

Limbach Holdings, Inc. operates as a building systems solution company in the United States.

CEOMichael McCann

SectorBasic Materials

IndustryConstruction Materials

Employees1,600

IPO dateAug 8, 2014

https://www.limbachinc.com

Market multiples

Forward P/E—

EV/EBITDA13.59

Enterprise value$949.66M

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth21.95%

Gross margin (FY2025)26.18%▼1.6ppvs FY2024

Operating margin (FY2025)7.65%▲0.2ppvs FY2024

ROE16.17%▼11.7ppvs FY2025

Analyst consensus

RatingBuy

Target price$77.00▲48.82%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 3, 2026

Q4 FY26 · EPS est $1.21 · Revenue est $218.59M

View

NASDAQ · LMB

Limbach Holdings, Inc.

Basic Materials · Construction Materials

$51.74▲ 3.38% ($1.69)at close

As of 4:00 PM ET

52-week

$40.74$114.95

Market cap

$616.80M

P/E

20.62

EPS (TTM)

$2.51

Next earnings

Nov 3, 2026

What the market price implies · Reverse DCF

To support a price of $51.74, this model requires revenue to grow by 11.16%/yr over the next 10 years, compounded annually.

Historical revenue grew by 7.17%/yr over the past 4 years. The required annual growth rate is 3.99 percentage points higher.

Selected forecast · Base scenario

7.03%/yr · actual 10-year annualized revenue growth

Year 1 growth: 11.02%

Market-implied · Base operating assumptions + edited margins

11.16%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$51.74

Estimated value / share

$39.17

Base scenario

This estimate is 24.3% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 11.02% · Ending margin 5.72% · Discount rate 12.56%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 19, 2026, 2:18 PM UTC · provider

Why this method?

FCFF is positive, but it is still too unstable and too short-lived to anchor even a normalized FCFF DCF. Use revenue and margin assumptions instead of compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 4 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 180.9%. Latest capex is 2.3x the prior median, which points to a capex supercycle that should be normalized first.

Do you have 5+ years of positive FCFF history? Only 4 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -49.82%Revenue (TTM): 23.67%FCF (TTM): 113.52%P/FCF: 56th pct

What changed

The stock fell 49.82% over the last year. Revenue grew 23.67% over the trailing twelve months. Operating margin moved from 7.68% to 5.72%. Free cash flow grew 113.52% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price. The market appears to be discounting durability, risk, or trust rather than just the latest reported numbers.

What would invalidate this read

This read changes if operating margin (currently 5.72%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

Limbach Holdings, Inc. operates as a building systems solution company in the United States.

CEOMichael McCann

SectorBasic Materials

IndustryConstruction Materials

Employees1,600

IPO dateAug 8, 2014

https://www.limbachinc.com

Market multiples

Forward P/E—

EV/EBITDA13.59

Enterprise value$949.66M

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth21.95%

Gross margin (FY2025)26.18%▼1.6ppvs FY2024

Operating margin (FY2025)7.65%▲0.2ppvs FY2024

ROE16.17%▼11.7ppvs FY2025

Analyst consensus

RatingBuy

Target price$77.00▲48.82%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 3, 2026

Q4 FY26 · EPS est $1.21 · Revenue est $218.59M

View