# Limbach Holdings, Inc. (LMB)

> Source: Nexqual · https://nexqual.com/LMB · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Limbach Holdings, Inc. (LMB), nexqual.com/LMB" · informational, not investment advice.

**Price:** USD 47.57 (+0.04% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 47.55 · day 46.57–47.97 · 52w 40.74–114.95 · market cap $567M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $684M, net income $30.2M (4.4% margin), free cash flow $50.6M (SEC filings).
- Valuation: P/E 18.8x (avg 27.8x at the last 3 fiscal year-ends), EV/EBITDA 10.2x, net debt $23.2M.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $2.1M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $516K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -52.7% vs S&P 500 +13.4%; 5Y +576.7% vs S&P 500 +76.9%.
- Next earnings: 2026-11-03, EPS estimate USD 1.21, revenue estimate $219M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $490M | $497M | $516M | $519M | $647M | $684M |
| Gross profit | $85.9M | $93.7M | $119M | $144M | $169M | — |
| Operating income | $14.0M | $12.0M | $29.3M | $38.6M | $49.5M | $39.3M |
| Net income | $6.7M | $6.8M | $20.8M | $30.9M | $39.1M | $30.2M |
| EPS (diluted) | $0.66 | $0.64 | $1.76 | $2.57 | $3.23 | — |
| Free cash flow | -$25.0M | $34.4M | $55.1M | $29.3M | $41.9M | $50.6M |
| Gross margin | 17.5% | 18.9% | 23.1% | 27.8% | 26.2% | — |
| Operating margin | 2.9% | 2.4% | 5.7% | 7.4% | 7.6% | 5.7% |
| Net margin | 1.4% | 1.4% | 4.0% | 6.0% | 6.0% | 4.4% |
| Revenue growth | -13.7% | +1.3% | +3.9% | +0.5% | +24.7% | — |
| Cash + short-term investments | $14.5M | $36.0M | $59.8M | $44.9M | $11.3M | — |
| Total debt | $39.7M | $31.1M | $22.3M | $26.9M | $35.6M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.8x · P/S 0.8x · EV/EBITDA 10.2x · EV/Sales 0.9x · P/FCF 11.2x · P/B 2.8x · FCF yield 8.92% · Earnings yield 5.33% · Net debt $23.2M · EV $590M
P/E at fiscal year-ends: Dec 2025 24.1x, Dec 2024 33.3x, Dec 2023 25.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Sharp Jay | Executive Vice President | 5,094 | $256K | 7% | Yes (adopted March 14, 2026) | Too little history (no open-market trades in 2024) |
| 2026-06-15 | Sharp Jay | Executive Vice President | 4,871 | $389K | 6.3% | Yes (adopted March 14, 2026) | Too little history (no open-market trades in 2024) |
| 2026-04-30 | Brooks Jayme L. | Chief Financial Officer | 3,440 | $344K | 2.6% | Yes (adopted December 16, 2025) | Too little history (no open-market trades in 2025) |
| 2026-04-24 | Brooks Jayme L. | Chief Financial Officer | 2,173 | $217K | 1.6% | Yes (adopted December 16, 2025) | Too little history (no open-market trades in 2025) |
| 2026-04-13 | Brooks Jayme L. | Chief Financial Officer | 5,703 | $487K | 4.1% | Yes (adopted December 16, 2025) | Too little history (no open-market trades in 2025) |
| 2026-04-08…2026-04-09 | Brooks Jayme L. | Chief Financial Officer | 4,207 | $358K | 2.9% | Yes (adopted December 16, 2025) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $516K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-15 | Krzeminski Laurel J | Director | 500 | $25K | 50.58 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-11…2026-09-15 | Horowitz Joshua | Director | 7,820 | $391K | 50 | Too little history (no open-market trades in 2023) |
| 2026-09-14 | Gaboury David Richard | Director | 1,940 | $100K | 51.35 | Too little history (no open-market trades in 2023) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | Stifel | Target lowered | Buy | $86 → $75 |
| 2026-09-02 | Lake Street | Target raised | Buy | $90 → $95 |
| 2026-08-21 | JP Morgan | Downgrade | Neutral → Underweight | $60 → $50 |
| 2026-08-10 | Stifel | Target lowered | Buy | $107 → $86 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -52.7% | +576.7% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -52.8% | +46.6% |
| Volatility (annualized) | 78.6% | 59.0% |
| Max drawdown | -63.9% (May 2026→Aug 2026) | -72.3% (Jul 2025→Aug 2026) |

## Peers (Building Products & Equipment)
JBI (Janus International Group, Inc.) USD 4.45 -1.55% · SWIM (Latham Group, Inc.) USD 6.65 +1.61% · APOG (Apogee Enterprises, Inc.) USD 43.63 -1.49% · NX (Quanex Building Products Corpor) USD 20 -3.15% · NPKI (NPK International Inc.) USD 10.89 +1.21% · ROCK (Gibraltar Industries, Inc.) USD 38.83 -1.12%

## More
Full page: https://nexqual.com/LMB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| ODR | $128.4M | 74.0% | +17.9% |
| GCR | $45.0M | 26.0% | +35.3% |
| Total revenue | $173.5M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Guidance to $760 million to $790 million and Revises Adjusted EBITDA Guidance to $78 million to $84 million TAMPA, Fla. – August 4, 2026 – Limbach Holdings, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.21 | $1.51 | -20.0% | $218.6M | 5 |
| Next quarter (ends 2026-12-31) | $1.68 | $1.76 | -4.4% | $270.4M | 3 |
| Current fiscal year (ends 2026-12-31) | $3.81 | $4.74 | -19.6% | $799.7M | 3 |
| Next fiscal year (ends 2027-12-31) | $4.70 | $5.09 | -7.8% | $958.0M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±17.5%; last 8 reports averaged ±17%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 75.3% | ±17.5% |
| 2026-12-18 | 55 | 67.1% | ±21.8% |
| 2027-01-15 | 83 | 63.2% | ±24.9% |
| 2027-04-16 | 174 | 66.3% | ±37.1% |