Limbach Holdings, Inc. (LMB) intrinsic value & 10-year financials

Limbach Holdings, Inc. (LMB) has a Graham intrinsic value of $107.29 per share. At $48.69 on Oct 17, 2026, the stock trades 55% below that value. Over the last 10 fiscal years revenue grew 3.6% a year to $646.8M, with an average return on invested capital of 15.3%.

Graham intrinsic value
$107.29
Share price (Oct 17, 2026)
$48.69
Price vs Graham value
55% below
Market cap
$588.2M
Revenue (FY2025)
$646.8M
Revenue growth (10-yr CAGR)
3.6%
ROIC (10-yr avg)
15.3%
Free cash flow (FY2025)
$41.9M

LMB 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $646.8M $39.1M $3.23 $41.9M 7.6% 22.9%
FY2024 $518.8M $30.9M $2.57 $29.3M 7.4% 28.0%
FY2023 $516.4M $20.8M $1.76 $55.1M 5.7% 26.8%
FY2022 $496.8M $6.8M $0.64 $34.4M 2.4% 9.2%
FY2021 $490.4M $6.7M $0.66 -$25.0M 2.9% 13.1%
FY2020 $568.2M $5.8M $0.72 $38.3M 3.0% 22.7%
FY2019 $553.3M -$1.8M -$0.23 -$3.6M 1.5% 9.3%
FY2018 $546.5M -$1.8M -$0.52 $21.4M 0.2% 1.1%
FY2017 $485.7M $712.0K -$0.13 -$7.4M 1.2% 4.3%
FY2016 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Limbach Holdings, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Limbach Holdings, Inc. has earned high returns on invested capital, averaging 15.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.

Limbach Holdings, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Limbach Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $107.29 per share.

LMB stock: frequently asked questions

What is the intrinsic value of Limbach Holdings, Inc. (LMB) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, LMB's intrinsic value is about $107.29 per share.

Is LMB stock undervalued?

At $48.69 (close on Oct 17, 2026), LMB trades 55% below its Graham value of $107.29. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

Does Limbach Holdings, Inc. generate free cash flow?

Limbach Holdings, Inc. generated $41.9M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 6 of the last 9 reported years.

What is LMB's return on invested capital?

Average ROIC over the last 10 fiscal years was 15.3%, and average return on equity was 9.6%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this LMB data come from?

From Limbach Holdings, Inc.'s annual 10-K filings on SEC EDGAR. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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