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.