Limbach Holdings, Inc. (LMB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-28.4%

$33.62

vs $46.93 price

Levered DCF

$42.35

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.3

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.62×	31.11×	23.56×	16.02×	13.43×	16.66×	-16.43×	-15.33×
P/B	4.63×	6.27×	4.05×	1.14×	1.03×	1.8×	0.62×	0.6×
P/S	1.4×	1.85×	0.95×	0.22×	0.18×	0.17×	0.05×	0.05×
EV / EBITDA	13.59×	17.97×	12.3×	6.17×	7.57×	5.38×	5.99×	7.84×
Gross margin	26.2%	27.8%	23.1%	18.9%	17.5%	14.3%	13.0%	10.9%
Operating margin	7.6%	7.4%	5.7%	2.4%	2.9%	3.0%	1.5%	0.2%
Net margin	7.5%	6.0%	4.0%	1.4%	1.4%	1.0%	-0.3%	-0.3%
Current ratio	1.44×	1.46×	1.5×	1.42×	1.49×	1.33×	1.25×	1.13×
Debt / equity	0.29×	0.32×	0.35×	0.53×	0.69×	1.16×	1.39×	0.58×
Interest coverage	15.78×	20.67×	14.31×	5.6×	5.45×	1.99×	1.28×	0.32×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-47.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.9%	20.1%	17.2%	7.1%	7.6%	10.8%	-3.8%	-4.0%
Return on invested capital	19.4%	14.3%	13.1%	5.7%	6.5%	11.7%	6.2%	1.1%
Return on assets	12.8%	8.8%	6.8%	2.3%	2.5%	2.2%	-0.7%	-0.7%
Free cash flow yield	4.6%	3.0%	11.2%	31.7%	-27.8%	39.5%	-12.4%	77.1%
Earnings yield	5.4%	3.2%	4.2%	6.3%	7.5%	6.0%	-6.1%	-6.6%
Enterprise value	$949.7M	$965.6M	$472M	$122.8M	$136.3M	$117.3M	$85.9M	$53M
Net debt / EBITDA	0.64×	0.07×	-0.47×	0.72×	2.57×	0.93×	3.97×	3.72×
Cash conversion cycle (days)	44	58	46	69	71	48	55	57