LMBLimbach Holdings, Inc.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.6×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Efficiency-driven, thin margins turned over fast (the retail model). ROE 18% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is LMB?
Limbach Holdings, Inc. earns 14% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 4.7 points above what the capital costs: growth creates value
- Operating margin
- 5.8%
Operating margin · Building Products & Equipment median 9.3% · 12 months to Q2 2026
- Cash conversion
- 1.64×
Cash conversion · 0.82× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.61%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 3.0% |
| FY2021 | 2.9% |
| FY2022 | 2.4% |
| FY2023 | 5.7% |
| FY2024 | 7.4% |
| FY2025 | 7.6% |
Details›
- Gross margin12 months to Q2 2026
- 24%
- Operating margin12 months to Q2 2026
- 5.8%
- Net margin12 months to Q2 2026
- 4.4%
- Free cash flow margin
- 7.4%
- Revenue, trailing twelve months
- $684M
- Free cash flow, trailing twelve months
- $51M
- Net income, trailing twelve months
- $30M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 14%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Building Products & Equipment
Ranks #7 of 19 by RyuScore