Limbach Holdings Inc (LMB) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Limbach Holdings Inc $51.31, price $51.12, upside +0.4%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $5.09 – $149.53 · fair‑value band $35.18 – $71.38 · the $51.12 price screens below the $51.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Limbach Holdings, Inc. operates as a building systems solution company in the United States. The company operates through two segments, Owner Direct Relationships and General Contractor Relationships. It engages in the construction or renovation projects that involve primarily include mechanical, electrical, plumbing, and controls services (MEPC).
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Limbach Holdings, Inc. operates as a building systems solution company in the United States. The company operates through two segments, Owner Direct Relationships and General Contractor Relationships. It engages in the construction or renovation projects that involve primarily include mechanical, electrical, plumbing, and controls services (MEPC). It also provides professional and consultative services; inspection, troubleshooting, repair, and services; system and/or facility assessments; turnkey rental equipment solutions; MEPC infrastructure solutions; and customized solutions. The company serves research, acute care, and inpatient hospitals; public and private colleges, universities, research centers; entertainment facilities, and amusement rides and parks; data centers; automotive, energy and general manufacturing plants; and life sciences, including organizations and companies, whose work is centered around research and development focused on living things. Limbach Holdings, Inc. was founded in 1901 and is headquartered in Tampa, Florida.
Stock analysis
Limbach Holdings Inc (LMB) currently trades at $51.12, while our model-based Fair Value estimate is $51.31, implying the stock looks roughly 0.4% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $70.97 per share, and 15 of the 23 models we run sit above the $51.12 price.
Bear case: the Asset-Based group reads lowest at $11.00, and 8 of the 23 models stay below the price. Evidence for this calculation is medium.
Scenario range: $35.18 (bear) to $71.38 (bull), the price of $51.12 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Limbach Holdings Inc reported revenue of $647M in FY2025 versus $490M in FY2021, a compound +7.2%/yr. Reported net income was $48.6M in FY2025, compounding +64.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $955M · P/E ratio 18.7 · P/S ratio 1.40 · EPS (TTM) $2.74 · Net margin 7.5% · Return on equity 18.6% · Return on assets (EBIT) 8.6% · Operating margin 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 55% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −20% fair-value upside, at 0%, LMB screens cheaper than that median.
Fair Value models
Bear $35.18Fair Value $51.31Bull $71.38
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($2.00 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.54/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+24.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.6%
Start year 2020 (pandemic). Over 10 years: +6.9% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+45.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+45.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.42% vs 32%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 8%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.7%/yr over ~9Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +7.6% a year for the price and +4.0% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Products & Equipment · 253 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside+0% · Above median
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)5% · Above median
Operating margin (TTM)1% · Below median
Growth and dividend
Revenue growth4% · Above median
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Building Products & Equipment median · lower = cheaper
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Is Limbach Holdings Inc (LMB) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $51.31 versus a price of $51.12, about +0% upside (fairly valued).
What is the fair value of LMB?
Our model-based fair value for Limbach Holdings Inc is $51.31 (as of Sep 23, 2026), built from audited fundamentals. The current price: $51.12.
What is the quality score of LMB?
Limbach Holdings Inc has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Limbach Holdings Inc (LMB)?
Our model-based price target is the fair value of $51.31 (as of Sep 23, 2026) from 23 valuation models. Cautious scenario $35.18, optimistic scenario $71.38. It is a calculation from audited fundamentals, not an analyst target.
What is the Limbach Holdings Inc stock forecast for 2026?
Our models put fair value at $51.31, about +0% upside versus a price of $51.12 (fairly valued). Cautious scenario $35.18, optimistic scenario $71.38. The calculation is refreshed regularly with new filings.
What is the revenue of Limbach Holdings Inc (LMB)?
Limbach Holdings Inc reported trailing-twelve-month revenue of about $653M (latest available figure, as of Sep 23, 2026).
What growth is priced into Limbach Holdings Inc (LMB)?
For today's price to be fair in a discounted-cash-flow model, Limbach Holdings Inc would have to grow free cash flow by +10.2 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of LMB use?
Our models discount Limbach Holdings Inc at 12.4 %: a base by market capitalisation (small), damped by beta 1.42, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Limbach Holdings Inc that is +10.2 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Limbach Holdings Inc (LMB) delivered so far?
Over the past 5 years revenue at Limbach Holdings Inc grew +2.6 % a year. The price currently implies +10.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Limbach Holdings Inc (LMB) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Limbach Holdings Inc (+10.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Limbach Holdings Inc (LMB)?
The free-cash-flow yield on the price is 6.77 %: that much free cash flow Limbach Holdings Inc produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Limbach Holdings Inc (LMB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Limbach Holdings Inc it is $51.31 per share (as of Sep 23, 2026), against a price of $51.12. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Limbach Holdings Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, LMB trades below its calculated fair value: price $51.12, fair value $51.31, a gap of about +0% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of LMB?
No. The price is what the market pays today ($51.12); the fair value is what the company's own numbers justify ($51.31). For Limbach Holdings Inc the two are $0.1900 per share apart. That gap is exactly why we show both numbers side by side.
How much is Limbach Holdings Inc worth?
The market values Limbach Holdings Inc at about $955M (market capitalisation, as of Sep 23, 2026). Per share that is $51.12; our models calculate a fair value of $51.31 per share.
What do the bullish and bearish scenarios say about LMB?
Our models span a range for Limbach Holdings Inc: cautious scenario $35.18, base $51.31, optimistic $71.38 per share (as of Sep 23, 2026, price $51.12). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LMB?
Limbach Holdings Inc trades at a price-to-earnings ratio of 18.7 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $51.31 is built from several models across several years. Other multiples: PEG 2.3, P/B 4.9, P/S 1.5, EV/EBITDA 15.2.
What is the PEG ratio of LMB?
The PEG ratio of Limbach Holdings Inc is 2.29 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Limbach Holdings Inc (LMB)?
Balance-sheet figures for Limbach Holdings Inc (as of Sep 23, 2026): return on equity 18.6%, debt of 0.05 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is LMB from its 52-week high?
Limbach Holdings Inc trades at $51.12, about 55% below its 52-week high of $114.11 and 24% above the low of $41.22 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $51.31 is for.
Which stocks are comparable to Limbach Holdings Inc?
From the same area (Industrials) we also value Trane Technologies plc, Johnson Controls International plc, Carrier Global Corporation, Compagnie de Saint-Gobain S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Limbach Holdings Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $51.12, calculated fair value $51.31 (+0%), Quality Score 64/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of LMB calculated?
We run Limbach Holdings Inc through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $51.31, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Limbach Holdings Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Limbach Holdings Inc (LMB)?
The closing price on Sep 23, 2026 was $51.12. Our model-based fair value is $51.31, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Limbach Holdings Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($35.18 to $71.38) leaves room in how you read the outcome.
Key figures of Limbach Holdings Inc
How large is the market capitalisation of Limbach Holdings Inc (LMB)?
The market capitalisation of Limbach Holdings Inc is $955M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Limbach Holdings Inc (LMB)?
The price-to-sales ratio of Limbach Holdings Inc is 1.40 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Limbach Holdings Inc (LMB)?
Earnings per share at Limbach Holdings Inc are $2.74 (price ÷ EPS = P/E 18.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Limbach Holdings Inc (LMB)?
The net margin of Limbach Holdings Inc is 7.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Limbach Holdings Inc (LMB)?
The return on equity (ROE) of Limbach Holdings Inc is 18.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Limbach Holdings Inc (LMB)?
On an EBIT basis the return on assets of Limbach Holdings Inc is 8.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Limbach Holdings Inc (LMB)?
The operating margin of Limbach Holdings Inc is 0.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Limbach Holdings Inc (LMB)?
Revenue at Limbach Holdings Inc is growing +4.3% versus a year earlier (3y avg +9.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Limbach Holdings Inc (LMB)?
Earnings per share at Limbach Holdings Inc are growing −57.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Limbach Holdings Inc (LMB) carry?
The net debt of Limbach Holdings Inc is $44.5M (fiscal year 2025, ≈ 1.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Sep 23, 2026