The company maintains a healthy capital structure with a 0.39 debt-to-equity ratio as of 2026Q1, though goodwill has risen significantly to $70.7M due to an aggressive acquisition strategy.
| Total Current Assets | 191.76M | 195.05M | 220.33M | 217M | 225.99M | 192.91M | 199.42M | 195.38M | 204.99M | 166.26M | 155.18M | 139.32K | 469.87K |
| Cash & Short-Term Investments | 15.77M | 11.35M | 44.93M | 59.83M | 36M | 14.48M | 42.15M | 8.34M | 1.62M | 626K | 7.41M | 119.83K | 397.39K |
| Cash Only | 15.77M | 11.35M | 44.93M | 59.83M | 36M | 14.48M | 42.15M | 8.34M | 1.62M | 626K | 7.41M | 119.83K | 397.39K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 120.51M | 178.67M | 167.21M | 149.44M | 185.99M | 173.3M | 152.87M | 182.25M | 168.38M | 162.35M | 145.93M | 106.1M | 0 |
| Days Sales Outstanding | 91.61 | 100.83 | 117.64 | 105.64 | 136.65 | 129 | 98.2 | 120.22 | 112.46 | 121.99 | 119.16 | 116.88 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 125K | 124K | 123K | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 0.09 | 0.11 | 0.11 | - | - |
| Other Current Assets | 55.49M | 5.03M | 8.19M | 7.71M | 3.99M | 5.11M | 4.39M | 4.77M | 34.98M | 3.29M | 1.85M | 1.86M | 0 |
| Total Non-Current Assets | 185.21M | 186.08M | 131.79M | 87.44M | 68.57M | 74.61M | 62.74M | 66.24M | 48.65M | 46.76M | 51.69M | 46.06M | 46.01M |
| Property, Plant & Equipment | 60.23M | 63.1M | 51.66M | 40.56M | 36.51M | 41.74M | 38.45M | 42.34M | 20.53M | 17.92M | 18.54M | 13.22M | 0 |
| Fixed Asset Turnover | 10.54x | 10.25x | 10.04x | 12.73x | 13.61x | 11.75x | 14.78x | 13.07x | 26.62x | 27.11x | 24.11x | 25.06x | - |
| Goodwill | 70.67M | 70.6M | 33.03M | 16.37M | 11.37M | 11.37M | 6.13M | 6.13M | 10.49M | 10.49M | 10.49M | 0 | 0 |
| Intangible Assets | 47.44M | 49.19M | 41.23M | 25M | 15.34M | 16.91M | 11.68M | 12.31M | 12.95M | 14.22M | 17.81M | 0 | 0 |
| Long-Term Investments | 300K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 302K | 76K | 337K | 330K | 515K | 259K | 392K | 668K | 271K | 465K | 588K | 32.84M | 46.01M |
| Total Assets | 376.97M | 381.13M | 352.13M | 304.44M | 294.56M | 267.51M | 262.16M | 261.62M | 253.63M | 213.02M | 206.88M | 46.2M | 46.48M |
| Asset Turnover | 1.73x | 1.70x | 1.47x | 1.70x | 1.69x | 1.83x | 2.17x | 2.12x | 2.15x | 2.28x | 2.16x | 7.17x | - |
| Asset Growth % | 59.26% | 8.24% | 15.66% | 3.36% | 10.11% | 2.04% | 0.21% | 3.15% | 19.07% | 2.97% | 347.79% | -0.6% | - |
| Total Current Liabilities | 112.38M | 135.09M | 151.04M | 145.15M | 159.09M | 129.74M | 150.29M | 156.87M | 182.14M | 135.48M | 126.73M | 255.28K | 194.85K |
| Accounts Payable | 62.13M | 74.17M | 60.81M | 65.27M | 75.12M | 63.84M | 66.76M | 86.27M | 74.35M | 67.44M | 57.03M | 42.57M | 69.85K |
| Days Payables Outstanding | 48.09 | 56.7 | 59.27 | 60 | 68.03 | 57.61 | 50.06 | 65.4 | 55.72 | 58.59 | 52.78 | 54.34 | - |
| Short-Term Debt | 9.5M | 9.41M | 0 | 0 | 9.56M | 9.88M | 4M | 4.42M | 3.14M | 14.14M | 4.48M | 2.7M | 125K |
| Deferred Revenue (Current) | 69.37M | 0 | 44.52M | 42.16M | 44.01M | 26.71M | 46.65M | 42.37M | 50.84M | 28.54M | 39.19M | 26.27M | 0 |
| Other Current Liabilities | 40.74M | 51.5M | 14.37M | 12.25M | 9.68M | 7.35M | 11.71M | 448K | 37.53M | 3.35M | 3.54M | 0 | 0 |
| Current Ratio | 1.71x | 1.44x | 1.46x | 1.50x | 1.42x | 1.49x | 1.33x | 1.25x | 1.13x | 1.23x | 1.22x | 0.55x | 2.41x |
| Quick Ratio | 1.71x | 1.44x | 1.46x | 1.50x | 1.42x | 1.49x | 1.33x | 1.25x | 1.12x | 1.23x | 1.22x | 0.55x | 2.41x |
| Cash Conversion Cycle | 43.52 | - | - | - | - | - | - | - | 56.83 | 63.51 | 66.5 | - | - |
| Total Non-Current Liabilities | 68.26M | 50.38M | 47.6M | 38.38M | 40.03M | 49.93M | 58.13M | 57.88M | 25.13M | 21.42M | 22.32M | 255.28K | 194.85K |
| Long-Term Debt | 66.97M | 9.65M | 9.63M | 9.61M | 21.53M | 29.82M | 32.59M | 38.87M | 23.61M | 20.56M | 21.51M | 30.96M | 0 |
| Capital Lease Obligations | 112.08M | 36.81M | 31.69M | 26.05M | 15.64M | 16.58M | 19.38M | 18.25M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.61M | 3.07M | 4.53M | 0 | 0 |
| Other Non-Current Liabilities | 1.29M | 3.92M | 6.28M | 2.71M | 2.86M | 3.54M | 6.16M | 763K | 1.51M | 861K | 817K | 964K | 0 |
| Total Liabilities | 180.64M | 185.47M | 198.64M | 183.52M | 199.11M | 179.67M | 208.43M | 214.75M | 207.27M | 156.9M | 149.05M | 255.28K | 194.85K |
| Total Debt | 76.47M | 55.87M | 48.73M | 41.98M | 50.3M | 60.64M | 62.44M | 65.29M | 26.75M | 26.91M | 25.98M | 125K | 125K |
| Net Debt | 60.7M | 44.53M | 3.8M | -17.86M | 14.3M | 46.16M | 20.29M | 56.95M | 25.14M | 26.29M | 18.58M | 5.17K | -272.39K |
| Debt / Equity | 0.39x | 0.29x | 0.32x | 0.35x | 0.53x | 0.69x | 1.16x | 1.39x | 0.58x | 0.48x | 0.45x | 0.00x | 0.00x |
| Debt / EBITDA | 1.35x | 0.83x | 0.96x | 1.12x | 2.49x | 3.04x | 2.68x | 4.55x | 3.96x | 1.78x | - | - | - |
| Net Debt / EBITDA | 1.07x | 0.66x | 0.08x | -0.48x | 0.71x | 2.32x | 0.87x | 3.97x | 3.72x | 1.74x | - | - | - |
| Interest Coverage | 18.39x | 16.52x | 22.38x | 14.73x | 5.48x | 4.69x | 1.81x | 1.28x | 0.32x | 2.64x | - | 2.35x | - |
| Total Equity | 196.34M | 195.66M | 153.49M | 120.92M | 95.44M | 87.84M | 53.73M | 46.87M | 46.37M | 56.12M | 57.82M | 45.94M | 46.28M |
| Equity Growth % | 105.26% | 27.47% | 26.94% | 26.69% | 8.66% | 63.47% | 14.64% | 1.08% | -17.38% | -2.95% | 25.85% | -0.73% | - |
| Book Value per Share | 16.27 | 16.16 | 12.76 | 10.24 | 8.94 | 8.58 | 6.66 | 6.12 | 6.13 | 7.51 | 7.74 | 7.72 | 25.05 |
| Total Shareholders' Equity | 196.34M | 195.66M | 153.49M | 120.92M | 95.44M | 87.84M | 53.73M | 46.87M | 46.37M | 56.12M | 57.82M | 45.94M | 46.28M |
| Common Stock | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 40.94M | 41M |
| Retained Earnings | 104.7M | 100.33M | 61.26M | 30.39M | 9.63M | 2.83M | -3.88M | -9.69M | -8.42M | -6.58M | -7.71M | -529.36K | -189.75K |
| Treasury Stock | 0 | -2M | -2M | -2M | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.81M | -7.84M | -2.59M | 8.21M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Goodwill impairment and integration
As reported in financial statements, Limbach has successfully expanded its total equity from $120.9M in 2023Q4 to $196.3M by 2026Q1, reflecting a consistent accumulation of retained earnings that underscores the company's structural pivot toward higher-margin service work and improved operational efficiency over the observed period.
The steady growth in retained earnings suggests that the company is effectively converting its strategic shift into tangible book value. This trajectory indicates that the business model is becoming more self-sustaining, reducing the reliance on external financing to fund its ongoing operational requirements.
Based on reported figures, Limbach's goodwill has increased significantly from $16.4M in 2024Q1 to $70.7M in 2026Q1, indicating that the company is aggressively utilizing inorganic growth to accelerate its entry into specialized mechanical service markets and bolster its owner-direct relationship segment capabilities.
While this asset growth supports the strategic pivot, the rising concentration of intangible assets warrants close monitoring for potential impairment risks. Investors should evaluate whether the acquired entities are delivering the expected margin accretion to justify the premium paid over net tangible assets.
According to recent SEC filings, Limbach's cash reserves have exhibited significant fluctuations, dropping from a peak of $59.8M in 2023Q4 to $15.8M in 2026Q1, which suggests that capital is being rapidly deployed into acquisitions and working capital needs rather than being held as a liquidity buffer.
The current ratio of 1.71 remains adequate, yet the declining cash balance relative to total assets may limit the company's flexibility if market conditions deteriorate. The management team appears to prioritize growth over maintaining a high-liquidity posture, which increases the sensitivity of the balance sheet to operational shocks.
As indicated by the provided data, Limbach maintains a conservative debt-to-equity ratio of 0.39 as of 2026Q1, demonstrating that the company has successfully managed its leverage despite the capital-intensive nature of its recent acquisition-led expansion into the owner-direct service market.
The moderate debt load provides a stable foundation, suggesting that the company is not over-leveraged despite the recent increase in total debt to $76.5M. This disciplined approach to capital structure appears to provide sufficient room for maneuverability without exposing the firm to excessive interest rate risk.
Quick answers to the most common questions about buying LMB stock.
As of 2025, Limbach Holdings, Inc. (LMB) had total assets of $381.1M including $195.0M in current assets.
Limbach Holdings, Inc. (LMB) carries total debt of $55.9M, offset by $11.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Limbach Holdings, Inc. (LMB) has total shareholders' equity (book value) of $195.7M ($16.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Limbach Holdings, Inc. (LMB) reported a current ratio of 1.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.