Cash flow remains inconsistent, with free cash flow margins fluctuating between -5.9% and 14.9% over the last ten quarters, largely driven by erratic working capital changes such as the $16.2M outflow in 2024Q1.
| Cash from Operations | 35.65M | 45.7M | 36.78M | 57.37M | 35.37M | -24.23M | 39.81M | -926K | 25.32M | -4.07M | 4.8M | -226.19K | -274.35K |
| Operating CF Margin % | - | 7.07% | 7.09% | 11.11% | 7.12% | -4.94% | 7.01% | -0.17% | 4.63% | -0.84% | 1.07% | -0.07% | - |
| Operating CF Growth % | -320.41% | 24.24% | -35.88% | 62.17% | 245.97% | -160.86% | 4399.68% | -103.66% | 722.93% | -184.63% | 2223.42% | 17.55% | - |
| Net Income | 33.23M | 48.63M | 30.88M | 20.75M | 6.8M | 6.71M | 5.81M | -1.77M | -1.84M | 712K | 1.87M | -339.6K | -325.88K |
| Depreciation & Amortization | 18.48M | 18.13M | 11.89M | 8.24M | 8.16M | 5.95M | 6.17M | 6.29M | 5.68M | 9.12M | 7.34M | 2.63M | 0 |
| Stock-Based Compensation | 7.28M | 7.02M | 5.77M | 4.91M | 2.74M | 2.6M | 1.07M | 1.77M | 2.16M | 1.66M | 1.5M | 0 | 0 |
| Deferred Taxes | 838K | 2.61M | -352K | -350K | -499K | 1.76M | -1.3M | -609K | -745K | 603K | -3.87M | 0 | 0 |
| Other Non-Cash Items | -11.05M | -4.54M | 4.97M | 5.42M | 7.23M | 6.69M | 7.83M | 9.13M | 682K | 582K | 51.33M | 24.64M | 93.14K |
| Working Capital Changes | -13.12M | -26.15M | -16.37M | 18.39M | 10.94M | -47.94M | 20.24M | -15.72M | 19.39M | -16.74M | -6.55M | 113.41K | 51.53K |
| Change in Receivables | -19.07M | -20.31M | -11.28M | 43M | -12.98M | 3.41M | 19.2M | -12.72M | -6.41M | -15.63M | -40.33M | -19.31M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -25.38M | 16.27M | 0 | -3.42M | 1K | 0 | 0 | 0 |
| Change in Payables | -751K | 5.29M | -10.3M | -10.91M | 11.28M | -5.58M | -19.5M | 11.91M | 6.91M | 10.4M | 9.69M | 60.43K | 102.43K |
| Cash from Investing | -65.77M | -67.59M | -42.57M | -17.09M | -495K | -19.3M | -1.32M | -2.49M | -3.68M | -3.23M | -15.46M | -51.37K | -46.01M |
| Capital Expenditures | -1.98M | -3.81M | -7.52M | -2.27M | -993K | -791K | -1.48M | -2.66M | -3.88M | -3.3M | -3.4M | -2.38M | 0 |
| CapEx % of Revenue | 0.3% | 0.59% | 1.45% | 0.44% | 0.2% | 0.16% | 0.26% | 0.48% | 0.71% | 0.68% | 0.76% | 0.72% | - |
| Acquisitions | -65.65M | 0 | -35.05M | -14.83M | 0 | -18.98M | 162K | 0 | 198K | 70K | -30.07M | 58K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.87M | -63.78M | 7K | 0 | 498K | 465K | 160K | 172K | 197K | 69K | 18M | -51.37K | -46.01M |
| Cash from Financing | 7.79M | -11.7M | -9.12M | -16.49M | -13.35M | 15.87M | -4.69M | 10.14M | -20.65M | 519K | 12.22M | -788K | 62.13M |
| Debt Issued (Net) | -45.36M | -4.54M | -3.04M | -14.19M | -10.81M | -6.74M | -4.66M | 12.69M | -3.16M | 6.85M | -14.77M | -664K | 0 |
| Equity Issued (Net) | 200K | 653K | 440K | 0 | -2M | -459K | -216K | 0 | -211K | -104K | 27.18M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -875K | -245K | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -2M | 0 | -216K | 0 | -211K | -104K | 0 | 0 | 0 |
| Other Financing | 52.96M | -7.82M | -6.51M | -2.31M | -541K | 23.07M | 191K | -2.55M | -16.4M | -5.98M | -195K | -124K | 62.13M |
| Net Change in Cash | -22.32M | -33.59M | -14.9M | 23.78M | 21.52M | -27.67M | 33.8M | 6.72M | 993K | -6.78M | 1.41M | -277.56K | 15.84M |
| Free Cash Flow | 33.66M | 41.89M | 29.26M | 55.1M | 34.38M | -25.02M | 38.33M | -3.59M | 21.45M | -7.37M | 1.41M | -2.61M | -274.35K |
| FCF Margin % | 5.16% | 6.48% | 5.64% | 10.67% | 6.92% | -5.1% | 6.75% | -0.65% | 3.92% | -1.52% | 0.32% | -0.79% | - |
| FCF Growth % | -5.85% | 43.18% | -46.9% | 60.27% | 237.39% | -165.28% | 1168.04% | -116.74% | 391.06% | -623.3% | 154.03% | -849.95% | - |
| FCF per Share | 2.79 | 3.46 | 2.43 | 4.66 | 3.22 | -2.45 | 4.75 | -0.47 | 2.84 | -0.99 | 0.19 | -0.44 | -0.15 |
| FCF Conversion (FCF/Net Income) | 1.01x | 0.94x | 1.19x | 2.76x | 5.20x | -3.61x | 6.86x | 0.52x | -13.72x | -5.71x | 2.57x | 0.67x | 1.08x |
| Interest Paid | 1.8M | 0 | 1.9M | 1.91M | 2M | 2.55M | 6.47M | 4.61M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.02M | 0 | 8.53M | 9.16M | 1.98M | 2.29M | 734K | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
According to the provided quarterly data, Limbach's cash conversion is highly erratic, with the OCF/NI ratio swinging from a low of 0.22 in 2025Q1 to a high of 2.77 in 2024Q2, indicating that reported net income frequently decouples from actual cash generation on a quarterly basis.
The significant variance in the OCF/NI ratio suggests that Limbach's earnings are heavily influenced by the timing of project milestones and the associated billing cycles inherent in percentage-of-completion accounting. Investors should interpret this volatility as a reflection of operational lumpiness rather than a permanent impairment of earnings quality, though it warrants caution regarding the predictability of cash inflows.
As reported in financial statements, Limbach's free cash flow trajectory remains inconsistent, with margins fluctuating between -5.9% and 14.9% over the last ten quarters, highlighting the difficulty in maintaining steady cash generation during the company's strategic transition toward higher-margin owner-direct service relationships.
The lack of a stable FCF trend suggests that the business model is still sensitive to the timing of large-scale project completions and the working capital requirements of its evolving service mix. While the 14.9% margin achieved in 2025Q4 demonstrates the potential for strong cash conversion, the subsequent negative FCF in 2026Q1 underscores the persistent risk of cash flow disruption.
Based on reported figures, working capital changes have been a primary driver of cash flow instability, with quarterly fluctuations ranging from a $16.2M outflow in 2024Q1 to a $6.8M inflow in 2025Q4, reflecting the inherent challenges of managing receivables and payables in a project-based industrial environment.
The frequent swings in working capital suggest that Limbach's cash position is highly susceptible to the timing of customer payments and the accumulation of under-billings. This volatility implies that management's ability to optimize the cash conversion cycle is currently constrained by the nature of its contract portfolio, necessitating close monitoring of the balance sheet for signs of aggressive revenue recognition.
According to recent SEC filings, Limbach has prioritized inorganic growth through acquisitions, such as the $65.7M outlay in 2025Q3, while maintaining a conservative stance on shareholder returns, as evidenced by the absence of dividends or share repurchases across the observed ten-quarter period.
The focus on M&A suggests that management is actively deploying capital to accelerate the pivot toward the ODR segment, which may be a more effective use of cash than returning capital to shareholders at this stage of the business transformation. However, the success of this strategy depends entirely on the integration of these acquisitions and their ability to generate sustained, high-margin cash flows.
Quick answers to the most common questions about buying LMB stock.
Limbach Holdings, Inc. (LMB) generated $45.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Limbach Holdings, Inc. (LMB) generated $41.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Limbach Holdings, Inc. (LMB) spent $3.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.