Latest Ratios: P/E Ratio 20.2x · EV/EBITDA 14.7x · ROE 27.9%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $949M | $943M | $1.0B | $537M | $111M | $92M | $99M | $29M | $28M | $103M | $105M |
| Enterprise Value | $994M | $987M | $1.0B | $519M | $125M | $138M | $120M | $86M | $53M | $130M | $124M |
| P/E Ratio → | 20.21 | 19.37 | 33.28 | 25.84 | 16.27 | 13.64 | 17.13 | — | — | — | 56.40 |
| P/S Ratio | 1.47 | 1.46 | 1.98 | 1.04 | 0.22 | 0.19 | 0.18 | 0.05 | 0.05 | 0.21 | 0.24 |
| P/B Ratio | 5.03 | 4.82 | 6.70 | 4.44 | 1.16 | 1.05 | 1.85 | 0.62 | 0.60 | 1.84 | 1.82 |
| P/FCF | 22.65 | 22.50 | 35.16 | 9.75 | 3.23 | — | 2.59 | — | 1.30 | — | 74.82 |
| P/OCF | 20.77 | 20.63 | 27.97 | 9.36 | 3.14 | — | 2.50 | — | 1.10 | — | 21.93 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.53 | 1.99 | 1.01 | 0.25 | 0.28 | 0.21 | 0.16 | 0.10 | 0.27 | 0.28 |
| EV / EBITDA | 14.70 | 14.60 | 20.44 | 13.84 | 6.22 | 6.93 | 5.13 | 5.99 | 7.84 | 8.56 | — |
| EV / EBIT | 20.09 | 19.07 | 24.68 | 17.22 | 10.67 | 11.48 | 7.67 | 10.65 | 49.50 | 21.54 | 27.15 |
| EV / FCF | — | 23.56 | 35.29 | 9.42 | 3.65 | — | 3.12 | — | 2.47 | — | 88.01 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.2% | 26.2% | 27.8% | 23.1% | 18.9% | 17.5% | 14.3% | 13.0% | 10.9% | 13.5% | 11.8% |
| Operating Margin | 7.6% | 7.6% | 7.4% | 5.7% | 2.4% | 2.9% | 3.0% | 1.5% | 0.2% | 1.2% | -99.1% |
| Net Profit Margin | 7.5% | 7.5% | 6.0% | 4.0% | 1.4% | 1.4% | 1.0% | -0.3% | -0.3% | 0.1% | 0.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.9% | 27.9% | 22.5% | 19.2% | 7.4% | 9.5% | 11.5% | -3.8% | -3.6% | 1.2% | 3.6% |
| ROA | 13.3% | 13.3% | 9.4% | 6.9% | 2.4% | 2.5% | 2.2% | -0.7% | -0.8% | 0.3% | 1.5% |
| ROIC | 18.7% | 18.7% | 22.3% | 20.6% | 7.4% | 10.1% | 14.5% | 6.9% | 1.0% | 5.7% | -543.1% |
| ROCE | 22.1% | 22.1% | 21.4% | 19.9% | 8.8% | 11.2% | 15.8% | 9.2% | 1.4% | 7.6% | -702.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.32 | 0.35 | 0.53 | 0.69 | 1.16 | 1.39 | 0.58 | 0.48 | 0.45 |
| Debt / EBITDA | 0.83 | 0.83 | 0.96 | 1.12 | 2.49 | 3.04 | 2.68 | 4.55 | 3.96 | 1.78 | — |
| Net Debt / Equity | — | 0.23 | 0.02 | -0.15 | 0.15 | 0.53 | 0.38 | 1.21 | 0.54 | 0.47 | 0.32 |
| Net Debt / EBITDA | 0.66 | 0.66 | 0.08 | -0.48 | 0.71 | 2.32 | 0.87 | 3.97 | 3.72 | 1.74 | — |
| Debt / FCF | — | 1.06 | 0.13 | -0.32 | 0.42 | — | 0.53 | — | 1.17 | — | 13.19 |
| Interest Coverage | 16.52 | 16.52 | 22.38 | 14.73 | 5.48 | 4.69 | 1.81 | 1.28 | 0.32 | 2.64 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.44 | 1.44 | 1.46 | 1.50 | 1.42 | 1.49 | 1.33 | 1.25 | 1.13 | 1.23 | 1.22 |
| Quick Ratio | 1.44 | 1.44 | 1.46 | 1.50 | 1.42 | 1.49 | 1.33 | 1.25 | 1.12 | 1.23 | 1.22 |
| Cash Ratio | 0.08 | 0.08 | 0.30 | 0.41 | 0.23 | 0.11 | 0.28 | 0.05 | 0.01 | 0.00 | 0.06 |
| Asset Turnover | — | 1.70 | 1.47 | 1.70 | 1.69 | 1.83 | 2.17 | 2.12 | 2.15 | 2.28 | 2.16 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 3896.76 | 3388.03 | 3206.84 |
| Days Sales Outstanding | — | 100.83 | 117.64 | 105.64 | 136.65 | 129.00 | 98.20 | 120.22 | 112.46 | 121.99 | 119.16 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | 3.1% | 0.2% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 5.2% | 3.0% | 3.9% | 6.1% | 7.3% | 5.8% | — | — | — | 1.8% |
| FCF Yield | 4.4% | 4.4% | 2.8% | 10.3% | 30.9% | — | 38.5% | — | 77.1% | — | 1.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.8% | 0.0% | 0.2% | 0.0% | 0.8% | 0.1% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.8% | 0.0% | 0.2% | 0.0% | 3.9% | 0.3% | 0.0% |
| Shares Outstanding | — | $12M | $12M | $12M | $11M | $10M | $8M | $8M | $8M | $7M | $7M |
Skilled labor supply constraints
Based on current market data, Limbach trades at a P/E of 20.21, which appears to undervalue the firm's transition toward recurring service revenue when compared to the higher multiples typically assigned to pure-play industrial service providers like IES Holdings or MYR Group.
The current valuation suggests the market continues to apply a construction-sector discount, failing to fully price in the margin-accretive shift toward Owner Direct Relationships. Investors should monitor whether the forward P/E of 16.31 begins to compress further as the company demonstrates the durability of its service-led earnings model.
As reported in financial statements, Limbach's ROIC has shown meaningful volatility, peaking at 6.6% in 2024Q4, which indicates that management is still in the early stages of optimizing capital returns as they pivot away from low-margin, project-heavy general contracting work.
The recent trend in ROIC suggests that while the company is successfully shedding lower-quality revenue, the integration of recent acquisitions may be temporarily diluting returns. Sustained improvement in this metric will be the primary indicator that the ODR strategy is effectively compounding shareholder value over the long term.
According to recent SEC filings, Limbach's DSO has fluctuated significantly, reaching 109 days in 2025Q1, which highlights the inherent difficulty in managing cash conversion cycles during a strategic transition toward more complex, mission-critical mechanical service contracts with diverse facility owners.
The variability in DSO suggests that the company may face challenges in standardizing billing cycles across its growing ODR portfolio. Investors should watch for a stabilization in these efficiency metrics as a sign that the company is successfully institutionalizing its service-based revenue recognition processes.
The most commonly misapplied metric for Limbach is the P/S ratio, which obscures the fundamental shift in earnings quality occurring as the company moves from low-margin construction volume to high-margin, recurring service-based revenue streams that warrant a different valuation framework.
Relying on P/S ignores the significant margin expansion achieved through the ODR pivot, effectively penalizing the company for its strategic decision to prioritize profitability over top-line growth. Analysts should instead focus on EV/EBITDA or P/FCF to better capture the cash-generating potential of the company's evolving business model.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying LMB stock.
Limbach Holdings, Inc.'s current P/E ratio is 20.2x. The historical average is 26.0x. This places it at the 57th percentile of its historical range.
Limbach Holdings, Inc.'s current EV/EBITDA is 14.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Limbach Holdings, Inc.'s return on equity (ROE) is 27.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.8%.
Based on historical data, Limbach Holdings, Inc. is trading at a P/E of 20.2x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Limbach Holdings, Inc. has 26.2% gross margin and 7.6% operating margin.
Limbach Holdings, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.