Limbach Holdings, Inc. (LMB) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Limbach Holdings, Inc. (LMB)
A forensic read on Limbach Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.9
Distress distance
Clean
Earnings quality
5
Forensic signals
18.8
P / E (ttm)
20.0%
ROE
$559M
Market cap
24.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Limbach Holdings, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.9, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+47.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +47.5% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +11% against revenue +25%. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.
+4.2%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~12%.
stopped
FY2022→FY2024
Shareholder returns — halted.Capital returns have STOPPED — $2M of buybacks + dividends in FY2022, but ~$0 in FY2024. A halt usually means the company is conserving cash.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue and 17% of free cash flow in FY2025 — about $0.58 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 4.3% a year and is falling.
Key fundamentals
Latest Revenue$646.8M
Revenue Growth YoY+24.7%
Revenue CAGR (3yr)+9.2%
Net Margin6.0%
Free Cash Flow$41.9M
Return on Equity20.0%
Debt / Equity0.18x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Limbach Holdings, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
$4M
FY2019–FY2019
Goodwill impairments.Took $4M of goodwill writedowns across 1 year (FY2019 ($4M)). Writedowns mean past acquisitions underperformed what was paid for them.