Forensic Analysis · Homebuilders & Residential Construction · as of Nov 9, 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
3.9
Distress distance
1
Forensic signals
22.4%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 3.9, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+21.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +21.9% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $45.5M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +11% against revenue +25%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 21.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$646.8M
Revenue Growth YoY+24.7%
Revenue CAGR (2yr)+11.9%
Net Margin6.0%
Free Cash Flow$41.9M
Return on Equity22.4%
Debt / Equity0.18x
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