Short answer
Limbach Holdings, Inc. (LMB) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $647M (+24.7% year over year) and net income of $39M.
- Top risk flagged: Regulatory risk: Section 232 tariffs on steel and aluminum increased to 50% in June 2025, expanding scope and raising raw material costs for projects
FY2025 key financial metrics · XBRL
- Revenue
- $647M
- +24.7% YoY
- Net income
- $39M
- +26.5% YoY
- Operating margin
- 7.6%
- +0.2 pp YoY
- Gross margin
- 26.2%
- −1.6 pp YoY
- EPS (diluted)
- $3.23
- +25.7% YoY
- ROE
- 20.0%
- −0.2 pp YoY
- Operating cash flow
- $46M
- +24.2% YoY
Source: XBRL data from the Limbach Holdings, Inc. (LMB) FY2025 10-K on SEC EDGAR. USD.
Limbach Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Design, delivery, and maintenance of MEPC systems for mission-critical facilities in healthcare, industrial, data centers, life sciences, higher education, and entertainment
- New emphasis: Expanded ODR segment revenue target achieved at 75.1% of total, with 40.6% YoY growth driven by acquisitions and organic growth
- Strategic shift: Continued shift from GCR to higher margin ODR business, with GCR revenue down 7.0% but margins improved to 24.5%
- Quantitative highlight: Record revenue $646.8 million and gross profit $169.3 million; notable acquisition of Pioneer Power expanding geographic footprint
- Noteworthy fact: Pioneer Power acquisition completed July 2025, expanding presence into upper Midwest and broadening industrial and healthcare market reach
Management Discussion & Analysis
- Revenue $646.8M, up 24.7% YoY; ODR $485.7M up 40.6%, GCR $161.1M down 7.0%
- Operating income margin 7.6% vs 7.4%; Gross profit margin 26.2% vs 27.8% with ODR margin down to 26.7% from 31.2%
- Best segment ODR gross profit $129.9M (+20.5%), worst GCR revenue decline of $12.2M (-7.0%)
- SG&A $109.5M (16.9% revenue) up 12.7%; stock-based compensation $7.0M; no explicit buyback or dividend data disclosed
- Management cites acquisitions driving growth; highlights integration focus on acquired lower margin entities; risks include contract cost overruns and backlog fluctuations
Risk Factors
- Regulatory risk: Section 232 tariffs on steel and aluminum increased to 50% in June 2025, expanding scope and raising raw material costs for projects
- Geopolitical/macroeconomic threat: U.S. government shutdown Oct 1–Nov 12, 2025 caused delays in federally sponsored projects, affecting timing but not material results
- Operational vulnerability: Supply chain disruptions and equipment lead-time volatility driven by inflation, tariffs, and labor disruptions impacting fixed-price contracts
- Competitive risk: Shift to smaller, higher-margin owner-direct projects to reduce exposure to large, complex GCR projects with historically higher risk
- Financial risk: $10 million outstanding on $100 million revolving credit facility with interest rates linked to Term SOFR plus margin, maturing July 2030
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.