Limbach Holdings, Inc. (LMB) FY2025 10-K Annual Report
Limbach Holdings, Inc. (LMB) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Limbach Holdings, Inc. FY2025 10-K Analysis
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
Limbach Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$647M
▲ +24.7% YoY
Net Income
$39M
▲ +26.5% YoY
Gross Margin
26.2%
▼ -163bp YoY
Operating Margin
7.6%
▲ +20bp YoY
Net Margin
6.0%
▲ +9bp YoY
ROE
20.0%
▼ -15bp YoY
Total Assets
$381M
▲ +8.2% YoY
EPS (Diluted)
$3.23
▲ +25.7% YoY
Operating Cash Flow
$46M
▲ +24.2% YoY
Source: XBRL data from Limbach Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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