Limbach Holdings, Inc. (LMB)

NASDAQIndustrialsConstruction MaterialsSnapshot 2026-10-23

$47.57+0.04%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Limbach Holdings, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	257.45M
EPS	—	1.662
FY 2026 · Annual
Revenue	$760M–$790M	788.3M
EPS	—	3.989
EBITDA	$78M–$84Mnon-GAAP	—
Gross margin	23%–24%	—
ODR organic revenue growth	6%–10%	—
ODR revenue growth	70%–80%	—
Organic revenue growth	9%–14%	—
FY 2027 · Annual
Revenue	—	901.82M
EPS	—	4.65

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
EPS near $4.74 in 2026	A primary condition in Limbach Holdings, Inc.'s published investment case. The stated target is >= $4.74 per share.	Broken	EPS falls below $4.74 in 2026	Diluted EPS: $0.39 per share FY2026-Q2; GAAP. Published target: >= $4.74 per share. Target period is not explicitly aligned with this observation. Source published Aug 4, 20260.39 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 3b946449-40b0-46f1-8e5b-bf7933618b23. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Effective COO leadership to improve operations	New COO may improve operations.	Intact	No operational improvements after COO appointment within 1 year	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Annual revenue at least $730M in 2026	A primary condition in Limbach Holdings, Inc.'s published investment case. The stated target is >= $730 million.	Intact	Annual revenue falls below $730 million in 2026	Revenue: $173.457M FY2026-Q2; GAAP. Published target: >= $730 million. Target period is not explicitly aligned with this observation. Source published Aug 4, 2026173,457,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 3b946449-40b0-46f1-8e5b-bf7933618b23. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Share repurchase program up to $50M	A supporting condition in Limbach Holdings, Inc.'s published investment case. The stated target is Repurchase up to $50 million shares authorized.	Intact	Buyback program is canceled or unused after 12 months	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPSUnavailable

$5.09 → Unavailable · observed estimates

FY2027 revenueUnavailable

$0.79B → Unavailable · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$5.09	$786,201,080	5 / 5
2026-07-25	$5.09	$786,201,080	5 / 5
2026-07-26	$5.09	$786,201,080	5 / 5
2026-07-27	Unavailable	Unavailable	4 / 4
2026-07-28	Unavailable	Unavailable	4 / 4
2026-07-29	$5.09	$786,201,080	5 / 5
2026-07-30	$5.09	$786,201,080	5 / 5
2026-07-31	$5.09	$786,201,080	5 / 5
2026-08-01	Unavailable	Unavailable	4 / 4
2026-08-02	$5.09	$786,201,080	5 / 5
2026-08-03	$5.09	$786,201,080	5 / 5
2026-08-04	$5.09	$786,201,080	5 / 5
2026-08-05	$5.09	$786,201,080	5 / 5
2026-08-06	Unavailable	Unavailable	4 / 4
2026-08-07	Unavailable	Unavailable	4 / 4
2026-08-08	Unavailable	Unavailable	4 / 4
2026-08-09	Unavailable	$811,556,700	4 / 5
2026-08-10	Unavailable	Unavailable	4 / 4
2026-08-12	Unavailable	Unavailable	4 / 4
2026-08-13	Unavailable	Unavailable	4 / 4
2026-08-14	Unavailable	Unavailable	4 / 4
2026-08-15	Unavailable	Unavailable	4 / 4
2026-08-16	Unavailable	Unavailable	4 / 4
2026-08-17	Unavailable	Unavailable	4 / 4
2026-08-18	Unavailable	Unavailable	4 / 4
2026-08-19	Unavailable	Unavailable	4 / 4
2026-08-20	Unavailable	Unavailable	4 / 4
2026-08-21	Unavailable	Unavailable	4 / 4
2026-08-22	Unavailable	Unavailable	4 / 4
2026-08-23	Unavailable	Unavailable	4 / 4
2026-08-24	Unavailable	Unavailable	4 / 4
2026-08-25	Unavailable	Unavailable	4 / 4
2026-08-26	Unavailable	Unavailable	4 / 4
2026-08-27	Unavailable	Unavailable	4 / 4
2026-08-28	Unavailable	Unavailable	4 / 4
2026-08-29	Unavailable	Unavailable	4 / 4
2026-08-30	Unavailable	Unavailable	4 / 4
2026-08-31	Unavailable	Unavailable	4 / 4
2026-09-01	Unavailable	Unavailable	4 / 4
2026-09-02	Unavailable	Unavailable	4 / 4
2026-09-03	Unavailable	Unavailable	4 / 4
2026-09-04	Unavailable	Unavailable	3 / 3
2026-09-05	Unavailable	Unavailable	3 / 3
2026-09-06	Unavailable	Unavailable	3 / 3
2026-09-07	Unavailable	Unavailable	3 / 3
2026-09-08	Unavailable	Unavailable	3 / 3
2026-09-09	Unavailable	Unavailable	3 / 3
2026-09-10	Unavailable	Unavailable	3 / 3
2026-09-11	Unavailable	Unavailable	3 / 3
2026-09-12	Unavailable	Unavailable	3 / 3
2026-09-13	Unavailable	Unavailable	3 / 3
2026-09-14	Unavailable	Unavailable	3 / 3
2026-09-15	Unavailable	Unavailable	3 / 3
2026-09-16	Unavailable	Unavailable	3 / 3
2026-09-17	Unavailable	Unavailable	3 / 3
2026-09-18	Unavailable	Unavailable	3 / 3
2026-09-19	Unavailable	Unavailable	3 / 3
2026-09-20	Unavailable	Unavailable	3 / 3
2026-09-21	Unavailable	Unavailable	3 / 3
2026-09-22	Unavailable	Unavailable	3 / 3
2026-09-23	Unavailable	Unavailable	3 / 3
2026-09-24	Unavailable	Unavailable	3 / 3
2026-09-25	Unavailable	Unavailable	3 / 3
2026-09-26	Unavailable	Unavailable	3 / 3
2026-09-27	Unavailable	Unavailable	3 / 3
2026-09-28	Unavailable	Unavailable	3 / 3
2026-09-29	Unavailable	Unavailable	3 / 3
2026-09-30	Unavailable	Unavailable	3 / 3
2026-10-01	Unavailable	Unavailable	3 / 3
2026-10-02	Unavailable	Unavailable	3 / 3
2026-10-03	Unavailable	Unavailable	3 / 3
2026-10-04	Unavailable	Unavailable	3 / 3
2026-10-05	Unavailable	Unavailable	3 / 3
2026-10-06	Unavailable	Unavailable	3 / 3
2026-10-07	Unavailable	Unavailable	3 / 3
2026-10-08	Unavailable	Unavailable	3 / 3
2026-10-09	Unavailable	Unavailable	3 / 3
2026-10-10	Unavailable	Unavailable	3 / 3
2026-10-11	Unavailable	Unavailable	3 / 3
2026-10-12	Unavailable	Unavailable	3 / 3
2026-10-13	Unavailable	Unavailable	3 / 3
2026-10-14	Unavailable	Unavailable	3 / 3
2026-10-15	Unavailable	Unavailable	3 / 3
2026-10-16	Unavailable	Unavailable	3 / 3
2026-10-17	Unavailable	Unavailable	3 / 3
2026-10-18	Unavailable	Unavailable	3 / 3
2026-10-19	Unavailable	Unavailable	3 / 3
2026-10-20	Unavailable	Unavailable	3 / 3
2026-10-21	Unavailable	Unavailable	3 / 3
2026-10-22	Unavailable	Unavailable	3 / 3
2026-10-23	Unavailable	Unavailable	3 / 3
2026-10-24	Unavailable	Unavailable	3 / 3

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	4	1	0
2026-06-01	4	1	0
2026-07-01	4	1	0
2026-08-01	4	1	1
2026-09-01	4	0	1
2026-10-01	4	0	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 4 Buy / Strong Buy · 0 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Stifel NicolausOct 8 · prior Aug 10

$86.00 → $75.00-12.8%

$0$47.30$94.60

0 raises · 1 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

EPS near $4.74 in 2026Published status: Broken
Effective COO leadership to improve operationsQualitative condition
Annual revenue at least $730M in 2026Revenue: $173.457M
Share repurchase program up to $50MDirect metric needs a verified mapping

Next proof point

Nov 3, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.7%Typical daily move · historical

Downside history

-63.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Limbach Holdings, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a growth-focused business with a mixed execution record, rather than a steady compounder. The long-term thesis is intact but fragile: revenue and owner-direct growth are on track, while management execution is volatile and the current thesis state is watch.

What's priced into Limbach Holdings, Inc.

Valuation is described as cheap versus peers, and the priced-in assessment calls expectations justified rather than highly fragile. Still, the valuation measure rose recently, while the expectations gap is negative, suggesting the market does not fully reflect the weak execution picture.

What the fundamentals likely do

Near term, revenue growth has been strong and FY 2026 revenue guidance was raised, with owner-direct revenue also growing. Profitability is less secure: adjusted EBITDA fell year over year and its FY 2026 guidance was cut, leaving earnings quality fragile amid sector headwinds.

What Limbach Holdings, Inc. hinges on

The multi-year thesis depends on LMB delivering its raised revenue guidance while stabilizing adjusted EBITDA. A further guidance cut would damage management credibility; results and guidance from sector peers could either sustain or weaken the sector backdrop.