Limbach Holdings Inc
limbachinc.comWhat Do They Do?
Designs, installs and maintains mechanical, electrical and plumbing systems for building owners and operators in healthcare, industrial and data center markets.
10-K for FY2025, filed Mar 2, 2026Limbach Holdings, Inc. (the “Company,” “we” or “our”), a Delaware corporation headquartered in Warrendale, Pennsylvania, is a building…View ↗
The Company operates in two segments; (i) Owner Direct Relationships (“ODR”), in which the Company performs owner direct projects and/or…View ↗
Healthcare, including research, acute care and inpatient hospitals for regional and national hospital groups; Industrial and manufacturing…View ↗
How Do They Make Money?
Building owners and general contractors pay for construction and renovation work, maintenance and repair, and other building-system services. Construction jobs are billed as work progresses; fixed-price service contracts pay over their term, and time-and-materials services are billed for work performed.
10-K for FY2025, filed Mar 2, 2026The Company operates in two segments; (i) Owner Direct Relationships (“ODR”), in which the Company performs owner direct projects and/or…View ↗
The Company’s revenue is primarily derived from construction-type and services contracts to deliver MEPC systems services to its customers.…View ↗
With respect to service contracts, the Company’s service arrangements generally include (i) fixed-price service contracts, typically for…View ↗
The Company generally invoices customers on a monthly basis based on a schedule of values that breaks down the contract amount into…View ↗
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10-K for FY2025, filed Mar 2, 2026
FY2025 revenue by reportable segment ↗
$646.8M
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10-K for FY2025, filed Mar 2, 2026
$646.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
ODR
|
75%
FY2022: 44%
|
ODR, FY2025
$485.7M Sources
|
|
|
GCR
Sold outright
10-K for FY2025, filed Mar 2, 2026 |
25%
FY2022: 56%
|
GCR, FY2025
$161.1M Sources
|
Sold outright |
Who Are Their Customers?
Building owners and their representatives buy directly for existing-building projects, maintenance and repairs; general contractors and construction managers award new construction and renovation work. The company also serves healthcare, industrial, data center, life sciences, higher education, and cultural and entertainment facilities.
10-K for FY2025, filed Mar 2, 2026The Company’s customer base primarily consists of building owners and their third-party representatives, as well as general contractors and…View ↗
The Company operates in two segments; (i) Owner Direct Relationships (“ODR”), in which the Company performs owner direct projects and/or…View ↗
Healthcare, including research, acute care and inpatient hospitals for regional and national hospital groups; Industrial and manufacturing…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.
10-K for FY2025, filed Mar 2, 2026
$49.5MView ↗
10-K for FY2025, filed Mar 2, 2026
$39.1MView ↗
10-K for FY2025, filed Mar 2, 2026
$41.9MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Sep 1, 2026
Acquired Wisconsin mechanical contractor 1901 Inc.
The acquisition adds mechanical, electrical, plumbing, controls, fabrication, service and utility capabilities and expands the company’s Midwest presence.
Sources
8-K, filed Sep 1, 2026
On September 1, 2026, Limbach Holdings, Inc. (the “Company”) issued a press release announcing the closing of the acquisition of Madison…View ↗
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Aug 4, 2026
Acquired professional services firm CYMCOR
The acquisition closed for an initial purchase price of $30.0 million, funded with available cash and the revolving credit facility.
Sources
8-K, filed Aug 4, 2026
Also on August 4, 2026, the Company issued a press release announcing the closing of its acquisition of Frisco, Texas-based professional…View ↗
Growing. Revenue grew 32% in 4 years, from $490.4M in FY2021 to $646.8M in FY2025, about 7% a year.
Greater focus on owner-direct work
The latest report foregrounds owner-direct projects, maintenance and service to building owners, while the older report presents general-contractor relationships first.
10-K for FY2022, filed Mar 8, 2023 10-K for FY2025, filed Mar 2, 2026The Company operates in two segments, (i) General Contractor Relationships (“GCR”), in which the Company generally manages new construction…View ↗
The Company operates in two segments; (i) Owner Direct Relationships (“ODR”), in which the Company performs owner direct projects and/or…View ↗
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