LMBLimbach Holdings, Inc.

Construction - Special Trade Contractors

Revenue: $647M; 25% YoY
Operating margin: 7.6%; 2.7% YoY
EBITDA: $68M; 34% YoY
Market cap: $577M
Employees: 1,500; $431K revenue each
Net debt / EBITDA: 0.3×; $18M net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
117% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentYes
65% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$431K · 75th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$577M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$490M	$497M	$516M	$519M	$647M	25%
Operating income	$14M	$12M	$29M	$39M	$49M	28%
Net income	$7M	$7M	$21M	$31M	$39M	27%
Operating cash flow	−$24M	$35M	$57M	$37M	$46M	24%
Capex	$791K	$993K	$2M	$8M	$4M	49%
Stock-based comp	$3M	$3M	$5M	$6M	$7M	22%
Buybacks	$0	$2M	$0	$0	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 18, 2020	Pratt Brian	SC 13D/A	0.8%	Passive
Nov 13, 2020	Pratt Brian	SC 13D/A	7.0%	Passive
Oct 27, 2020	Pratt Brian	SC 13D/A	11.5%	Passive
Oct 19, 2020	Pratt Brian	SC 13D/A	13.3%	Passive
Oct 13, 2020	Pratt Brian	SC 13D/A	15.1%	Passive
Aug 25, 2020	Pratt Brian	SC 13D/A	19.5%	Passive
Aug 3, 2020	Pratt Brian	SC 13D/A	19.6%	Active
Apr 1, 2020	Pratt Brian	SC 13D	20.0%	Passive
Mar 13, 2020	TALANTA Investment Group, LLC	SC 13D	7.6%	Passive
Dec 23, 2019	Bacon Charles A. III	SC 13D/A	7.0%	Passive

Insider trading

Open-market buys, 12 mo: $516K · 7
Open-market sells, 12 mo: $3M · 23
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	631	134
FY2024	—	—	694	119
FY2023	—	—	369	107
FY2022	—	—	84	91
FY2021	—	—	73	115