Limbach Holdings Inc
LMBWithin bandExpectations · demandingHeld by 1 superinvestor.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +24.7%
- Net margin
- 6.0%
- ROE
- 20.0%
- FCF margin
- 6.5%
Valuation · value band
In fair-value range
Zero-growth floor
$9
Central IV
$9
Optimistic top
$90
Limbach Holdings Inc (LMB): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $9–$90 / sh. Today’s price sits inside both (price $42 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 0% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $9
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.
Model cautions
- The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $8.34 – $10.93 · Greenwald $40.31 – $90.08 (neutral $67.19) · zero-growth base $22.14 · reproduction $7.04
Moat Franchise (moat) · terminal value 13% of present value · owner-earnings yield 2% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$17.76 – $22.14 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Only one maintenance-capex method available; estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$9.10 – $11.12 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Only one maintenance-capex method available; estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $84.73M = $7.04 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value: if the moat holds for 20 yr at ROIIC ≈ 230%, $18.17–$67.95 / sh (neutral $45.05). Conservative, not a forecast.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 0% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 151%.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 19.5% a year in owner-earnings for the next few years. Revenue actually grew 2.5% a year.
The market wants it well ahead of its own track record.
SEC 13F · holders
Superinvestors Holding This Security
1 holder · $8.0M combined · this quarter +0 opened / -0 exited
- Value$8.0MWeight (prev→now)2.6% → 6.2% ▲
SEC 13F · notes
Written summary
Written summary
Limbach Holdings Inc (LMB) is held by 1 of the superinvestors tracked on Compounder, with a combined $8.0M in reported 13F value. The largest position belongs to Tom Bancroft, where it makes up 6.2% of the portfolio.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2025-12-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Limbach Holdings Inc (LMB) also commonly hold →
- Charter Communications Inc-ACHTR1 holder
- Domino's Pizza IncDPZ1 holder
- Lamar Advertising Co-ALAMR1 holder
- Bath & Body Works IncBBWI1 holder
- Cdw Corp/DeCDW1 holder
- Bel Fuse Inc-Cl BBELFB1 holder
LMB's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2025-12-31 · filed 2026-02-11
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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