Limbach Holdings, Inc. — Earnings Quality Grade F
LMB · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 75 days, change -9 days YoY
AR growth 11.3% vs revenue growth 24.7%
Revenue 24.7%, CFFO 24.2%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -49.4% vs revenue 24.7%. Normal
SG&A/Gross Profit = 64.7%. Normal
Gross margin 26.2%, change -1.6pp. Stable
Cash Flow Quality
CFFO/NI = 1.17. Profits backed by cash
FCF $0.0B, FCF/NI = 1.07
Accruals ratio = -1.7%. Low accruals
Cash $0.0B covers only 20% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 61% of equity. Over 50%
Debt/EBITDA = 0.8x. Healthy
Other assets -18.1% vs revenue 24.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 61% YoY
Manipulation Score
M-Score = -2.19 (grey zone)
Portfolio monitoring
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25