Limbach Holdings, Inc. Financial Ratios — LMB Stock

Profitability (USD)

	2014 Y	2015 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	03/31/2015	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	-1.41	106.52	- -	-0.2	-3.66	-3.81	11.54	9.49	7.42	19.18	22.5	22.38
Return on Assets (%)	- -	-1.4	6.87	- -	0.34	-0.79	-0.69	2.22	2.54	2.42	6.93	9.4	10.65
Return on Capital (%)	- -	- -	20.89	- -	0.82	- -	- -	11.37	6.45	5.65	14.43	17.7	18.33
Return on Invested Capital (%)	- -	- -	36.65	- -	1.26	- -	- -	12.42	7.44	6.83	14.28	17.88	18.14
Gross Margin (%)	- -	- -	13.71	- -	13.51	10.87	12.99	14.32	17.52	18.87	23.1	27.81	26.18
EBITDA Margin (%)	- -	- -	3.1	- -	3.12	1.24	2.59	4.11	4.07	4.52	7.41	10.46	10.76
Operating Margin (%)	- -	- -	2.31	- -	1.24	0.2	1.46	3.02	2.85	2.88	5.81	8.17	7.95
Incremental Operating Margin (%)	- -	- -	2.41	2.31	1.24	-8.14	102.78	61.1	4.07	4.74	80.33	509.3	7.07
Pretax Margin (%)	- -	- -	1.32	- -	0.8	-0.45	-0.37	1.23	1.93	1.93	5.44	7.7	7.52
Profit Margin (%)	- -	- -	1.32	- -	0.15	-0.34	-0.32	1.02	1.37	1.37	4.02	5.95	6.04
Net Income to Common Margin (%)	- -	- -	1.32	- -	-0.02	-0.32	-0.32	1.02	1.37	1.37	4.02	5.95	6.04
Effective Tax Rate (%)	- -	- -	- -	- -	81.57	- -	- -	16.91	29.15	29.24	26.14	22.75	19.67
Dvd Payout Ratio (%)	- -	- -	2.84	- -	581.44	-57.04	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	-1.41	103.5	- -	0.98	-5.75	-3.81	11.54	9.49	7.42	19.18	22.5	22.38

Credit (USD)

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	2014 Y	2015 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	03/31/2015	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	34	26	35	27	65	62	61	50	42	49	56
ST Debt	- -	- -	3	4	14	3	8	10	14	13	6	7	9
LT Debt	- -	- -	31	22	21	24	57	52	46	37	36	41	46
Total Debt/EBITDA	- -	- -	3.28	- -	2.29	3.96	4.55	2.68	3.04	2.24	1.1	0.9	0.8
Net Debt/EBITDA	- -	- -	2.68	- -	2.25	3.72	2.43	-0.24	1.26	-0.22	-1.31	-0.65	-0.02
Total Debt/EBIT	- -	- -	4.4	- -	5.77	25	8.09	3.64	4.33	3.52	1.4	1.15	1.09
Net Debt/EBIT	- -	- -	3.6	- -	5.66	23.49	4.33	-0.32	1.8	-0.34	-1.67	-0.83	-0.03
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	2.7	7.76	10.47	18.7	29.04	22.21
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	2.53	7.46	10.01	17.59	25.02	20.99
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	1.99	5.45	6.67	14.67	22.68	16.42
Interest Expense	- -	- -	- -	- -	- -	- -	- -	9	3	2	2	2	3
Common Equity/Total Assets	99.58	- -	6.45	22.94	22.61	18.28	17.92	20.5	32.84	32.4	39.72	43.59	51.34
Long-Term Debt/Equity (%)	- -	- -	377.11	37.2	36.63	50.93	121.86	96.72	52.82	38.95	29.5	26.92	23.75
Long-Term Debt/Capital (%)	- -	- -	73.95	25.66	22.64	32.29	50.92	44.74	31.25	25.51	21.9	20.43	18.47
Long-Term Debt/Total Assets (%)	- -	- -	24.31	10.4	9.65	9.31	21.83	19.82	17.34	12.62	11.72	11.73	12.19
Total Debt/Equity (%)	0.27	- -	409.98	44.94	61.82	57.7	139.3	116.2	69.03	52.7	34.71	31.75	28.56
Total Debt/Capital (%)	0.27	- -	80.39	31	38.2	36.59	58.21	53.75	40.84	34.51	25.77	24.1	22.21
Total Debt/Total Assets (%)	0.27	- -	26.43	12.56	16.29	10.55	24.96	23.82	22.67	17.08	13.79	13.84	14.66
Net Debt to Equity	-0.59	- -	335.58	32.13	60.71	54.21	74.57	-10.34	28.71	-5.14	-41.53	-23	-0.87
Net Debt/Capital (%)	-0.59	- -	77.04	24.32	37.77	35.15	33.66	-7.51	18.82	-4.47	-48.73	-22.44	-0.71
EBITDA	- -	- -	10	- -	15	7	14	23	20	22	38	54	70
EBITDA-CapEx	- -	- -	8	- -	12	3	12	22	19	21	36	47	66
Operating Income (Loss)	- -	- -	8	- -	6	1	8	17	14	14	30	42	51

Liquidity (USD)

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	2014 Y	2015 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	03/31/2015	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	2.04	- -	0.07	0.06	- -	0.01	0.05	0.28	0.11	0.23	0.41	0.3	0.08
Current Ratio	2.41	- -	1.31	1.22	1.23	1.13	1.25	1.33	1.49	1.42	1.5	1.46	1.44
Quick Ratio	2.04	- -	1.29	1.21	1.2	0.93	1.22	1.3	1.45	1.4	1.44	1.4	1.41
CFO/Avg Current Liab	- -	-2.82	0.01	- -	-0.03	0.16	-0.01	0.26	-0.17	0.24	0.38	0.25	0.32
Common Equity/Total Assets	99.58	- -	6.45	22.94	22.61	18.28	17.92	20.5	32.84	32.4	39.72	43.59	51.34
Long-Term Debt/Equity (%)	- -	- -	377.11	37.2	36.63	50.93	121.86	96.72	52.82	38.95	29.5	26.92	23.75
Long-Term Debt/Capital (%)	- -	- -	73.95	25.66	22.64	32.29	50.92	44.74	31.25	25.51	21.9	20.43	18.47
Long-Term Debt/Total Assets (%)	- -	- -	24.31	10.4	9.65	9.31	21.83	19.82	17.34	12.62	11.72	11.73	12.19
Total Debt/Equity (%)	0.27	- -	409.98	44.94	61.82	57.7	139.3	116.2	69.03	52.7	34.71	31.75	28.56
Total Debt/Capital (%)	0.27	- -	80.39	31	38.2	36.59	58.21	53.75	40.84	34.51	25.77	24.1	22.21
Total Debt/Total Assets (%)	0.27	- -	26.43	12.56	16.29	10.55	24.96	23.82	22.67	17.08	13.79	13.84	14.66
CFO/Total Liabilities	- -	- -	0.51	- -	-2.59	12.22	-0.43	19.1	-13.49	17.77	31.26	18.52	24.64
CFO/CapEx	- -	- -	0.25	- -	-1.23	6.53	-0.35	26.85	-30.64	35.62	25.32	4.89	12
Altman's Z-Score	175.64	- -	3.35	0.55	3.23	2.54	2.6	3.06	2.89	2.7	4.46	5.89	6.87

Working Capital (USD)

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	2014 Y	2015 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	03/31/2015	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	9.44	- -	5.01	4.57	4.6	5.96	5.6	4.65	4.65	4.77	5.12
Days Sales Outstanding	- -	- -	38.66	- -	72.81	79.87	79.41	61.29	65.17	78.53	78.53	76.48	71.35
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	13.43	- -	6.75	6.87	5.99	6.36	6.19	5.8	5.66	5.94	7.07
Accounts Payable Turnover Days	- -	- -	27.17	- -	54.07	53.12	60.88	57.37	58.93	62.92	64.53	61.44	51.59
Cash Conversion Cycle	- -	- -	11.49	- -	18.74	26.75	18.52	3.93	6.23	15.61	14.01	15.04	19.75
Inventory to Cash Days	- -	- -	38.66	- -	72.81	79.87	79.41	61.29	65.17	78.53	78.53	76.48	71.35
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2014 Y	2015 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	03/31/2015	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	57	- -	59	105	104	28	29	98	93	107	500	964	905
- Cash & Cash Equivalents	- -	- -	6	7	1	2	8	42	14	36	60	45	11
+ Preferred Equity and Hybrid Capital	- -	- -	- -	10	8	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	34	26	35	27	65	62	61	50	42	49	56
Enterprise Value	57	- -	86	134	146	53	86	118	139	121	482	968	950
Total Capital	46	- -	42	84	91	73	112	116	148	146	163	202	252
Total Debt/Capital (%)	0.27	- -	80.39	31	38.2	36.59	58.21	53.75	40.84	34.51	25.77	24.1	22.21
Total Debt / EV	- -	- -	0.39	0.19	0.24	0.5	0.76	0.53	0.44	0.41	0.09	0.05	0.06
EV/Sales	- -	- -	0.26	- -	0.3	0.1	0.16	0.21	0.28	0.24	0.93	1.87	1.47
EV/EBITDA	- -	- -	8.38	- -	9.63	7.86	5.99	5.06	6.97	5.41	12.61	17.83	13.65
EV/EBIT	- -	- -	11.27	- -	24.23	49.61	10.66	6.88	9.93	8.49	16.08	22.84	18.46
EV/Cash Flow to Firm	- -	- -	142.14	- -	- -	2.1	- -	2.51	- -	3.29	8.19	25.33	19.7
EV/Free Cash Flow to Firm	- -	- -	28.85	- -	- -	1.82	49.52	2.44	- -	3.21	7.89	21.16	18.25
Diluted Market Cap	- -	16	59	- -	103	28	29	99	92	111	537	1,029	940
Diluted Enterprise Value	- -	16	86	29	145	53	86	120	138	125	519	1,033	985
EV per Share	9.54	9.6	14.48	17.98	19.43	6.99	11.19	14.89	13.48	11.8	43.85	85.88	81.68
TTM Sales	- -	- -	331	- -	486	547	553	568	490	497	516	519	647
TTM EBITDA	- -	- -	10	- -	15	7	14	23	20	22	38	54	70
TTM Operating Income	- -	- -	8	- -	6	1	8	17	14	14	30	42	51
TTM Cash Flow to Firm	- -	- -	1	- -	-4	25	-1	47	-22	37	59	38	48
TTM Free Cash Flow to Firm	- -	- -	3	- -	-1	29	2	48	-22	38	61	46	52

Multiples (USD)

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	2014 Y	2015 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	03/31/2015	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	-57.68	19.62	- -	-135.6	0.95	16.67	2.41	-3.93	3.06	9.01	23.22	19
EV/EBIT	- -	- -	11.27	- -	24.23	49.61	10.66	6.88	9.93	8.49	16.08	22.84	18.46
Enterprise Value	57	- -	86	134	146	53	86	118	139	121	482	968	950
Low Price	9.35	9.35	9.4	6.75	11.14	3.56	2.6	2.37	5.83	4.9	10.39	35.24	63.02
EV/Sales	- -	- -	0.26	- -	0.3	0.1	0.16	0.21	0.28	0.24	0.93	1.87	1.47
EV/EBITDA	- -	- -	8.38	- -	9.63	7.86	5.99	5.06	6.97	5.41	12.61	17.83	13.65
Price/Earnings	- -	- -	13.4	- -	- -	- -	- -	16.7	13.42	15.96	23.6	31.15	23.07
Price/Earnings Average	- -	-48.2	13.19	- -	-1,017.37	-46.93	-26.98	7.95	14.28	11.54	13	22.36	29.93
Price/Earnings High	- -	-49.57	13.4	- -	-1,172.31	-64.45	-49.43	18.77	24	19.26	24.2	38.97	45.65
Price/Earnings Low	- -	-47.3	12.79	- -	-858.05	-15.54	-11.22	3.21	8.69	7.51	5.39	12.83	18.67
Price/Book Value	1.23	- -	7.14	2.22	2.15	0.6	0.62	1.82	1.06	1.12	4.14	6.28	4.63
Price/Book Value Average	1.22	- -	7.02	1.72	2.06	1.76	1.03	0.87	1.12	0.81	2.28	4.51	6
Price/Book Value High	1.26	- -	7.14	2.55	2.37	2.42	1.88	2.04	1.89	1.35	4.24	7.86	9.15
Price/Book Value Low	1.2	- -	6.81	1.06	1.74	0.58	0.43	0.35	0.68	0.53	0.95	2.59	3.74
Price/Tangible Book Value	1.23	- -	7.14	5.49	4.43	1.22	1.02	2.72	1.56	1.56	6.29	12.17	11.93
Price/Tangible Book Value Average	1.22	- -	7.02	4.26	4.23	3.56	1.69	1.3	1.66	1.13	3.46	8.74	15.48
Price/Tangible Book Value High	1.26	- -	7.14	6.31	4.87	4.89	3.1	3.06	2.78	1.88	6.45	15.22	23.61
Price/Tangible Book Value Low	1.2	- -	6.81	2.63	3.57	1.18	0.7	0.52	1.01	0.73	1.44	5.01	9.66
Price/Sales	- -	- -	0.18	- -	0.21	0.05	0.05	0.17	0.18	0.22	0.95	1.85	1.39
Price/Sales Average	- -	- -	0.17	- -	0.2	0.15	0.09	0.08	0.2	0.16	0.52	1.33	1.81
Price/Sales High	- -	- -	0.18	- -	0.23	0.2	0.16	0.19	0.33	0.26	0.97	2.32	2.76
Price/Sales Low	- -	- -	0.17	- -	0.17	0.05	0.04	0.03	0.12	0.1	0.22	0.76	1.13
Price/Cash Flow	- -	-57.68	96.68	- -	-25.42	1.1	-31.28	2.44	-3.72	3.07	8.54	26.15	19.72
Price/Cash Flow Average	- -	-57.26	95.14	- -	-24.28	3.21	-51.71	1.16	-3.96	2.22	4.7	18.77	25.58
Price/Cash Flow High	- -	-58.88	96.68	- -	-27.97	4.41	-94.75	2.74	-6.65	3.7	8.75	32.71	39.02
Price/Cash Flow Low	- -	-56.18	92.26	- -	-20.48	1.06	-21.51	0.47	-2.41	1.44	1.95	10.77	15.96
Price/Free Cash Flow Average	- -	-57.26	19.31	- -	-129.51	2.78	27.57	1.15	-4.18	2.21	4.96	16.67	24.65
Price/Free Cash Flow High	- -	-58.88	19.62	- -	-149.23	3.82	50.51	2.71	-7.02	3.69	9.23	29.05	37.59
Price/Free Cash Flow Low	- -	-56.18	18.72	- -	-109.23	0.92	11.47	0.46	-2.54	1.44	2.06	9.57	15.38
EV/Sales Average	- -	- -	0.26	- -	0.29	0.2	0.19	0.12	0.3	0.18	0.5	1.34	1.88
EV/Sales High	- -	- -	0.26	- -	0.32	0.25	0.26	0.23	0.43	0.29	0.96	2.33	2.84
EV/Sales Low	- -	- -	0.25	- -	0.26	0.1	0.14	0.07	0.22	0.13	0.19	0.77	1.2
EV/EBITDA Average	- -	- -	8.29	- -	9.33	15.81	7.32	2.86	7.26	4.09	6.73	12.82	17.52
EV/EBITDA High	- -	- -	8.38	- -	10.32	20.32	10.1	5.58	10.63	6.39	12.94	22.29	26.38
EV/EBITDA Low	- -	- -	8.12	- -	8.3	7.72	5.36	1.68	5.33	2.88	2.52	7.39	11.17
EV/EBIT Average	- -	- -	11.15	- -	23.45	99.76	13.02	3.9	10.35	6.42	8.58	16.42	23.7
EV/EBIT High	- -	- -	11.27	- -	25.96	128.23	17.97	7.59	15.15	10.04	16.49	28.54	35.69
EV/EBIT Low	- -	- -	10.92	- -	20.87	48.75	9.54	2.28	7.59	4.53	3.21	9.46	15.11
Last Price	9.59	9.6	9.85	14.1	13.83	3.68	3.78	12.33	9	10.41	45.47	85.54	77.85
High Price	9.8	9.8	9.85	16.2	15.22	14.76	11.45	13.86	16.09	12.56	46.61	107	154.05
Enterprise Value Average	56	- -	85	110	141	107	105	67	145	92	258	696	1,219
Enterprise Value High	58	- -	86	150	156	137	145	130	212	144	495	1,210	1,836
Enterprise Value Low	55	- -	83	79	126	52	77	39	106	65	96	401	777

Shares Outstanding	6	- -	6	7	8	8	8	8	10	10	11	11	12
Diluted Weighted Avg Shares	- -	2	6	- -	7	8	8	8	10	11	12	12	12
Basic Weighted Avg Shares	- -	2	6	- -	7	8	8	8	10	10	11	11	12
Revenue per Share	- -	- -	55.71	- -	65.01	72.27	72.21	72.24	48.97	47.65	47.93	46.14	55.88
EBITDA per Share	- -	-0.21	1.73	- -	2.03	0.89	1.87	2.97	1.99	2.15	3.55	4.83	6.01
Operating Income per Share	- -	-0.21	1.29	- -	0.81	0.14	1.05	2.18	1.4	1.37	2.79	3.77	4.44
Basic EPS, GAAP	- -	-0.2	0.74	- -	-0.01	-0.23	-0.23	0.74	0.67	0.65	1.93	2.75	3.37
Basic EPS from Cont Ops	- -	-0.2	0.74	- -	0.1	-0.24	-0.23	0.74	0.67	0.65	1.93	2.75	3.37
Diluted EPS, GAAP	- -	-0.2	0.74	- -	-0.01	-0.23	-0.23	0.72	0.66	0.64	1.76	2.57	3.23
Diluted EPS from Cont Ops	- -	-0.2	0.74	- -	0.1	-0.24	-0.23	0.72	0.66	0.64	1.76	2.57	3.23
Dividend per Share	- -	- -	0.02	- -	0.03	0.12	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	-0.17	0.1	- -	-0.54	3.35	-0.12	5.06	-2.42	3.39	5.32	3.27	3.95
Free Cash Flow per Basic Share	- -	-0.17	-0.3	- -	-0.99	2.84	-0.47	4.87	-2.5	3.3	5.11	2.6	3.62
Cash & Equivalents per Share	0.07	- -	1.03	0.99	0.08	0.21	1.09	5.32	1.4	3.5	5.44	3.99	0.98
Book Value per Share	7.78	- -	1.38	6.37	6.42	6.11	6.1	6.78	8.52	9.27	10.99	13.62	16.83
Tangible Book Value per Share	7.78	- -	1.38	2.57	3.12	3.02	3.7	4.53	5.78	6.68	7.23	7.03	6.53

Limbach Holdings, Inc.

Profitability (USD)

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Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)