Estados financieros detallados de Limbach Holdings, Inc. (LMB): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Limbach Holdings, Inc. registró ingresos de $646.8M en el último ejercicio fiscal, con un CAGR de 5 años del 2.6%. El beneficio neto alcanzó $48.6M, con un CAGR a 5 años del 53.0%.
Márgenes de los últimos 12 meses: margen bruto 23.6%, margen operativo 5.7%, margen neto 4.4%. El flujo de caja libre creció a un CAGR del 1.8% en 5 años.
Al precio actual de $52.56, LMB cotiza a un P/E de 24.13 y un ROE del 15.56%. La capitalización bursátil es de $627M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $447.0M | $485.7M | $546.5M | $553.3M | $568.2M | $490.4M | $496.8M | $516.4M | $518.8M | $646.8M |
| Coste de Ventas | $394.4M | $420.1M | $487.1M | $481.5M | $486.8M | $404.4M | $403.0M | $397.1M | $374.5M | $477.5M |
| Beneficio Bruto | $52.6M | $65.6M | $59.4M | $71.9M | $81.4M | $85.9M | $93.7M | $119.3M | $144.3M | $169.3M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $46.2M | $56.0M | $57.1M | $63.2M | $63.6M | $71.4M | $77.9M | $87.4M | $97.2M | $109.5M |
| Gastos Operativos | $443.0M | $59.6M | $58.4M | $63.8M | $64.2M | $71.9M | $81.7M | $90.0M | $105.7M | $119.9M |
| Beneficio Operativo | -$443.0M | $6.0M | $1.1M | $8.1M | $17.2M | $14.0M | $12.0M | $29.3M | $38.6M | $49.5M |
| EBITDA | $13.7M | $15.3M | $6.8M | $14.4M | $21.8M | $18.0M | $19.9M | $38.4M | $53.7M | $69.9M |
| Gastos por Intereses | 0 | $2.3M | $3.3M | $6.3M | $8.6M | $2.6M | $2.1M | $2.0M | $1.9M | $3.1M |
| Beneficio Antes de Impuestos | -$2.0M | $3.9M | -$2.5M | -$2.1M | $7.0M | $9.5M | $9.6M | $28.1M | $40.0M | $48.6M |
| Impuestos | -$3.9M | $3.2M | -$635000 | -$282000 | $1.2M | $2.8M | $2.8M | $7.3M | $9.1M | 0 |
| Beneficio Neto | $1.9M | $712000 | -$1.8M | -$1.8M | $5.8M | $6.7M | $6.8M | $20.8M | $30.9M | $48.6M |
| BPA | $0.25 | $-0.13 | $-0.24 | $-0.23 | $0.74 | $0.67 | $0.65 | $1.93 | $2.75 | $4.18 |
| BPA Diluido | $0.25 | $-0.13 | $-0.24 | $-0.23 | $0.72 | $0.66 | $0.64 | $1.76 | $2.57 | $4.02 |
| Acciones en Circulación (Diluidas) | $7.5M | $7.5M | $7.6M | $7.7M | $8.1M | $10.2M | $10.7M | $11.8M | $12.0M | $12.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $184.6M | $186.9M | $138.9M | $173.5M |
| Beneficio Bruto | $42.3M | $50.5M | $31.2M | $37.3M |
| Beneficio Operativo | $13.7M | $17.2M | $982000 | $7.3M |
| EBITDA | $18.8M | $23.5M | $5.8M | $11.5M |
| Beneficio Neto | $8.8M | $12.3M | $4.4M | $4.7M |
| BPA | $0.76 | $1.06 | $0.37 | $0.40 |
| BPA Diluido | $0.73 | $1.02 | $0.36 | $0.39 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $7.4M | $626000 | $1.6M | $8.3M | $42.1M | $14.5M | $36.0M | $59.8M | $44.9M | $11.3M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $145.9M | $162.3M | $168.4M | $182.3M | $152.9M | $173.3M | $186.0M | $149.4M | $167.2M | $178.7M |
| Inventario | $123000 | $124000 | $125000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $155.2M | $166.3M | $205.0M | $195.4M | $199.4M | $192.9M | $226.0M | $217.0M | $220.3M | $195.0M |
| Inmovilizado Material | $18.5M | $17.9M | $20.5M | $42.3M | $38.5M | $41.7M | $36.5M | $40.6M | $51.7M | $63.1M |
| Fondo de Comercio | $10.5M | $10.5M | $10.5M | $6.1M | $6.1M | $11.4M | $11.4M | $16.4M | $33.0M | $70.6M |
| Activos Intangibles | $17.8M | $14.2M | $13.0M | $12.3M | $11.7M | $16.9M | $15.3M | $25.0M | $41.2M | $49.2M |
| Activos Totales | $206.9M | $213.0M | $253.6M | $261.6M | $262.2M | $267.5M | $294.6M | $304.4M | $352.1M | $381.1M |
| Cuentas por Pagar | $57.0M | $67.4M | $74.4M | $86.3M | $66.8M | $63.8M | $75.1M | $65.3M | $60.8M | $74.2M |
| Deuda a Corto | $4.5M | $14.1M | $3.1M | $4.4M | $4.0M | $9.9M | $9.6M | 0 | 0 | 0 |
| Pasivos Corrientes | $126.7M | $135.5M | $182.1M | $156.9M | $150.3M | $129.7M | $159.1M | $145.1M | $151.0M | $135.1M |
| Deuda a Largo | $21.5M | $20.6M | $23.6M | $38.9M | $32.6M | $29.8M | $21.5M | $9.6M | $9.6M | $9.6M |
| Pasivos Totales | $149.1M | $156.9M | $207.3M | $214.7M | $208.4M | $179.7M | $199.1M | $183.5M | $198.6M | $185.5M |
| Reservas | -$7.7M | -$6.6M | -$8.4M | -$9.7M | -$3.9M | $2.8M | $9.6M | $30.4M | $61.3M | $100.3M |
| Patrimonio Neto | $57.8M | $56.1M | $46.4M | $46.9M | $53.7M | $87.8M | $95.4M | $120.9M | $153.5M | $195.7M |
| Deuda Total | $26.0M | $26.9M | $26.8M | $65.3M | $62.4M | $60.6M | $50.3M | $42.0M | $48.7M | $55.9M |
| Deuda Neta | $18.6M | $26.3M | $25.1M | $56.9M | $20.3M | $46.2M | $14.3M | -$17.9M | $3.8M | $44.5M |
| Capital Circulante | $28.5M | $30.8M | $22.8M | $38.5M | $49.1M | $63.2M | $66.9M | $71.9M | $69.3M | $60.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $9.9M | $11.3M | $15.8M | $17.5M |
| Activos Totales | $409.1M | $381.1M | $377.0M | $404.0M |
| Pasivos Totales | $227.6M | $185.5M | $180.6M | $200.9M |
| Patrimonio Neto | $181.6M | $195.7M | $196.3M | $203.1M |
| Deuda Total | $82.8M | $55.9M | $76.5M | $59.6M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $1.9M | $712000 | -$1.8M | -$1.8M | $5.8M | $6.7M | $6.8M | $20.8M | $30.9M | $48.6M |
| Amortizaciones | $7.3M | $9.1M | $5.7M | $6.3M | $6.2M | $5.9M | $8.2M | $8.2M | $11.9M | $18.1M |
| Compensación en Acciones | $1.5M | $1.7M | $2.2M | $1.8M | $1.1M | $2.6M | $2.7M | $4.9M | $5.8M | $7.0M |
| Cambio en Capital Circulante | -$6.5M | -$16.7M | $19.4M | -$15.7M | $20.2M | -$47.9M | $10.9M | $18.4M | -$16.4M | -$26.2M |
| Flujo de Caja Operativo | $4.8M | -$4.1M | $25.3M | -$926000 | $39.8M | -$24.2M | $35.4M | $57.4M | $36.8M | $45.7M |
| Inversiones (CapEx) | -$3.4M | -$3.3M | -$3.9M | -$2.7M | -$1.5M | -$791000 | -$993000 | -$2.3M | -$7.5M | -$3.8M |
| Adquisiciones | -$30.1M | $70000 | $198000 | 0 | $162000 | -$19.0M | 0 | -$15.3M | -$35.1M | 0 |
| Recompra de Acciones | 0 | -$104000 | -$211000 | 0 | -$216000 | 0 | -$2.0M | 0 | 0 | 0 |
| Dividendos Pagados | 0 | -$245000 | -$875000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $1.4M | -$7.4M | $21.4M | -$3.6M | $38.3M | -$25.0M | $34.4M | $55.1M | $29.3M | $41.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $13.3M | $28.1M | -$7.8M | $18.7M |
| Inversiones (CapEx) | -$481000 | -$251000 | -$407000 | -$639000 |
| Flujo de Caja Libre | $12.8M | $27.9M | -$8.2M | $18.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.0M | $1.8M | $1.9M | $2.1M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +8.7% | +12.5% | +1.2% | +2.7% | -13.7% | +1.3% | +3.9% | +0.5% | +24.7% |
| Crecimiento Beneficio Neto (anual) | | -61.9% | -359.1% | +3.8% | +427.2% | +15.6% | +1.3% | +205.3% | +48.8% | +57.5% |
| Crecimiento BPA (anual) | | -152.0% | -84.6% | +4.2% | +421.7% | -9.5% | -3.0% | +196.9% | +42.5% | +52.0% |
| Cambio en Acciones (anual) | | +0.0% | +1.2% | +1.3% | +5.3% | +26.9% | +4.3% | +10.6% | +1.8% | +0.7% |
| Crecimiento FCF (anual) | | -623.3% | +391.1% | -116.7% | +1168.0% | -165.3% | +237.4% | +60.3% | -46.9% | +43.2% |
| Margen Bruto | 11.8% | 13.5% | 10.9% | 13.0% | 14.3% | 17.5% | 18.9% | 23.1% | 27.8% | 26.2% |
| Margen Operativo | -99.1% | 1.2% | 0.2% | 1.5% | 3.0% | 2.9% | 2.4% | 5.7% | 7.4% | 7.6% |
| Margen EBITDA | 3.1% | 3.1% | 1.2% | 2.6% | 3.8% | 3.7% | 4.0% | 7.4% | 10.4% | 10.8% |
| Margen Neto | 0.4% | 0.1% | -0.3% | -0.3% | 1.0% | 1.4% | 1.4% | 4.0% | 6.0% | 7.5% |
| Margen FCF | 0.3% | -1.5% | 3.9% | -0.6% | 6.7% | -5.1% | 6.9% | 10.7% | 5.6% | 6.5% |
| Tasa Impositiva Efectiva | 193.5% | 81.6% | 25.6% | 13.7% | 16.9% | 29.2% | 29.2% | 26.1% | 22.7% | 0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.19 | $-0.99 | $2.84 | $-0.47 | $4.75 | $-2.45 | $3.22 | $4.66 | $2.43 | $3.46 |
| Dividendo por Acción | $0.00 | $0.03 | $0.12 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $7.5M | $7.3M | $7.6M | $7.7M | $7.9M | $10.0M | $10.4M | $10.8M | $11.2M | $11.6M |
Qué mirar en Basic Materials
Mineras, químicas, acero. 100% commodity-driven. Analizar con P/E puro es un error — mira posición de costes y sostenibilidad del dividendo.
- FCF yield — En commodities el FCF es oro — EPS engaña mucho
- Margen bruto — Margen bruto consistente 5y = señal de moat
- Deuda neta / EBITDA (valle) — Usar EBITDA del peor año del ciclo, no el actual
- Dividend coverage — Dividendo cubierto por FCF en año medio, no en pico
- Capex / D&A — >1x = mantienen/crecen reservas. <0.7x = están descapitalizando
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
- P/B en ciclos — Commodities: 0.8-1.2x en valles, 2x+ en picos. <2x aún zona razonable
Rentabilidad
| Rentabilidad sobre capital | 15.56% |
| Rentabilidad sobre capital invertido | 12.08% |
| Rentabilidad sobre activos | 7.48% |
| Margen bruto | 23.58% |
| Margen operativo | 5.72% |
| Margen neto | 4.42% |
Salud financiera
| Deuda / Patrimonio | 0.29 |
| Ratio corriente | 1.49 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 5.61 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 56.40 | -106.38 | -15.33 | -16.43 | 16.66 | 13.43 | 16.02 | 23.56 | 31.11 | 18.62 |
| P/VC | 1.82 | 1.79 | 0.60 | 0.62 | 1.80 | 1.03 | 1.14 | 4.05 | 6.27 | 4.63 |
| P/V | 0.24 | 0.21 | 0.05 | 0.05 | 0.17 | 0.18 | 0.22 | 0.95 | 1.85 | 1.40 |
| Margen Bruto | 11.8% | 13.5% | 10.9% | 13.0% | 14.3% | 17.5% | 18.9% | 23.1% | 27.8% | 26.2% |
| Margen Operativo | -99.1% | 1.2% | 0.2% | 1.5% | 3.0% | 2.9% | 2.4% | 5.7% | 7.4% | 7.6% |
| Margen Neto | 0.4% | 0.1% | -0.3% | -0.3% | 1.0% | 1.4% | 1.4% | 4.0% | 6.0% | 7.5% |