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Side-by-side financial comparison of ADTRAN Holdings, Inc. (ADTN) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
ADTRAN Holdings, Inc. is the larger business by last-quarter revenue ($291.6M vs $186.9M, roughly 1.6× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -1.2%, a 7.8% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 20.1%). ADTRAN Holdings, Inc. produced more free cash flow last quarter ($30.6M vs $27.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs 13.5%).
Adtran, Inc. is an American fiber networking and telecommunications company headquartered in Huntsville, Alabama. It is a vendor of both residential and enterprise networking equipment, along with administrative software for network management and deployment. Its customers include communications service providers, governments, enterprises and utilities.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
ADTN vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $291.6M | $186.9M |
| Net Profit | $-3.6M | $12.3M |
| Gross Margin | 39.0% | 25.7% |
| Operating Margin | 1.5% | 9.4% |
| Net Margin | -1.2% | 6.6% |
| Revenue YoY | 20.1% | 30.1% |
| Net Profit YoY | 92.2% | 25.0% |
| EPS (diluted) | $-0.02 | $1.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $291.6M | $186.9M | ||
| Q3 25 | $279.4M | $184.6M | ||
| Q2 25 | $265.1M | $142.2M | ||
| Q1 25 | $247.7M | $133.1M | ||
| Q4 24 | $242.9M | $143.7M | ||
| Q3 24 | $227.7M | $133.9M | ||
| Q2 24 | $226.0M | $122.2M | ||
| Q1 24 | $226.2M | $119.0M |
| Q4 25 | $-3.6M | $12.3M | ||
| Q3 25 | $-10.3M | $8.8M | ||
| Q2 25 | $-20.5M | $7.8M | ||
| Q1 25 | $-11.3M | $10.2M | ||
| Q4 24 | $-46.1M | $9.8M | ||
| Q3 24 | $-33.3M | $7.5M | ||
| Q2 24 | $-49.7M | $6.0M | ||
| Q1 24 | $-330.8M | $7.6M |
| Q4 25 | 39.0% | 25.7% | ||
| Q3 25 | 38.3% | 24.2% | ||
| Q2 25 | 37.3% | 28.0% | ||
| Q1 25 | 38.4% | 27.6% | ||
| Q4 24 | 36.9% | 30.3% | ||
| Q3 24 | 36.5% | 27.0% | ||
| Q2 24 | 36.0% | 27.4% | ||
| Q1 24 | 31.1% | 26.1% |
| Q4 25 | 1.5% | 9.4% | ||
| Q3 25 | -1.0% | 7.2% | ||
| Q2 25 | -5.0% | 7.5% | ||
| Q1 25 | -1.6% | 5.9% | ||
| Q4 24 | -6.9% | 9.1% | ||
| Q3 24 | -11.5% | 8.1% | ||
| Q2 24 | -17.0% | 6.7% | ||
| Q1 24 | -153.1% | 5.5% |
| Q4 25 | -1.2% | 6.6% | ||
| Q3 25 | -3.7% | 4.8% | ||
| Q2 25 | -7.7% | 5.5% | ||
| Q1 25 | -4.5% | 7.7% | ||
| Q4 24 | -19.0% | 6.9% | ||
| Q3 24 | -14.6% | 5.6% | ||
| Q2 24 | -22.0% | 4.9% | ||
| Q1 24 | -146.2% | 6.4% |
| Q4 25 | $-0.02 | $1.01 | ||
| Q3 25 | $-0.12 | $0.73 | ||
| Q2 25 | $-0.24 | $0.64 | ||
| Q1 25 | $-0.14 | $0.85 | ||
| Q4 24 | $-0.58 | $0.81 | ||
| Q3 24 | $-0.38 | $0.62 | ||
| Q2 24 | $-0.63 | $0.50 | ||
| Q1 24 | $-4.20 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $95.7M | $11.3M |
| Total DebtLower is stronger | — | $30.5M |
| Stockholders' EquityBook value | $145.8M | $195.7M |
| Total Assets | $1.2B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.7M | $11.3M | ||
| Q3 25 | $93.7M | $9.8M | ||
| Q2 25 | $106.3M | $38.9M | ||
| Q1 25 | $101.3M | $38.1M | ||
| Q4 24 | $76.0M | $44.9M | ||
| Q3 24 | $88.5M | $51.2M | ||
| Q2 24 | $111.2M | $59.5M | ||
| Q1 24 | $106.8M | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $19.4M |
| Q4 25 | $145.8M | $195.7M | ||
| Q3 25 | $141.6M | $181.6M | ||
| Q2 25 | $169.6M | $170.5M | ||
| Q1 25 | $138.9M | $161.1M | ||
| Q4 24 | $127.0M | $153.5M | ||
| Q3 24 | $205.6M | $142.2M | ||
| Q2 24 | $213.6M | $133.0M | ||
| Q1 24 | $260.8M | $125.5M |
| Q4 25 | $1.2B | $381.1M | ||
| Q3 25 | $1.2B | $409.1M | ||
| Q2 25 | $1.2B | $343.0M | ||
| Q1 25 | $1.2B | $336.4M | ||
| Q4 24 | $1.2B | $352.1M | ||
| Q3 24 | $1.3B | $324.4M | ||
| Q2 24 | $1.3B | $303.9M | ||
| Q1 24 | $1.3B | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $42.2M | $28.1M |
| Free Cash FlowOCF − Capex | $30.6M | $27.9M |
| FCF MarginFCF / Revenue | 10.5% | 14.9% |
| Capex IntensityCapex / Revenue | 4.0% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $98.0M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.2M | $28.1M | ||
| Q3 25 | $12.2M | $13.3M | ||
| Q2 25 | $32.2M | $2.0M | ||
| Q1 25 | $43.2M | $2.2M | ||
| Q4 24 | $2.4M | $19.3M | ||
| Q3 24 | $43.3M | $4.9M | ||
| Q2 24 | $19.9M | $16.5M | ||
| Q1 24 | $37.9M | $-3.9M |
| Q4 25 | $30.6M | $27.9M | ||
| Q3 25 | $4.2M | $12.8M | ||
| Q2 25 | $27.5M | $1.2M | ||
| Q1 25 | $35.8M | $11.0K | ||
| Q4 24 | $-895.0K | $18.0M | ||
| Q3 24 | $37.1M | $4.6M | ||
| Q2 24 | $8.4M | $13.2M | ||
| Q1 24 | $24.4M | $-6.5M |
| Q4 25 | 10.5% | 14.9% | ||
| Q3 25 | 1.5% | 7.0% | ||
| Q2 25 | 10.4% | 0.8% | ||
| Q1 25 | 14.4% | 0.0% | ||
| Q4 24 | -0.4% | 12.5% | ||
| Q3 24 | 16.3% | 3.4% | ||
| Q2 24 | 3.7% | 10.8% | ||
| Q1 24 | 10.8% | -5.5% |
| Q4 25 | 4.0% | 0.1% | ||
| Q3 25 | 2.9% | 0.3% | ||
| Q2 25 | 1.8% | 0.6% | ||
| Q1 25 | 3.0% | 1.7% | ||
| Q4 24 | 1.4% | 0.9% | ||
| Q3 24 | 2.7% | 0.3% | ||
| Q2 24 | 5.1% | 2.7% | ||
| Q1 24 | 6.0% | 2.1% |
| Q4 25 | — | 2.29× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 2.77× | ||
| Q1 24 | — | -0.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
