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Side-by-side financial comparison of Legence Corp. (LGN) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
Legence Corp. is the larger business by last-quarter revenue ($708.0M vs $186.9M, roughly 3.8× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -0.1%, a 6.7% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 26.2%). Legence Corp. produced more free cash flow last quarter ($137.4M vs $27.9M).
Legence Corp is a leading sustainable building and decarbonization solution provider. It delivers energy efficiency optimization, building automation design, renewable energy integration, and low-carbon retrofit services for commercial, industrial, and institutional clients, with core operations across North America to help customers cut costs and reduce carbon footprints.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
LGN vs LMB — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $708.0M | $186.9M |
| Net Profit | $-576.0K | $12.3M |
| Gross Margin | 20.9% | 25.7% |
| Operating Margin | 5.3% | 9.4% |
| Net Margin | -0.1% | 6.6% |
| Revenue YoY | 26.2% | 30.1% |
| Net Profit YoY | 46.8% | 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 | — | $186.9M | ||
| Q3 25 | $708.0M | $184.6M | ||
| Q2 25 | — | $142.2M | ||
| Q1 25 | — | $133.1M | ||
| Q4 24 | — | $143.7M | ||
| Q3 24 | $560.8M | $133.9M | ||
| Q2 24 | — | $122.2M | ||
| Q1 24 | — | $119.0M |
| Q4 25 | — | $12.3M | ||
| Q3 25 | $-576.0K | $8.8M | ||
| Q2 25 | — | $7.8M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | — | $9.8M | ||
| Q3 24 | $-1.1M | $7.5M | ||
| Q2 24 | — | $6.0M | ||
| Q1 24 | — | $7.6M |
| Q4 25 | — | 25.7% | ||
| Q3 25 | 20.9% | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.6% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | 21.1% | 27.0% | ||
| Q2 24 | — | 27.4% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | — | 9.4% | ||
| Q3 25 | 5.3% | 7.2% | ||
| Q2 25 | — | 7.5% | ||
| Q1 25 | — | 5.9% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | 4.8% | 8.1% | ||
| Q2 24 | — | 6.7% | ||
| Q1 24 | — | 5.5% |
| Q4 25 | — | 6.6% | ||
| Q3 25 | -0.1% | 4.8% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | -0.2% | 5.6% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | — | 6.4% |
| Q4 25 | — | $1.01 | ||
| Q3 25 | $-0.02 | $0.73 | ||
| Q2 25 | — | $0.64 | ||
| Q1 25 | — | $0.85 | ||
| Q4 24 | — | $0.81 | ||
| Q3 24 | — | $0.62 | ||
| Q2 24 | — | $0.50 | ||
| Q1 24 | — | $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 | $176.0M | $11.3M |
| Total DebtLower is stronger | $812.6M | $30.5M |
| Stockholders' EquityBook value | $387.9M | $195.7M |
| Total Assets | $2.6B | $381.1M |
| Debt / EquityLower = less leverage | 2.10× | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $11.3M | ||
| Q3 25 | $176.0M | $9.8M | ||
| Q2 25 | — | $38.9M | ||
| Q1 25 | — | $38.1M | ||
| Q4 24 | — | $44.9M | ||
| Q3 24 | — | $51.2M | ||
| Q2 24 | — | $59.5M | ||
| Q1 24 | — | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | $812.6M | $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 | — | $195.7M | ||
| Q3 25 | $387.9M | $181.6M | ||
| Q2 25 | — | $170.5M | ||
| Q1 25 | — | $161.1M | ||
| Q4 24 | — | $153.5M | ||
| Q3 24 | — | $142.2M | ||
| Q2 24 | — | $133.0M | ||
| Q1 24 | — | $125.5M |
| Q4 25 | — | $381.1M | ||
| Q3 25 | $2.6B | $409.1M | ||
| Q2 25 | — | $343.0M | ||
| Q1 25 | — | $336.4M | ||
| Q4 24 | — | $352.1M | ||
| Q3 24 | — | $324.4M | ||
| Q2 24 | — | $303.9M | ||
| Q1 24 | — | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | 2.10× | 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 | $162.1M | $28.1M |
| Free Cash FlowOCF − Capex | $137.4M | $27.9M |
| FCF MarginFCF / Revenue | 19.4% | 14.9% |
| Capex IntensityCapex / Revenue | 3.5% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.1M | ||
| Q3 25 | $162.1M | $13.3M | ||
| Q2 25 | — | $2.0M | ||
| Q1 25 | — | $2.2M | ||
| Q4 24 | — | $19.3M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | — | $16.5M | ||
| Q1 24 | — | $-3.9M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | $137.4M | $12.8M | ||
| Q2 25 | — | $1.2M | ||
| Q1 25 | — | $11.0K | ||
| Q4 24 | — | $18.0M | ||
| Q3 24 | — | $4.6M | ||
| Q2 24 | — | $13.2M | ||
| Q1 24 | — | $-6.5M |
| Q4 25 | — | 14.9% | ||
| Q3 25 | 19.4% | 7.0% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 12.5% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 10.8% | ||
| Q1 24 | — | -5.5% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 3.5% | 0.3% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 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
LGN
| Installation And Fabrication | $408.7M | 58% |
| Engineering And Design | $110.9M | 16% |
| Program And Project Management | $101.2M | 14% |
| Maintenance And Service | $87.1M | 12% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
