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Side-by-side financial comparison of Limbach Holdings, Inc. (LMB) and MATRIX SERVICE CO (MTRX). Click either name above to swap in a different company.
MATRIX SERVICE CO is the larger business by last-quarter revenue ($210.5M vs $186.9M, roughly 1.1× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -0.4%, a 7.0% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 12.5%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $6.3M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs 12.6%).
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
Matrix Telecom, Inc., operating as Matrix Business Technologies, Trinsic, Powered by Matrix, Excel Telecommunications and various other niche brands is a United States telecommunications firm that provides voice and data services to consumers and small and medium businesses as well as multi-location distributed enterprise markets. The firm also provides wholesale voice services to the telecommunications, wireless and cable industries.
LMB vs MTRX — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $186.9M | $210.5M |
| Net Profit | $12.3M | $-894.0K |
| Gross Margin | 25.7% | 6.2% |
| Operating Margin | 9.4% | -1.0% |
| Net Margin | 6.6% | -0.4% |
| Revenue YoY | 30.1% | 12.5% |
| Net Profit YoY | 25.0% | 83.8% |
| EPS (diluted) | $1.01 | $-0.03 |
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 | $210.5M | ||
| Q3 25 | $184.6M | $211.9M | ||
| Q2 25 | $142.2M | $216.4M | ||
| Q1 25 | $133.1M | $200.2M | ||
| Q4 24 | $143.7M | $187.2M | ||
| Q3 24 | $133.9M | $165.6M | ||
| Q2 24 | $122.2M | $189.5M | ||
| Q1 24 | $119.0M | $166.0M |
| Q4 25 | $12.3M | $-894.0K | ||
| Q3 25 | $8.8M | $-3.7M | ||
| Q2 25 | $7.8M | $-11.3M | ||
| Q1 25 | $10.2M | $-3.4M | ||
| Q4 24 | $9.8M | $-5.5M | ||
| Q3 24 | $7.5M | $-9.2M | ||
| Q2 24 | $6.0M | $-4.4M | ||
| Q1 24 | $7.6M | $-14.6M |
| Q4 25 | 25.7% | 6.2% | ||
| Q3 25 | 24.2% | 6.7% | ||
| Q2 25 | 28.0% | 3.8% | ||
| Q1 25 | 27.6% | 6.4% | ||
| Q4 24 | 30.3% | 5.8% | ||
| Q3 24 | 27.0% | 4.7% | ||
| Q2 24 | 27.4% | 6.6% | ||
| Q1 24 | 26.1% | 3.4% |
| Q4 25 | 9.4% | -1.0% | ||
| Q3 25 | 7.2% | -2.6% | ||
| Q2 25 | 7.5% | -6.0% | ||
| Q1 25 | 5.9% | -2.5% | ||
| Q4 24 | 9.1% | -3.4% | ||
| Q3 24 | 8.1% | -6.5% | ||
| Q2 24 | 6.7% | -2.8% | ||
| Q1 24 | 5.5% | -8.7% |
| Q4 25 | 6.6% | -0.4% | ||
| Q3 25 | 4.8% | -1.7% | ||
| Q2 25 | 5.5% | -5.2% | ||
| Q1 25 | 7.7% | -1.7% | ||
| Q4 24 | 6.9% | -3.0% | ||
| Q3 24 | 5.6% | -5.6% | ||
| Q2 24 | 4.9% | -2.3% | ||
| Q1 24 | 6.4% | -8.8% |
| Q4 25 | $1.01 | $-0.03 | ||
| Q3 25 | $0.73 | $-0.13 | ||
| Q2 25 | $0.64 | $-0.41 | ||
| Q1 25 | $0.85 | $-0.12 | ||
| Q4 24 | $0.81 | $-0.20 | ||
| Q3 24 | $0.62 | $-0.33 | ||
| Q2 24 | $0.50 | $-0.16 | ||
| Q1 24 | $0.64 | $-0.53 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $11.3M | $199.0M |
| Total DebtLower is stronger | $30.5M | — |
| Stockholders' EquityBook value | $195.7M | $137.6M |
| Total Assets | $381.1M | $650.2M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.3M | $199.0M | ||
| Q3 25 | $9.8M | $192.3M | ||
| Q2 25 | $38.9M | $224.6M | ||
| Q1 25 | $38.1M | $185.5M | ||
| Q4 24 | $44.9M | $156.8M | ||
| Q3 24 | $51.2M | $124.6M | ||
| Q2 24 | $59.5M | $115.6M | ||
| Q1 24 | $48.2M | $69.7M |
| 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 | $195.7M | $137.6M | ||
| Q3 25 | $181.6M | $136.3M | ||
| Q2 25 | $170.5M | $142.7M | ||
| Q1 25 | $161.1M | $150.7M | ||
| Q4 24 | $153.5M | $151.9M | ||
| Q3 24 | $142.2M | $156.5M | ||
| Q2 24 | $133.0M | $164.2M | ||
| Q1 24 | $125.5M | $165.8M |
| Q4 25 | $381.1M | $650.2M | ||
| Q3 25 | $409.1M | $598.2M | ||
| Q2 25 | $343.0M | $600.3M | ||
| Q1 25 | $336.4M | $613.7M | ||
| Q4 24 | $352.1M | $513.8M | ||
| Q3 24 | $324.4M | $470.2M | ||
| Q2 24 | $303.9M | $451.4M | ||
| Q1 24 | $289.2M | $440.0M |
| 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 | $28.1M | $7.5M |
| Free Cash FlowOCF − Capex | $27.9M | $6.3M |
| FCF MarginFCF / Revenue | 14.9% | 3.0% |
| Capex IntensityCapex / Revenue | 0.1% | 0.6% |
| Cash ConversionOCF / Net Profit | 2.29× | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | $45.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.1M | $7.5M | ||
| Q3 25 | $13.3M | $-25.9M | ||
| Q2 25 | $2.0M | $40.7M | ||
| Q1 25 | $2.2M | $31.2M | ||
| Q4 24 | $19.3M | $33.6M | ||
| Q3 24 | $4.9M | $11.9M | ||
| Q2 24 | $16.5M | $47.0M | ||
| Q1 24 | $-3.9M | $24.8M |
| Q4 25 | $27.9M | $6.3M | ||
| Q3 25 | $12.8M | $-27.9M | ||
| Q2 25 | $1.2M | $38.4M | ||
| Q1 25 | $11.0K | $28.7M | ||
| Q4 24 | $18.0M | $32.7M | ||
| Q3 24 | $4.6M | $10.0M | ||
| Q2 24 | $13.2M | $45.7M | ||
| Q1 24 | $-6.5M | $20.0M |
| Q4 25 | 14.9% | 3.0% | ||
| Q3 25 | 7.0% | -13.2% | ||
| Q2 25 | 0.8% | 17.8% | ||
| Q1 25 | 0.0% | 14.3% | ||
| Q4 24 | 12.5% | 17.5% | ||
| Q3 24 | 3.4% | 6.0% | ||
| Q2 24 | 10.8% | 24.1% | ||
| Q1 24 | -5.5% | 12.1% |
| Q4 25 | 0.1% | 0.6% | ||
| Q3 25 | 0.3% | 0.9% | ||
| Q2 25 | 0.6% | 1.0% | ||
| Q1 25 | 1.7% | 1.3% | ||
| Q4 24 | 0.9% | 0.5% | ||
| Q3 24 | 0.3% | 1.2% | ||
| Q2 24 | 2.7% | 0.7% | ||
| Q1 24 | 2.1% | 2.9% |
| 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
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
MTRX
| Storage And Terminal Solutions | $99.9M | 47% |
| Utility And Power Infrastructure | $75.4M | 36% |
| Process And Industrial Facilities | $35.3M | 17% |
