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Side-by-side financial comparison of Limbach Holdings, Inc. (LMB) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
Limbach Holdings, Inc. is the larger business by last-quarter revenue ($186.9M vs $104.0M, roughly 1.8× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 6.6%, a 32.2% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $27.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs 12.5%).
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
LMB vs NIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $186.9M | $104.0M |
| Net Profit | $12.3M | $40.3M |
| Gross Margin | 25.7% | — |
| Operating Margin | 9.4% | 48.3% |
| Net Margin | 6.6% | 38.8% |
| Revenue YoY | 30.1% | 12.5% |
| Net Profit YoY | 25.0% | 16.9% |
| EPS (diluted) | $1.01 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $184.6M | $102.9M | ||
| Q2 25 | $142.2M | $95.7M | ||
| Q1 25 | $133.1M | $89.4M | ||
| Q4 24 | $143.7M | $92.4M | ||
| Q3 24 | $133.9M | $90.7M | ||
| Q2 24 | $122.2M | $85.0M | ||
| Q1 24 | $119.0M | $82.2M |
| Q4 25 | $12.3M | $40.3M | ||
| Q3 25 | $8.8M | $41.7M | ||
| Q2 25 | $7.8M | $36.0M | ||
| Q1 25 | $10.2M | $32.6M | ||
| Q4 24 | $9.8M | $34.5M | ||
| Q3 24 | $7.5M | $32.5M | ||
| Q2 24 | $6.0M | $29.3M | ||
| Q1 24 | $7.6M | $27.8M |
| Q4 25 | 25.7% | — | ||
| Q3 25 | 24.2% | — | ||
| Q2 25 | 28.0% | — | ||
| Q1 25 | 27.6% | — | ||
| Q4 24 | 30.3% | — | ||
| Q3 24 | 27.0% | — | ||
| Q2 24 | 27.4% | — | ||
| Q1 24 | 26.1% | — |
| Q4 25 | 9.4% | 48.3% | ||
| Q3 25 | 7.2% | 50.4% | ||
| Q2 25 | 7.5% | 46.8% | ||
| Q1 25 | 5.9% | 44.9% | ||
| Q4 24 | 9.1% | 46.8% | ||
| Q3 24 | 8.1% | 45.0% | ||
| Q2 24 | 6.7% | 43.3% | ||
| Q1 24 | 5.5% | 41.8% |
| Q4 25 | 6.6% | 38.8% | ||
| Q3 25 | 4.8% | 40.6% | ||
| Q2 25 | 5.5% | 37.6% | ||
| Q1 25 | 7.7% | 36.4% | ||
| Q4 24 | 6.9% | 37.3% | ||
| Q3 24 | 5.6% | 35.8% | ||
| Q2 24 | 4.9% | 34.5% | ||
| Q1 24 | 6.4% | 33.8% |
| Q4 25 | $1.01 | $2.63 | ||
| Q3 25 | $0.73 | $2.73 | ||
| Q2 25 | $0.64 | $2.34 | ||
| Q1 25 | $0.85 | $2.08 | ||
| Q4 24 | $0.81 | $2.21 | ||
| Q3 24 | $0.62 | $2.10 | ||
| Q2 24 | $0.50 | $1.92 | ||
| Q1 24 | $0.64 | $1.82 |
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 | — |
| Total DebtLower is stronger | $30.5M | $134.9M |
| Stockholders' EquityBook value | $195.7M | $1.3B |
| Total Assets | $381.1M | $9.2B |
| Debt / EquityLower = less leverage | 0.16× | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.3M | — | ||
| Q3 25 | $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 | $134.9M | ||
| Q3 25 | $56.3M | $134.6M | ||
| Q2 25 | $28.4M | $134.3M | ||
| Q1 25 | $23.7M | $156.6M | ||
| Q4 24 | $23.6M | $161.4M | ||
| Q3 24 | $20.5M | $161.2M | ||
| Q2 24 | $19.7M | $162.4M | ||
| Q1 24 | $19.4M | $162.3M |
| Q4 25 | $195.7M | $1.3B | ||
| Q3 25 | $181.6M | $1.2B | ||
| Q2 25 | $170.5M | $1.2B | ||
| Q1 25 | $161.1M | $1.2B | ||
| Q4 24 | $153.5M | $1.2B | ||
| Q3 24 | $142.2M | $1.1B | ||
| Q2 24 | $133.0M | $1.1B | ||
| Q1 24 | $125.5M | $1.1B |
| Q4 25 | $381.1M | $9.2B | ||
| Q3 25 | $409.1M | $9.0B | ||
| Q2 25 | $343.0M | $8.9B | ||
| Q1 25 | $336.4M | $9.0B | ||
| Q4 24 | $352.1M | $8.8B | ||
| Q3 24 | $324.4M | $8.6B | ||
| Q2 24 | $303.9M | $8.6B | ||
| Q1 24 | $289.2M | $8.4B |
| Q4 25 | 0.16× | 0.11× | ||
| Q3 25 | 0.31× | 0.11× | ||
| Q2 25 | 0.17× | 0.11× | ||
| Q1 25 | 0.15× | 0.13× | ||
| Q4 24 | 0.15× | 0.14× | ||
| Q3 24 | 0.14× | 0.14× | ||
| Q2 24 | 0.15× | 0.15× | ||
| Q1 24 | 0.15× | 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 | $153.5M |
| Free Cash FlowOCF − Capex | $27.9M | $149.4M |
| FCF MarginFCF / Revenue | 14.9% | 143.7% |
| Capex IntensityCapex / Revenue | 0.1% | 3.9% |
| Cash ConversionOCF / Net Profit | 2.29× | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.1M | $153.5M | ||
| Q3 25 | $13.3M | $45.9M | ||
| Q2 25 | $2.0M | $38.9M | ||
| Q1 25 | $2.2M | $41.8M | ||
| Q4 24 | $19.3M | $133.7M | ||
| Q3 24 | $4.9M | $39.6M | ||
| Q2 24 | $16.5M | $37.3M | ||
| Q1 24 | $-3.9M | $23.4M |
| Q4 25 | $27.9M | $149.4M | ||
| Q3 25 | $12.8M | $45.9M | ||
| Q2 25 | $1.2M | $38.4M | ||
| Q1 25 | $11.0K | $41.3M | ||
| Q4 24 | $18.0M | $116.8M | ||
| Q3 24 | $4.6M | $34.7M | ||
| Q2 24 | $13.2M | $34.4M | ||
| Q1 24 | $-6.5M | $20.1M |
| Q4 25 | 14.9% | 143.7% | ||
| Q3 25 | 7.0% | 44.6% | ||
| Q2 25 | 0.8% | 40.1% | ||
| Q1 25 | 0.0% | 46.2% | ||
| Q4 24 | 12.5% | 126.4% | ||
| Q3 24 | 3.4% | 38.3% | ||
| Q2 24 | 10.8% | 40.5% | ||
| Q1 24 | -5.5% | 24.4% |
| Q4 25 | 0.1% | 3.9% | ||
| Q3 25 | 0.3% | 0.0% | ||
| Q2 25 | 0.6% | 0.6% | ||
| Q1 25 | 1.7% | 0.5% | ||
| Q4 24 | 0.9% | 18.3% | ||
| Q3 24 | 0.3% | 5.4% | ||
| Q2 24 | 2.7% | 3.5% | ||
| Q1 24 | 2.1% | 4.0% |
| Q4 25 | 2.29× | 3.81× | ||
| Q3 25 | 1.52× | 1.10× | ||
| Q2 25 | 0.26× | 1.08× | ||
| Q1 25 | 0.22× | 1.28× | ||
| Q4 24 | 1.96× | 3.88× | ||
| Q3 24 | 0.66× | 1.22× | ||
| Q2 24 | 2.77× | 1.28× | ||
| Q1 24 | -0.52× | 0.84× |
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% |
NIC
Segment breakdown not available.
