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Side-by-side financial comparison of Limbach Holdings, Inc. (LMB) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Limbach Holdings, Inc. is the larger business by last-quarter revenue ($186.9M vs $148.3M, roughly 1.3× Shoals Technologies Group, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs 5.5%, a 1.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 30.1%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 25.3%).
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
LMB vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $186.9M | $148.3M |
| Net Profit | $12.3M | $8.1M |
| Gross Margin | 25.7% | 31.6% |
| Operating Margin | 9.4% | 11.7% |
| Net Margin | 6.6% | 5.5% |
| Revenue YoY | 30.1% | 38.6% |
| Net Profit YoY | 25.0% | 3.9% |
| EPS (diluted) | $1.01 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $184.6M | $135.8M | ||
| Q2 25 | $142.2M | $110.8M | ||
| Q1 25 | $133.1M | $80.4M | ||
| Q4 24 | $143.7M | $107.0M | ||
| Q3 24 | $133.9M | $102.2M | ||
| Q2 24 | $122.2M | $99.2M | ||
| Q1 24 | $119.0M | $90.8M |
| Q4 25 | $12.3M | $8.1M | ||
| Q3 25 | $8.8M | $11.9M | ||
| Q2 25 | $7.8M | $13.9M | ||
| Q1 25 | $10.2M | $-282.0K | ||
| Q4 24 | $9.8M | $7.8M | ||
| Q3 24 | $7.5M | $-267.0K | ||
| Q2 24 | $6.0M | $11.8M | ||
| Q1 24 | $7.6M | $4.8M |
| Q4 25 | 25.7% | 31.6% | ||
| Q3 25 | 24.2% | 37.0% | ||
| Q2 25 | 28.0% | 37.2% | ||
| Q1 25 | 27.6% | 35.0% | ||
| Q4 24 | 30.3% | 37.6% | ||
| Q3 24 | 27.0% | 24.8% | ||
| Q2 24 | 27.4% | 40.3% | ||
| Q1 24 | 26.1% | 40.2% |
| Q4 25 | 9.4% | 11.7% | ||
| Q3 25 | 7.2% | 13.7% | ||
| Q2 25 | 7.5% | 14.4% | ||
| Q1 25 | 5.9% | 5.4% | ||
| Q4 24 | 9.1% | 15.4% | ||
| Q3 24 | 8.1% | 4.4% | ||
| Q2 24 | 6.7% | 18.7% | ||
| Q1 24 | 5.5% | 12.8% |
| Q4 25 | 6.6% | 5.5% | ||
| Q3 25 | 4.8% | 8.7% | ||
| Q2 25 | 5.5% | 12.5% | ||
| Q1 25 | 7.7% | -0.4% | ||
| Q4 24 | 6.9% | 7.3% | ||
| Q3 24 | 5.6% | -0.3% | ||
| Q2 24 | 4.9% | 11.9% | ||
| Q1 24 | 6.4% | 5.3% |
| Q4 25 | $1.01 | $0.05 | ||
| Q3 25 | $0.73 | $0.07 | ||
| Q2 25 | $0.64 | $0.08 | ||
| Q1 25 | $0.85 | $0.00 | ||
| Q4 24 | $0.81 | $0.04 | ||
| Q3 24 | $0.62 | $0.00 | ||
| Q2 24 | $0.50 | $0.07 | ||
| Q1 24 | $0.64 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | $30.5M | — |
| Stockholders' EquityBook value | $195.7M | $600.0M |
| Total Assets | $381.1M | $904.1M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.3M | $7.3M | ||
| Q3 25 | $9.8M | $8.6M | ||
| Q2 25 | $38.9M | $4.7M | ||
| Q1 25 | $38.1M | $35.6M | ||
| Q4 24 | $44.9M | $23.5M | ||
| Q3 24 | $51.2M | $11.1M | ||
| Q2 24 | $59.5M | $3.2M | ||
| Q1 24 | $48.2M | $15.2M |
| Q4 25 | $30.5M | — | ||
| Q3 25 | $56.3M | — | ||
| Q2 25 | $28.4M | — | ||
| Q1 25 | $23.7M | $141.8M | ||
| Q4 24 | $23.6M | $141.8M | ||
| Q3 24 | $20.5M | $141.8M | ||
| Q2 24 | $19.7M | $146.8M | ||
| Q1 24 | $19.4M | $168.8M |
| Q4 25 | $195.7M | $600.0M | ||
| Q3 25 | $181.6M | $589.6M | ||
| Q2 25 | $170.5M | $575.4M | ||
| Q1 25 | $161.1M | $558.9M | ||
| Q4 24 | $153.5M | $556.8M | ||
| Q3 24 | $142.2M | $545.2M | ||
| Q2 24 | $133.0M | $544.6M | ||
| Q1 24 | $125.5M | $554.0M |
| Q4 25 | $381.1M | $904.1M | ||
| Q3 25 | $409.1M | $851.8M | ||
| Q2 25 | $343.0M | $795.0M | ||
| Q1 25 | $336.4M | $788.4M | ||
| Q4 24 | $352.1M | $793.1M | ||
| Q3 24 | $324.4M | $801.3M | ||
| Q2 24 | $303.9M | $788.4M | ||
| Q1 24 | $289.2M | $825.3M |
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.15× | 0.25× | ||
| Q4 24 | 0.15× | 0.25× | ||
| Q3 24 | 0.14× | 0.26× | ||
| Q2 24 | 0.15× | 0.27× | ||
| Q1 24 | 0.15× | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $27.9M | $-11.3M |
| FCF MarginFCF / Revenue | 14.9% | -7.6% |
| Capex IntensityCapex / Revenue | 0.1% | 4.8% |
| Cash ConversionOCF / Net Profit | 2.29× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.1M | $-4.1M | ||
| Q3 25 | $13.3M | $19.4M | ||
| Q2 25 | $2.0M | $-13.8M | ||
| Q1 25 | $2.2M | $15.6M | ||
| Q4 24 | $19.3M | $14.0M | ||
| Q3 24 | $4.9M | $15.7M | ||
| Q2 24 | $16.5M | $37.8M | ||
| Q1 24 | $-3.9M | $12.9M |
| Q4 25 | $27.9M | $-11.3M | ||
| Q3 25 | $12.8M | $9.0M | ||
| Q2 25 | $1.2M | $-26.0M | ||
| Q1 25 | $11.0K | $12.3M | ||
| Q4 24 | $18.0M | $12.5M | ||
| Q3 24 | $4.6M | $13.3M | ||
| Q2 24 | $13.2M | $35.8M | ||
| Q1 24 | $-6.5M | $10.4M |
| Q4 25 | 14.9% | -7.6% | ||
| Q3 25 | 7.0% | 6.6% | ||
| Q2 25 | 0.8% | -23.5% | ||
| Q1 25 | 0.0% | 15.4% | ||
| Q4 24 | 12.5% | 11.6% | ||
| Q3 24 | 3.4% | 13.0% | ||
| Q2 24 | 10.8% | 36.1% | ||
| Q1 24 | -5.5% | 11.4% |
| Q4 25 | 0.1% | 4.8% | ||
| Q3 25 | 0.3% | 7.7% | ||
| Q2 25 | 0.6% | 11.0% | ||
| Q1 25 | 1.7% | 4.0% | ||
| Q4 24 | 0.9% | 1.4% | ||
| Q3 24 | 0.3% | 2.3% | ||
| Q2 24 | 2.7% | 2.0% | ||
| Q1 24 | 2.1% | 2.7% |
| Q4 25 | 2.29× | -0.50× | ||
| Q3 25 | 1.52× | 1.63× | ||
| Q2 25 | 0.26× | -1.00× | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 1.96× | 1.79× | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 2.77× | 3.21× | ||
| Q1 24 | -0.52× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
