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Ameresco vs Limbach: revenue, profit, margins and growth compared

Ameresco brought in $1.8B of revenue in fiscal 2024, Limbach $646.8M in fiscal 2025. Revenue changed by +28.8% at Ameresco and +24.7% at Limbach on the year before, so Ameresco grew faster. Ameresco kept 3.2% of its revenue as net profit, Limbach 6.0%. Free cash flow was $113.3M at Ameresco and $41.9M at Limbach.

Side by side, latest fiscal year

AMRCLMB
Fiscal year endedFY2024 (December 31, 2024)FY2025 (December 31, 2025)
Revenue$1.8B$646.8M
Revenue growth+28.8%+24.7%
Net income$56.8M$39.1M
Net margin3.2%6.0%
Free cash flow$113.3M$41.9M
Free cash flow margin6.4%6.5%
Earnings per share (diluted)$1.07$3.23
Cash$108.5M$11.3M
Debt$149.4M$5M
Price to earnings20.115.9
Market value$1.1B$613.9M
Dividend yieldn/an/a
Rank by revenue in sector#373 of 778 · Consumer discretionary#530 of 778 · Consumer discretionary

Over the years

Revenue
AMRC FY2017: $717.2MAMRC FY2018: $787.1MAMRC FY2019: $866.9MAMRC FY2020: $1BAMRC FY2021: $1.2BAMRC FY2022: $1.8BAMRC FY2023: $1.4BAMRC FY2024: $1.8BLMB FY2018: $546.5MLMB FY2019: $553.3MLMB FY2020: $568.2MLMB FY2021: $490.4MLMB FY2022: $496.8MLMB FY2023: $516.4MLMB FY2024: $518.8MLMB FY2025: $646.8MFY17FY18FY19FY20FY21FY22FY23FY24FY25
AMRC $1.8BLMB $646.8M
Net income
AMRC FY2017: $37.5MAMRC FY2018: $38MAMRC FY2019: $44.4MAMRC FY2020: $54.1MAMRC FY2021: $70.5MAMRC FY2022: $94.9MAMRC FY2023: $62.5MAMRC FY2024: $56.8MLMB FY2018: -$1.8MLMB FY2019: -$1.8MLMB FY2020: $5.8MLMB FY2021: $6.7MLMB FY2022: $6.8MLMB FY2023: $20.8MLMB FY2024: $30.9MLMB FY2025: $39.1MFY17FY18FY19FY20FY21FY22FY23FY24FY25
AMRC $56.8MLMB $39.1M
Net margin
AMRC FY2017: 5.2%AMRC FY2018: 4.8%AMRC FY2019: 5.1%AMRC FY2020: 5.2%AMRC FY2021: 5.8%AMRC FY2022: 5.2%AMRC FY2023: 4.5%AMRC FY2024: 3.2%LMB FY2018: -0.3%LMB FY2019: -0.3%LMB FY2020: 1.0%LMB FY2021: 1.4%LMB FY2022: 1.4%LMB FY2023: 4.0%LMB FY2024: 6.0%LMB FY2025: 6.0%FY17FY18FY19FY20FY21FY22FY23FY24FY25
AMRC 3.2%LMB 6.0%
Revenue growth
AMRC FY2018: +9.8%AMRC FY2019: +10.1%AMRC FY2020: +19.1%AMRC FY2021: +17.8%AMRC FY2022: +50.1%AMRC FY2023: -24.7%AMRC FY2024: +28.8%LMB FY2019: +1.2%LMB FY2020: +2.7%LMB FY2021: -13.7%LMB FY2022: +1.3%LMB FY2023: +3.9%LMB FY2024: +0.5%LMB FY2025: +24.7%FY18FY19FY20FY21FY22FY23FY24FY25
AMRC +28.8%LMB +24.7%
Free cash flow
AMRC FY2017: -$138.4MAMRC FY2018: -$57.1MAMRC FY2019: -$203MAMRC FY2020: -$104.8MAMRC FY2021: -$177.2MAMRC FY2022: -$343.6MAMRC FY2023: -$75.7MAMRC FY2024: $113.3MLMB FY2018: $21.4MLMB FY2019: -$3.6MLMB FY2020: $38.3MLMB FY2021: -$25MLMB FY2022: $34.4MLMB FY2023: $55.1MLMB FY2024: $29.3MLMB FY2025: $41.9MFY17FY18FY19FY20FY21FY22FY23FY24FY25
AMRC $113.3MLMB $41.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Ameresco and Limbach

Which is bigger by revenue, Ameresco or Limbach?

Ameresco is bigger by revenue: $1.8B in fiscal 2024, against $646.8M for Limbach in fiscal 2025.

Which keeps more of its revenue as profit, Ameresco or Limbach?

Ameresco had a net margin of 3.2% in fiscal 2024; Limbach had 6.0% in fiscal 2025.

Which grew revenue faster, Ameresco or Limbach?

In their latest fiscal years revenue changed by +28.8% at Ameresco and +24.7% at Limbach.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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