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Limbach vs Matrix Service: revenue, profit, margins and growth compared

Limbach brought in $646.8M of revenue in fiscal 2025, Matrix Service $873.6M in fiscal 2026. Revenue changed by +24.7% at Limbach and +13.6% at Matrix Service on the year before, so Limbach grew faster. Limbach kept 6.0% of its revenue as net profit, Matrix Service -0.3%. Free cash flow was $41.9M at Limbach and $1.4M at Matrix Service.

Side by side, latest fiscal year

LMBMTRX
Fiscal year endedFY2025 (December 31, 2025)FY2026 (June 30, 2026)
Revenue$646.8M$873.6M
Revenue growth+24.7%+13.6%
Net income$39.1M-$2.6M
Net margin6.0%-0.3%
Free cash flow$41.9M$1.4M
Free cash flow margin6.5%0.2%
Earnings per share (diluted)$3.23-$0.09
Cash$11.3M$223M
Debt$5Mn/a
Price to earnings15.9n/a
Market value$613.9M$274M
Dividend yieldn/an/a
Rank by revenue in sector#530 of 778 · Consumer discretionary#484 of 778 · Consumer discretionary

Over the years

Revenue
LMB FY2018: $546.5MLMB FY2019: $553.3MLMB FY2020: $568.2MLMB FY2021: $490.4MLMB FY2022: $496.8MLMB FY2023: $516.4MLMB FY2024: $518.8MLMB FY2025: $646.8MMTRX FY2019: $1.4BMTRX FY2020: $1.1BMTRX FY2021: $673.4MMTRX FY2022: $707.8MMTRX FY2023: $795MMTRX FY2024: $728.2MMTRX FY2025: $769.3MMTRX FY2026: $873.6MFY18FY19FY20FY21FY22FY23FY24FY25FY26
LMB $646.8MMTRX $873.6M
Net income
LMB FY2018: -$1.8MLMB FY2019: -$1.8MLMB FY2020: $5.8MLMB FY2021: $6.7MLMB FY2022: $6.8MLMB FY2023: $20.8MLMB FY2024: $30.9MLMB FY2025: $39.1MMTRX FY2019: $28MMTRX FY2020: -$33.1MMTRX FY2021: -$31.2MMTRX FY2022: -$63.9MMTRX FY2023: -$52.4MMTRX FY2024: -$25MMTRX FY2025: -$29.5MMTRX FY2026: -$2.6MFY18FY19FY20FY21FY22FY23FY24FY25FY26
LMB $39.1MMTRX -$2.6M
Net margin
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%MTRX FY2019: 2.0%MTRX FY2020: -3.0%MTRX FY2021: -4.6%MTRX FY2022: -9.0%MTRX FY2023: -6.6%MTRX FY2024: -3.4%MTRX FY2025: -3.8%MTRX FY2026: -0.3%FY18FY19FY20FY21FY22FY23FY24FY25FY26
LMB 6.0%MTRX -0.3%
Revenue growth
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%MTRX FY2020: -22.3%MTRX FY2021: -38.8%MTRX FY2022: +5.1%MTRX FY2023: +12.3%MTRX FY2024: -8.4%MTRX FY2025: +5.6%MTRX FY2026: +13.6%FY19FY20FY21FY22FY23FY24FY25FY26
LMB +24.7%MTRX +13.6%
Free cash flow
LMB FY2018: $21.4MLMB FY2019: -$3.6MLMB FY2020: $38.3MLMB FY2021: -$25MLMB FY2022: $34.4MLMB FY2023: $55.1MLMB FY2024: $29.3MLMB FY2025: $41.9MMTRX FY2019: $21.8MMTRX FY2020: $25.5MMTRX FY2021: -$7.3MMTRX FY2022: -$57.5MMTRX FY2023: $1.2MMTRX FY2024: $65.6MMTRX FY2025: $109.8MMTRX FY2026: $1.4MFY18FY19FY20FY21FY22FY23FY24FY25FY26
LMB $41.9MMTRX $1.4M

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

Questions about Limbach and Matrix Service

Which is bigger by revenue, Limbach or Matrix Service?

Matrix Service is bigger by revenue: $873.6M in fiscal 2026, against $646.8M for Limbach in fiscal 2025.

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

Limbach had a net margin of 6.0% in fiscal 2025; Matrix Service had -0.3% in fiscal 2026.

Which grew revenue faster, Limbach or Matrix Service?

In their latest fiscal years revenue changed by +24.7% at Limbach and +13.6% at Matrix Service.

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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