COMP <GO>

AMRC vs LMB // EV/EBITDA & P/E VALUATION

Ameresco Inc. (Class A) (NYSE) VS. Limbach Holdings Inc. (NASDAQ) • 15-METRIC TALLY: AMRC 2 — LMB 0

■ METRIC PARITY

LAST: $21.00 (+3.40%) • MKT CAP: $1.11B

valuation

—

LAST: $51.47 (+1.48%) • MKT CAP: $613.8M

valuation

11.4x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (AMRC VS. LMB) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	AMRC	LMB	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	26.20%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	21.20%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	11.4x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	6.83%	—	TIE	/fcf-yield <GO>
Operating Margin	—	7.60%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	6.00%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	24.70%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	4.67	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	8/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	48.4	46.0	+2.41	AMRC	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	13.2x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.11B	$613.8M	$500.6M	AMRC	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	AMRC REV	LMB REV	AMRC GROSS %	LMB GROSS %	AMRC FCF	LMB FCF
FY 2025	$0	$646.8M	—	26.2%	—	$41.9M
FY 2024	$1.77B	$518.8M	14.5%	27.8%	$113.3M	$29.3M
FY 2023	$1.37B	$516.4M	—	—	-$70.0M	$57.4M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

AMRC // BETA —

LMB // BETA —