Eight unanimous buy ratings.

Eight unanimous buy ratings.

Two hundred percent overstated FCF.

Forty-eight percent backlog coverage on next year’s revenue.

According to Ben Axler and the team at Spruce Point Capital, that’s not a short thesis.

That’s a forensic report on reality.

The company is Limbach Holdings.

But the script feels familiar.

Organic growth masked by acquisition.

Adjusted EBITDA that ignores cash burn.

A board filled with ghosts from Enron, Qwest, and Granite Construction.

And disclosures quietly removed—just as fundamentals start to crack.

Spruce Point sees 20–50% downside.

Not because of market sentiment.

Because of math.

Shoutout to SumZero for surfacing the kind of research you’ll never hear on an earnings call.

The fundamentals never disappeared.

They were just buried beneath narrative.