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LEGH

Legacy Housing Corporation

LEGH

Legacy Housing Corporation • NASDAQ
$19.93 ▼ -1.58% (-0.32)
Market Cap $475.70 M
52w High $29.45
52w Low $18.84
Dividend Yield 0%
P/E 10.22
Volume 34.49K
Outstanding Shares 23.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $40.478M ▼ $7.226M ▲ $8.645M ▼ 21.357% ▼ $0.36 ▼ $10.689M ▼
Q2-2025 $50.161M ▲ $6.775M ▼ $14.695M ▲ 29.296% ▲ $0.61 ▲ $18.24M ▲
Q1-2025 $35.67M ▼ $6.887M ▲ $10.276M ▼ 28.809% ▲ $0.43 ▼ $13.156M ▼
Q4-2024 $54.187M ▲ $5.769M ▼ $14.511M ▼ 26.779% ▼ $0.6 ▼ $18.977M ▼
Q3-2024 $44.266M $7.578M $15.803M 35.7% $0.65 $20.021M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.551M ▲ $557.927M ▲ $36.329M ▼ $521.598M ▲
Q2-2025 $2.631M ▼ $551.985M ▲ $39.205M ▼ $512.78M ▲
Q1-2025 $3.414M ▲ $544.606M ▲ $40.878M ▲ $503.728M ▲
Q4-2024 $1.149M ▲ $534.194M ▲ $40.238M ▼ $493.956M ▲
Q3-2024 $570K $521.405M $42.133M $479.272M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.645M ▼ $7.153M ▲ $3.908M ▲ $-141K ▲ $10.92M ▲ $5.122M ▲
Q2-2025 $14.695M ▲ $6.062M ▲ $-1.17M ▲ $-5.675M ▼ $-783K ▼ $3.687M ▲
Q1-2025 $10.276M ▼ $4.908M ▼ $-1.968M ▲ $-675K ▲ $2.265M ▲ $3.647M ▼
Q4-2024 $14.511M ▼ $7.893M ▼ $-5.203M ▼ $-2.111M ▲ $579K ▲ $6.004M ▼
Q3-2024 $15.803M $13.835M $-3.653M $-9.672M $510K $9.12M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial Sales
Commercial Sales
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Direct Sales
Direct Sales
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Retail Store Sales
Retail Store Sales
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been on a bit of a roller coaster: it climbed strongly coming out of 2020, peaked in 2022, then stepped back in 2023 and 2024. Despite this cooling in sales from the peak, profitability has held up well. Gross margins and operating margins have stayed strong, suggesting good pricing power and cost control. Net income and earnings per share dipped from the 2022 high but remain solid and higher than a few years ago. Overall, this looks like a cyclical business that enjoyed a strong upswing, and while top-line growth has slowed, the company is still converting a healthy share of its sales into profit.

Balance Sheet

Balance Sheet The balance sheet has steadily strengthened over the last five years. Total assets have grown consistently, and shareholders’ equity has risen meaningfully, showing that profits are being retained and reinvested in the business. Debt has been brought down from earlier levels to essentially negligible amounts, leaving the company with very low financial leverage. This combination of asset growth, rising equity, and minimal debt points to a conservative, robust financial foundation that can help the company better withstand housing and interest-rate cycles.

Cash Flow

Cash Flow Cash generation has been uneven, which is typical for a company that both manufactures homes and provides financing. Operating cash flow was solid in 2021, turned negative in 2023, and then moved back into positive territory in 2024. Free cash flow followed the same pattern but has generally been positive over the five-year span, apart from the more challenging 2023 period. Capital spending has been modest and quite stable, suggesting the business does not require heavy ongoing investment to maintain operations. Overall, cash flow is positive over time but can swing from year to year, partly due to working capital and financing activity.

Competitive Edge

Competitive Edge Legacy operates in a specialized corner of residential construction: manufactured and tiny homes focused on affordability. Its competitive position benefits from being vertically integrated—it designs and builds its own homes and also offers in-house financing to dealers and end customers. This combination gives it cost control, better inventory management, and a tighter grip on the full sales funnel. Being one of the larger producers in the U.S. manufactured home market also helps with scale and brand recognition. On the flip side, the business is exposed to housing cycles, interest-rate swings, and credit risk from the loans it extends. Still, its integrated model and scale create meaningful barriers for smaller competitors.

Innovation and R&D

Innovation and R&D The company is leaning into innovation more than many traditional manufactured housing peers. It focuses on energy-efficient homes (ENERGY STAR alignment, upgraded insulation, efficient windows and lighting), integrates smart-home features, and emphasizes modern, livable floor plans rather than bare-bones units. Its under-home high-efficiency heat pump system and emphasis on space-saving design show a willingness to experiment with new technology and layouts. Legacy is also targeting trends toward smaller, more affordable living—tiny homes, compact double-wides, and upcoming special model lines like the “Legacy 250” and “Ultimate Series.” While it doesn’t publicize R&D spending in detail, its product roadmap and design choices suggest ongoing investment in product differentiation rather than competing solely on price.

Summary

Legacy Housing combines solid profitability with a conservative balance sheet and a differentiated business model in manufactured housing. Earnings remain healthy even after revenue cooled from its recent peak, and the company has steadily built equity while paying down debt to very low levels. Cash flows can be lumpy, reflecting both the cyclical nature of housing and the working-capital demands of financing customers, but free cash flow has been positive over the longer stretch. Competitively, Legacy’s vertical integration, in-house financing, and scale in its niche give it structural advantages, while its focus on energy efficiency, modern design, and smaller affordable homes aims to keep it aligned with evolving consumer preferences. The main sensitivities are housing demand, interest rates, and credit quality, but the financial foundation and product strategy suggest a business positioned to navigate these cycles rather than one operating on thin margins or heavy leverage.

NEWS

November 7, 2025 · 5:00 PM UTC

Legacy Housing Corporation Reports Third Quarter 2025 Financial and Operating Results

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November 7, 2025 · 8:14 AM UTC

Legacy Housing Announces Agreement to Purchase Assets of AmeriCasa Solutions, LLC and Addition of New Senior Management

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October 10, 2025 · 8:00 AM UTC

Legacy Housing Corporation Announces Core Manufacturing & Financing Initiatives, and Leadership Transition

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