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LGN

Legence Corp. Class A Common stock

LGN

Legence Corp. Class A Common stock • NASDAQ
$45.98 ▲ 0.48% (+0.22)
Market Cap $2.70 B
52w High $47.07
52w Low $26.96
Dividend Yield 0%
P/E -353.69
Volume 245.58K
Outstanding Shares 58.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $708.006M ▲ $110.862M ▲ $-576K ▲ -0.081% ▲ $-0.02 ▲ $56.823M ▼
Q2-2025 $598.89M ▲ $97.345M ▲ $-5.27M ▲ -0.88% ▲ $-0.052 ▲ $60.851M ▲
Q1-2025 $505.953M ▼ $95.15M ▲ $-21.213M ▼ -4.193% ▼ $-0.39 ▼ $43.891M ▼
Q2-2024 $520.787M ▲ $82.028M ▲ $6.19M ▲ 1.189% ▲ $0.061 ▲ $57.493M ▲
Q1-2024 $468.796M $79.425M $-14.957M -3.191% $-0.15 $32.682M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $176.034M ▲ $2.6B ▲ $1.773B ▲ $387.875M ▲
Q2-2025 $98.063M ▲ $2.426B ▲ $1.679B ▼ $369.094M ▲
Q1-2025 $89.125M $2.329B $2.151B $0

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $379K ▲ $99.582M ▲ $-10.51M ▼ $-10.937M ▲ $78.135M ▲ $89.012M ▲
Q2-2025 $-3.869M ▲ $33.081M ▲ $-8.701M ▼ $-15.606M ▲ $8.774M ▲ $24.281M ▲
Q1-2025 $-19.139M ▼ $29.461M ▲ $-5.75M ▼ $-15.753M ▼ $7.958M ▼ $24.097M ▲
Q2-2024 $6.19M ▲ $-51.483M ▼ $-4.162M ▲ $85.941M ▼ $30.296M ▼ $-55.788M ▼
Q1-2024 $-14.957M $32.808M $-67.956M $119.574M $84.426M $29.407M

Five-Year Company Overview

Income Statement

Income Statement Legence shows a clear growth story on the top line, with revenue rising steadily over the last few years. Profitability is moving in the right direction: gross margins have improved, operating profit has turned positive, and losses at the bottom line have narrowed to a small profit most recently. That said, the margin profile is still relatively thin for the amount of revenue generated, which leaves less room for error if projects run over budget or the economy slows. Overall, this looks like a scale‑up phase business that is transitioning from loss‑making to modest profitability, with execution and cost control still critical to sustaining the trend.

Balance Sheet

Balance Sheet The balance sheet shows a business with sizable assets but also a heavy debt load and very little cash on hand. Reported equity is essentially flat, which can be a sign of past recapitalizations or aggressive use of debt financing common in private‑equity‑backed roll‑ups. The main implication is financial leverage: the company has meaningful obligations to lenders and less of a balance‑sheet cushion, so maintaining steady earnings and cash flow will matter a lot. The asset base and acquired capabilities are a strength, but the capital structure adds risk if conditions become less favorable.

Cash Flow

Cash Flow Operating cash flow has been consistently positive, which is a good sign that the reported profits are backed by real cash generation. Free cash flow is also positive, even after ongoing investments in equipment and systems, though the surplus is not large. Capital spending appears disciplined and manageable. The pattern suggests a business that can largely fund itself day‑to‑day, but does not yet generate abundant excess cash relative to its size, especially given the debt burden. Stability of cash flows through different cycles will be an important watch point.

Competitive Edge

Competitive Edge Legence is carving out a strong niche by focusing on energy‑efficient, mission‑critical building systems and positioning itself as an “energy transition” specialist. Its key edge comes from combining engineering, installation, and long‑term maintenance in one integrated offering, which can be more attractive than hiring multiple separate contractors. The roll‑up of specialized firms gives it broad capabilities across data centers, life sciences, healthcare, and other demanding sectors, along with deep technical expertise and long‑standing client relationships. Backing from a large private equity sponsor and a national footprint further reinforce its position. The main competitive risks are integration complexity, reliance on continuous project wins, and competition from both large engineering firms and strong regional players.

Innovation and R&D

Innovation and R&D Innovation here is more about business model and expertise than classic lab research. Legence’s “stackable” solutions and lifecycle approach to buildings aim to solve energy, emissions, and reliability needs in a coordinated way. The company is leaning into decarbonization, net‑zero buildings, and on‑site renewables, areas where regulations and corporate climate goals create ongoing demand. Its acquisitions in sustainability consulting and high‑end mechanical and electrical engineering add differentiated know‑how. The partnership with a modern field‑operations software platform shows an effort to digitize and standardize its acquired businesses. Future upside depends on how well Legence uses data, automation, and “smart building” technologies to deepen this edge and avoid becoming just another contractor.

Summary

Legence looks like a fast‑growing, integration‑driven platform in the engineering and construction space, focused on the energy transition and critical infrastructure. Financially, it has moved from losses toward modest profitability and steady, positive cash generation, but operates with slim margins and a leveraged balance sheet, which increases sensitivity to execution missteps or a downturn. Strategically, its integrated service model, sustainability focus, and portfolio of specialist acquisitions provide a meaningful competitive edge, especially in data centers and other high‑demand sectors. The main themes to watch are continued margin improvement, debt management, and its ability to keep integrating new acquisitions while advancing its technology and sustainability offerings.

NEWS

November 14, 2025 · 7:01 AM UTC

Legence Reports Third Quarter 2025 Financial Results

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November 14, 2025 · 7:00 AM UTC

Legence Announces Agreement to Acquire Bowers

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October 31, 2025 · 4:05 PM UTC

Legence Sets Third Quarter 2025 Earnings Release Date and Webcast Schedule

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October 30, 2025 · 4:05 PM UTC

Legence Announces Extension and Repricing of Term Loan along with Increase and Extension of Revolving Credit Facility

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September 15, 2025 · 5:07 PM UTC

Legence Announces Closing of Initial Public Offering and Partial Exercise of Overallotment Option

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