olivLaw · US equity research
Legacy Housing Corporation LEGH
Mobile Homes · SIC 2451 · Vertical: Lumber and wood products (SIC 24xx)
Legacy Housing Corporation designs, manufactures, sells and finances manufactured homes and Tiny Houses in the southern United States, through independent dealers and company-owned stores. Net revenue rose 32.3% in the second quarter of 2026, driven by a large workforce-housing order, which makes the company relevant at a time of strong demand for affordable housing.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Legacy Housing Corporation (LEGH) stock was 30.11 USD (−5.25% on the day), with market capitalisation 716.1 m USD, P/E 11.3 on diluted EPS of 2.67 USD over the last 12 months, beta 0.62, 52-week range 18.79–32.16 USD. Latest reported quarter (Q3 2026): revenue of 69.7 m USD (+72.2% YoY), net income of 20.1 m USD (+132.8% YoY), diluted EPS 0.85 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.2
- strong (55–70)
- Bollinger (20, 2)
- 25.35 – 31.58
- in the upper half of the band · %B 0.76 · band width 21.9%
- SMA 50 / 200
- 28.37 / 24.61
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.70 / 0.35
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.2% | −1.1% | +5.2 pp | — |
| 3 months | +4.2% | −0.5% | +4.6 pp | — |
| 6 months | +39.6% | +4.4% | +35.2 pp | — |
| Year to date | +54.3% | +12.3% | +41.9 pp | — |
| 1 year | +27.8% | +13.5% | +14.3 pp | +1.0% |
| 3 years | +61.7% | +76.4% | −14.7 pp | −16.3% |
| 5 years | +49.2% | +63.7% | −14.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 54.2 m | 35.7 m | 50.2 m | 40.5 m | 38.3 m | 34.4 m | 66.3 m | 69.7 m |
| Cost of revenue | 26.7 m | 17.2 m | 25.9 m | 23.0 m | 18.7 m | 14.9 m | 33.5 m | 34.8 m |
| SG&A | 4.8 m | 6.4 m | 5.7 m | 6.2 m | 11.8 m | 5.8 m | 6.9 m | 7.5 m |
| Operating income | 15.5 m | 11.6 m | 16.8 m | 9.7 m | 10.3 m | 12.4 m | 26.5 m | 23.4 m |
| Depreciation & amortisation | 504.0 k | 423.0 k | 435.0 k ≈ | 419.0 k ≈ | 579.0 k | 670.0 k | 685.0 k ≈ | 402.0 k ≈ |
| Interest expense | 3.0 k | 5.0 k | 29.0 k | -13.0 k | 6.0 k | 28.0 k | 17.0 k | 17.0 k |
| Pre-tax income | 18.4 m | 12.7 m | 17.8 m | 10.3 m | 10.8 m | 13.0 m | 26.4 m | 24.1 m |
| Income tax | 3.9 m | 2.5 m | 3.1 m | 1.6 m | 2.6 m | 2.1 m | 3.0 m | 4.0 m |
| Net income | 14.5 m | 10.3 m | 14.7 m | 8.6 m | 8.2 m | 10.9 m | 23.5 m | 20.1 m |
| Diluted EPS | 0.59 ≈ | 0.41 | 0.60 | 0.35 | 0.37 ≈ | 0.46 | 0.99 | 0.85 |
| Operating cash flow | 7.9 m | 4.9 m | 6.1 m ≈ | 7.3 m ≈ | 18.9 m | 7.0 m | 17.4 m ≈ | 10.9 m ≈ |
| Capex | 1.9 m | 1.3 m | 2.4 m ≈ | 2.0 m ≈ | 3.3 m | 1.5 m | 5.1 m ≈ | 3.5 m ≈ |
| Share repurchases | 0 | 700.0 k | 5.8 m | -1.0 k ≈ | 1.1 m | 573.0 k | 93.0 k ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 69 percentile of its own 32-quarter history (min 5.4, median 10.6, max 15.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 161.9 m | 169.0 m | 176.7 m | 197.5 m | 257.0 m | 189.1 m | 184.2 m | 164.6 m |
| Revenue YoY | unavailable | +4.4% | +4.6% | +11.8% | +30.1% | −26.4% | −2.6% | −10.7% |
| Net income | 21.5 m | 28.8 m | 38.0 m | 49.9 m | 67.8 m | 54.5 m | 61.6 m | 41.8 m |
| Net income YoY | unavailable | +34.1% | +31.7% | +31.3% | +35.9% | −19.6% | +13.2% | −32.2% |
| Diluted EPS | 1.07 | 1.18 | 1.57 | 2.05 | 2.74 | 2.17 | 2.48 | 1.74 |
| Diluted EPS YoY | unavailable | +10.3% | +33.1% | +30.6% | +33.7% | −20.8% | +14.3% | −29.8% |
| net % | 13.3% | 17.1% | 21.5% | 25.3% | 26.4% | 28.8% | 33.5% | 25.4% |
| Free cash flow | -3.3 m | -8.4 m | -4.7 m | 54.3 m | -5.5 m | -21.2 m | 26.8 m | 28.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 528.6 m USD
- Total assets
- 580.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.51x
- ROE
- 8.2%
- ROA
- 7.5%
- FCF margin
- 17.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 176.7 m | 197.5 m | 257.0 m | 189.1 m | 184.2 m | 164.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | 109.7 m | 114.1 m | 150.1 m | 99.7 m | 90.1 m | 84.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Gross profit | 67.0 m ≈ | 83.5 m ≈ | 106.9 m ≈ | 89.5 m ≈ | 94.1 m ≈ | 79.7 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| SG&A | 19.1 m | 23.3 m | 27.6 m | 24.3 m | 22.3 m | 29.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Operating income | 47.6 m | 58.9 m | 78.0 m | 64.6 m | 63.6 m | 48.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Depreciation & amortisation | 1.2 m | 1.6 m | 1.9 m | 1.7 m | 1.9 m | 1.9 m | SEC (XBRL)· 12 Mar 2026verified |
| EBITDA | 48.8 m ≈ | 60.5 m ≈ | 80.0 m ≈ | 66.3 m ≈ | 65.5 m ≈ | 50.3 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Interest expense | 1.1 m | 887.0 k | 375.0 k | 930.0 k | 689.0 k | 28.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Pre-tax income | 48.8 m | 60.6 m | 82.1 m | 68.7 m | 76.0 m | 51.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | 10.8 m | 10.8 m | 14.4 m | 14.3 m | 14.4 m | 9.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Net income | 38.0 m | 49.9 m | 67.8 m | 54.5 m | 61.6 m | 41.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | 1.57 | 2.05 | 2.74 | 2.17 | 2.48 | 1.74 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | 24.2 m | 24.3 m | 24.7 m | 25.1 m | 24.9 m | 24.0 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 768.0 k | 1.0 m | 2.8 m | 748.0 k | 1.1 m | 8.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Receivables | 3.5 m | 5.1 m | 4.9 m | 4.7 m | 4.0 m | 5.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Inventories | 27.2 m | 42.0 m | 32.1 m | 41.0 m | 37.5 m | 39.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 54.6 m | 92.5 m | 107.1 m | 115.7 m | 124.3 m | 164.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | 22.6 m | 27.5 m | 30.1 m | 37.9 m | 47.6 m | 60.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Goodwill | — | — | — | — | — | 2.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | — | 5.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 338.6 m | 366.7 m | 436.8 m | 506.7 m | 534.2 m | 580.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | 10.2 m | 4.2 m | 4.5 m | 4.1 m | 5.1 m | 6.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Current liabilities | 36.4 m | 41.9 m | 41.5 m | 37.3 m | 32.7 m | 46.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | 79.4 m | 57.3 m | 54.7 m | 70.0 m | 40.2 m | 51.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 259.2 m † | 309.4 m † | 382.1 m † | 436.7 m † | 494.0 m † | 528.6 m † | SEC (XBRL)· 12 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.8 m | 60.3 m | -1.7 m | -13.5 m | 36.0 m | 37.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 2.8 m | 6.0 m | 3.8 m | 7.7 m | 9.2 m | 9.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | -4.7 m ≈ | 54.3 m ≈ | -5.5 m ≈ | -21.2 m ≈ | 26.8 m ≈ | 28.2 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | -2.7 m | -31.9 m | 9.1 m | -9.8 m | -6.7 m | -22.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | 3.6 m | -28.1 m | -5.6 m | 21.2 m | -28.9 m | -7.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Share repurchases | 1.4 m | — | — | — | 5.4 m | 7.6 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 716.1 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Returns4
- Quality75
- Growth0
- Valuation87
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 72.83 – 86.82 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E72.83 – 86.82 (Mid 73.91)5 companies used · median multiple 27.7x · quartiles 27.3x – 32.5xCVCO, FBIN, SKY, TREX, UFPI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 30.1% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 65.0% | 50 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -13.8% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -14.0% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1,067.2x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 11.3x | 100 (vs peers) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.7% | 71 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.2% | 4 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality75/100 · 2/3 factors with a value
- Returns· partial4/100 · 1/2 factors with a value
- Valuation87/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Legacy Housing Corporation (LEGH). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 164.6 m USD in 2025; YoY growth -10.7%; net margin 30.1%; ROE 11.4%.
The estimated value range is 72.83–86.82 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 73.91 USD, the price of 30.11 USD leaves a potential of 145.5% (value / price − 1) and a margin of safety of 59.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 30.1%
- Interest coverage: 1,067.2x
- Current ratio: 3.3x
- P/E (TTM): 11.3x
- FCF yield: 5.7%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -13.8%
- EPS CAGR 3Y: -14.0%
- Shareholder yield (distributions): 0.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Lumber and wood products (SIC 24xx) · same major group (2-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TREXTrex Company, Inc. | 5.6 bn | 32.5 | 17.3% | 13.9% | +2.0% | +60% / −20% |
| FBINFortune Brands Innovations, Inc. | 5.6 bn | 44.2 | 5.5% | 2.9% | −3.2% | −9% / −31% |
| LPXLouisiana-Pacific Corporation | 5.4 bn | 78.9 | 3.9% | 2.7% | −7.9% | −6% / +26% |
| SKYChampion Homes, Inc. | 5.0 bn | 27.7 | 11.8% | 6.8% | +7.3% | +9% / +55% |
| CVCOCavco Industries, Inc. | 4.9 bn | 27.3 | 16.6% | 7.7% | +11.4% | +8% / +128% |
| UFPIUfp Industries, Inc. | 4.5 bn | 20.1 | 7.5% | 3.6% | −5.0% | −11% / −24% |
| KOPKoppers Holdings Inc. | 749.7 m | — | -19.0% | -4.6% | −10.2% | +34% / −12% |
| LEGHLegacy Housing Corporation | 716.1 m | 11.3 | 11.4% | 30.1% | −10.7% | +28% / +62% |
| JELDJELD-WEN Holding, Inc. | 87.6 m | — | -454.4% | -5.3% | −14.9% | −62% / −94% |
| NWGLCL Workshop Group Ltd | 4.4 m | — | -64.0% | -40.5% | −15.4% | −98% / −100% |
| WFGWest Fraser Timber Co. Ltd. | — | — | -14.6% | -17.2% | −11.5% | +13% / −5% |
1- and 3-year price returns: for LEGH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.91 Total return -47% · Per year -47% | 28.27 Total return -6% · Per year -6% | 42.78 Total return 42% · Per year 42% |
| 3 years | 12.63 Total return -58% · Per year -25% | 25.52 Total return -15% · Per year -5% | 42.78 Total return 42% · Per year 12% |
| 5 years | 10.03 Total return -67% · Per year -20% | 23.03 Total return -24% · Per year -5% | 42.78 Total return 42% · Per year 7% |
- Exit P/E± 6.38
- Net margin± 4.47
- Annual revenue growth± 4.03
- Annual dilution± 0.38
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026).
In brief
Legacy Housing Corporation designs, manufactures, sells and finances manufactured homes and Tiny Houses in the southern United States, through independent dealers and company-owned stores. Net revenue rose 32.3% in the second quarter of 2026 2, driven by a large workforce-housing order, which makes the company relevant at a time of strong demand for affordable housing.
SWOT
Strengths
- Strong vertical integration, from manufacturing to financing and distribution, which offers buyers a complete solution.
- Solid balance sheet, with substantial cash and an undrawn credit line that support financing growth.
- Better margins in company-owned stores and a dealer network covering several states.
Weaknesses
- Large geographic concentration in Texas, which accounts for a major share of sales.
- Dependence on skilled labor, which limits production capacity.
- Exposure to import costs, including tariffs on components from China.
Opportunities
- Demand for workforce housing could become an important segment if orders become more consistent.
- Expanding capacity at the Georgia plant, which has room to grow with additional investment.
- Developing owned land and financing new manufactured housing communities.
Threats
- High borrowing costs and persistent inflation could reduce buyers' access to financing.
- Changes to tariff rules could raise material costs again.
- The retirement of the Executive Chairman and leadership changes could affect strategy execution.
Risks
- Import costs and tariffsmedium
Components sourced from China are affected by tariffs, and higher rates could pressure gross margins 12.
- Labor availabilityhigh
A shortage of trained staff could limit production and delivery of large orders, especially if volumes grow 2.
- Geographic concentrationmedium
A large share of sales comes from Texas, exposing the company to regional economic conditions 2.
- Financing and creditmedium
If buyers cannot obtain credit at acceptable cost, demand could fall and the loan portfolio could suffer losses 1.
- Acquisition integrationlow
The AmeriCasa acquisition involves operational integration and an escrowed amount that could be affected by claims 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth in the second quarter of 2026 and the large workforce-housing order suggest demand for affordable homes can support growth 2.
- A substantial cash balance and an undrawn credit line give flexibility to expand capacity or pursue acquisitions 2.
- Vertical integration and in-house financing could support better margins if volumes rise, especially through company-owned stores 1.
What to watch
- Deliveries and sales from the workforce-housing orderQ3 2026
- Trend in gross margins and in tariff refunds or tariff levelsQ3 2026
- Appointment of a new Chairman after the Executive Chairman's retirement2026
- Progress in recruiting and retaining skilled labornext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026).
The business
The company builds homes at three plants in Texas and Georgia under HUD standards and distributes them through more than 80 independent dealers and 14 company-owned stores, primarily across 15 states 12. It sold 1,703 units in 2025 1. Legacy also offers financing: inventory credit for dealers, consumer loans for buyers and financing for manufactured housing community owners 1. Direct sales to communities made up 35% of product sales in 2025 1.
The company expanded its model through the acquisition of the assets of AmeriCasa Solutions, completed on November 1, 2025, for a total price of $19.9 million 1. The deal added distribution and a cloud SaaS platform for dealers, FutureHomeX 1. Legacy also holds over 1,000 acres of land in Texas, which it can develop or finance for new communities 1.
Its vertically integrated structure, combining manufacturing, distribution and financing, lets Legacy offer a complete solution to buyers with household incomes under 75,000 USD, a group that covers about half of US households 1. The company trades on Nasdaq under the symbol LEGH 1.
Segments
Independent dealer and company-store sales
In 2025, independent dealers generated 44% of product sales and company-owned stores 21% 1. The company says its own stores carry higher gross margins 1. In the first half of 2026, Texas accounted for about 65% of home sales 2.
Direct sales to manufactured housing communities
This channel made up 35% of product sales in 2025, down from 45% in 2024 1. It includes large development projects, typically 30 to 300 homes, and generates commercial loans for owners 1. The large workforce-housing order, with deliveries starting in the second quarter of 2026, contributed about $25.5 million to product sales in that quarter 2.
Market context
The target market is households with income below 75,000 USD, which the company estimates at about 63 million US households in 2024 1. Demand is supported by rising rents, high site-built home prices and falling homeownership among some demographic groups 1. Industry shipments recovered to about 103,300 homes in 2024 after the 2023 decline 1.
Borrowing costs remain elevated, with average 30-year mortgage rates above 6% in mid-2026, and inflation peaked at 4.2% in May 2026 2. The company notes that chattel rates for manufactured homes move partly independently of mortgage rates, but high borrowing costs can still affect buyers' access to financing 2.
Trends
- Demand for affordable housingtailwind
Rising site-built prices and rents push buyers toward manufactured homes, which are considerably cheaper per square foot 1. If this continues, volumes could support the company's growth.
- Workforce-housing orderstailwind
A large workforce-housing order began deliveries in the second quarter of 2026 23. The company sees potential in this segment, although the timing and final size of orders can vary.
- Input costs and tariffsheadwind
Tariffs on goods from China raised costs for some components and pressured margins 1. In the second quarter of 2026 the company benefited from tariff refunds, but future tariff levels remain uncertain 2.
- Skilled labormixed
Management says the main near-term constraint is recruiting and retaining trained staff 2. Output growth could be limited if these programs fall short.
Competitive position
The analysed sources do not detail the company's direct competitors. Legacy is compared with manufactured home producers in the South that sell through independent dealer networks 1. Its stated advantage is vertical integration and the financing it offers in its own stores 1.
Legacy differentiates on customizable design, vaulted ceilings and furniture-friendly floor plans, plus manufacturing capacity across three plants 1. If other producers expand their financing or distribution networks, its current advantage could narrow.
- Independent manufactured home producers in the southern US
Named in the company's analysis as main rivals in the Texas, Georgia and Oklahoma markets, without detailed identification in the supplied sources.
- Independent manufactured home dealers
Not direct rivals of the manufacturer, but can offer alternative products from other manufacturers in the same sales territory.
- Site-built home builders and residential developers
Compete indirectly for the same buyer, at considerably higher prices per square foot according to data cited by the company.
- Chattel lenders and regional banks
Offer manufactured home loans and can compete with the company's in-house financing for buyers and dealers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Istanbul exhibition explores Ara Guler’s legacy through Leica archivesAnadolu Agency (TR, EN) · 04 Nov 2026 · EN
- Andrew Tate’s toxic legacy in Romania is warping its democracyEUobserver · 03 Nov 2026 · EN
- Forecasts of midterm blue wave put Trump’s legacy on lineThe Hill · 02 Nov 2026 · EN
- Exploring the Legacy of Image Club GraphicsHacker News · 02 Nov 2026 · EN
- When Modernization Breaks Working Code: A Study of LLMs on Legacy PHPHacker News · 01 Nov 2026 · EN
- Ethnic Germans in Kazakhstan face legacy of the Soviet UnionDW (Deutsche Welle) — Europe · 01 Nov 2026 · EN
- Exploring St. Gilgen: Where Mozart's legacy meets Alpine beautyDaily Sabah — Economy (TR, EN) · 01 Nov 2026 · EN
- All 3 US Legacy Carriers Will Fly The Boeing 737 MAX 10, But Not The Airbus A321XLRSimple Flying · 31 Oct 2026 · EN
- Houdini's death-defying legacy returns to stage in BudapestDaily Sabah — Economy (TR, EN) · 31 Oct 2026 · EN
- The intellectual legacy of Abu HanifaDaily Sabah — Economy (TR, EN) · 30 Oct 2026 · EN
- As Novaya Gazeta, one of Russia’s best-known independent newspapers, is forced to close after 33 years, three former staffers look back on its legacyMeduza English (independent RU/exile) · 30 Oct 2026 · EN
- Cisco gives engineer unlimited AI tokens to rewrite legacy codeHacker News · 30 Oct 2026 · EN
- ‘His honesty gave courage to survivors’: domestic abuse charities praise Patrick Stewart’s legacyThe Guardian World · 30 Oct 2026 · EN
- Everyone is thin and we’re not allowed to say so: the toxic legacy of body positivityThe Guardian — Health · 30 Oct 2026 · EN
- Tech giants need legacy businesses to keep growing as they pour trillions into the AI buildoutCNBC — Top News · 30 Oct 2026 · EN
- The chef who trained his boss: A culinary legacy comes full circle at Singapore’s Shisen HantenCNA (Channel NewsAsia) · 29 Oct 2026 · EN
- Delta Air Lines Is The Only US Legacy Carrier That Doesn't Want The Airbus A321XLRSimple Flying · 29 Oct 2026 · EN
- Christine Lagarde’s ECB Legacy: How an Outsider Defied the ScepticsModern Diplomacy · 29 Oct 2026 · EN
- ‘Worldwide legacy’: almost $20m raised to protect majestic tract of land in far north QueenslandThe Guardian World · 28 Oct 2026 · EN
- King Charles to discuss legacy of slavery with Commonwealth leaders at summitThe Guardian World · 28 Oct 2026 · EN
SEC filings
- Quarterly report04 Nov 2026
- Current report30 Oct 2026Shareholder vote
- Proxy statement18 Sept 2026
- Current report18 Aug 2026Departure or appointment of officers
- Current report14 Aug 2026Other events
- Quarterly report05 Aug 2026
- Current report22 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report08 May 2026Results of operations · Financial statements and exhibits
- Quarterly report07 May 2026
- Annual report12 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Legacy Housing Corporation · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Legacy Housing Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Legacy Housing Corporation · 08 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.