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olivLaw · US equity research

Legacy Housing Corporation LEGH

Mobile Homes · SIC 2451 · Vertical: Lumber and wood products (SIC 24xx)

30.11USD−5.25% · 1 dayClose 05 Nov 2026

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The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).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.

Market cap
716.1 m USD
shares as of 02 Nov 2026
P/E (TTM)
11.3
Diluted EPS TTM 2.67 · TTM to 30 Sept 2026
E/P (TTM)
8.86%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
0.62
Volatility (1y) 35%
52-week range
18.7932.16

Price history

Loading chart…

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

CompanyS&P 500vs S&P 500Vertical 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—
Max drawdown (1y)
−16.9%
06 Nov 2025 → 13 Mar 2026
Max drawdown (5y)
−54.4%
18 Feb 2022 → 12 Jul 2022
Compound annual growth (5y)
+8.3%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
69.7 m USD
+72.2% YoY
Net income
20.1 m USD
+132.8% YoY
Diluted EPS
0.85
+142.9% YoY
net / operating
28.9% / 33.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue54.2 m35.7 m50.2 m40.5 m38.3 m34.4 m66.3 m69.7 m
Cost of revenue26.7 m17.2 m25.9 m23.0 m18.7 m14.9 m33.5 m34.8 m
SG&A4.8 m6.4 m5.7 m6.2 m11.8 m5.8 m6.9 m7.5 m
Operating income15.5 m11.6 m16.8 m9.7 m10.3 m12.4 m26.5 m23.4 m
Depreciation & amortisation504.0 k423.0 k435.0 k ≈419.0 k ≈579.0 k670.0 k685.0 k ≈402.0 k ≈
Interest expense3.0 k5.0 k29.0 k-13.0 k6.0 k28.0 k17.0 k17.0 k
Pre-tax income18.4 m12.7 m17.8 m10.3 m10.8 m13.0 m26.4 m24.1 m
Income tax3.9 m2.5 m3.1 m1.6 m2.6 m2.1 m3.0 m4.0 m
Net income14.5 m10.3 m14.7 m8.6 m8.2 m10.9 m23.5 m20.1 m
Diluted EPS0.59 ≈0.410.600.350.37 ≈0.460.990.85
Operating cash flow7.9 m4.9 m6.1 m ≈7.3 m ≈18.9 m7.0 m17.4 m ≈10.9 m ≈
Capex1.9 m1.3 m2.4 m ≈2.0 m ≈3.3 m1.5 m5.1 m ≈3.5 m ≈
Share repurchases0700.0 k5.8 m-1.0 k ≈1.1 m573.0 k93.0 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 year20182019202020212022202320242025
Revenue161.9 m169.0 m176.7 m197.5 m257.0 m189.1 m184.2 m164.6 m
Revenue YoYunavailable+4.4%+4.6%+11.8%+30.1%−26.4%−2.6%−10.7%
Net income21.5 m28.8 m38.0 m49.9 m67.8 m54.5 m61.6 m41.8 m
Net income YoYunavailable+34.1%+31.7%+31.3%+35.9%−19.6%+13.2%−32.2%
Diluted EPS1.071.181.572.052.742.172.481.74
Diluted EPS YoYunavailable+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 m54.3 m-5.5 m-21.2 m26.8 m28.2 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

Revenue
2023
189.1 m
2024
184.2 m
2025
164.6 m

SEC (XBRL)· 12 Mar 2026verified

Cost of revenue
2023
99.7 m
2024
90.1 m
2025
84.8 m

SEC (XBRL)· 12 Mar 2026verified

Gross profit
2023
89.5 m ≈
2024
94.1 m ≈
2025
79.7 m ≈

SEC (XBRL)· 12 Mar 2026derived

SG&A
2023
24.3 m
2024
22.3 m
2025
29.6 m

SEC (XBRL)· 12 Mar 2026verified

Operating income
2023
64.6 m
2024
63.6 m
2025
48.4 m

SEC (XBRL)· 12 Mar 2026verified

Depreciation & amortisation
2023
1.7 m
2024
1.9 m
2025
1.9 m

SEC (XBRL)· 12 Mar 2026verified

EBITDA
2023
66.3 m ≈
2024
65.5 m ≈
2025
50.3 m ≈

SEC (XBRL)· 12 Mar 2026derived

Interest expense
2023
930.0 k
2024
689.0 k
2025
28.0 k

SEC (XBRL)· 12 Mar 2026verified

Pre-tax income
2023
68.7 m
2024
76.0 m
2025
51.6 m

SEC (XBRL)· 12 Mar 2026verified

Income tax
2023
14.3 m
2024
14.4 m
2025
9.8 m

SEC (XBRL)· 12 Mar 2026verified

Net income
2023
54.5 m
2024
61.6 m
2025
41.8 m

SEC (XBRL)· 12 Mar 2026verified

Diluted EPS
2023
2.17
2024
2.48
2025
1.74

SEC (XBRL)· 12 Mar 2026verified

Weighted average diluted shares
2023
25.1 m
2024
24.9 m
2025
24.0 m

SEC (XBRL)· 12 Mar 2026verified

Balance sheet · USD

Cash
2023
748.0 k
2024
1.1 m
2025
8.5 m

SEC (XBRL)· 12 Mar 2026verified

Receivables
2023
4.7 m
2024
4.0 m
2025
5.5 m

SEC (XBRL)· 12 Mar 2026verified

Inventories
2023
41.0 m
2024
37.5 m
2025
39.9 m

SEC (XBRL)· 12 Mar 2026verified

Current assets
2023
115.7 m
2024
124.3 m
2025
164.7 m

SEC (XBRL)· 12 Mar 2026verified

Property, plant & equipment, net
2023
37.9 m
2024
47.6 m
2025
60.5 m

SEC (XBRL)· 12 Mar 2026verified

Goodwill
2023
—
2024
—
2025
2.5 m

SEC (XBRL)· 12 Mar 2026verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
5.2 m

SEC (XBRL)· 12 Mar 2026verified

Total assets
2023
506.7 m
2024
534.2 m
2025
580.3 m

SEC (XBRL)· 12 Mar 2026verified

Accounts payable
2023
4.1 m
2024
5.1 m
2025
6.4 m

SEC (XBRL)· 12 Mar 2026verified

Current liabilities
2023
37.3 m
2024
32.7 m
2025
46.9 m

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2023
70.0 m
2024
40.2 m
2025
51.7 m

SEC (XBRL)· 12 Mar 2026verified

Equity
2023
436.7 m †
2024
494.0 m †
2025
528.6 m †

SEC (XBRL)· 12 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-13.5 m
2024
36.0 m
2025
37.2 m

SEC (XBRL)· 12 Mar 2026verified

Capex
2023
7.7 m
2024
9.2 m
2025
9.0 m

SEC (XBRL)· 12 Mar 2026verified

Free cash flow
2023
-21.2 m ≈
2024
26.8 m ≈
2025
28.2 m ≈

SEC (XBRL)· 12 Mar 2026derived

Investing cash flow
2023
-9.8 m
2024
-6.7 m
2025
-22.1 m

SEC (XBRL)· 12 Mar 2026verified

Financing cash flow
2023
21.2 m
2024
-28.9 m
2025
-7.7 m

SEC (XBRL)· 12 Mar 2026verified

Share repurchases
2023
—
2024
5.4 m
2025
7.6 m

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-10.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
-13.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-1.4%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-23.9%
computed by olivLawFY 2025
Net income growth (YoY)
-32.2%
computed by olivLawFY 2025
Net income CAGR 3Y
-14.9%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
1.9%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-29.8%
computed by olivLawFY 2025
EPS CAGR 3Y
-14.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
2.1%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
5.1%
computed by olivLawFY 2025

Profitability

Gross margin
51.1%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
35.9%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
34.8%
computed by olivLawTTM to 30 Sept 2026
Net margin
30.1%
computed by olivLawTTM to 30 Sept 2026
FCF margin
19.5%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
11.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
10.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
12.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
1,067.2x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
3.3x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
2.4x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.6x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
54.3 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
13.5 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
40.8 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
65.0%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
72.4%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
31 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
142 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
17 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
155 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
716.1 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
11.4x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
11.3x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
8.9%
computed by olivLawTTM to 30 Sept 2026
P/B
1.2x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
3.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
17.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
5.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 56 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

30.11 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 716.1 m USD

Key indicators

Market capitalisation
716.1 m USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
11.3x
computed by olivLawTTM to 30 Sept 2026
P/B
1.2x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
11.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
30.1%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
-10.7%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 02 Nov 2026
Source: SEC (XBRL)published 04 Nov 2026
verified 1226derived 107

Score by group

  • Balance sheet100
  • Returns4
  • Quality75
  • Growth0
  • Valuation87

Estimated value range

Low
72.83
USD per share
Mid
73.91
USD per share
High
86.82
USD per share
Price: 30.11 USD
The price is below the range
Potential to the central value: 145.5% (value / price − 1)
Margin of safety: 59.3% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

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 – 32.5x
    CVCO, FBIN, SKY, TREX, UFPI
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Lumber and wood products (SIC 24xx)

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

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality30.1%100 (vs peers)10%
FCF conversion · Quality65.0%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 sheetunavailableunavailable—
Interest coverage · Balance sheet1,067.2x100 (on a fixed band)10%
Current ratio · Balance sheet3.3x100 (on a fixed band)6%
P/E (TTM) · Valuation11.3x100 (vs peers)16%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation5.7%71 (on a fixed band)13%
Shareholder yield (distributions) · Returns0.2%4 (on a fixed band)10%
Payout ratio (FCF) · Returnsunavailableunavailable—

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

P/E
11.3x
vertical median 30.1x
below median (−62.5%)
EV/EBITDA
—
vertical median 15.8x
P/S
3.4x
vertical median 1.3x
above median (+168.2%)
P/B
1.2x
vertical median 2.8x
below median (−55.5%)
ROE
11.4%
vertical median 4.7%
above median (+142.0%)
Net margin
30.1%
vertical median 2.8%
above median (+961.8%)
EBIT margin
34.8%
vertical median 4.6%
above median (+650.9%)
Revenue YoY
-10.7%
vertical median -6.5%
below median
Net debt/EBITDA
—
vertical median -1.5x
Dividend yield
—
vertical median 1.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TREXTrex Company, Inc.5.6 bn32.517.3%13.9%+2.0%+60% / −20%
FBINFortune Brands Innovations, Inc.5.6 bn44.25.5%2.9%−3.2%−9% / −31%
LPXLouisiana-Pacific Corporation5.4 bn78.93.9%2.7%−7.9%−6% / +26%
SKYChampion Homes, Inc.5.0 bn27.711.8%6.8%+7.3%+9% / +55%
CVCOCavco Industries, Inc.4.9 bn27.316.6%7.7%+11.4%+8% / +128%
UFPIUfp Industries, Inc.4.5 bn20.17.5%3.6%−5.0%−11% / −24%
KOPKoppers Holdings Inc.749.7 m—-19.0%-4.6%−10.2%+34% / −12%
LEGHLegacy Housing Corporation716.1 m11.311.4%30.1%−10.7%+28% / +62%
JELDJELD-WEN Holding, Inc.87.6 m—-454.4%-5.3%−14.9%−62% / −94%
NWGLCL Workshop Group Ltd4.4 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
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%
What moves the 3-year price the most
  • 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 would break the thesis

  • Revenue declined in the first quarter of 2026 compared with the prior year, showing sales can fluctuate 3.
  • Dependence on Texas and on a few large orders could make results more volatile 2.
  • Import costs and persistent inflation could reduce margins if tariffs rise again 2.

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.

Financing and credit

Legacy finances dealer inventory, end buyers and community owners 1. Interest and servicing income supplement operating results, and the company reported cash of $29.0 million at June 30, 2026, with its revolving line undrawn 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.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Legacy Housing Corporation · 12 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Legacy Housing Corporation · 05 Aug 2026
  3. [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.