Legacy Housing Corp (Texas) LEGH

Consumer DiscretionaryHomebuilding & Construction SuppliesUnited States of America

Last close 30.57 USD on Nov 3, 2026, +56.6% year to date

Quant rating

Quant rating C Rank 191 of 344 in Consumer Discretionary

Growth D 295 of 344
Valuation C 187 of 344
Quality C 183 of 344
Revisions D 250 of 344
Momentum B 67 of 344

Wall Street consensus Buy (2.50)Average target 29.00 USD −5.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 727M
Enterprise value: 698M
52-week range: 18.40 – 32.78
3-year range: 18.40 – 32.78
Dividend yield: –
Beta (5 years): 0.84
Shares outstanding: 23.8M
Next earnings: Nov 4, 2026

About the company

Legacy Housing Corporation builds, sells, and finances manufactured homes and tiny houses that are distributed through a network of independent retailers and Company-owned stores and also sold directly to manufactured home communities. The Company has operations focused primarily on the southern United States. Its homes are marketed under its premier Legacy brand name and are sold to consumers, primarily across 15 states, through a network of over 80 independent retail locations, 14 Company-owned retail locations and through direct sales to owners of manufactured home communities. Its 14 Company-owned retail locations, including 13 Heritage Housing stores and one Tiny House Outlet store, exclusively sell its homes. It provides inventory financing for its independent retailers who purchase homes and then sell them to consumers. It provides consumer financing for its products, which are sold to end users through both independent and Company-owned retail locations.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	165	184	189	257	198	–
Revenue growth	−10.7%	−2.6%	−26.4%	30.1%	11.8%	−1.4%
EPS (basic, normalized)	1.74	2.48	2.17	2.74	2.05	–
EPS growth	−29.8%	14.3%	−20.8%	33.7%	–	–
Gross margin	47.4%	46.6%	47.3%	41.6%	42.3%	45.0%
Net margin	25.4%	33.5%	28.8%	26.4%	25.3%	27.9%
ROE	8.2%	13.2%	13.3%	19.6%	17.5%	14.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	29.0
Current ratio	3.56x
Long-term debt (mil)	0
Net debt (mil)	−29.0
Total equity (mil)	562
Net debt / equity	−0.05x
Net debt / EBITDA	−0.58x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	165	−10.7%	4.2x	50.3	−28.1%	13.9x	1.74	−29.8%	17.6x
2026	211	+28.3%	3.3x	74.3	+47.9%	9.4x	2.50	+43.7%	12.2x
2027	194	−8.3%	3.6x	67.0	−9.9%	10.4x	2.17	−13.0%	14.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	211	0.0%	+3.8%	+16.9%	2.50	0.0%	+13.1%	+23.2%
2027	194	0.0%	−1.5%	+0.6%	2.17	0.0%	+1.4%	+3.6%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	43.2	42.5	44.3	54.2	35.7	50.2	40.5	38.3	34.4	66.3
Sales mean (mil)	38.2	46.3	48.0	44.6	43.1	44.0	46.0	43.9	38.8	64.1
Surprise	+13.3%	−8.3%	−7.8%	+21.5%	−17.3%	+14.1%	−12.0%	−12.9%	−11.4%	+3.5%
EPS reported	0.60	0.65	0.64	0.59	0.41	0.60	0.35	0.37	0.46	0.99
EPS mean	0.38	0.58	0.60	0.52	0.57	0.54	0.57	0.49	0.44	0.72
Surprise	+58.0%	+11.6%	+6.1%	+13.5%	−28.7%	+11.1%	−38.9%	−24.1%	+4.5%	+37.5%

Peer comparison Homebuilding & Construction Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LEGH Legacy Housing Corp (Texas)	727M	−0.58x	25.4%	1.29x	12.2x	14.1x	9.4x	10.4x
DHI D.R. Horton, Inc.	39.4B	1.23x	10.5%	1.71x	14.9x	13.1x	11.9x	10.9x
PHM PulteGroup, Inc.	23.4B	0.25x	12.8%	1.79x	13.6x	13.4x	9.6x	9.7x
LEN Lennar Corporation	20.5B	1.48x	6.0%	0.95x	17.4x	16.6x	12.5x	12.5x
NVR NVR, Inc.	15.9B	−0.13x	12.8%	4.64x	17.9x	17.4x	12.3x	12.6x
SKHSY Sekisui House, Ltd.	14.4B	11.46x	5.5%	1.01x	–	–	–	–
Mean		2.29x	12.2%	1.90x	15.2x	14.9x	11.1x	11.2x
Median		0.74x	11.6%	1.50x	14.9x	14.1x	11.9x	10.9x

Technical analysis

1M+4.2%
3M+16.4%
1Y+37.8%
3Y+56.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Legacy Housing Corp (Texas), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	165	184	189	257	198	177
Cost of revenue	86.6	98.3	99.7	150	114	110
Gross profit	78.0	85.9	89.5	107	83.5	67.0
Selling, general & administrative expenses	29.6	23.2	24.3	27.6	23.3	19.1
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	0	−1.1
Other operating expenses	0	−0.9	0.6	1.3	1.2	0.3
Operating income	48.4	63.6	64.6	78.0	58.9	48.7
Net interest income (expense)	1.4	1.9	2.1	2.6	1.2	−0.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.8	10.5	2.1	1.6	0.5	0.3
Net income before taxes	51.6	76.0	68.7	82.1	60.6	48.8
Provision for taxes	9.8	14.4	14.3	14.4	10.8	10.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	41.8	61.6	54.5	67.8	49.9	38.0
Extraordinary items	–	–	–	–	–	–
Net income	41.8	61.6	54.5	67.8	49.9	38.0
EBIT, normalized	48.4	63.6	64.6	78.0	58.9	47.6
EBITDA, normalized	50.3	65.5	66.3	80.0	60.5	48.8
Basic EPS, normalized	1.74	2.48	2.17	2.74	2.05	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Legacy Housing Corp (Texas), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	8.5	1.1	0.7	2.8	1.0	0.8
Receivables	112	81.1	69.0	59.7	45.8	23.7
Total inventory	39.9	37.5	41.0	32.1	41.2	27.2
Prepaid expenses	4.6	4.5	4.9	4.1	4.5	3.2
Other current assets	0	0	0	8.4	0	0
Total current assets	165	124	116	107	92.5	55.0
Property, plant & equipment	61.8	48.9	39.7	32.8	27.5	22.6
Goodwill	2.5	–	–	–	–	–
Intangibles	5.2	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	327	351	341	280	233	243
Other long-term assets	18.7	10.0	10.2	17.3	13.2	17.5
Total assets	580	534	507	437	367	339
Liabilities
Accounts payable	6.4	5.1	4.1	4.5	4.2	10.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	13.6	10.5	14.2	10.1	10.5	8.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	0
Other current liabilities	26.8	17.1	19.0	26.8	27.3	17.9
Total current liabilities	46.9	32.7	37.3	41.5	41.9	36.4
Long-term debt	1.2	0	23.7	2.5	8.0	36.2
Minority interest	–	–	–	–	–	–
Other liabilities	3.7	7.5	9.0	10.7	7.3	6.8
Total liabilities	51.7	40.2	70.0	54.7	57.3	79.4
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	183	182	181	181	176	175
Retained earnings (accumulated deficit)	363	321	260	206	138	88.4
Treasury stock	−17.5	−9.9	−4.5	−4.5	−4.5	−4.5
Other equity	0	0	0	0	0	0
Total equity	529	494	437	382	309	259
Total liabilities & shareholders' equity	580	534	507	437	367	339

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Legacy Housing Corp (Texas), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	41.8	61.6	54.5	67.8	49.9	38.0
Depreciation, depletion & amortization	1.9	1.9	1.7	1.9	1.6	1.2
Deferred taxes	−3.2	−0.1	−0.5	0.1	1.0	0.2
Non-cash items	4.9	−9.4	0.3	2.7	1.7	1.0
Changes in working capital	−8.2	−18.1	−69.5	−74.2	6.1	−42.4
Cash from operations	37.2	36.0	−13.5	−1.7	60.3	−2.0
Investing activities
Capital expenditures	−9.0	−9.2	−7.7	−3.8	−6.0	−2.8
Other investing cash flows	−13.1	2.5	−2.1	12.9	−26.0	0.1
Cash from investing	−22.1	−6.7	−9.8	9.1	−31.9	−2.7
Financing activities
Financing cash flow items	–	–	–	–	–	0.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−7.7	−28.9	21.2	−5.6	−28.1	3.6
Cash from financing	−7.7	−28.9	21.2	−5.6	−28.1	3.8
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	7.3	0.4	−2.1	1.8	0.3	−1.0
Free cash flow	28.2	26.8	−21.2	−5.5	54.3	−4.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.