Legacy Housing Corp
LEGH · Mobile Homes · 23.8M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $5M (gross $5M, SBC $777K)
Reference price $23.65 · est. market cap ~$562M — last insider sale, 2025-01-06 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Highly profitable, vertically integrated manufactured-home builder with top-quartile margins but a soft demand year.
Strengths
- Operating margin 29% (92nd pct), net margin 25% (89th pct) and ROA 7.2% (81st pct)
- Vertically integrated model with captive financing, strong FCF and a healthy current ratio (3.5)
Risks
- Revenue down 10% and net income down 32% as unit volumes fell (1,703 vs 2,129)
- ROE only 7.9% (mid-pack) and thin cash balance (15th pct) relative to receivables/land holdings
Notable findings
- Customer concentration~21% of revenue from one customer/distributor — Approximately 44% of our 2025 product sales were attributable to our independent retail distributors, 21% to our company-owned retail locations and 35% directly to owners of manufactured housing commu
- Revenue declineRevenue -10.2% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
48.5%
Operating margin
29.4%
Net margin
25.4%
Return on equity
7.9%
Return on assets
7.2%
Revenue growth (QoQ)
-10.2%
Net-income growth
-32.2%
Current ratio
3.5×
Free cash flow
$28M
EBITDA
$50M
Tangible book value
$521M
Cash & investments
$8M
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-01-06 | Hodgson Curtis Drew | Sell | 10K | $23.65 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-08 | 2026-05-07 | 0001104659-26-057434 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-057062 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001104659-26-027133 ↗ |
| 8-K | 2025-12-19 | 2025-12-18 | 0001104659-25-122626 ↗ |
| 8-K | 2025-12-19 | 2025-12-18 | 0001104659-25-122624 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001104659-25-108551 ↗ |
| 8-K | 2025-11-07 | 2025-11-07 | 0001104659-25-108557 ↗ |
| 8-K | 2025-11-03 | 2025-10-29 | 0001104659-25-105634 ↗ |
| 8-K | 2025-10-10 | 2025-10-10 | 0001104659-25-098561 ↗ |
| 8-K | 2025-10-09 | 2025-10-06 | 0001104659-25-098407 ↗ |
| 8-K | 2025-10-02 | 2025-09-27 | 0001104659-25-096149 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001558370-25-010800 ↗ |