Legacy Housing Corp
LEGH Nasdaq Mobile Homes Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$165M
10.7%
vs prior year
Operating margin
Operating income as a share of revenue.
29.4%
5.1 pts
Net income
Profit after all expenses, interest and tax.
$41.8M
32.2%
Free cash flow
Cash from operations minus capital spending.
$28.2M
5.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $2.18 EPS (TTM)
What Legacy Housing Corp does
No business description yet.
- Legal name
- Legacy Housing Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 12, 2026
- Accession · CIK
- 0001104659-26-027133
0001436208
Revenue and margins
Legacy Housing Corp had $165M of revenue in fiscal 2025, down 10.7% on the year before.
FY18
Revenue $162M
FY19
Revenue $169M
FY20
Revenue $177M
FY21
Revenue $198M
FY22
Revenue $257M
FY23
Revenue $189M
FY24
Revenue $184M
FY25
Revenue $165M
Q3 '23
Revenue $49.9M
Q4 '23
Revenue $33.7M
Q1 '24
Revenue $43.2M
Q2 '24
Revenue $42.5M
Q3 '24
Revenue $44.3M
Q4 '24
Revenue $54.2M
Q1 '25
Revenue $35.7M
Q2 '25
Revenue $50.2M
Q3 '25
Revenue $40.5M
Q4 '25
Revenue $38.3M
Q1 '26
Revenue $34.4M
Q2 '26
Revenue $66.3M
FY18
Gross 33.8%
Operating 20.3%
Net 13.3%
FCF −2.0%
FY19
Gross 37.9%
Operating 22.4%
Net 17.1%
FCF −5.0%
FY20
Gross 37.9%
Operating 26.9%
Net 21.5%
FCF −2.6%
FY21
Gross 42.3%
Operating 29.8%
Net 25.3%
FCF 27.5%
FY22
Gross 41.6%
Operating 30.4%
Net 26.4%
FCF −2.1%
FY23
Gross 47.3%
Operating 34.1%
Net 28.8%
FCF −11.2%
FY24
Gross 51.1%
Operating 34.5%
Net 33.5%
FCF 14.5%
FY25
Gross 48.5%
Operating 29.4%
Net 25.4%
FCF 17.1%
Gross
Operating
Net
FCF
Q3 '23
Gross 50.3%
Operating 38.1%
Net 32.2%
FCF −1.7%
Q4 '23
Gross 51.9%
Operating 28.8%
Net 21.0%
FCF −33.8%
Q1 '24
Gross 52.7%
Operating 38.7%
Net 35.0%
FCF 23.0%
Q2 '24
Gross 49.3%
Operating 37.7%
Net 38.1%
FCF 4.1%
Q3 '24
Gross 51.7%
Operating 34.6%
Net 35.7%
FCF 20.6%
Q4 '24
Gross 50.8%
Operating 28.6%
Net 26.8%
FCF 11.1%
Q1 '25
Gross 51.8%
Operating 32.5%
Net 28.8%
FCF 10.2%
Q2 '25
Gross 48.3%
Operating 33.5%
Net 29.3%
FCF 7.4%
Q3 '25
Gross 43.3%
Operating 24.0%
Net 21.4%
FCF 12.7%
Q4 '25
Gross 51.0%
Operating 26.9%
Net 21.4%
FCF 41.0%
Q1 '26
Gross 56.5%
Operating 36.1%
Net 31.8%
FCF 15.8%
Q2 '26
Gross 49.5%
Operating 39.9%
Net 35.4%
FCF 18.6%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2018 to 2025, diluted EPS grew 7.2% a year. Loss periods are shown in red.
FY18
Net income $21.5M
FY19
Net income $28.8M
FY20
Net income $38.0M
FY21
Net income $49.9M
FY22
Net income $67.8M
FY23
Net income $54.5M
FY24
Net income $61.6M
FY25
Net income $41.8M
Q3 '23
Net income $16.1M
Q4 '23
Net income $7.1M
Q1 '24
Net income $15.1M
Q2 '24
Net income $16.2M
Q3 '24
Net income $15.8M
Q4 '24
Net income $14.5M
Q1 '25
Net income $10.3M
Q2 '25
Net income $14.7M
Q3 '25
Net income $8.6M
Q4 '25
Net income $8.2M
Q1 '26
Net income $10.9M
Q2 '26
Net income $23.5M
FY18
Diluted EPS $1.07
FY19
Diluted EPS $1.18
FY20
Diluted EPS $1.57
FY21
Diluted EPS $2.05
FY22
Diluted EPS $2.74
FY23
Diluted EPS $2.17
FY24
Diluted EPS $2.48
FY25
Diluted EPS $1.74
Q3 '23
Diluted EPS $0.64
Q4 '23
Diluted EPS $0.28
Q1 '24
Diluted EPS $0.60
Q2 '24
Diluted EPS $0.65
Q3 '24
Diluted EPS $0.64
Q4 '24
Diluted EPS $0.59
Q1 '25
Diluted EPS $0.41
Q2 '25
Diluted EPS $0.60
Q3 '25
Diluted EPS $0.35
Q4 '25
Diluted EPS $0.38
Q1 '26
Diluted EPS $0.46
Q2 '26
Diluted EPS $0.99
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity 11.4%
Return on assets 9.2%
FY19
Return on capital —
Return on equity 14.0%
Return on assets 11.1%
FY20
Return on capital —
Return on equity 15.8%
Return on assets 12.2%
FY21
Return on capital —
Return on equity 17.5%
Return on assets 14.1%
FY22
Return on capital —
Return on equity 19.6%
Return on assets 16.9%
FY23
Return on capital —
Return on equity 13.3%
Return on assets 11.5%
FY24
Return on capital —
Return on equity 13.2%
Return on assets 11.8%
FY25
Return on capital —
Return on equity 8.2%
Return on assets 7.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $28.2M in fiscal 2025, 17.1% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow −$3.3M
FY19
Free cash flow −$8.4M
FY20
Free cash flow −$4.7M
FY21
Free cash flow $54.3M
FY22
Free cash flow −$5.5M
FY23
Free cash flow −$21.2M
FY24
Free cash flow $26.8M
FY25
Free cash flow $28.2M
Q3 '23
Free cash flow −$0.9M
Q4 '23
Free cash flow −$11.4M
Q1 '24
Free cash flow $9.9M
Q2 '24
Free cash flow $1.7M
Q3 '24
Free cash flow $9.1M
Q4 '24
Free cash flow $6.0M
Q1 '25
Free cash flow $3.6M
Q2 '25
Free cash flow $3.7M
Q3 '25
Free cash flow $5.1M
Q4 '25
Free cash flow $15.7M
Q1 '26
Free cash flow $5.4M
Q2 '26
Free cash flow $12.3M
FY18
Cash from operations $2.8M
Capital spending $6.1M
FY19
Cash from operations −$4.2M
Capital spending $4.2M
FY20
Cash from operations −$1.8M
Capital spending $2.8M
FY21
Cash from operations $60.3M
Capital spending $6.0M
FY22
Cash from operations −$1.7M
Capital spending $3.8M
FY23
Cash from operations −$13.5M
Capital spending $7.7M
FY24
Cash from operations $36.0M
Capital spending $9.2M
FY25
Cash from operations $37.2M
Capital spending $9.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations $2.2M
Capital spending $3.0M
Q4 '23
Cash from operations −$8.3M
Capital spending $3.1M
Q1 '24
Cash from operations $10.8M
Capital spending $0.9M
Q2 '24
Cash from operations $3.5M
Capital spending $1.7M
Q3 '24
Cash from operations $13.8M
Capital spending $4.7M
Q4 '24
Cash from operations $7.9M
Capital spending $1.9M
Q1 '25
Cash from operations $4.9M
Capital spending $1.3M
Q2 '25
Cash from operations $6.1M
Capital spending $2.4M
Q3 '25
Cash from operations $7.2M
Capital spending $2.0M
Q4 '25
Cash from operations $19.0M
Capital spending $3.3M
Q1 '26
Cash from operations $7.0M
Capital spending $1.5M
Q2 '26
Cash from operations $17.4M
Capital spending $5.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Legacy Housing Corp returned $7.6M to shareholders in fiscal 2025, 27% of free cash flow. The diluted share count fell 3.5%.
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks $3.1M
FY20
Dividends —
Buybacks $1.4M
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks $5.4M
FY25
Dividends —
Buybacks $7.6M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks $1.9M
Q2 '24
Dividends —
Buybacks $3.5M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $0.7M
Q2 '25
Dividends —
Buybacks $5.8M
Q3 '25
Dividends —
Buybacks −$0.0M
Q4 '25
Dividends —
Buybacks $1.1M
Q1 '26
Dividends —
Buybacks $0.6M
Q2 '26
Dividends —
Buybacks $0.1M
Dividends
Buybacks
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Legacy Housing Corp can carry it.
FY18
Cash $2.6M
Debt —
FY19
Cash $1.7M
Debt —
FY20
Cash $0.8M
Debt —
FY21
Cash $1.0M
Debt —
FY22
Cash $2.8M
Debt —
FY23
Cash $0.7M
Debt —
FY24
Cash $1.1M
Debt —
FY25
Cash $8.5M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.0M | $2.8M | $0.7M | $1.1M | $8.5M |
| Interest coverage | 66.4x | 208.0x | 69.4x | 92.3x | 1,728.8x |
| Current ratio | 2.2x | 2.6x | 3.1x | 3.8x | 3.5x |
| Quick ratio | 1.2x | 1.8x | 2.0x | 2.7x | 2.7x |
| Total assets | $367M | $437M | $507M | $534M | $580M |
| Total liabilities | $57.3M | $54.7M | $70.0M | $40.2M | $51.7M |
| Shareholders' equity | $309M | $382M | $437M | $494M | $529M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — |
| Current ratio rose | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 3 / 8 | 5 / 8 | 7 / 8 | 4 / 8 | 3 / 8 | 6 / 8 | 3 / 8 |
| Accruals ratio | 8.0% | 12.7% | 12.8% | −3.0% | 17.3% | 14.4% | 4.9% | 0.8% |
| Altman Z'' | 6.77 | 5.31 | 5.57 | 8.89 | 11.06 | 10.09 | 16.78 | 14.66 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $162M | $169M | $177M | $198M | $257M | $189M | $184M | $165M |
| Provision for credit losses | $0.9M | $0.8M | $0.8M | $0.7M | — | — | — | — |
| Gross profit | $54.6M | $64.1M | $67.0M | $83.5M | $107M | $89.5M | $94.1M | $79.7M |
| Operating income | $32.8M | $37.8M | $47.6M | $58.9M | $78.0M | $64.6M | $63.6M | $48.4M |
| Interest expense | $2.5M | $0.7M | $1.1M | $0.9M | $0.4M | $0.9M | $0.7M | $0.0M |
| Pretax income | $30.6M | $37.6M | $48.8M | $60.6M | $82.1M | $68.7M | $76.0M | $51.6M |
| Income tax | $9.1M | $8.7M | $10.8M | $10.8M | $14.4M | $14.3M | $14.4M | $9.8M |
| Net income | $21.5M | $28.8M | $38.0M | $49.9M | $67.8M | $54.5M | $61.6M | $41.8M |
| Net income to common | $21.5M | $28.8M | $38.0M | $49.9M | $67.8M | $54.5M | $61.6M | $41.8M |
| Diluted EPS | $1.07 | $1.18 | $1.57 | $2.05 | $2.74 | $2.17 | $2.48 | $1.74 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.03B | 0.02B | 0.02B |
| Cash flow | ||||||||
| Cash from operations | $2.8M | −$4.2M | −$1.8M | $60.3M | −$1.7M | −$13.5M | $36.0M | $37.2M |
| Capital expenditure | $6.1M | $4.2M | $2.8M | $6.0M | $3.8M | $7.7M | $9.2M | $9.0M |
| Free cash flow | −$3.3M | −$8.4M | −$4.7M | $54.3M | −$5.5M | −$21.2M | $26.8M | $28.2M |
| Depreciation and amortization | $0.8M | $1.0M | $1.2M | $1.6M | $1.9M | $1.7M | $1.9M | $1.9M |
| Stock-based compensation | — | $0.6M | $0.2M | $0.2M | $4.9M | $0.8M | $0.8M | $0.5M |
| Acquisitions | — | — | — | — | — | — | — | $19.0M |
| Share buybacks | — | $3.1M | $1.4M | — | — | — | $5.4M | $7.6M |
| Dividends and buybacks | — | $3.1M | $1.4M | — | — | — | $5.4M | $7.6M |
| Balance sheet | ||||||||
| Cash and short-term investments | $2.6M | $1.7M | $0.8M | $1.0M | $2.8M | $0.7M | $1.1M | $8.5M |
| Loans, net | $97.2M | $105M | $112M | $126M | $139M | — | — | — |
| Current assets | $63.1M | $53.0M | $54.6M | $92.5M | $107M | $116M | $124M | $165M |
| Current liabilities | $20.4M | $51.9M | $36.4M | $41.9M | $41.5M | $37.3M | $32.7M | $46.9M |
| Inventory | $42.0M | $27.2M | $27.2M | $42.0M | $32.1M | $41.0M | $37.5M | $39.9M |
| Property and equipment, net | $17.1M | $21.0M | $22.6M | $27.5M | $30.1M | $37.9M | $47.6M | $60.5M |
| Goodwill | — | — | — | — | — | — | — | $2.5M |
| Intangible assets | — | — | — | — | — | — | — | $5.2M |
| Total assets | $235M | $284M | $339M | $367M | $437M | $507M | $534M | $580M |
| Total liabilities | $45.8M | $61.2M | $79.4M | $57.3M | $54.7M | $70.0M | $40.2M | $51.7M |
| Shareholders' equity | $189M | $222M | $259M | $309M | $382M | $437M | $494M | $529M |
| Margins | ||||||||
| Gross margin | 33.8% | 37.9% | 37.9% | 42.3% | 41.6% | 47.3% | 51.1% | 48.5% |
| Operating margin | 20.3% | 22.4% | 26.9% | 29.8% | 30.4% | 34.1% | 34.5% | 29.4% |
| EBITDA margin | 20.8% | 23.0% | 27.6% | 30.6% | 31.1% | 35.1% | 35.6% | 30.5% |
| Net margin | 13.3% | 17.1% | 21.5% | 25.3% | 26.4% | 28.8% | 33.5% | 25.4% |
| FCF margin | −2.0% | −5.0% | −2.6% | 27.5% | −2.1% | −11.2% | 14.5% | 17.1% |
| Returns | ||||||||
| Return on capital employed | 15.3% | 16.3% | 15.7% | 18.1% | 19.7% | 13.8% | 12.7% | 9.1% |
| Return on equity | 11.4% | 14.0% | 15.8% | 17.5% | 19.6% | 13.3% | 13.2% | 8.2% |
| Return on assets | 9.2% | 11.1% | 12.2% | 14.1% | 16.9% | 11.5% | 11.8% | 7.5% |
| Return on tangible equity | 11.4% | 13.0% | 14.7% | 16.1% | 17.7% | 12.5% | 12.5% | 8.0% |
| Growth | ||||||||
| Revenue growth | — | 4.4% | 4.6% | 11.8% | 30.1% | −26.4% | −2.6% | −10.7% |
| Net income growth | — | 34.1% | 31.7% | 31.3% | 35.9% | −19.6% | 13.2% | −32.2% |
| EPS growth | — | 10.3% | 33.1% | 30.6% | 33.7% | −20.8% | 14.3% | −29.8% |
| FCF growth | — | — | — | — | −110.1% | — | — | 5.1% |
| Share count change | — | 21.0% | −0.8% | 0.2% | 1.9% | 1.3% | −0.9% | −3.5% |
| Financial health | ||||||||
| Interest coverage | 13.1x | 53.9x | 45.2x | 66.4x | 208.0x | 69.4x | 92.3x | 1,728.8x |
| Current ratio | 3.1x | 1.0x | 1.5x | 2.2x | 2.6x | 3.1x | 3.8x | 3.5x |
| Quick ratio | 1.0x | 0.5x | 0.8x | 1.2x | 1.8x | 2.0x | 2.7x | 2.7x |
| Provision / loans | 0.9% | 0.7% | 0.7% | 0.6% | — | — | — | — |
| Capital allocation | ||||||||
| Capex / revenue | 3.8% | 2.5% | 1.6% | 3.0% | 1.5% | 4.1% | 5.0% | 5.5% |
| Stock comp / revenue | — | 0.4% | 0.1% | 0.1% | 1.9% | 0.4% | 0.4% | 0.3% |
| Payouts / FCF | — | — | — | — | — | — | 20.2% | 27.0% |
| Quality scores | ||||||||
| Piotroski F-score | — | 3.0 | 5.0 | 7.0 | 4.0 | 3.0 | 6.0 | 3.0 |
| Altman Z'' | 6.8 | 5.3 | 5.6 | 8.9 | 11.1 | 10.1 | 16.8 | 14.7 |
| Accruals ratio | 8.0% | 12.7% | 12.8% | −3.0% | 17.3% | 14.4% | 4.9% | 0.8% |
Source: SEC EDGAR XBRL filings (CIK 0001436208). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.