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what it is
Legacy Housing builds and sells manufactured homes and tiny houses through dealers, stores, and direct sales.
how it gets paid
Last year Legacy Housing made $117M in revenue. Dealer network sales was the main engine at $56M, or 48% of sales.
why growth slowed
Revenue fell 9.6% last year on a ~$117M base. Quarter-to-quarter swings look huge in percentage terms because the denominator is small—verify the period label in the filing.
what just happened
On a ~$117M year, any single quarter is a big chunk of the story—pull the exact Q revenue and diluted EPS from the filing; do not mix a quarterly revenue line with an annual or adjusted EPS line.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
12.4x trailing p/e — the market's not buying it — or you found a deal
12.5% return on capital — nothing to write home about
$2.48 fy2024 eps est
xvary composite: 52/100 — below average
What they do
Legacy Housing builds and sells manufactured homes and tiny houses through dealers, stores, and direct sales.
The dealer network is the quiet edge. Dealer network → third-party sellers → you do not need to fund every showroom yourself. With 594 employees and only $1M of long-term debt, the business runs light for a housing maker.
How they make money
$117M
annual revenue · their business grew -9.6% last year
Dealer network sales
$56M
Company-owned stores
$21M
Direct-to-community sales
$19M
Tiny houses
$21M
The products that matter
core revenue engine
Manufactured Homes
1,703 units sold in 2025
Unit sales fell about 20% from 2024 and revenue fell about 10% on the ~$117M consolidated base in this snapshot. Dealer + company stores + direct sum to ~$96M (~82% of ~$117M); tiny houses are ~$21M (~18%) in the segment table—do not round that mix up to “almost all.”
~82% ex. tiny
sales support
In-house Financing
revenue detail thin
The financing piece helps buyers close in a tough rate backdrop. In plain English: if banks get picky, Legacy can still help move homes. The catch is that this page does not break out the economics cleanly, so you cannot treat it like a proven profit engine yet.
supports conversion
adjacent offering
Tiny Houses
included in housing mix
The revenue bridge does show tiny houses ~$21M separately from dealer, stores, and direct—this card is not claiming zero split. Finer SKU mix inside “manufactured homes” still lives in the filing. Your thesis comes back to whether total unit volumes are stabilizing.
watch volume
Key numbers
12.4x
trailing p/e
Price-to-earnings means price divided by profit. At $21.32 and ~$1.72 trailing EPS in this feed, the implied multiple is about ~12.4x—cheap only if profits hold. The ~$2.48 FY2024 est. in the strip is a different period.
$1M
long-term debt
Debt means money owed. Only $1M is tied up there, so leverage is not choking the business.
35.1%
operating margin
Operating margin means profit after running costs. You keep 35.1 cents from each sales dollar, which is strong for a housing maker.
12.5%
return on capital
Return on capital means profit on money tied up. 12.5% says the company still earns more than a plain manufacturing business.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $1M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LEGH right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Legacy Housing’s latest print was profitable on paper, but the real check is whether ~$117M FY revenue and unit volumes are stabilizing.
Prior copy mixed a $91M revenue figure and triple-digit vs. prior year growth with a ~$117M year—those cannot all describe the same quarter without a filing footnote. Ignore giant vs. prior year % here until the comp is clean; the durable read is a ~10% FY revenue decline.
$117M
FY revenue anchor
see filing
Q EPS / Q rev
35.1%
operating margin
the number that mattered
The 1,703 units / FY revenue trend mattered more than any single adjusted EPS headline—housing OEMs live on volume and dealer pull-through.
source: company earnings report, 2026
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What could go wrong
Legacy's problem is not abstract macro noise. It is a very specific mix: fewer homes sold, lower margin on each sale, and higher overhead anyway. If you held through the drop, those are the three numbers to watch first.
med
Volume and margin compression
Unit sales fell about 20% to 1,703 in 2025, and product gross margin fell to 27.5% from 30.4%.
That is the cleanest explanation for why EPS dropped much faster than revenue. If units do not stabilize, the low P/E will keep looking less cheap than it appears.
med
Cost creep with no sales help
SG&A rose $7.3M, or 33%, in 2025 while revenue moved the other way.
In human-speak: overhead kept growing after the business stopped cooperating. If management cannot slow that line, any recovery in sales gets partially eaten on arrival.
med
Book value is not a shield
Book value per share is $22.20 versus a stock price of $21.32, which sounds like downside support.
Here is the catch: book value helps only if asset quality and earnings hold up. If operating pressure keeps building, the market can decide "near book" was never the bargain you thought it was.
If margins stay above 30% and debt stays near $1M, the story holds. If not, the cheap multiple stops looking cheap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
product gross margin
It fell to 27.5% from 30.4%. If you see another step down, the earnings math gets ugly fast. If it holds, the damage starts looking cyclical instead of structural.
trend
unit sales trend
1,703 homes sold in 2025 is the number on trial. You do not need heroic growth here. You need the decline to stop.
calendar
q1 2026 earnings report
Management is scheduled to report in May 2026. The key question is simple: did volume stay weak, or was 2025 the low point.
risk
asset purchase follow-through
The November 2025 asset deal needs to show up as something tangible. Without revenue contribution or clearer disclosure, it is still promise, not proof.
Analyst rankings
earnings predictability
75 / 100
in human-speak, the business is readable enough to model — but readable does not mean healthy. you can forecast a slowdown too.
valuation signal
12.4x p/e
the market is not assigning a premium multiple here. that is either discipline or disbelief. the next few quarters decide which one.
source: institutional data
Institutional activity
institutional ownership data for LEGH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$21
current price
n/a
target midpoint · n/a from current
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