The company maintains a robust 56.5% gross margin as of 2026Q1, though top-line performance remains erratic with a 3.7% year-over-year revenue decline.
| Sales/Revenue | 163.26M | 164.57M | 184.19M | 189.14M | 257.01M | 197.51M | 176.72M | 168.96M | 161.88M | 128.74M | 110.55M |
| Revenue Growth % | -7.56% | -10.65% | -2.62% | -26.41% | 30.13% | 11.76% | 4.6% | 4.37% | 25.74% | 16.46% | - |
| Cost of Goods Sold | 83.78M | 86.55M | 90.07M | 99.69M | 150.11M | 114.05M | 109.72M | 104.9M | 107.23M | 82.5M | 77.33M |
| COGS % of Revenue | - | 52.59% | 48.9% | 52.71% | 58.41% | 57.74% | 62.09% | 62.09% | 66.24% | 64.08% | 69.95% |
| Gross Profit | 79.48M | 78.02M | 94.12M | 89.45M | 106.9M | 83.46M | 67M | 64.05M | 54.65M | 46.24M | 33.22M |
| Gross Margin % | 48.68% | 47.41% | 51.1% | 47.29% | 41.59% | 42.26% | 37.91% | 37.91% | 33.76% | 35.92% | 30.05% |
| Gross Profit Growth % | - | -17.11% | 5.22% | -16.32% | 28.09% | 24.56% | 4.6% | 17.21% | 18.18% | 39.2% | - |
| Operating Expenses | 30.28M | 29.61M | 30.51M | 24.86M | 28.88M | 24.54M | 19.4M | 26.21M | 21.85M | 18.14M | 14.79M |
| OpEx % of Revenue | - | 17.99% | 16.56% | 13.15% | 11.24% | 12.43% | 10.98% | 15.51% | 13.5% | 14.09% | 13.38% |
| Selling, General & Admin | 29.08M | 29.61M | 23.22M | 24.86M | 28.88M | 24.54M | 19.4M | 26.21M | 21.85M | 18.14M | 14.79M |
| SG&A % of Revenue | - | 17.99% | 12.61% | 13.15% | 11.24% | 12.43% | 10.98% | 15.51% | 13.5% | 14.09% | 13.38% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 7.29M | 0 | 0 | 0 | 0 | 0 | 162K | 149K | 102K |
| Operating Income | 49.2M | 48.41M | 63.61M | 64.59M | 78.02M | 58.92M | 47.6M | 37.84M | 32.8M | 28.09M | 18.43M |
| Operating Margin % | 30.14% | 29.41% | 34.53% | 34.15% | 30.36% | 29.83% | 26.93% | 22.4% | 20.26% | 21.82% | 16.67% |
| Operating Income Growth % | - | -23.9% | -1.51% | -17.22% | 32.42% | 23.78% | 25.78% | 15.37% | 16.75% | 52.48% | - |
| EBITDA | 51.31M | 50.26M | 65.52M | 66.31M | 79.8M | 60.5M | 48.81M | 38.85M | 33.64M | 28.75M | 19M |
| EBITDA Margin % | 31.43% | 30.54% | 35.57% | 35.06% | 31.05% | 30.63% | 27.62% | 23% | 20.78% | 22.33% | 17.19% |
| EBITDA Growth % | -15.09% | -23.28% | -1.2% | -16.9% | 31.89% | 23.96% | 25.62% | 15.51% | 17.01% | 51.29% | - |
| D&A (Non-Cash Add-back) | 2.1M | 1.86M | 1.91M | 1.73M | 1.78M | 1.59M | 1.21M | 1.01M | 838K | 652K | 576K |
| EBIT | 51.27M | 51.59M | 76.73M | 69.67M | 82.52M | 61.51M | 49.88M | 38.29M | 33.15M | 28.52M | 18.74M |
| Net Interest Income | 626K | 1.37M | 1.95M | 2.09M | 2.57M | 1.21M | -138K | -402K | -2.32M | -1.77M | -1.03M |
| Interest Income | 646K | 1.4M | 2.63M | 3.02M | 2.94M | 2.1M | 915K | 300K | 190K | 272K | 214K |
| Interest Expense | 20K | 28K | 689K | 930K | 375K | 887K | 1.05M | 702K | 2.51M | 2.04M | 1.24M |
| Other Income/Expense | 2.66M | 3.16M | 12.43M | 4.15M | 4.13M | 1.71M | 1.23M | -250K | -2.15M | -1.62M | -928K |
| Pretax Income | 51.86M | 51.57M | 76.04M | 68.74M | 82.15M | 60.63M | 48.82M | 37.59M | 30.64M | 26.47M | 17.5M |
| Pretax Margin % | 31.77% | 31.33% | 41.28% | 36.34% | 31.96% | 30.7% | 27.63% | 22.25% | 18.93% | 20.56% | 15.83% |
| Income Tax | 9.4M | 9.76M | 14.4M | 14.28M | 14.38M | 10.76M | 10.83M | 8.75M | 9.13M | 124K | 158K |
| Effective Tax Rate % | 18.13% | 18.92% | 18.93% | 20.77% | 17.5% | 17.74% | 22.18% | 23.27% | 29.8% | 0.47% | 0.9% |
| Net Income | 42.46M | 41.81M | 61.64M | 54.46M | 67.77M | 49.87M | 37.99M | 28.84M | 21.51M | 26.35M | 17.34M |
| Net Margin % | 26.01% | 25.41% | 33.47% | 28.79% | 26.37% | 25.25% | 21.5% | 17.07% | 13.29% | 20.47% | 15.68% |
| Net Income Growth % | -25.22% | -32.17% | 13.19% | -19.64% | 35.9% | 31.26% | 31.73% | 34.08% | -18.35% | 51.96% | - |
| Net Income (Continuing) | 42.46M | 41.81M | 61.64M | 54.46M | 67.77M | 49.87M | 37.99M | 28.84M | 21.51M | 26.35M | 17.34M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.78 | 1.74 | 2.48 | 2.17 | 2.74 | 2.05 | 1.57 | 1.18 | 1.07 | 1.10 | 0.56 |
| EPS Growth % | -23.91% | -29.84% | 14.29% | -20.8% | 33.66% | 30.57% | 33.05% | 10.28% | -2.73% | 96.43% | - |
| EPS (Basic) | - | 1.74 | 2.55 | 2.23 | 2.78 | 2.06 | 1.57 | 1.18 | 1.07 | 1.10 | 0.56 |
| Diluted Shares Outstanding | 23.84M | 23.98M | 24.81M | 25.07M | 24.74M | 24.28M | 24.24M | 24.44M | 20.2M | 24M | 20M |
| Basic Shares Outstanding | 23.81M | 23.98M | 24.22M | 24.39M | 24.36M | 24.2M | 24.23M | 24.38M | 20.2M | 24M | 20M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 67.06% | 39.82% |
Loan Portfolio Credit Sensitivity
According to recent quarterly financial disclosures, Legacy Housing's revenue growth remains highly erratic, evidenced by a 3.7% year-over-year decline in 2026Q1 following a period of significant fluctuation, suggesting that the company's top-line performance is struggling to find a consistent trajectory amidst broader housing market headwinds.
The revenue volatility appears to be a function of the company's dual-model reliance on both manufactured home sales and interest income. Investors should monitor whether the recent contraction reflects a structural cooling in demand for affordable housing or a strategic pivot toward prioritizing loan portfolio quality over aggressive unit volume expansion.
As reported in financial statements, Legacy Housing maintains a robust gross margin of 56.5% as of 2026Q1, a figure that significantly outperforms industry peers like Skyline Champion and Cavco, largely due to the high-margin interest income generated by its captive financing arm rather than pure manufacturing.
This margin profile is structurally distinct from traditional homebuilders, as the interest income carries minimal direct cost of goods sold. However, the variability in gross margins across recent quarters suggests that shifts in the product mix or changes in the cost of raw materials may be creating periodic pressure on these otherwise superior returns.
Based on the company's reported income statements, operating margins have demonstrated significant sensitivity to revenue fluctuations, reaching 36.1% in 2026Q1, which indicates that while the company maintains strong expense discipline, its fixed-cost structure remains vulnerable to the cyclical nature of its primary manufacturing operations.
The ability to maintain high operating margins despite revenue declines suggests that management is effectively managing overhead costs. Nevertheless, the lack of consistent operating leverage implies that the company may struggle to scale profitability efficiently if revenue growth does not stabilize in the coming quarters.
Data from recent filings indicates that Legacy Housing's net income remains resilient, with a 31.8% net margin in 2026Q1, suggesting that the company's earnings quality is bolstered by its recurring interest income, which provides a critical buffer against the inherent volatility of the manufactured housing manufacturing cycle.
The absence of significant stock-based compensation and the company's conservative debt profile suggest that reported earnings are not being artificially inflated by financial engineering. However, analysts should remain cautious regarding the non-cash provisions for loan losses, which could potentially obscure the true underlying credit risk within the financing portfolio.
As indicated by the company's reliance on its own balance sheet for consumer financing, a potential increase in loan delinquencies poses a significant threat to the firm's high net margins, as any necessary rise in loss provisions would directly impair the profitability of its core financing engine.
Short-term investors may focus on the risk that the company's target demographic is increasingly susceptible to inflationary pressures, which could lead to a spike in defaults. If credit quality begins to erode, the current valuation premium may be challenged as the market re-evaluates the sustainability of the company's interest-driven earnings.
Quick answers to the most common questions about buying LEGH stock.
For fiscal year 2025, Legacy Housing Corporation (LEGH) reported total revenue of $164.6M. This represents a 48.9% increase compared to $110.5M in 2016.
Legacy Housing Corporation (LEGH) is profitable, generating $41.8M in net income for the fiscal year ending 2025 with a net profit margin of 25.4%.
Legacy Housing Corporation (LEGH) reported an operating income of $48.4M, resulting in an operating profit margin of 29.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Legacy Housing Corporation (LEGH) generated $78.0M in gross profit for the year, representing a gross profit margin of 47.4%. This demonstrates the company's core pricing power and production efficiency.