Legence Corp. LGN
We are a leading provider of engineering, installation and maintenance services for mission-critical systems in buildings. We believe that providing integrated solutions for engineering, installing and maintenance of mechanical, electrical and plumbing ("MEP") systems results in lower total cost, fewer change orders and faster turnaround times for our clients and higher win rates, better customer retention, incremental margin and more recurring revenue for us. We focus on high-growth sectors that have technically demanding buildings, including technology, life sciences, healthcare and education.
Our business is growing rapidly as data centers, manufacturers, pharmaceutical companies, hospitals, schools and universities make investments in both new and existing facilities to support growing demand for their products and services, reduce energy costs and increase resiliency. In 2025, we generated more than half of our revenues from "high growth industries," which we define as clients operating in the data center and technology and life sciences and health care end-markets. As of December 31, 2025, we had $3.7 billion of backlog and awarded contracts, representing an increase of 49% over the same date last year.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $2.55B | $2.10B | $1.62B |
| Cost of revenue | $2.01B | $1.67B | $1.30B |
| Gross profit | $535.9M | $430.8M | $315.1M |
| SG&A | $342.6M | $242.9M | $186.1M |
| Operating income | $61.6M | $70.4M | $10.3M |
| Interest expense | $101.8M | $91.6M | $68.2M |
| Pre-tax income | -$55.1M | -$23.1M | -$53.9M |
| Income tax | $22.2M | $4.5M | $7.9M |
| Net income | -$59.8M | -$28.6M | -$46.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $230.2M | $81.2M | — |
| Receivables | $584.1M | $448.6M | — |
| Inventory | $11.3M | $10.2M | — |
| Total current assets | $1.11B | $756.4M | — |
| Goodwill | $764.3M | $781.2M | $676.0M |
| Other intangibles | $551.4M | $624.2M | — |
| Total assets | $2.68B | $2.35B | — |
| Accounts payable | $246.2M | $126.5M | — |
| Total current liabilities | $708.2M | $411.1M | — |
| Total liabilities | $1.89B | $2.15B | — |
| Retained earnings | -$309.9M | -$250.2M | — |
| Total equity | $392.2M | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | $256.9M | $29.3M | $33.9M |
| Depreciation and amortisation | $31.9M | $29.9M | $22.7M |
| Stock-based compensation | $67.5M | $5.4M | $10.1M |
| Capital expenditure | $37.9M | $19.0M | $17.1M |
| Investing cash flow | -$54.0M | -$244.0M | -$133.9M |
| Financing cash flow | -$53.8M | $207.0M | $128.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-188984.
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