Legence Corp. LGN

Industrials SIC 1700 - Construction - Special Trade Contractors Nasdaq

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.

Last close 52.97 2026-09-04
Market cap $4.03B estimated share count
52-week range 26.96 - 107.24

Valuation FY2025 figures against the last close

P/S1.6x
P/E
P/FCF18.4x
EV/EBITDA43.1x
Dividend yield
Diluted EPS

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023
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 FY2025FY2024FY2023
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 FY2025FY2024FY2023
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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