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
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Installation & Maintenance
- Engineering & Consulting
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Installation & Maintenance | $1.82B | $1.50B | $1.19B |
| Engineering & Consulting | $726.3M | $601.6M | $426.2M |
As the company reported it, from the “Revenue Recognition and Related Balance Sheet Accounts - Schedule of Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $1.62B | $2.10B | $2.55B |
| Gross profit | $315.1M | $430.8M | $535.9M |
| Net income | -$46.0M | -$28.6M | -$59.8M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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