Legence Corp. is a US-listed company in the construction & engineering industry. Its financial year ends in December.
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~$37
Valuation models combined (2)
Base case. Range ~$35–$44. Weighted average of 2 models (forward price-to-earnings vs peers, forward price-to-sales vs peers), the forward price-to-earnings vs peers counting double.
No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.
Legence Corp. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $3.75bn. Free-cash-flow margin held at 8.6%. Operating margin narrowed to 0.8% from 3.6%. It passes 3 of our 6 financial-health checks. Our price-to-sales vs peers value is $25.72 a share, against a share price of $37.26.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Legence Corp.'s trailing-twelve-month revenue grew 69.2% year on year, with a free-cash-flow margin of 8.6%.
Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 33% in the quarter to 2026-06-30.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The company also guided to non-gaap adjusted ebitda of $150.00m to $160.00m for the third quarter of 2026; total revenues of $4.70bn to $4.80bn for the full year 2026.
We value Legence Corp. as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$35 ~$30–$49 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$44 ~$36–$94 | Included, half weight |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$37 ~$35–$44 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Legence Corp. with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 13, 2026, before the open. Analysts expect revenue of $1.3bn and EPS of $0.59 (range $0.23 to $0.81) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.49 | +970% | $4.8bn | +88% |
| Next | $2.49 | +67% | $5.5bn | +14% |
Next year's EPS estimate has moved +37.5% in 90 days, across 10 analysts.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.34 | $0.22 | −33.2% |
| Mar 2026 | $0.17 | $0.29 | +67.7% |
| Dec 2025 | $0.05 | $0.23 | +383.4% |
| Sept 2025 | $0.08 | $0.16 | +96.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| LGN | −15% |
| Industry peers (median) | +0% |
| S&P 500 | +11% |
| Months that ended higher | |
| LGN | 46% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| LGN | −65% |
| S&P 500 | −9% |
Worst fall since September 12, 2025: 65% from May 6, 2026 to October 23, 2026. Getting back needed a 184% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 13, 2026 | −3.4% | +0.5% | −12.5% | −23.2% |
| May 14, 2026 | −15.7% | −0.4% | −18.1% | −13.3% |
| March 27, 2026 | +1.7% | −2.0% | +4.0% | +52.1% |
| November 14, 2025 | +20.4% | −0.9% | +22.4% | +25.8% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY25 Q2 | $2.2B |
| FY25 Q3 | $2.4B |
| FY25 Q4 | $2.6B |
| FY26 Q1 | $3.1B |
| FY26 Q2 | $3.7B |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY25 Q2 | 3.6% |
| FY25 Q3 | 3.8% |
| FY25 Q4 | 2.4% |
| FY26 Q1 | 2.2% |
| FY26 Q2 | 0.8% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY25 Q3 | 5.8% |
| FY25 Q4 | 8.6% |
| FY26 Q1 | 9.6% |
| FY26 Q2 | 8.6% |
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 1,615 | 2,099 | 2,550 | 3,746 |
| Gross profit | 315 | 431 | 536 | 702 |
| EBITDA | 91 | 168 | 162 | 153 |
| Operating income | 10 | 70 | 62 | 29 |
| Net income | −46 | −29 | −60 | −45 |
| Growth (year on year) | ||||
| Revenue | — | +29.9% | +21.5% | +69.2% |
| EBITDA | — | +85.1% | −3.3% | −16.6% |
| Operating income | — | — | −12.5% | −63.4% |
| Margins | ||||
| Gross margin | 19.5% | 20.5% | 21.0% | 18.7% |
| EBITDA margin | 5.6% | 8.0% | 6.3% | 4.1% |
| Operating margin | 0.6% | 3.4% | 2.4% | 0.8% |
| Net margin | −2.8% | −1.4% | −2.3% | −1.2% |
| Free-cash-flow margin | 1.0% | 0.5% | 8.6% | 8.6% |
| Cash flow | ||||
| Cash from operations | 34 | 29 | 257 | 389 |
| Capital spending | 17 | 19 | 38 | 66 |
| Free cash flow | 17 | 10 | 219 | 323 |
| Stock-based pay | 10 | 5 | 68 | 89 |
| Free cash flow after stock pay | 7 | 5 | 151 | 234 |
| Balance sheet | ||||
| Cash | — | 81 | 230 | 292 |
| Total debt | — | 1,625 | 836 | 1,041 |
| Net debt (negative = net cash) | — | 1,543 | 606 | 749 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 561 | 548 | 506 | 599 | 708 | 738 | 1,038 | 1,262 |
| Gross profit | 119 | 113 | 112 | 129 | 148 | 147 | 186 | 220 |
| EBITDA | 52 | 32 | 43 | 57 | 61 | 1 | 59 | 31 |
| Operating income | 27 | 6 | 17 | 31 | 37 | −23 | 22 | −7 |
| Net income | −1 | −19 | −21 | −5 | −1 | −33 | 16 | −28 |
| Diluted EPS | — | — | — | — | — | −$0.57 | $0.13 | −$0.37 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | — | +26.2% | +34.6% | +105.1% | +110.7% |
| EBITDA | — | — | — | — | +17.1% | −96.1% | +38.8% | −44.7% |
| Operating income | — | — | — | — | +38.0% | — | +35.1% | −121.1% |
| Margins | ||||||||
| Gross margin | 21.1% | 20.6% | 22.1% | 21.5% | 20.9% | 20.0% | 17.9% | 17.4% |
| EBITDA margin | 9.3% | 5.8% | 8.4% | 9.5% | 8.7% | 0.2% | 5.7% | 2.5% |
| Operating margin | 4.8% | 1.0% | 3.3% | 5.2% | 5.3% | −3.2% | 2.2% | −0.5% |
| Net margin | −0.2% | −3.4% | −4.2% | −0.9% | −0.1% | −4.4% | 1.6% | −2.2% |
| Free-cash-flow margin | — | −0.0% | 4.8% | 4.1% | 12.6% | 11.1% | 9.9% | 4.0% |
| Cash flow | ||||||||
| Cash from operations | — | 6 | 29 | 33 | 100 | 95 | 120 | 74 |
| Capital spending | — | 6 | 5 | 9 | 11 | 13 | 18 | 24 |
| Free cash flow | — | −0 | 24 | 24 | 89 | 82 | 102 | 50 |
| Stock-based pay | — | −3 | −4 | 8 | 1 | 46 | 37 | 6 |
| Free cash flow after stock pay | — | 3 | 29 | 17 | 88 | 36 | 66 | 44 |
| Last 12 months unless stated | LGN | IESC | ROAD | CTRI | ECG | STRL | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $3.7bn | $4.0bn | $3.5bn | $3.4bn | $4.3bn | $4.3bn | $2.5bn |
| Revenue growth, last 12 months | 69.2% | 22.7% | 41.9% | 25.2% | 30.5% | 93.1% | 21.7% |
| Revenue growth, 3-year average | — | 19.3% | 32.9% | — | — | 30.6% | 11.3% |
| Revenue growth, latest quarter | 110.7% | 39.6% | 28.2% | 32.9% | 33.7% | 127.0% | 28.2% |
| Gross margin | 18.7% | 26.3% | 15.8% | 7.8% | 13.0% | 23.8% | 13.0% |
| Operating margin | 0.8% | 12.4% | 8.6% | 2.7% | 7.8% | 18.2% | 4.0% |
| Operating margin, 3-year average | — | 11.1% | 7.3% | 0.4% | 7.2% | 15.3% | 5.4% |
| Net margin | −1.2% | 11.4% | 4.1% | 0.9% | 6.0% | 12.9% | 1.9% |
| Cash from operations / revenue | 10.4% | 9.3% | 10.1% | 2.2% | 7.5% | 14.2% | 4.6% |
| Free-cash-flow margin | 8.6% | 5.7% | 5.0% | −0.4% | 5.9% | 10.9% | 2.5% |
| Free-cash-flow margin, 3-year average | — | 5.8% | 5.4% | 1.5% | — | 15.2% | 5.5% |
| Stock pay / revenue | 2.4% | 0.4% | 1.1% | 0.3% | 0.2% | 0.7% | 0.7% |
| Change in share count | — | −0.1% | 2.7% | 9.0% | 0.1% | 0.5% | 0.8% |
| Line of business | Revenue | YoY |
|---|---|---|
| Installation and Maintenance | $1.8B | ▲ 21.9% |
| Installation Maintenance | $1.8B | ▲ 21.9% |
| Engineering and Consulting | $726M | ▲ 20.7% |
| Engineering Consulting | $726M | ▲ 20.7% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Legence Corp.'s 10-K filed March 30, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackstone Inc. | $1.7B | 19.5M | 23.0% | ▼ 23.1% |
| Blackrock, Inc. | $386M | 4.5M | 5.3% | ▲ 70.9% |
| Jupiter Topco LLC | $246M | 2.9M | 3.4% | — |
| Franklin Resources Inc | $245M | 2.9M | 3.4% | ▲ 24.1% |
| Vanguard Portfolio Management LLC | $219M | 2.6M | 3.0% | ▲ 74.8% |
| Healthcare Of Ontario Pension Plan Trust Fund | $216M | 2.5M | 3.0% | ▲ 287.8% |
| Vanguard Capital Management LLC | $213M | 2.5M | 2.9% | ▲ 64.8% |
| First Trust Advisors LP | $160M | 1.9M | 2.2% | ▲ 1185.5% |
| Geode Capital Management, LLC | $133M | 1.6M | 1.8% | ▲ 73.6% |
| Forest Avenue Capital Management LP | $132M | 1.5M | 1.8% | New |
| Two Sigma Investments, LP | $126M | 1.5M | 1.7% | ▲ 2074.4% |
| Westfield Capital Management Co LP | $114M | 1.3M | 1.6% | ▼ 27.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Legence Corp.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Le Bris Philippe Chief Accounting Officer | September 18, 2026 | Sell pre-set plan | 1,058 | $55.01 | $58,201 |
| Le Bris Philippe Chief Accounting Officer | September 15, 2026 | Sell pre-set plan | 4,196 | $54.06 | $226,836 |
| Bcp 8/Bep 3 Holdings Manager L.L.C. 10% owner | April 9, 2026 | Sell | 9,528,699 | $54.00 | $515M |
| Bcp 8/Bep 3 Holdings Manager L.L.C. 10% owner | April 9, 2026 | Sell | 5,865,413 | $54.00 | $317M |
| Legence Parent Ml Llc 10% owner | January 8, 2026 | Sell | 480,205 | $45.00 | $21.6M |
| Legence Parent Ml Llc 10% owner | January 8, 2026 | Sell | 780,121 | $45.00 | $35.1M |
| Legence Parent Llc 10% owner | December 16, 2025 | Sell | 5,200,808 | $45.00 | $234M |
| Legence Parent Llc 10% owner | December 16, 2025 | Sell | 3,201,370 | $45.00 | $144M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 1 member of Congress disclosed 3 purchases and 0 sales of Legence Corp. shares.
Next expected around November 13, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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