The 3.7% YoY revenue decline and massive consensus miss (-35%) will pressure the stock near-term. However, the $7.1M deposit signals a large workforce housing order that could drive Q2 revenue recovery. Watch the May 8 conference call for delivery timing and Q2 guidance. The buyback program provides a modest floor.
Price Chart
Executive Summary
Legacy Housing reported Q1 2026 net revenue of $34.4M (-3.7% YoY), missing the $53.2M consensus by 35%, and EPS of $0.46, missing the $0.60 consensus by 23%. Despite the revenue decline, net income grew 6.3% YoY to $10.9M and diluted EPS rose 12.2% YoY, driven by improved operating margins and a $7.1M non-refundable deposit on a large workforce housing order. The top-line miss and declining revenue overshadow the earnings beat on a YoY basis.
Key Financial Metrics
Key Facts
- Net revenue of $34.4M, down 3.7% YoY and 35% below $53.2M consensus
- Diluted EPS of $0.46, up 12.2% YoY but 23% below $0.60 consensus
- Income from operations of $12.4M, up 6.9% YoY
- Net income of $10.9M, up 6.3% YoY
- Book value per share of $22.66, up 2.1% from Dec 31, 2025
- Received $7.1M non-refundable deposit for large workforce housing order, deliveries starting Q2 2026
- Repurchased 30,740 shares for ~$573K under $10M buyback program
- Cash of $14.1M and essentially undrawn revolver at quarter end
Financial Impact
Revenue miss of ~$18.8M vs consensus (-35%) and EPS miss of $0.14 vs consensus (-23%)
Risk Factors
- Revenue decline of 3.7% YoY may signal weakening demand in manufactured housing
- EPS miss of 23% vs consensus despite YoY growth raises credibility concerns
- Workforce housing order delivery timing could slip, delaying revenue recognition
- Macro headwinds cited by management may persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-057434 |
| Document: legh-20260507xex99d1.htm | 0001104659-26-057434 |
| Document: 0001104659-26-057434-index-headers.html | 0001104659-26-057434 |
| Document: 0001104659-26-057434-index.html | 0001104659-26-057434 |
| Document: 0001104659-26-057434.txt | 0001104659-26-057434 |
| 8-K Data (Synthetic) | 0001104659-26-057434 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 12w ago | Press Release | $26.26 | awaiting T+60 | — | $28.54 (+8.68%) |
May 7, 2026 24w ago | 8-K | $23.28 $27.26 | ▼ −17.10% | ▼ −12.26% | $28.54 (−22.59%) |
May 7, 2026 24w ago | Press Release | $23.28 $27.26 | ▲ +17.10% | ▲ +12.26% | $28.54 (+22.59%) |
May 5, 2026 25w ago | Press Release | $21.06 $26.25 | ▲ +24.64% | ▲ +21.90% | $28.54 (+35.52%) |
Mar 11, 2026 32w ago | Press Release | $19.41 $23.83 | ▲ +22.77% | ▲ +12.07% | $28.54 (+47.04%) |
US Market Status
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