LEGH earnings analysis
What we found in LEGH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Legacy Housing Corporation's Q1 2026 results show declining revenues and reduced operating metrics year-over-year, with net revenue down 3.7% to $34.366 million and product sales dropping by 11.3% due to lower unit volumes. However, net income rose to $10.928 million, demonstrating strong profitability despite ongoing challenges in sales volume and rising costs from tariffs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Net Revenue Decline
- Total net revenue decreased by 3.7% to $34.366 million, down from $35.670 million in Q1 2025.
- Unit Sales Drop
- Units sold fell 10.9% from 350 in Q1 2025 to 312 in Q1 2026, impacting product sales.
- Increased Net Income
- Net income rose to $10.928 million, compared to $10.276 million in Q1 2025, a growth of 6.3%.
- Improved Operating Cash Flow
- Net cash provided by operating activities increased by 41.6% to $6.951 million from $4.908 million in the previous year.
- Cash Position Strengthens
- Cash at end of the period increased to $14.111 million, up from $8.478 million at the start of the quarter.
- Cost Reduction in Product Sales
- Cost of product sales decreased by 13.1% to $14.936 million from $17.192 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Unit Sales Volatility
- Product sales decreased by 11.3%, primarily due to a 10.9% drop in units sold from Q1 2025.
- Raw Material Cost Pressures
- Elevated input costs from tariffs continue to challenge gross margins, impacting overall profitability.
- Operational Challenges
- Material weaknesses in internal controls over financial reporting identified, raising concerns about financial disclosures.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.44
- Gross margin
- 43.1%
- Operating margin
- 36.0%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 10-K · March 12, 2026
- Legacy Housing describes a vertically integrated manufactured-homes business focused primarily in the southern U.S., operating three factories and selling through >80 independent and 14 company-owned retail locations…
- 10-Q · August 7, 2025
- Legacy Housing reported Q2 net revenue of $50,161,000 (three months ended June 30, 2025), up $7,666,000 (+18.0% YoY) and up $14,491,000 (+40.6% sequentially). Gross margin compressed to 47.06% and diluted EPS was $0.60…
- 10-K · March 12, 2025
- Legacy Housing positions itself as a vertically integrated manufacturer and financier of affordable manufactured homes, selling 2,471 home sections in 2024 and operating three U.S. factories that produced 624, 504 and…
- 10-Q · November 12, 2024
- Legacy Housing reported Q3 net revenue of $44,266,000, down 11.4% year-over-year (Q3 2023: $49,937,000) but up 38.3% sequentially (Q2 2024: $32,000,000). Diluted EPS was $0.64 (vs. consensus $0.60) and operating margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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