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Legence Corp. provides engineering, installation, and maintenance services for mission-critical systems in buildings in the United States. The company operates through two segments, Engineering & Consulting, and Installation & Maintenance. The Engineering & Consulting segment designs HVAC and other MEP systems for buildings, develops strategies to help reduce energy usage and make buildings more sustainable and provides program and project management services for client's installation and retrofit projects. This segment also offers engineering & design and program and project management services. The Installation & Maintenance segment fabricates and installs HVAC systems, process piping and other MEP systems in new and existing industrial, commercial and institutional buildings and provides ongoing preventative and corrective maintenance services, emergency repair, and break-fix services, as well as facility energy analysis, automation, optimization, and system certification and testing. It serves data centers, technology, life sciences, healthcare, education, mixed-use, state and local government, and other markets. The company was founded in 1914 and is based in San Jose, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.6B | $161M | $-60M | $219M | -8.5% | 21.5% | 109.4% |
| 2024 | $2.1B | $179M | $-29M | $10M | - | 29.9% | -38.0% |
| 2023 | $1.6B | $107M | $-46M | $17M | -8.8% | 29.6% | -44.1% |
| 2022 | $1.2B | $69M | $-82M | $1M | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,246.50 | 1,615.06 | 2,098.60 | 2,550.49 |
| Operating Revenue | 1,246.50 | 1,615.06 | 2,098.60 | 2,550.49 |
| Cost Of Revenue | 1,012.80 | 1,299.92 | 1,667.84 | 2,014.57 |
| Gross Profit | 233.71 | 315.15 | 430.77 | 535.92 |
| Operating Expense | 224.56 | 266.30 | 340.04 | 442.99 |
| Selling General And Administration | 142.05 | 186.06 | 242.89 | 342.63 |
| Total Expenses | 1,237.36 | 1,566.22 | 2,007.88 | 2,457.56 |
| Operating Income | 9.14 | 48.85 | 90.73 | 92.93 |
| Total Operating Income As Reported | -24.25 | 10.26 | 70.35 | 61.58 |
| EBITDA | 69.19 | 107.05 | 179.34 | 160.92 |
| Normalized EBITDA | 102.58 | 146.97 | 202.77 | 200.37 |
| EBIT | -23.82 | 14.25 | 68.49 | 46.64 |
| Interest Income | 0.24 | 4.25 | 5.46 | 4.49 |
| Interest Expense | 50.84 | 68.20 | 91.61 | 101.78 |
| Net Interest Income | -50.60 | -63.95 | -86.14 | -97.29 |
| Other Non Operating Income Expenses | 0.19 | -0.26 | -7.33 | -12.78 |
| Other Income Expense | -33.20 | -38.84 | -27.70 | -50.78 |
| Interest Income Non Operating | 0.24 | 4.25 | 5.46 | 4.49 |
| Interest Expense Non Operating | 50.84 | 68.20 | 91.61 | 101.78 |
| Net Non Operating Interest Income Expense | -50.60 | -63.95 | -86.14 | -97.29 |
| Pretax Income | -74.66 | -53.94 | -23.12 | -55.14 |
| Tax Provision | 7.61 | -7.92 | 4.52 | 22.16 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -7.01 | -5.79 | -4.92 | -8.28 |
| Net Income Continuous Operations | -82.27 | -46.03 | -27.64 | -77.30 |
| Net Income From Continuing And Discontinued Operation | -82.27 | -46.03 | -28.56 | -59.78 |
| Net Income From Continuing Operation Net Minority Interest | -82.27 | -46.03 | -28.56 | -59.78 |
| Net Income | -82.27 | -46.03 | -28.56 | -59.78 |
| Net Income Common Stockholders | -82.27 | -46.03 | -28.56 | -59.78 |
| Net Income Including Noncontrolling Interests | -82.27 | -46.03 | -27.64 | -77.30 |
| Normalized Income | -55.90 | -11.90 | -10.04 | -28.62 |
| Diluted NI Availto Com Stockholders | -82.27 | -46.03 | -28.56 | -59.78 |
| Basic Average Shares | 101.70 | 55.24 | 55.24 | 59.38 |
| Diluted Average Shares | 101.70 | 101.97 | 101.97 | 59.38 |
| Reconciled Depreciation | 93.02 | 92.80 | 110.85 | 114.29 |
| Reconciled Cost Of Revenue | 1,002.29 | 1,287.36 | 1,654.14 | 2,000.64 |
| Total Unusual Items | -33.39 | -39.92 | -23.44 | -39.44 |
| Total Unusual Items Excluding Goodwill | -33.39 | -39.92 | -23.44 | -39.44 |
| Minority Interests | 0 | 0 | -0.91 | 17.52 |
| Special Income Charges | -33.39 | -39.92 | -23.44 | -39.44 |
| Other Special Charges | - | - | 10.81 | 6.65 |
| Impairment Of Capital Assets | 23.44 | 5.05 | 17.80 | 27.38 |
| Restructuring And Mergern Acquisition | 9.95 | 34.86 | 5.63 | 5.74 |
| Depreciation Amortization Depletion Income Statement | 82.51 | 80.24 | 97.15 | 100.36 |
| Depreciation And Amortization In Income Statement | 82.51 | 80.24 | 97.15 | 100.36 |
| Gain On Sale Of Ppe | - | 0 | 0 | 0.33 |
| Earnings From Equity Interest | 0 | 1.33 | 3.06 | 1.44 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Legence Corp.this co. | LGN | $14.6B | -244.26 | 20.78 | -8.5% | 96.52 |
| Planet Labs PBC | PL | $15.5B | -62.84 | 82.33 | -131.0% | -79.96 |
| IES Holdings, Inc. | IESC | $14.8B | 48.32 | 16.73 | 34.6% | 33.35 |
| Dycom Industries, Inc. | DY | $14.7B | 52.18 | 7.89 | 15.1% | 24.09 |
| Advanced Energy Industries, Inc. | AEIS | $12.8B | 86.52 |
| 9.42 |
| 10.9% |
| 52.10 |
| Kratos Defense & Security Solutions, Inc. | KTOS | $11.9B | 540.40 | 5.96 | 1.1% | 111.51 |
| SPX Technologies, Inc. | SPXC | $11.8B | 48.45 | 5.28 | 10.9% | 24.67 |
| Joby Aviation, Inc. | JOBY | $11.0B | -11.78 | 7.77 | -66.0% | -15.83 |
| Watts Water Technologies, Inc. | WTS | $10.5B | 30.87 | 5.19 | 16.8% | 20.02 |
| Peer Median | - | 48.39 | 7.83 | 10.9% | 24.38 | |