Legacy Housing Corporation (NASDAQ: LEGH) is a manufactured housing company that designs, builds, and sells factory-built homes through a network of independent retailers and company-owned retail locations. Revenue comes from home sales, inventory financing for independent retailers, consumer financing for end-buyers, and community development financing for manufactured home community owners. The company operates three U.S.-based manufacturing facilities capable of producing up to approximately 70 home sections, or 60 fully completed homes, per week. Its target market is households with annual income below $75,000, which encompassed roughly half of U.S. households as of 2025. Texas represented 52% of product sales in FY2025 and 54% in FY2024, making the company heavily concentrated in the South-Central U.S. As of the FY2025 10-K filing date, Legacy had 14 company-owned retail locations and more than 80 independent retailers using its inventory financing program, with over 4,300 retail customers financed through its consumer lending solutions. The company paid no cash dividends in FY2024 or FY2025 and has stated no plans to initiate them.

Revenue model

Transactional home sales through independent retailers and 14 company-owned retail locations, plus interest income from three financing programs: inventory floor-plan financing for independent retailers, consumer mortgage-style financing for end-buyers, and community development loans for manufactured home community owners.

Products and services

Factory-built manufactured homes (single- and multi-section), customizable floor plans with options including vaulted ceilings, wood cabinetry, and energy conservation elements; inventory financing for independent retailers; consumer financing for home purchasers; community development financing and large-volume supply contracts for manufactured home community owners.

Customers and end markets

Primary end-buyers are households with annual income below $75,000, spanning first-time homebuyers and downsizing older buyers. Distribution customers include over 80 independent retailers using Legacy's floor-plan financing. Community owner customers purchase homes in bulk for rental housing communities. Over 4,300 retail customers had used Legacy's consumer financing solutions as of the FY2025 filing.

Value-chain role

Vertically integrated manufacturer, retailer, and lender. Legacy manufactures homes at three U.S. facilities, distributes through independent and company-owned retail channels, and provides financing at both the dealer and consumer level, capturing margin across production, sales, and credit.

Geographic exposure

Concentrated in the South-Central and Southeastern United States. Texas accounted for 52% of product sales in FY2025 and 54% in FY2024. Other states with material sales in FY2025 include Georgia (8%), Oklahoma (6%), Florida (4%), Tennessee (3%), and Louisiana (3%). The company also owns development properties in Mississippi.

Source: SEC 10-K, filed 2026-03-12

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