Legence Corp (NASDAQ: LGN) is a mechanical, electrical, and plumbing (MEP) services company that designs, installs, and maintains building systems for technically demanding commercial, industrial, and public sector facilities. Revenue comes primarily from fixed-price contracts covering engineering consulting, HVAC and electrical installation, fabrication, and ongoing preventative maintenance. The company operates through two segments: Engineering & Consulting and Installation & Maintenance. As of March 24, 2026, Legence had approximately 7,000 full-time employees across 116 locations in 46 U.S. states and the District of Columbia. The company served approximately 20,000 clients from 2019 through 2025, with less than 2% of 2025 revenues derived from the federal government. Adjusted EBITDA was $298.8M on an 11.7% margin in FY2025, up from $229.6M and 10.9% in FY2024. The company is headquartered in San Jose, California and its Class A Common Stock began trading on Nasdaq on September 12, 2025.

Revenue model

Historically the vast majority of revenues come from fixed-price customer contracts for engineering, installation, and maintenance services. Installation & Fabrication generated approximately 82% of Installation & Maintenance segment revenues in FY2025. Maintenance agreements run one to five years, providing recurring revenue. Equipment and third-party contractor costs are passed through to clients either as line items or incorporated into contract pricing.

Products and services

Engineering & Consulting segment provides MEP engineering design and consulting services. Installation & Maintenance segment covers HVAC, electrical, plumbing, process and control system installations, refurbishments, renovations, custom component fabrication, and modular construction (Installation & Fabrication, approximately 82% of segment revenues in FY2025), as well as preventative maintenance, emergency repair, and break-fix services under annual or multi-year agreements (Maintenance & Service, remainder of segment revenues in FY2025).

Customers and end markets

Clients include large technology and industrial companies, public sector institutions, and intermediaries such as architects and general contractors who subcontract MEP services. The company served approximately 20,000 clients from 2019 through 2025. Less than 2% of 2025 revenues came from the federal government. End markets include technically demanding new and existing buildings spanning commercial, industrial, healthcare, and public sector facilities.

Value-chain role

Legence acts as a specialty subcontractor and prime contractor in the building construction and facilities management value chain. It both designs and installs systems (design-build) and installs to client-provided specifications (plan and specification). In certain projects it manages third-party contractors on behalf of clients and purchases equipment for installation.

Geographic exposure

Operations span 46 U.S. states and the District of Columbia as of March 24, 2026, across 116 physical locations. The company is headquartered in San Jose, California. No international operations are referenced in the filing excerpts.

Competitors

Affiliated Engineers Inc., Stantec Inc., WSP Global, Inc., Comfort Systems USA, Inc., ACCO Engineered Systems, Inc., Southland Industries, Inc.

Source: SEC 10-K, filed 2026-03-30

Industry: Construction - Special Trade Contractors