Legacy Housing Corp

Listed Company

LEGHCIK 0001436208NasdaqAcceleratedSmaller ReportingMobile HomesTexasFY ends Dec 31

Period

FY 2025

Revenue

$164.57M

Net Income

$41.81M

Total Assets

$580.34M

Equity

$528.61M

Shares Out

23.81M

Op. Cash Flow

$37.15M

Business

Legacy Housing Corp builds, sells and finances manufactured homes and tiny houses, offering vertically integrated manufacturing and tailored financing solutions. It produces customizable factory-built homes and tiny houses ranging in size and features, and provides consumer, inventory and manufactured housing community financing. Key business activities include three manufacturing facilities, company-owned retail locations, independent retail distribution, and financing services for dealers, consumers and community owners. The company distributes products primarily across the southern United States through over 125 independent retailers, 13 company-owned stores and direct sales to manufactured home communities.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product sales	117	129	145	222	166
Consumer, MHP and dealer loans interest	44	41	37	29	27
Other revenue	4	14	7	6	4
Total net revenue	165	184	189	257	198
Cost of product sales	85	90	100	150	114
Cost of other sales	2	8	—	—	—
Selling, general and administrative expenses	30	22	24	28	23
Total operating expenses	116	121	125	179	—
Income from operations	48	64	65	78	59
Non-operating interest income	1	3	3	—	—
Miscellaneous, net	2	10	2	2	503,000
Interest expense	−28,000	−689,000	−930,000	—	—
Total other income	3	12	4	4	2
Income before income tax expense	52	76	69	82	61
Income tax expense	−10	−14	−14	−14	−11
Net income	42	62	54	68	50
Basic (in shares)	24	24	24	24	24
Diluted (in shares)	24	25	25	25	24
Basic (in dollars per share)	1.74	2.55	2.23	2.78	2.06
Diluted (in dollars per share)	1.74	2.48	2.17	2.74	2.05

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	8	1	748,000	3	1
Income tax refund receivable	6	—	—	—	—
Accounts receivable, net	6	4	5	5	5
Dealer financed receivables, net	27	33	33	29	3
Consumer loans receivable	9	9	8	7	6
"Notes receivable from mobile home parks (""MHP"")"	60	24	18	10	10
Other notes receivable	5	12	6	9	20
Inventories	40	38	41	32	42
Prepaid expenses and other current assets	5	5	5	4	4
Total current assets	165	124	116	107	93
Consumer loans receivable, net	189	165	149	132	120
"Notes receivable from mobile home parks (""MHP""), net"	137	183	164	133	93
Other notes receivable, net	1	3	29	14	21
Other assets - leased mobile homes	4	5	8	9	9
ROU assets - operating leases	1	1	2	3	—
Other assets	14	5	3	1	1
Property, plant and equipment, net	60	48	38	30	28
Deferred income taxes, net	998,000	—	—	—	—
Intangible Assets	5	—	—	—	—
Goodwill	2	—	—	—	—
Total assets	580	534	507	437	367
Accounts payable	6	5	4	5	4
Accrued liabilities	25	14	19	17	21
Customer deposits	2	2	4	10	8
Escrow liability	13	12	10	10	9
Operating lease obligation	479,000	476,000	489,000	650,000	—
Total current liabilities	47	33	37	41	42
Operating lease obligation, less current portion	860,000	920,000	1	2	—
Lines of credit	1	—	24	3	8
Deferred income taxes, net	—	2	2	3	3
Dealer incentive liability	3	4	5	6	4
Total liabilities	52	40	70	55	57
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock, $.001 par value, 10,000,000 shares authorized: no shares issued or outstanding	—	—	—	—	—
Common stock, $.001 par value, 90,000,000 shares authorized; 24,866,342 and 24,865,906 issued and 23,812,341 and 24,158,311 outstanding at December 31, 2025 and 2024, respectively	32,000	31,000	30,000	30,000	25,000
Treasury stock at cost 1,054,001 and 707,595 shares at December 31, 2025 and 2024, respectively	−17	−10	−4	−4	—
Additional paid-in-capital	183	182	181	181	176
Retained earnings	363	321	260	206	138
Total stockholders' equity	529	494	437	382	309
Total liabilities and stockholders' equity	580	534	507	437	367

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	42	62	54	68	50
Depreciation and amortization expense	2	2	2	2	2
Amortization of deferred revenue	−1	−2	−1	−1	814,000
Amortization of lines of credit cost	68,000	68,000	70,000	74,000	—
Provision for accounts and notes receivable	5	−240,000	1	−109,000	971,000
Provision for long term inventory	53,000	249,000	49,000	−83,000	−188,000
Gain from sale of assets	—	−2	—	—	—
Gain from loan settlements	413,000	−6	—	—	—
Non-cash operating lease expense	−33,000	−44,000	−50,000	62,000	—
Deferred income taxes	−3	−132,000	—	—	—
Share based payment expense	458,000	777,000	769,000	5	230,000
Accounts receivable	−8	744,000	−155,000	309,000	−5
Consumer loans activity, net	−17	−17	−17	−13	−16
Notes receivable MHP activity, net	10	−1	−39	−39	33
Dealer inventory loan activity, net	4	200,000	−3	−27	—
Inventory	−1	3	−2	6	−8
Prepaid expenses and other current assets	−743,000	−1	−1	485,000	−1
Other assets - leased mobile homes	278,000	3	—	—	—
Other assets	−8	−155,000	−1	−1	−2
Accounts payable and accrued liabilities	11	−3	−5,000	−3	−1
Right of use asset, net	−16,000	27,000	33,000	46,000	—
Customer deposits	−117,000	−2	−6	2	5
Escrow liability	1	2	451,000	303,000	2
Dealer incentive liability	−1	−890,000	−256,000	1	94,000
Net cash provided by operating activities	37	36	−14	−2	60
Purchases of property, plant and equipment	−9	−9	−8	−4	−6
Purchase of AmeriCasa	−19	—	—	—	—
Proceeds from sale of property	—	2	—	—	—
Issuance of notes receivable	−2	−6	−15	−4	−37
Notes receivable collections	7	6	3	23	9
Purchases of loans	−113,000	−217,000	—	—	—
Collections from purchased loans	374,000	234,000	377,000	482,000	2
Net cash used in investing activities	−22	−7	−10	9	−32
Proceeds from exercise of stock options	—	200,000	100,000	—	100,000
Purchases of treasury stock	−8	−5	—	—	—
Proceeds from lines of credit	3	46	111	101	96
Payments on lines of credit	−3	−70	−90	−106	−124
Net cash used in financing activities	−8	−29	21	−6	−28
Net increase in cash	7	401,000	−2	2	274,000
Cash paid for interest	2,000	1	478,000	251,000	873,000
Cash paid for taxes	6	15	19	10	8

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