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German residential real-estate company owning and managing rental apartments, mainly in North Rhine-Westphalia.
German residential real-estate company owning and managing rental apartments, mainly in North Rhine-Westphalia.
Collects rent from apartments it owns and manages itself, with increases governed by local rent indexes and legal caps rather than market jumps, so growth comes from steady rent steps, modernization and occasional purchases or sales of blocks. The portfolio is concentrated in North Rhine-Westphalia, Germany's most populous state.
In one line: A German AvalonBay/Equity Residential for apartment rentals.
Moat: narrow (scale, installed base, regulatory licence). Large regional apartment portfolio with scale efficiencies, but German rent-control regulation limits pricing power.
Headquarters: Duesseldorf, Germany · Founded: 2008 · Employees: 1,789
Size LEG Immobilien (LEG.DE) is a Germany Real Estate company (Real Estate Development) with a market value of $4.39B, the 77th largest of 205 Germany companies the cockpit tracks. Shares closed at €50.90 on 6 Nov 2026.
Performance Over six months the shares fell 11.2%, against -10.3% for the median peer and +2.6% for the Germany market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 0.5% over the last twelve months (peer median +6.2%); the operating margin is 34.5% (peer median 18.2%).
Valuation It trades at 8.1× forward earnings against a peer median of 14.0× (2nd cheapest of 16).
Credit LEG Immobilien has 9 bonds outstanding ($5.51B), rated Baa1 by the agencies and trading like BBB- at a weighted spread of 139 bp.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.37B | €1.49B | €1.32B | €1.29B | €1.17B |
| Revenue growth | — | +13% | +2% | +10% | — |
| Gross profit | €547M | €580M | €380M | €546M | €279M |
| EBITDA | €496M | €532M | €322M | €495M | €509M |
| Net income | €1.29B | €1.46B | €66.0M | -€1.57B | €234M |
| Free cash flow | €448M | €443M | €418M | €432M | €311M |
| Capital expenditure | €16.8M | €19.0M | €18.8M | €15.5M | €77.9M |
| Total debt | €9.63B | €10.2B | €9.72B | €9.38B | €9.46B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| LEG Immobilien LEG.DE | $4.39B | -11% | +1% | 34% | 8.1× | n/a |
| Vonovia VNA.DE | $16.1B | -24% | -17% | 40% | 9.4× | n/a |
| TAG Immobilien TEG.DE | $2.51B | -20% | -5% | 31% | 10.1× | n/a |
| Grand City Properties GYC.DE | $1.42B | -19% | +2% | 55% | 5.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LEG.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.7% | +2.3% | highest of 21 |
| 6-month return | -11.2% | -10.3% | 10th lowest of 21 |
| Distance from 52-week high | -29.0% | -26.3% | 8th lowest of 21 |
| Revenue growth (TTM) | +0.5% | +6.2% | 9th lowest of 21 |
| Operating margin | 34.5% | 18.2% | 5th highest of 21 |
| Forward P/E | 8.1× | 14.0× | 2nd cheapest of 16 |
| Bond spread | 139 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| LEG Immobilien LEG.DE | Germany | $4.39B | -11% | +1% | 34% | 8.1× | n/a | n/a |
| Meritage Homes MTH | United States | $4.38B | +4% | -15% | 7% | 16.2× | n/a | n/a |
| Hang Lung Ppt 0101.HK | Hong Kong | $4.40B | -29% | +10% | 53% | 11.8× | n/a | n/a |
| Tokyo Tatemono 8804.T | Japan | $4.37B | -6% | +17% | 22% | 10.3× | n/a | n/a |
| Hangzhou Binjiang Real Estate 002244.SZ | China | $4.27B | -2% | -35% | 6% | 12.8× | n/a | n/a |
| Seazen 601155.SS | China | $4.23B | -15% | -39% | 14% | 31.9× | n/a | n/a |
| Shanghai Vital Deeptech 600641.SS | China | $4.20B | +14% | +94% | -27% | n/a | n/a | n/a |
| Howard Hughes HHH | United States | $4.64B | +18% | +32% | 15% | 29.6× | n/a | n/a |
| C&D International Investment 1908.HK | Hong Kong | $4.11B | -15% | -15% | 7% | 8.2× | n/a | n/a |
| Longfor 0960.HK | Hong Kong | $4.05B | -47% | -42% | 1% | n/a | n/a | n/a |
| Shanghai Lujiazui Finance & Trade Zone Development 600663.SS | China | $4.81B | -10% | -21% | 21% | 14.0× | n/a | n/a |
| Millrose Properties MRP | United States | $4.00B | -4% | +93% | 85% | 7.9× | n/a | n/a |
| St. Joe JOE | United States | $3.96B | +6% | +11% | 32% | n/a | n/a | n/a |
| Allreal ALLN.SW | Switzerland | $3.89B | -8% | +3% | 41% | 24.0× | n/a | n/a |
| City Developments C09.SI | Singapore | $5.13B | -11% | +36% | 14% | 14.1× | n/a | n/a |
| Nomura Real Estate 3231.T | Japan | $5.17B | -12% | +19% | 14% | 8.8× | n/a | n/a |
| UOL U14.SI | Singapore | $5.23B | -23% | +2% | 25% | 13.8× | n/a | n/a |
| Tsim Sha Tsui Properties 0247.HK | Hong Kong | $5.24B | -20% | +15% | 34% | n/a | n/a | n/a |
| China Vanke 2202.HK | Hong Kong | $5.28B | -30% | -35% | -27% | n/a | n/a | n/a |
| Corporacion Inmobiliaria Vesta S.A.B. de C.V. Sponsored ADR VTMX | United States | $3.62B | +6% | +18% | 76% | 19.5× | n/a | n/a |
| Kerry Properties 0683.HK | Hong Kong | $3.47B | -26% | -22% | 24% | 14.2× | n/a | n/a |
LEG Immobilien has 9 bonds outstanding with $5.51B face value. The agencies rate it Baa1; its bonds trade like BBB-. Weighted yield 4.43%, a spread of 139 bp over government bonds.