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Provider of HVAC and mechanical/electrical/plumbing (MEP) engineering, installation and maintenance for mission-critical buildings.
Provider of HVAC and mechanical/electrical/plumbing (MEP) engineering, installation and maintenance for mission-critical buildings.
Earns from two kinds of work: engineering and consulting fees on projects, and installation and maintenance paid under longer-term service contracts, which give steadier income. Customers are large owners of buildings where downtime is costly, such as data centres. It has grown partly by buying smaller engineering firms.
In one line: A Blackstone-owned rollup of building MEP/HVAC engineering firms.
Moat: narrow (installed base, process know-how, scale). Long-term maintenance relationships with major tech/corporate campuses, though industry is fragmented.
Headquarters: San Jose, California, US · Founded: 2020 · Employees: 7,000
Size Legence (LGN) is a United States Industrials company (Engineering & Construction) with a market value of $3.02B, the 1550th largest of 3,117 United States companies the cockpit tracks. Shares closed at $27.91 on 6 Nov 2026.
Performance Over six months the shares fell 72.1%, against -9.7% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 69.2% over the last twelve months (peer median +4.8%); the operating margin is 3.0% (peer median 5.1%).
Valuation It trades at 12.2× forward earnings against a peer median of 12.4× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +69%, so the hurdle is -39 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.6 points below its cost of capital (15.8% WACC).
Backlog Backlog (remaining performance obligations) was $4.02B at 30 Jun 2026 — 1.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 3.5% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | |
|---|---|---|---|
| Revenue | $3.75B | $2.55B | $2.10B |
| Revenue growth | — | +22% | — |
| Gross profit | $578M | $436M | $334M |
| EBITDA | $253M | $207M | $202M |
| Net income | -$45.0M | -$59.8M | -$28.6M |
| Free cash flow | $323M | $219M | $10.3M |
| Capital expenditure | $65.6M | $37.9M | $19.0M |
| Total debt | $1.20B | $954M | $1.70B |
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 |
|---|---|---|---|---|---|---|
| Legence LGN | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% |
| Comfort Systems USA FIX | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% |
| Emcor EME | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% |
| IES IESC | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% |
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 | LGN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -45.9% | -2.2% | lowest of 21 |
| 6-month return | -72.1% | -9.7% | lowest of 21 |
| Distance from 52-week high | -74.0% | -25.2% | lowest of 21 |
| Revenue growth (TTM) | +69.2% | +4.8% | highest of 21 |
| Operating margin | 3.0% | 5.1% | 4th lowest of 21 |
| Forward P/E | 12.2× | 12.4× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 29.7% | 3.1% | most demanding of 17 |
| Growth delivered (Del g) | +69.2% | +7.5% | highest of 17 |
| Hurdle (Req g minus delivered) | -39.4 pp | -8.3 pp | least demanding of 17 |
| ROIC minus cost of capital | -11.6 pp | +3.2 pp | lowest of 19 |
| EV / EBITDA | 17.0× | 8.2× | 2nd most expensive of 15 |
| Net debt / EBITDA | 3.6× | 0.5× | 2nd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Legence LGN | United States | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% | +69.2% |
| Bravida BRAV.ST | Sweden | $3.00B | +30% | +4% | 6% | 19.0× | 5.3% | +5.9% |
| L&K Engineering (Suzhou) 603929.SS | China | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% | +39.5% |
| SINOPEC Engineering (Group) 2386.HK | Hong Kong | $3.05B | -13% | +14% | 2% | 9.0× | n/a | n/a |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| Kraftia 1959.T | Japan | $3.10B | -29% | +5% | 12% | 10.8× | 2.8% | +4.0% |
| Veidekke VEI.OL | Norway | $3.13B | +25% | +8% | 5% | 17.1× | -3.5% | +2.5% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Sinoma International Engineering 600970.SS | China | $3.15B | -14% | +3% | 5% | 9.2× | -8.3% | +10.3% |
| China Communications Services 0552.HK | Hong Kong | $3.19B | -19% | 0% | 2% | 5.7× | n/a | n/a |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Downer EDI DOW.AX | Australia | $3.21B | -6% | -7% | 4% | 15.8× | 11.1% | -3.4% |
| Ventia Services VNT.AX | Australia | $3.24B | -2% | -1% | 7% | 16.1× | -1.4% | +13.7% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Worley WOR.AX | Australia | $3.39B | -16% | -5% | 4% | 12.6× | 5.2% | +2.3% |
| Alten ATE.PA | France | $3.43B | +43% | 0% | 8% | 11.4× | 3.5% | +11.9% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
Legence reported $4.02B of remaining performance obligations at 30 Jun 2026 and down 4% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.86.