Legacy Housing Corporation

LEGH · Materials · $642.0M mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power42

Median gross margin 28.9% over 8y, stable.

Returns on capital64

Median ROIC 12.7%, above the 9% hurdle in 88% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 1729x.

Capital discipline74

Owner earnings +10.0%/yr, share count flat.

Margin of safety

Above valueOn sale

6% above value

Owner earnings (normalized): $54.5M
Est. intrinsic value / share: $25.41
Recent price: $26.96
Discount to value: 6% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LEGH. See the disclaimer.