Forensic Analysis · Lumber & Wood Products · as of Nov 8, 2026
Legacy Housing Corp (LEGH)
A forensic read on Legacy Housing Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
14.7
Distress distance
4
Forensic signals
8.2%
ROE
-10.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Legacy Housing Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 14.7, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.38×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.38× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
12d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 8 to 12 days FY2024→FY2025 (receivables +37% vs revenue -11%). Receivables are creeping up relative to sales. Only 38¢ of operating cash arrived for every dollar of profit reported over FY2023–FY2025 ($59.6M against $157.9M), and the receivables balance is one of the places the rest is sitting. Across FY2023–FY2025 the day count ran 9 → 8 → 12 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-6%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
166d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 159 to 166 FY2024→FY2025 (against cost of goods sold; inventory +6% vs -6% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
7.7%
FY2025
Return on invested capital.Return on invested capital is 7.7% in the latest fiscal year and slipping across FY2023–FY2025 from 10.9%. After-tax operating profit was $51M in FY2023 and $39M in FY2025, with operating income at 34.1% of revenue in FY2023, 34.5% in FY2024 and 29.4% in FY2025. The capital base behind it went from $469M in FY2023 to $513M in FY2025 (+9%), while the revenue it carried went from $189M to $165M.
Key fundamentals
Latest Revenue$164.6M
Revenue Growth YoY-10.7%
Revenue CAGR (2yr)-6.7%
Net Margin25.4%
Free Cash Flow$28.2M
Return on Equity8.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Legacy Housing Corp's actual 10-K/10-Q/8-K filings?