Corporación de Vivienda Legacy (LEGH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Legacy Housing Corporation (LEGH) revoluciona las viviendas asequibles al transformar cómo las familias de ingresos bajos a medios acceden a viviendas de calidad a través de innovadoras soluciones de viviendas manufacturadas. Con un modelo de negocio estratégico que combina diseño de vanguardia, fabricación eficiente y financiamiento flexible, Legh ofrece viviendas personalizables a costos significativamente más bajos en comparación con los métodos de construcción tradicionales. Su enfoque único permite que los compradores e inversores por primera vez desbloqueen oportunidades de propiedad de vivienda en múltiples estados, lo que hace que el sueño de las viviendas asequibles sea una realidad tangible para innumerables estadounidenses.

Legacy Housing Corporation (Legh) - Modelo de negocios: asociaciones clave

Fabricantes de casas modulares y fabricadas

A partir de 2024, Legacy Housing Corporation colabora con los siguientes fabricantes de viviendas clave:

Fabricante	Volumen de suministro anual	Duración de la asociación
Casas de Clayton	1.200 casas por año	Desde 2018
Campeones de constructores de casas	850 casas por año	Desde 2016

Proveedores de materiales de construcción

Los proveedores de materiales clave para Legh incluyen:

• 84 Lumber Company - Contrato de suministro anual de $ 3.2 millones
• Builders FirstSource - Contrato de suministro anual de $ 2.7 millones
• Madera tristar & Suministro - Contrato de suministro anual de $ 1.5 millones

Proveedores de servicios de instalación y transporte en el hogar

Asociaciones de transporte e instalación:

Proveedor de servicios	Volumen de servicio anual	Cobertura geográfica
Servicios de transporte a nivel nacional	1.450 entregas a domicilio	Texas, Oklahoma, Louisiana
Regional Home Movers Inc.	750 instalaciones para el hogar	Del sur de los Estados Unidos

Instituciones financieras para préstamos y financiamiento

Detalles de la asociación financiera principal:

• Wells Fargo - Línea de crédito de $ 25 millones
• Flagstar Bank - Asociación de préstamos de $ 18 millones
• Corporación de préstamos de vivienda fabricada - Acuerdo de financiamiento de $ 15 millones

Desarrolladores inmobiliarios y propietarios de tierras

Asociaciones de desarrollo actuales:

Desarrollador/propietario de la tierra	Desarrollo de tierras proyectado	Valor de asociación
Sunbelt Communities LLC	325 acres en Texas	$ 12.5 millones
Inversiones de tierras suroeste	215 acres en Nuevo México	$ 8.3 millones

Legacy Housing Corporation (Legh) - Modelo de negocio: actividades clave

Diseño y producción de casas fabricadas asequibles

Legacy Housing Corporation fabrica viviendas en 3 instalaciones de producción ubicadas en Texas e Idaho. A partir de 2023, la compañía produjo 2,419 casas con un precio de venta promedio de $ 84,700 por unidad.

Métrica de producción	2023 datos
Total de casas producidas	2.419 unidades
Precio promedio de la vivienda	$84,700
Instalaciones de producción	3 instalaciones

Venta de viviendas y distribución

Legacy Housing distribuye viviendas fabricadas en 31 estados, con una importante presencia en el mercado en Texas, Arizona, Nuevo México y Oklahoma.

• Total de los estados servidos: 31
• Estados del mercado primario: Texas, Arizona, Nuevo México, Oklahoma
• 2023 Ventas totales de vivienda: 2,419 unidades

Transporte e instalación

La compañía opera una flota de 42 vehículos de transporte dedicados a los servicios de entrega e instalación en el hogar.

Métrico de transporte	2023 datos
Vehículos de transporte	42 camiones
Distancia promedio de entrega	275 millas

Gestión de marketing y relación con el cliente

Legacy Housing asigna aproximadamente $ 3.2 millones anuales a iniciativas de marketing y relación con el cliente.

• Presupuesto de marketing: $ 3.2 millones
• Canales de marketing digital: sitio web, redes sociales, redes de distribuidores
• Tasa de retención de clientes: 68%

Gestión de inventario y cadena de suministro

La compañía mantiene un inventario valorado en $ 22.4 millones con una tasa de facturación de 4.5 veces al año.

Métrico de inventario	2023 datos
Valor de inventario total	$ 22.4 millones
Tasa de facturación de inventario	4.5x anualmente
Relaciones con proveedores	87 proveedores activos

Legacy Housing Corporation (Legh) - Modelo de negocios: recursos clave

Instalaciones de fabricación

Legacy Housing Corporation opera instalaciones de fabricación en:

• Waller, Texas
• Mexicali, Arizona

Ubicación	Área total de la instalación	Capacidad de producción anual
Waller, Texas	135,000 pies cuadrados	2.500 casas fabricadas por año
Mexicali, Arizona	95,000 pies cuadrados	1.800 casas fabricadas por año

Composición de la fuerza laboral

Total de empleados a partir del cuarto trimestre 2023: 453

• Trabajadores de fabricación: 312
• Ingenieros de diseño: 41
• Gestión y administración: 100

Tecnologías patentadas

Tecnología	Estado de patente	Año desarrollado
Sistema de diseño de casas modulares	Patentado	2018
Proceso de fabricación de ensamblaje rápido	Patente pendiente	2021

Métricas de reputación de la marca

• Tasa de satisfacción del cliente: 92%
• Tasa de cliente repetida: 37%
• Cuota de mercado en viviendas asequibles: 6.2%

Gestión de inventario

Métrico	Valor
Relación de rotación de inventario	4.7
Costo de retención de inventario promedio	$ 1.2 millones por trimestre

Legacy Housing Corporation (Legh) - Modelo de negocio: propuestas de valor

Soluciones de vivienda asequible para familias de bajos a medianos ingresos

A partir del cuarto trimestre de 2023, Legacy Housing Corporation reportó precios promedio de viviendas que oscilaban entre $ 74,900 y $ 125,000, apuntando a los hogares con ingresos anuales entre $ 35,000 y $ 65,000.

Soporte de ingresos	Rango de precios de la vivienda	Porcentaje del mercado objetivo
$35,000 - $45,000	$74,900 - $89,500	35%
$45,000 - $65,000	$90,000 - $125,000	45%

Casas fabricadas personalizables de alta calidad

Ofertas de viviendas heredadas 17 planos de planta estándar con opciones de personalización en múltiples series de inicio.

• Casas de un solo ancho: 14-24 pies de ancho
• Casas de doble ancho: 24-32 pies de ancho
• Modificaciones de diseño personalizados disponibles en el 60% de la línea de productos

Servicios rápidos de entrega e instalación en casa

Entrega e instalación promedio de tiempo: 4-6 semanas desde la colocación del pedido.

Tipo de inicio	El tiempo de entrega	Tiempo de instalación
De ancho	2-3 semanas	1-2 días
De doble ancho	3-4 semanas	2-3 días

Menor costo en comparación con las casas tradicionales construidas en el sitio

Comparación de costos a partir de 2023:

• Costo promedio de la casa fabricada: $ 75 por pie cuadrado
• Costo promedio de vivienda tradicional construido en el sitio: $ 150 por pie cuadrado
• Ahorros potenciales: hasta un 50% en comparación con la construcción tradicional

Opciones de financiamiento flexible para compradores de viviendas

Desglose de financiación para 2023:

Tipo de financiamiento	Disponibilidad	Rango de tasas de interés
Financiamiento interno	45% de los clientes	6.5% - 9.5%
Préstamos de la FHA	35% de los clientes	5.5% - 7.5%
Préstamos bancarios tradicionales	20% de los clientes	6% - 8%

Legacy Housing Corporation (Legh) - Modelo de negocios: relaciones con los clientes

Ventas directas a través del sitio web de la compañía y los centros de ventas

Legacy Housing Corporation opera 12 centros de ventas directas en 5 estados a partir de 2023. Las ventas en línea a través del sitio web de la compañía generaron $ 37.2 millones en ingresos en el año fiscal 2023.

Canal de ventas	Ingresos anuales	Número de centros
Ventas directas del sitio web	$ 37.2 millones	N / A
Centros de ventas físicas	$ 52.6 millones	12

Servicio y soporte personal personal

El equipo de servicio al cliente consta de 47 representantes dedicados. El tiempo de respuesta promedio es de 2.3 horas para las consultas de los clientes.

• Soporte telefónico disponible de 8 a.m. a 8 p.m. CST
• Soporte por correo electrónico con respuesta garantizada las 24 horas
• Soporte de chat en vivo en el sitio web de la compañía

Compromiso y seguimiento del cliente a largo plazo

La tasa de retención de clientes es de 68.4% a partir de 2023. El ciclo de vida promedio del cliente es de 4.7 años.

Métrico de compromiso	Valor
Tasa de retención de clientes	68.4%
Ciclo de vida promedio del cliente	4.7 años

Garantía y servicio postventa

Ofrece garantía estructural a 10 años en casas fabricadas. El tiempo promedio de procesamiento de reclamos de garantía es de 5.6 días.

• Garantía estructural de 10 años
• Garantía integral del hogar de 1 año
• Soporte de reparación de emergencia 24/7

Enfoque de marketing centrado en la comunidad

Invirtió $ 1.2 millones en iniciativas de marketing comunitario en 2023. Patrocinar 17 eventos de la comunidad local anualmente.

Inversión de marketing	Eventos comunitarios patrocinados
$ 1.2 millones	17

Legacy Housing Corporation (Legh) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Legacy Housing Corporation mantiene un equipo de ventas directo de 87 representantes de ventas en 12 estados. Ventas anuales promedio por representante: $ 1.2 millones.

Región de ventas	Número de representantes	Volumen de ventas promedio
Región sur	32	$ 1.4 millones
Región del medio oeste	25	$ 1.1 millones
Región occidental	30	$ 1.3 millones

Sitio web de la empresa y plataformas en línea

El canal de ventas en línea generó $ 42.6 millones en ingresos en 2023, lo que representa el 22% de las ventas totales de la compañía.

• Sitio web Visitantes mensuales únicos: 215,000
• Uso de la herramienta de configuración en línea: 78,000 interacciones mensuales
• Solicitudes de cotización digital: 5,600 por mes

Centros de ventas minoristas

Legacy Housing opera 46 centros de ventas minoristas en los Estados Unidos.

Región	Número de centros	Tráfico peatonal mensual promedio
Texas	18	6,200
Florida	12	4,800
Otros estados	16	3,500

Espectáculos en casa y exhibiciones de la industria

Participación anual en 37 espectáculos en el hogar y exhibiciones de la industria.

• Costos totales de exhibición: $ 1.2 millones anuales
• Promedio de cables generados por espectáculo: 340
• Tasa de conversión de los clientes potenciales: 18%

Asociaciones con agentes inmobiliarios

Red de 612 asociaciones de agentes inmobiliarios activos en los mercados objetivo.

Tipo de asociación	Número de agentes	Volumen de referencia anual
Socios preferidos	215	1.400 referencias
Socios estándar	397	850 referencias

Legacy Housing Corporation (Legh) - Modelo de negocios: segmentos de clientes

Compradores de vivienda por primera vez

A partir del cuarto trimestre de 2023, Legacy Housing Corporation se dirige a compradores de viviendas por primera vez con viviendas fabricadas asequibles con un precio de entre $ 70,000 y $ 120,000.

Características demográficas	Porcentaje
Rango de edad 25-40	62%
Rango de ingresos anuales	$35,000 - $65,000
Rango de puntaje de crédito	620-720

Familias de ingresos bajos a medios

Legacy Housing sirve a familias con ingresos familiares medios de $ 55,340 en 2023.

• Tamaño promedio del hogar: 3.1 personas
• Mercados objetivo: 18 estados en todo el sur y medio oeste de los Estados Unidos
• Precio promedio de la casa: $ 89,500

Comunidades rurales y suburbanas

Legacy Housing Corporation se centra en los mercados rurales y suburbanos con una densidad de población de menos de 500 personas por milla cuadrada.

Segmento de mercado	Porcentaje de cobertura
Comunidades rurales	68%
Comunidades suburbanas	32%

Inversores en viviendas asequibles

Los inversores institucionales e individuales representan el 22% de la base de clientes de Legacy Housing en 2023.

• Inversión promedio por inversor: $ 450,000
• Retorno típico de la inversión: 8.5% anual
• Tipos de inversión: compras de lotes individuales y múltiples

Individuos que buscan soluciones alternativas de vivienda

Legacy Housing sirve segmentos alternativos del mercado inmobiliario con configuraciones de hogar flexibles.

Segmento de vivienda alternativa	Cuota de mercado
Pequeñas casas	15%
Casas modulares	35%
Casas manufacturadas	50%

Legacy Housing Corporation (Legh) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

En 2023, Legacy Housing Corporation reportó costos de materia prima de $ 27.4 millones para componentes de vivienda fabricada. Los materiales primarios incluyen:

• Enmarcado de acero: $ 8.6 millones
• Madera: $ 6.9 millones
• Materiales para techos: $ 4.2 millones
• Aislamiento y componentes interiores: $ 5.7 millones

Gastos de fabricación y producción

Categoría de gastos	Costo anual
Operaciones de fábrica	$ 15.3 millones
Mantenimiento del equipo	$ 3.6 millones
Control de calidad	$ 2.1 millones
Utilidades	$ 1.8 millones

Transporte y logística

Los costos de transporte para 2023 totalizaron $ 12.5 millones, con el siguiente desglose:

• Transporte de camiones: $ 9.2 millones
• Envío de remolques y equipos: $ 2.3 millones
• Gastos de combustible: $ 1 millón

Costos de mano de obra y de la fuerza laboral

Los gastos laborales totales para 2023 fueron de $ 38.7 millones, estructurados de la siguiente manera:

Categoría de empleado	Compensación anual
Trabajadores manufactureros	$ 22.4 millones
Personal administrativo	$ 9.6 millones
Gestión	$ 6.7 millones

Gastos de marketing y ventas

Los costos de marketing y ventas para 2023 ascendieron a $ 6.2 millones:

• Marketing digital: $ 2.1 millones
• Participación de la feria: $ 1.5 millones
• Comisiones del equipo de ventas: $ 1.8 millones
• Publicidad: $ 0.8 millones

Legacy Housing Corporation (LEGH) - Modelo de negocios: flujos de ingresos

Ventas de viviendas

Para el año fiscal 2023, Legacy Housing Corporation reportó ingresos totales de ventas de viviendas de $ 196.4 millones, con un precio de venta promedio de $ 78,500 por casa fabricada.

Año	Ingresos totales de ventas de viviendas	Número de casas vendidas	Precio de venta promedio
2023	$ 196.4 millones	2.500 casas	$78,500

Servicios de instalación y transporte

Los servicios de instalación y transporte generaron $ 22.3 millones en ingresos para 2023, lo que representa aproximadamente el 11.4% de los flujos de ingresos totales.

Tipo de servicio	Ganancia	Porcentaje de ingresos totales
Servicios de instalación	$ 14.6 millones	7.4%
Servicios de transporte	$ 7.7 millones	4%

Financiamiento e ingresos relacionados con la hipoteca

Legacy Housing Corporation ganó $ 18.5 millones por financiamiento y servicios relacionados con las hipotecas en 2023.

• Tarifas de origen de la hipoteca: $ 12.3 millones
• Ingresos de servicio de préstamos: $ 6.2 millones

Tarifas de personalización y actualización

Los servicios de personalización y actualización contribuyeron con $ 8.7 millones a los ingresos de la compañía en 2023.

Tipo de personalización	Ganancia
Actualizaciones de interiores	$ 4.3 millones
Personalizaciones exteriores	$ 2.9 millones
Características adicionales	$ 1.5 millones

Garantía y ingresos por servicio posterior a la venta

Los servicios de garantía y posventa generaron $ 5.2 millones en ingresos para 2023.

• Planes de garantía extendidos: $ 3.1 millones
• Servicios de reparación y mantenimiento: $ 2.1 millones

Legacy Housing Corporation (LEGH) - Canvas Business Model: Value Propositions

You're looking at the core reason Legacy Housing Corporation (LEGH) attracts its customer base: sheer affordability in homeownership. The value proposition starts with the price point, which is a major differentiator in the current housing climate. For instance, Legacy Housing Corporation's retail prices for their array of quality homes range from approximately $33,000 up to $180,000 as of their 2025 reporting. This positions them squarely in the affordable housing segment, especially when you consider the median sales price for a home in the US was reported at $416,900 in the first quarter of 2025. That's a massive gap they are bridging for families.

Here is a quick look at the range of homes they offer, which speaks directly to their value proposition of providing options for diverse needs:

Specification	Data Point
Retail Price Range (Low)	$33,000
Retail Price Range (High)	$180,000
Square Footage Range	Approximately 395 to 2,667 square feet
Bedroom Count	1 to 5 bedrooms
Bathroom Count	1 to 3 1/2 bathrooms

Quality is built in, not bolted on, as Legacy Housing Corporation homes are rated and approved to strict HUD-Code construction standards and are independently certified by NTA inspectors. This commitment to standards underpins the quality aspect of the value proposition. To be fair, the company's Q3 2025 product sales were $28.8 million, showing that while unit volumes might fluctuate, the underlying product value remains a focus for the business.

The vertical integration is key to delivering that value consistently. Legacy Housing Corporation doesn't just build; they also sell and finance manufactured homes and tiny houses, providing a defintely streamlined solution for the end buyer and community owner alike. This control over the process, from design through financing, is how they manage costs while maintaining quality control at every step. This operational structure supports their financial resilience, as evidenced by their Q3 2025 book value per share rising by 10.2% year-over-year.

Speed to market is another significant value driver. The company's Texas manufacturing facilities are running at a typical pace of 3 to 4 floors per day through the end of 2025, a rate management views as exceeding the pace seen in the third quarter. This faster production cycle means quicker delivery for communities needing to house residents fast.

Innovation is woven into the offering, moving beyond basic affordability. Legacy Housing Corporation introduced pioneering features, particularly in energy efficiency, as part of their Legacy Ultimate Series. You get more than just a structure; you get modern efficiency:

• Industry-first 21 SEER concealed-duct mini-split heat pumps.
• This system is located entirely under the home, maximizing interior usable area.
• These state-of-the-art ducted mini-split systems slash energy consumption by up to 65%.
• New models feature taller roof pitches and vaulted ceilings in every room.
• Optional 8x12 shed storage module is available to free up living space.

The focus on returning value to shareholders is also part of the proposition, showing management's confidence in the underlying business model; for example, in Q2 2025, the Company repurchased 260,635 shares of common stock for $5.8 million in the open market.

Finance: draft 13-week cash view by Friday.

Legacy Housing Corporation (LEGH) - Canvas Business Model: Customer Relationships

Legacy Housing Corporation maintains a multi-faceted approach to customer relationships, blending direct sales channels with robust financing and inventory support mechanisms for its distribution network.

The core customer relationship structures involve:

• Transactional relationship for direct sales to communities.
• Dedicated personal assistance via company-owned retail stores.
• Long-term relationship management through captive financing and servicing.
• Repurchase agreements with financial institutions to support retailer inventory.

Direct sales to manufactured housing communities represent a significant channel, often involving bulk purchases. For the third quarter ended September 30, 2025, Legacy Housing Corporation reported a delivery of 420 floor sections, which reflects sales momentum in this area, following an executive comment that recent orders ensure Texas facilities run at a pace exceeding the third quarter rate through year-end. Legacy Housing Corporation also sells directly to owners of manufactured home communities.

Dedicated personal assistance is centralized through the company's owned retail footprint. As of December 31, 2024, Legacy Housing Corporation operated 13 company-owned retail locations, including 12 Heritage Housing stores and one Tiny House Outlet store, which exclusively sell their homes. These locations offer a direct window into consumer preferences and lending opportunities, helping to improve the customer experience from design through service.

Long-term relationship management is heavily supported by financing activities. Legacy Housing Corporation provides consumer financing for homes sold through both independent and company-owned locations. Furthermore, the company provides financing solutions to community owners for bulk purchases of homes intended for rental. The recent acquisition of AmeriCasa Solutions, LLC in November 2025 included a chattel mortgage loan portfolio, indicating an ongoing commitment to servicing long-term customer financing relationships. As of the end of 2024, the company noted more than 3,600 retail customers purchased their homes using their retail financing solutions.

Inventory support for the independent retailer channel is critical. Legacy Housing Corporation has inventory financing arrangements with over 125 independent retailers as of the end of 2024. These arrangements include repurchase agreements with financial institutions that provide floor plan financing to these retailers. Under these customary industry arrangements, Legacy Housing Corporation is contingently liable to repurchase products sold to retailers if the retailer defaults, though this obligation ceases when the retail customer purchases the home. The 2022 Repurchase Program related to these agreements was set to expire on October 31, 2025.

Here is a snapshot of the distribution and customer base metrics:

Metric	Value	As of Date/Period
Company-Owned Retail Locations	13	December 31, 2024
Independent Retail Locations	Over 125	December 31, 2024
Total States of Distribution	15	Primarily
Retail Customers Using Financing Solutions	More than 3,600	End of 2024
Retail Price Range for Homes	$33,000 to $180,000	General
Floor Sections Delivered	420	Q3 2025
Book Value Per Share	$21.32	June 30, 2025

The company's product pricing targets the affordable segment, with retail prices ranging from approximately $33,000 up to $180,000. The acquisition of AmeriCasa Solutions, LLC in late 2025 is expected to enhance the homebuying experience through its FutureHomeX® Platform, aiming for a more systematic and automated sales process across dealerships and communities.

Legacy Housing Corporation (LEGH) - Canvas Business Model: Channels

Legacy Housing Corporation distributes its manufactured homes and tiny houses through a multi-pronged channel strategy, focusing on both direct control and broad third-party reach across the Southern United States.

The company utilizes 13 company-owned retail locations, which exclusively sell Legacy Housing Corporation homes. As of December 31, 2024, this footprint included Heritage Housing stores and the Tiny House Outlet store.

A significant portion of distribution relies on an extensive third-party network, consisting of over 125 independent retail locations operating across 15 states as of December 31, 2024. These independent distributors also sell homes from other manufacturers.

The third primary channel involves direct sales to owners of manufactured home communities, which can be paid for upfront or under commercial loan programs.

Here is a breakdown of the distribution network as of late 2024:

Channel Type	Count/Scope	Exclusivity
Company-Owned Retail Locations	13	Exclusively Legacy Housing Corporation homes
Independent Retail Locations	Over 125	Sells other manufacturers' homes
Geographic Reach	15 states	Primarily Southern United States

The sales volume and pricing associated with these channels provide context for the channel strategy's output:

• Home sections sold during the year ended December 31, 2024: 2,471.
• Home sections sold during the second quarter ended June 30, 2025: Unit volumes contributed to a Net Revenue of $50.2 million for the quarter.
• Retail price range for homes: approximately $33,000 to $180,000.
• The company is targeting a 50 to 100% increase in retail units sold in 2026 compared to 2025, indicating a strategic push through the retail footprint.

Legacy Housing Corporation also supports its independent retailers through financing, providing inventory financing for homes purchased from the company before they are sold to the consumer.

Legacy Housing Corporation (LEGH) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Legacy Housing Corporation (LEGH) as of late 2025, which is a mix of direct consumers and business partners in the manufactured housing ecosystem.

The primary segment is consumers seeking affordable, entry-level housing in the Southern U.S. Legacy Housing focuses its current operations primarily in the southern United States. These buyers are typically households with annual incomes under $75,000. The homes offered range in retail price from approximately $33,000 to $180,000. For context on recent activity, Legacy Housing reported product sales of $28.8 million in the third quarter of 2025, with 420 floor sections delivered during that same period. The company is actively pivoting to capture higher margins from this segment through its own retail channels; management expects a 50 to 100% increase in company-owned retail units sold in 2026 compared to 2025.

The financing arm is critical to serving this consumer base. As of the second quarter of 2025, the consumer loan portfolio grew to $188 million, with 97.5% of those consumer loans performing as agreed.

This customer group can be broken down by the product they seek:

• Consumers seeking entry-level homes (under $75,000 income).
• Buyers of 'tiny houses' with over a dozen floorplan configurations.
• Homebuyers in manufactured home communities.
• Buyers needing workforce or 'man-camp' housing.
• Recreational property purchasers.

The following table summarizes the product specifications that appeal to these direct consumers:

Metric	Value Range
Square Footage Range	Approximately 395 to 2,667 square feet
Bedroom Count	1 to 5 bedrooms
Bathroom Count	1 to 3-1/2 bathrooms
Retail Price Range	Approximately $33,000 to $180,000

Next, consider independent manufactured home retailers requiring inventory financing. Legacy Housing builds, sells, and finances homes distributed through a network of these independent dealers. Historically, as of December 31, 2023, the Company provided inventory financing to over 150 independent retailers.

A third key segment involves manufactured home community owners purchasing homes in bulk. Legacy Housing sells directly to these community owners for use in their rental housing communities. The Q3 2025 delivery of 420 floor sections reflects activity across all sales channels, including these bulk community purchases.

Finally, Legacy Housing also targets niche buyers, including buyers needing workforce accommodations or recreational properties. This diverse set of customers is served by the company's broad product line, which includes singlewides, doublewides, and park models.

Legacy Housing Corporation (LEGH) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Legacy Housing Corporation (LEGH) business as of late 2025, right after their third-quarter results dropped. The structure shows a heavy reliance on controlling production costs while managing the growing expenses tied to their financing arm and external pressures like tariffs.

Manufacturing costs, including materials and labor for three plants, are clearly under strain. While Legacy Housing Corporation operates manufacturing plants in Texas and Georgia, the cost control that usually defines their model took a significant hit in the third quarter of 2025. The product gross margin fell to 20.3% in Q3 2025, a sharp drop of 900 basis points from the 29.2% seen a year prior. For the nine months ending September 30, 2025, the product gross margin was 27.7%, down from 31.6% in 2024. In 2024, the company sold 2,471 home sections, giving you a sense of the scale where these costs are applied.

The pain in manufacturing is directly linked to external factors. Costs associated with rising construction material prices and tariffs are a major driver of this margin compression. Management quantified this impact, noting that tariffs alone were adding about $1,200 to the cost of a standard floor plan. This contributed to the cost of product sales increasing by $1.6 million, or 7.5%, in the third quarter of 2025 compared to the same period in 2024.

For Selling, General, and Administrative (SG&A) expenses for retail operations, the picture is one of rising overhead, which management is now targeting for cuts. For the three months ended September 30, 2025, SG&A expenses increased by $1.3 million, representing a 20.6% rise year-over-year. Over the first nine months of 2025, SG&A was up $2.7 million, or 15.5%, compared to the prior year. These elevated expenses were driven by specific, non-recurring-sounding items:

• $900,000 increase in legal expenses for the quarter.
• $500,000 increase in loan portfolio loss expenses for the quarter.
• $500,000 increase in professional and consulting fees for the quarter.

The new interim leadership is making SG&A control their number one priority, aiming to free up $10-20 million.

The cost of capital and loan loss provisions for the financing portfolio shows a mixed bag. The financing segment remains a core strength, but it carries its own costs. Loan portfolio loss expenses specifically rose by $500,000 in Q3 2025. Still, the portfolio is growing, with the consumer loan book increasing by 12.8% to $188.1 million. The quality is high, with 97.5% of consumer loans performing as agreed. Furthermore, the recent acquisition of AmeriCasa Solutions added a chattel loan portfolio valued around $10.8 million, which carries high interest rates over 16%, suggesting a higher potential yield but also inherent risk in that specific asset class.

Here's a quick look at the key cost and related financial metrics from the latest reporting period:

Cost/Expense Category	Metric/Amount (Q3 2025 or Latest)
Product Gross Margin (Q3 2025)	20.3%
Product Gross Margin (Q3 2024)	29.2%
Tariff Cost per Standard Unit	$1,200
SG&A Increase (Q3 2025 vs. Q3 2024)	$1.3 million (or 20.6%)
Loan Portfolio Loss Expense Increase (Q3 2025 vs. Q3 2024)	$500,000
Consumer Loan Portfolio Balance	$188.1 million
Consumer Loan Performance Rate	97.5% Current
Acquired Chattel Loan Portfolio Value	$10.8 million

The cost structure is clearly being squeezed by input costs, which is why the company is pivoting hard toward higher-margin retail sales, where they estimate margins can reach 40% to 50%.

Legacy Housing Corporation (LEGH) - Canvas Business Model: Revenue Streams

You're looking at how Legacy Housing Corporation brings in the money, which is key for understanding its valuation. The revenue streams are fundamentally tied to their core business: building, selling, and financing manufactured homes and tiny houses, primarily in the southern United States.

The overall top-line performance as of late 2025 shows a Trailing Twelve Months (TTM) Revenue of approximately $0.18 Billion USD. This figure represents the total income generated over the preceding twelve months leading up to the latest reporting period.

The primary sources of income are:

• Net revenue from the sale of manufactured homes and tiny houses.
• Interest and servicing income derived from the consumer and retailer loan portfolio.
• Revenue generated from land sales, which the management noted contributed to profitability in 2025.

To give you a clearer picture of the recent performance driving that TTM number, here's a look at the reported quarterly net revenue figures for 2025 so far:

Reporting Period	Net Revenue Amount	Year-over-Year Change
Q1 2025	$35.7 million	Decrease of 17.5% from Q1 2024
Q2 2025	$50.2 million	Increase of 18.0% from Q2 2024

The Q2 2025 Net Revenue was $50.2 million, which management attributed to higher average selling prices and increased unit volumes. This shows a strong rebound or acceleration in the core sales activity compared to the first quarter of the year. The business model relies on these unit sales, where retail prices for their homes ranged from approximately $33,000 to $180,000.

While the exact breakdown isn't fully detailed in the top-line reports, the business structure inherently includes revenue from financing activities. This is the interest and servicing income from the consumer and retailer loan portfolio. Also, the mention of progress across land development projects confirms that revenue from land sales is a distinct and important component contributing to the overall profitability picture in 2025.

Finance: draft 13-week cash view by Friday.