Legacy Housing Corporation (Legh): Business Model Canvas [Jan-2025 Mis à jour]

Legacy Housing Corporation (Legh) révolutionne les logements abordables en transformant à quel point les familles à revenu intermédiaire accèdent à des maisons de qualité grâce à des solutions innovantes de logement manufacturé. Avec un modèle commercial stratégique qui combine une conception de pointe, une fabrication efficace et un financement flexible, LeGH offre des maisons personnalisables à des coûts nettement inférieurs par rapport aux méthodes de construction traditionnelles. Leur approche unique permet aux nouveaux acheteurs et aux investisseurs de débloquer des opportunités d'accession à la propriété dans plusieurs États, ce qui rend le rêve de logement abordable une réalité tangible pour d'innombrables Américains.

Legacy Housing Corporation (Legh) - Modèle d'entreprise: partenariats clés

Fabricants de maisons modulaires et manufacturées

En 2024, Legacy Housing Corporation collabore avec les principaux fabricants de maisons suivants:

Fabricant	Volume de l'offre annuelle	Durée du partenariat
Maisons de Clayton	1 200 maisons par an	Depuis 2018
Champion des constructeurs à domicile	850 maisons par an	Depuis 2016

Fournisseurs de matériaux de construction

Les principaux fournisseurs de matériaux pour Legh comprennent:

• 84 Lumber Company - 3,2 millions de dollars Contrat d'offre annuel
• Builders FirstSource - Contrat d'offre annuel de 2,7 millions de dollars
• Tristar & Offre - 1,5 million de dollars Contrat d'offre annuel

Fournisseurs de services d'installation et de transport à domicile

Partenariats de transport et d'installation:

Fournisseur de services	Volume de services annuel	Couverture géographique
Services de transport à l'échelle nationale	1 450 livraisons à domicile	Texas, Oklahoma, Louisiane
Régional Home Movers Inc.	750 installations domestiques	Du sud des États-Unis

Institutions financières pour les prêts et le financement

Détails du partenariat financier principal:

• Wells Fargo - Ligne de crédit de 25 millions de dollars
• Flagstar Bank - 18 millions de dollars Partnership de prêt
• Corporation de prêt de logement manufacturé - Contrat de financement de 15 millions de dollars

Promoteurs immobiliers et propriétaires de terres

Partenariats de développement actuels:

Développeur / propriétaire de terre	Développement des terres projetées	Valeur de partenariat
Sunbelt Communities LLC	325 acres au Texas	12,5 millions de dollars
Investissements terrestres du sud-ouest	215 acres au Nouveau-Mexique	8,3 millions de dollars

Legacy Housing Corporation (Legh) - Modèle d'entreprise: activités clés

Conception et production de maisons manufacturées abordables

Legacy Housing Corporation fabrique des maisons dans 3 installations de production situées au Texas et en Idaho. En 2023, la société a produit 2 419 maisons avec un prix de vente moyen de 84 700 $ par unité.

Métrique de production	2023 données
Total des maisons produites	2 419 unités
Prix ​​moyen des maisons	$84,700
Installations de production	3 installations

Ventes et distribution de maisons

Le logement hérité distribue des maisons fabriquées dans 31 États, avec une présence importante sur le marché au Texas, en Arizona, au Nouveau-Mexique et en Oklahoma.

• Les États totaux servis: 31
• États du marché primaire: Texas, Arizona, Nouveau-Mexique, Oklahoma
• 2023 Ventes totales de maisons: 2 419 unités

Transport et installation

La société exploite une flotte de 42 véhicules de transport dédiés aux services de livraison et d'installation à domicile.

Métrique de transport	2023 données
Véhicules de transport	42 camions
Distance de livraison moyenne	275 miles

Gestion du marketing et de la relation client

Le logement hérité alloue environ 3,2 millions de dollars par an aux initiatives de marketing et de relation client.

• Budget marketing: 3,2 millions de dollars
• Canaux de marketing numérique: site Web, réseaux sociaux, réseaux de concessionnaires
• Taux de rétention de la clientèle: 68%

Gestion des stocks et chaîne d'approvisionnement

La société maintient un inventaire d'une valeur de 22,4 millions de dollars avec un taux de rotation de 4,5 fois par an.

Métrique des stocks	2023 données
Valeur d'inventaire total	22,4 millions de dollars
Taux de rotation des stocks	4.5x par an
Relations avec les fournisseurs	87 fournisseurs actifs

Legacy Housing Corporation (Legh) - Modèle d'entreprise: Ressources clés

Installations de fabrication

Legacy Housing Corporation exploite des installations de fabrication dans:

• Waller, Texas
• Mexicali, Arizona

Emplacement	Zone totale des installations	Capacité de production annuelle
Waller, Texas	135 000 pieds carrés	2 500 maisons fabriquées par an
Mexicali, Arizona	95 000 pieds carrés	1 800 maisons fabriquées par an

Composition de la main-d'œuvre

Total des employés au quatrième trimestre 2023: 453

• Travailleurs de fabrication: 312
• Ingénieurs de conception: 41
• Gestion et administration: 100

Technologies propriétaires

Technologie	Statut de brevet	Année développée
Système de conception de maisons modulaires	Breveté	2018
Processus de fabrication d'assemblage rapide	Brevet en instance	2021

Métriques de la réputation de la marque

• Taux de satisfaction client: 92%
• Taux client répété: 37%
• Part de marché dans le logement abordable: 6,2%

Gestion des stocks

Métrique	Valeur
Ratio de rotation des stocks	4.7
Coût de maintien des stocks moyens	1,2 million de dollars par trimestre

Legacy Housing Corporation (Legh) - Modèle d'entreprise: propositions de valeur

Solutions de logements abordables pour les familles à revenu faible à moyen

Au quatrième trimestre 2023, Legacy Housing Corporation a déclaré que les prix moyens des maisons allant de 74 900 $ à 125 000 $, ciblant les ménages avec des revenus annuels entre 35 000 $ et 65 000 $.

Tranche de revenu	Gamme de prix des maisons	Pourcentage du marché cible
$35,000 - $45,000	$74,900 - $89,500	35%
$45,000 - $65,000	$90,000 - $125,000	45%

Maisons fabriquées personnalisables de haute qualité

Offres de logements hérités 17 plans d'étage standard avec des options de personnalisation sur plusieurs séries de maisons.

• Maisons à large: 14-24 pieds de large
• Maisons à deux larges: 24 à 32 pieds de large
• Modifications de conception personnalisées disponibles dans 60% de la gamme de produits

Services de livraison et d'installation à domicile rapides

Time de livraison et d'installation moyenne: 4 à 6 semaines à compter du placement des commandes.

Type de maison	Délai de livraison	Temps d'installation
À large	2-3 semaines	1-2 jours
À deux larges	3-4 semaines	2-3 jours

Coût moindre par rapport aux maisons traditionnelles construites du site

Comparaison des coûts à partir de 2023:

• Coût moyen de la maison fabriquée: 75 $ par pied carré
• Coût moyen traditionnel de la maison du site: 150 $ par pied carré
• Économies potentielles: jusqu'à 50% par rapport à la construction traditionnelle

Options de financement flexibles pour les acheteurs de maison

Déclai de financement pour 2023:

Type de financement	Disponibilité	Fourchette de taux d'intérêt
Financement interne	45% des clients	6.5% - 9.5%
Prêts FHA	35% des clients	5.5% - 7.5%
Prêts bancaires traditionnels	20% des clients	6% - 8%

Legacy Housing Corporation (Legh) - Modèle d'entreprise: relations avec les clients

Ventes directes via le site Web de l'entreprise et les centres de vente

Legacy Housing Corporation exploite 12 centres de vente directs dans 5 États en 2023. Les ventes en ligne sur le site Web de l'entreprise ont généré 37,2 millions de dollars de revenus au cours de l'exercice 2023.

Canal de vente	Revenus annuels	Nombre de centres
Ventes directes du site Web	37,2 millions de dollars	N / A
Centres de vente physiques	52,6 millions de dollars	12

Service client et assistance personnel

L'équipe du service à la clientèle se compose de 47 représentants dédiés. Le temps de réponse moyen est de 2,3 heures pour les demandes des clients.

• Prise en charge du téléphone disponible de 8 h à 20 h 00 CST
• Assistance par e-mail avec une réponse garantie 24h / 24
• Support de chat en direct sur le site Web de l'entreprise

Engagement et suivi des clients à long terme

Le taux de rétention de la clientèle est de 68,4% en 2023. Le cycle de vie moyen des clients est de 4,7 ans.

Métrique de l'engagement	Valeur
Taux de rétention de la clientèle	68.4%
Cycle de vie moyen des clients	4,7 ans

Service de garantie et de ventes après les ventes

Offre une garantie structurelle à 10 ans sur les maisons manufacturées. Le temps de traitement des réclamations de garantie moyenne est de 5,6 jours.

• Garantie structurelle à 10 ans
• Garantie complète d'un an
• Assistance de réparation d'urgence 24/7

Approche marketing axée sur la communauté

A investi 1,2 million de dollars dans des initiatives de marketing communautaire en 2023. Parrain 17 événements communautaires locaux par an.

Investissement en marketing	Événements communautaires parrainés
1,2 million de dollars	17

Legacy Housing Corporation (Legh) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Legacy Housing Corporation maintient une équipe de vente directe de 87 représentants commerciaux dans 12 États. Ventes annuelles moyennes par représentant: 1,2 million de dollars.

Région de vente	Nombre de représentants	Volume moyen des ventes
Région du Sud	32	1,4 million de dollars
Région du Midwest	25	1,1 million de dollars
Région occidentale	30	1,3 million de dollars

Site Web de l'entreprise et plateformes en ligne

Le canal de vente en ligne a généré 42,6 millions de dollars de revenus en 2023, ce qui représente 22% du total des ventes d'entreprises.

• Site Web Visiteurs mensuels uniques: 215 000
• Utilisation de l'outil de configuration en ligne: 78 000 interactions mensuelles
• Demandes de devis numérique: 5 600 par mois

Centres de vente au détail

Legacy Housing exploite 46 centres de vente au détail aux États-Unis.

Région	Nombre de centres	Trafficage à pied mensuel moyen
Texas	18	6,200
Floride	12	4,800
Autres États	16	3,500

Spectacles à domicile et expositions de l'industrie

Participation annuelle à 37 expositions à domicile et expositions de l'industrie.

• Total des coûts d'exposition: 1,2 million de dollars par an
• Leads moyens générés par spectacle: 340
• Taux de conversion à partir des chefs d'exposition: 18%

Partenariats avec des agents immobiliers

Réseau de 612 partenariats d'agents immobiliers actifs sur les marchés cibles.

Type de partenariat	Nombre d'agents	Volume de référence annuel
Partenaires préférés	215	1 400 références
Partenaires standard	397	850 références

Legacy Housing Corporation (Legh) - Modèle d'entreprise: segments de clientèle

Acheteurs de maisons pour la première fois

Au quatrième trimestre 2023, Legacy Housing Corporation cible les nouveaux acheteurs de maisons avec des maisons manufacturées abordables au prix entre 70 000 $ et 120 000 $.

Caractéristiques démographiques	Pourcentage
Tranche d'âge de 25 à 40 ans	62%
Gamme de revenus annuelle	$35,000 - $65,000
Plage de cotes de crédit	620-720

Familles faibles à revenu moyen

Le logement hérité dessert les familles avec un revenu médian des ménages de 55 340 $ en 2023.

• Taille moyenne du ménage: 3,1 personnes
• Marchés cibles: 18 États du sud et du Midwest des États-Unis
• Prix ​​médian des maisons: 89 500 $

Communautés rurales et suburbaines

Legacy Housing Corporation se concentre sur les marchés ruraux et suburbains avec une densité de population inférieure à 500 personnes par mile carré.

Segment de marché	Pourcentage de couverture
Communautés rurales	68%
Communautés de banlieue	32%

Investisseurs dans un logement abordable

Les investisseurs institutionnels et individuels représentent 22% de la clientèle de l'héritage des Legacy Housing en 2023.

• Investissement moyen par investisseur: 450 000 $
• Retour sur investissement typique: 8,5% par an
• Types d'investissement: achats mono-lot et multi-lot

Individus à la recherche de solutions de logement alternatives

Le logement hérité sert des segments de marché de logements alternatifs avec des configurations de maisons flexibles.

Segment du logement alternatif	Part de marché
Minuscules maisons	15%
Maisons modulaires	35%
Maisons fabriquées	50%

Legacy Housing Corporation (Legh) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

En 2023, Legacy Housing Corporation a déclaré des coûts de matières premières de 27,4 millions de dollars pour les composants du logement manufacturé. Les matériaux primaires comprennent:

• Cadrage en acier: 8,6 millions de dollars
• Lumber: 6,9 millions de dollars
• Matériaux de toiture: 4,2 millions de dollars
• Isolation et composants intérieurs: 5,7 millions de dollars

Frais de fabrication et de production

Catégorie de dépenses	Coût annuel
Opérations d'usine	15,3 millions de dollars
Entretien de l'équipement	3,6 millions de dollars
Contrôle de qualité	2,1 millions de dollars
Services publics	1,8 million de dollars

Transport et logistique

Les coûts de transport pour 2023 ont totalisé 12,5 millions de dollars, avec la ventilation suivante:

• Transport des camions: 9,2 millions de dollars
• Expédition de remorque et d'équipement: 2,3 millions de dollars
• Dépenses de carburant: 1 million de dollars

Coûts de main-d'œuvre et de main-d'œuvre

Les dépenses totales de main-d'œuvre pour 2023 étaient de 38,7 millions de dollars, structurées comme suit:

Catégorie des employés	Compensation annuelle
Fabrication de travailleurs	22,4 millions de dollars
Personnel administratif	9,6 millions de dollars
Gestion	6,7 millions de dollars

Dépenses de marketing et de vente

Les coûts de marketing et de vente pour 2023 s'élevaient à 6,2 millions de dollars:

• Marketing numérique: 2,1 millions de dollars
• Participation des salons commerciaux: 1,5 million de dollars
• Commissions de l'équipe de vente: 1,8 million de dollars
• Publicité: 0,8 million de dollars

Legacy Housing Corporation (Legh) - Modèle d'entreprise: Strots de revenus

Ventes à domicile

Pour l'exercice 2023, Legacy Housing Corporation a déclaré un chiffre d'affaires total de 196,4 millions de dollars, avec un prix de vente moyen de 78 500 $ par maison manufacturée.

Année	Revenu total des ventes de maisons	Nombre de maisons vendues	Prix ​​de vente moyen
2023	196,4 millions de dollars	2 500 maisons	$78,500

Services d'installation et de transport

Les services d'installation et de transport ont généré 22,3 millions de dollars de revenus pour 2023, ce qui représente environ 11,4% du total des sources de revenus.

Type de service	Revenu	Pourcentage du total des revenus
Services d'installation	14,6 millions de dollars	7.4%
Services de transport	7,7 millions de dollars	4%

Financement et revenu lié à l'hypothèque

Legacy Housing Corporation a gagné 18,5 millions de dollars des services financiers et liés aux hypothèques en 2023.

• Frais d'origine hypothécaire: 12,3 millions de dollars
• Revenu de service de prêt: 6,2 millions de dollars

Frais de personnalisation et de mise à niveau

Les services de personnalisation et de mise à niveau ont contribué à 8,7 millions de dollars aux revenus de l'entreprise en 2023.

Type de personnalisation	Revenu
Mises à niveau intérieure	4,3 millions de dollars
Personnages extérieurs	2,9 millions de dollars
Fonctionnalités supplémentaires	1,5 million de dollars

Revenus de service de garantie et de ventes après les ventes

Les services de garantie et de ventes après-vente ont généré 5,2 millions de dollars de revenus pour 2023.

• Plans de garantie prolongés: 3,1 millions de dollars
• Services de réparation et d'entretien: 2,1 millions de dollars

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.