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Engineering & construction · Industrials · Fiscal year ends Dec 31
Legence reported revenue of $2.6B in the fiscal year ended Dec 2025, up 21.5% from the year before. Operating income was $62M, an operating margin of 2.4%, and net income was −$60M. Operating cash flow of $257M less capital expenditure of $38M left free cash flow of $219M. Net debt was $582M.
Ranks among the 23 engineering & construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 1,615 | 2,099 | 2,550 |
| Cost of revenue | 1,300 | 1,668 | 2,015 |
| Gross profit | 315 | 431 | 536 |
| Selling, general & admin | 186 | 243 | 343 |
| Operating income | 10.3 | 70.4 | 61.6 |
| Interest expense | 68.2 | 91.6 | 102 |
| Pre-tax income | −53.9 | −23.1 | −55.1 |
| Income tax | −7.9 | 4.5 | 22.2 |
| Net income | −46.0 | −28.6 | −59.8 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | – | 81.2 | 230 |
| Receivables | – | 449 | 584 |
| Inventory | – | 10.2 | 11.3 |
| Current assets | – | 756 | 1,110 |
| Net PP&E | – | 73.4 | 92.3 |
| Goodwill | 676 | 781 | 764 |
| Total assets | – | 2,353 | 2,679 |
| Payables | – | 127 | 246 |
| Deferred revenue | 165 | 164 | 339 |
| Current liabilities | – | 411 | 708 |
| Long-term debt | – | 1,586 | 812 |
| Total liabilities | – | 2,149 | 1,891 |
| Shareholders' equity | – | – | 392 |
| Backlog (remaining obligations) | – | – | 2,785 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 33.9 | 29.3 | 257 |
| Capital expenditure | 17.1 | 19.0 | 37.9 |
| Free cash flow | 16.8 | 10.3 | 219 |
| Depreciation & amortisation | 80.2 | 97.2 | 100 |
| Stock-based compensation | 10.1 | 5.4 | 67.6 |
| Acquisitions | 120 | 225 | 16.5 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 29.9% | 21.5% |
| Operating income growth (YoY) | – | 585.7% | −12.5% |
| Gross margin | 19.5% | 20.5% | 21.0% |
| Operating margin | 0.6% | 3.4% | 2.4% |
| Net margin | −2.8% | −1.4% | −2.3% |
| Return on equityBlank when equity is negative | – | – | −15.2% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 3.6% | 3.1% |
| Free cash flow margin | 1.0% | 0.5% | 8.6% |
| Cash conversion (CFO ÷ net income) | −0.74x | −1.02x | −4.30x |
| Receivable days | – | 78 | 84 |
| Inventory days | – | 2 | 2 |
| Payable days | – | 28 | 45 |
| Interest cover | 0.15x | 0.77x | 0.61x |
| Debt ÷ equity | – | – | 2.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 1,505 | 582 |
| Current ratio | – | 1.84x | 1.57x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.