Legence (LGN)
Engineers, installs, and maintains MEP systems for data centers and other demanding facilities.
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Designs, installs, and maintains HVAC and other MEP systems for data centers, life-science and healthcare facilities, schools, and other technically demanding buildings. Revenue comes chiefly from installation and fabrication, complemented by engineering, project management, and recurring maintenance; most customer contracts are fixed-price.
Designs, fabricates, installs, and maintains HVAC, electrical, plumbing, process-piping, and building-control systems for technically demanding facilities. Engineering & Consulting covers MEP design, energy-use strategies, and project management; Installation & Maintenance handles fabrication, construction, preventive maintenance, and repair. Work spans new buildings and retrofits across the United States, led by data centers and technology, then life sciences, healthcare, and education.
Combines engineers, energy consultants, tradespeople, and service technicians to carry projects from design through upkeep, including custom prefabrication and modular construction. Revenue is weighted toward installation and fabrication; maintenance is commonly sold under multiyear agreements. Most contracts are fixed-price, tying results to estimating and execution, while operations depend on licensed labor, union agreements, safety rules, and local building and MEP codes.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 19, 2026 | Tigress Financial | Reiterate | Rating: —Target: $125 | Target: $130 |
| Aug 14, 2026 | BMO Capital | Reiterate | Rating: —Target: $100 | Target: $105 |
| Aug 14, 2026 | BTIG | Reiterate | Rating: —Target: $40 | Target: $100 |
| Jul 10, 2026 | Guggenheim | Reiterate | Rating: —Target: $106 | Target: $115 |
| Jun 22, 2026 | Barclays | Reiterate | Rating: —Target: $60 | Target: $80 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $292.0M · Total debt $1.20B · Total assets $3.74B · Shareholders' equity $600.5M
- Revenue
- $1.26B
- Operating income
- $34.7M
- Net income
- −$27.8M
No dividends on record.
| Institutions | ≈ 77.39% | 83.64M shares | |
|---|---|---|---|
| 276 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.19% | 205.0K shares | |
| 11 holders · as of Sep 22, 2026 | |||
| Strategic holders | 37.82% | 40.88M shares | |
| 1 holder · as of May 1, 2026 | |||
| Adds to | 115.40% | ||
108.08M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (108.08M in the company's Sep 23, 2026 report, 67.34M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 115.40%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Legence Parent LLC1Strategic10 percent owner | 37.82% | 40.88M COMPANY | filed May 1, 2026 |
Blackstone Inc.Institution | 18.02% | 19.48M A | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 4.19% | 4.52M A | as of Jun 30, 2026 |
Jupiter Topco LLCInstitution | 2.67% | 2.88M A | as of Jun 30, 2026 |
Franklin Resources IncInstitution | 2.66% | 2.87M A | as of Jun 30, 2026 |
- Legence Parent LLC's own ownership statement (13G, May 1, 2026) reports fewer shares than the transaction reports; the statement is used.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 18, 2026 | Philippe le Bris | officer: Chief Accounting Officer | −1,058 | $55.01 |
| Sep 15, 2026 | Philippe le Bris | officer: Chief Accounting Officer | −4,196 | $54.06 |
| Apr 9, 2026 | Legence Parent ML LLC | 10 percent owner | −15,394,112 | $54.00 |
| Apr 9, 2026 | EMA III L.L.C. Blackstone | 10 percent owner | −15,394,112 | $54.00 |
| Jan 8, 2026 | Legence Parent ML LLC | 10 percent owner | −1,260,326 | $45.00 |
- EMCOR Group
US leader in mechanical/electrical construction for data centers and healthcare.
- Comfort Systems USA
Named in LGN 10-K; national MEP contractor with 45% of revenue in data centers.
- APi Group
Specialty contractor with HVAC services and ~8% of revenue in data centers.
- Stantec
Named in LGN 10-K; engineering consultant in MEP design and decarbonization.
- Limbach
Mission-critical MEP contractor in healthcare, data centers, and life sciences.
- Ameresco
Cleantech integrator; own 10-K names CMTA (Legence) as a direct competitor.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Legence | $53.13 | −2.06% | $6.57B | — | 23.5 | 1.8 | — |
| EMCOR Group | $758.36 | +0.25% | $33.37B | 23.6 | 21.7 | 1.8 | +19.8% |
| Comfort Systems USA | $1,625.08 | −0.00% | $57.16B | 40.0 | 30.8 | 5.1 | +50.3% |
| APi Group | $38.04 | +0.74% | $16.32B | — | 20.5 | 1.9 | +13.3% |
| Stantec | $70.63 | −0.62% | $8.11B | 22.6 | 21.4 | 1.4 | −13.1% |
| Limbach | $50.97 | −2.13% | $620.9M | 20.8 | 12.2 | 0.9 | +22.0% |
| Ameresco | $23.13 | −4.50% | $1.29B | 46.6 | 16.5 | 0.6 | +9.1% |
| Median | 23.6 | 21.0 | 1.6 | +16.5% |