Legacy Housing Corporation — Earnings Quality Grade F
LEGH · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 12 days, change +4 days YoY
AR growth 37.2% exceeds revenue growth -10.7%
Revenue -10.7%, CFFO 3.2%. Cash follows revenue
Expense Quality
Inventory growth 6.2% exceeds COGS -11.9%
CapEx growth -2.3% vs revenue -10.7%. Normal
SG&A/Gross Profit = 38.0%. Normal
Gross margin 47.4%, change +0.8pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF < 50% of Net Income for 2 years
Accruals ratio = 0.8%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 1% of equity. Manageable
Debt/EBITDA = 0.0x. Healthy
Other assets grew 148.8% vs revenue -10.7%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Insufficient data
Manipulation Score
M-Score = -2.26 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25