LGNLegence Corp.

Construction - Special Trade Contractors

Revenue: $2.6B; 22% YoY
Operating margin: 2.4%; 28% YoY
EBITDA: $162M; 3.3% YoY
Market cap: $4.2B
Employees: 7,000; $364K revenue each
Net debt / EBITDA: 4.4×; $716M net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 1 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$364K · 38th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$1.3B net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.6B	$2.1B	$2.6B	22%
Operating income	$10M	$70M	$62M	12%
Net income	−$46M	−$29M	−$60M	109%
Operating cash flow	$34M	$29M	$257M	778%
Capex	$17M	$19M	$38M	100%
Stock-based comp	$10M	$5M	$68M	1148%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1.3B · 8
Net: −$1.3B

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$12M	141	107