Legence Corp. (LGN)

Nasdaq · Construction - Special Trade Contractors

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

44 entities across 13 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-03-30 — see the exhibit.

Which other public companies file entities in the same places:

Delaware18 California6 Maryland5 New York3 New Jersey2 North Dakota2 New Mexico2 Kentucky1 Massachusetts1 Minnesota1 Texas1 Pennsylvania1

Subsidiaries of Legence Corp. as disclosed in its SEC filing
Entity	Jurisdiction	Note
Legence Holdings LLC	Delaware
A.O. Reed & Co., LLC	California
AMA Commissioning + Building Systems, LLC	New York
AMA Consulting Engineers Holdings LLC	Delaware
AMA Design Build, LLC	New Jersey
AMA Design-Build, LLC	California
AMA Management Services LLC	Delaware
BCP 8 Therma Upper Feeder L.L.C.	Delaware
Bel-Aire Mechanical, LLC	Delaware
Black Bear Energy, Inc.	Delaware
Bowers National, LLC	Maryland
Building Systems Holdings, LLC	North Dakota
CMTA Facility Solutions LLC	Delaware
CMTA, Inc.	Kentucky
Engineered Solutions, Inc.	Massachusetts
G1-Therma Blocker, LLC	Delaware
Gilbert Mechanical Contractors, LLC	Delaware
ICS Consulting, LLC	Minnesota
Legence Payroll Advisory, LLC	Delaware
Legence Payroll Solutions, LLC	Delaware
Legence PubCo Sub LLC	Delaware
Legence Therma LLC	Delaware
LORD Green Real Estate Strategies, LLC	Texas
Obermiller Nelson Engineering, LLC	North Dakota
OCI Associates, LLC	Delaware
P2S LP	California
Provident Energy Consulting, LLC	Pennsylvania
RE Tech Advisors, LLC	Virginia
RM Mechanical, a joint venture	California
San Jose Boiler Works, Inc.	California
Shadpour Consulting Engineers, LP	California
Skyline Engineering, L.L.C.	New Jersey
Technical Systems Solutions & Measurement, LLC	New York
The Bowers Automotive Group, LLC	Maryland
Therma Intermediate LLC	Delaware
Therma LLC	Delaware
TM Technology Partners, LLC	New York
VarcoMac LLC	Delaware
W.E. Bowers & Associates, LLC	Maryland
W.E. Bowers Group, LLC	Maryland
W.E. Bowers, LLC	Maryland
Yearout LLC	Delaware
Yearout Mechanical, LLC	New Mexico
Yearout Services, LLC	New Mexico

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

FAILReturn on assets positiveROA -2.2%
PASSOperating cash flow positiveOCF 257M
FAILReturn on assets improving-1.2% → -2.2%
PASSCash flow exceeds earningsOCF 257M vs NI -60M
FAILLong-term debt ratio fallingno debt reported
FAILCurrent ratio improving1.84 → 1.57
FAILNo share dilutionno data
PASSGross margin improving20.5% → 21.0%
PASSAsset turnover improving0.89× → 0.95×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2023	$1.6B	−$46.0M	$16.8M	19.5%	—
FY2024	$2.1B	−$28.6M	$10.3M	20.5%	—
FY2025	$2.6B	−$59.8M	$218.9M	21.0%	—

Ownership flow

13 institutions tracked — 10 added, 1 reduced, 2 opened a new position. Index money added 3,010,025 shares while active managers cut 473,733.

Institutional holders of Legence Corp. and their share-count change
Manager	Kind	Shares	Change	Value
FMR LLC	Active fund	974,787	−1,983,572	$83.1M
BlackRock, Inc.	Index	4,523,195	+1,876,001	$385.5M
GEODE CAPITAL MANAGEMENT, LLC	Index	1,555,495	+659,542	$132.6M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	1,180,400	+600,700	$100.6M
STATE STREET CORP	Index	1,296,500	+474,482	$110.5M
JPMORGAN CHASE & CO	Active fund	735,740	+223,138	$59.5M
CITADEL ADVISORS LLC	Hedge fund	335,998	+214,483	$28.6M
SOROS FUND MANAGEMENT LLC	Hedge fund	328,000	+195,346	$28.0M
MORGAN STANLEY	Active fund	435,506	+135,974	$37.1M
BANK OF AMERICA CORP /DE/	Active fund	777,550	+97,333	$66.3M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	69,605	+42,865	$5.9M

NORGES BANK, AQR CAPITAL MANAGEMENT LLC hold a position with no prior filing to compare against, so their change is unknown rather than zero — and they are left out of the totals above.

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0002052568
SIC: 1700 · Construction - Special Trade Contractors
Incorporated: DE
Headquarters: SAN JOSE, CA

Ownership

Institutional: 114.0%
Institutions: 357
Insiders: 0.3%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other construction - special trade contractors companies

Legence Corp. files under SIC 1700 — all 4 construction - special trade contractors companies compared on assets and F-score.

ARGAN INCAGX Concrete Pumping Holdings, Inc.BBCP MATRIX SERVICE COMTRX

Questions about Legence Corp.

How many subsidiaries does Legence Corp. file with the SEC?: 44, listed in its most recent exhibit 21. They are incorporated across 13 jurisdictions, led by Delaware, California, New York. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Legence Corp. financially healthy?: Legence Corp. scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of Legence Corp.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), GEODE CAPITAL MANAGEMENT, LLC (adding), STATE STREET CORP (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

44 entities across 13 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-03-30 — see the exhibit.

Entity

Jurisdiction

Note

Legence Holdings LLC

Delaware

A.O. Reed & Co., LLC

California

AMA Commissioning + Building Systems, LLC

New York

AMA Consulting Engineers Holdings LLC

Delaware

AMA Design Build, LLC

New Jersey

AMA Design-Build, LLC

California

AMA Management Services LLC

Delaware

BCP 8 Therma Upper Feeder L.L.C.

Delaware

Bel-Aire Mechanical, LLC

Delaware

Black Bear Energy, Inc.

Delaware

Bowers National, LLC

Maryland

Building Systems Holdings, LLC

North Dakota

CMTA Facility Solutions LLC

Delaware

CMTA, Inc.

Kentucky

Engineered Solutions, Inc.

Massachusetts

G1-Therma Blocker, LLC

Delaware

Gilbert Mechanical Contractors, LLC

Delaware

ICS Consulting, LLC

Minnesota

Legence Payroll Advisory, LLC

Delaware

Legence Payroll Solutions, LLC

Delaware

Legence PubCo Sub LLC

Delaware

Legence Therma LLC

Delaware

LORD Green Real Estate Strategies, LLC

Texas

Obermiller Nelson Engineering, LLC

North Dakota

OCI Associates, LLC

Delaware

P2S LP

California

Provident Energy Consulting, LLC

Pennsylvania

RE Tech Advisors, LLC

Virginia

RM Mechanical, a joint venture

California

San Jose Boiler Works, Inc.

California

Shadpour Consulting Engineers, LP

California

Skyline Engineering, L.L.C.

New Jersey

Technical Systems Solutions & Measurement, LLC

New York

The Bowers Automotive Group, LLC

Maryland

Therma Intermediate LLC

Delaware

Therma LLC

Delaware

TM Technology Partners, LLC

New York

VarcoMac LLC

Delaware

W.E. Bowers & Associates, LLC

Maryland

W.E. Bowers Group, LLC

Maryland

W.E. Bowers, LLC

Maryland

Yearout LLC

Delaware

Yearout Mechanical, LLC

New Mexico

Yearout Services, LLC

New Mexico

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

FAILReturn on assets positiveROA -2.2%
PASSOperating cash flow positiveOCF 257M
FAILReturn on assets improving-1.2% → -2.2%
PASSCash flow exceeds earningsOCF 257M vs NI -60M
FAILLong-term debt ratio fallingno debt reported
FAILCurrent ratio improving1.84 → 1.57
FAILNo share dilutionno data
PASSGross margin improving20.5% → 21.0%
PASSAsset turnover improving0.89× → 0.95×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2023

$1.6B

−$46.0M

$16.8M

19.5%

—

FY2024

$2.1B

−$28.6M

$10.3M

20.5%

—

FY2025

$2.6B

−$59.8M

$218.9M

21.0%

—

Ownership flow

13 institutions tracked — 10 added, 1 reduced, 2 opened a new position. Index money added 3,010,025 shares while active managers cut 473,733.

Institutional holders of Legence Corp. and their share-count change
Manager	Kind	Shares	Change	Value
FMR LLC	Active fund	974,787	−1,983,572	$83.1M
BlackRock, Inc.	Index	4,523,195	+1,876,001	$385.5M
GEODE CAPITAL MANAGEMENT, LLC	Index	1,555,495	+659,542	$132.6M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	1,180,400	+600,700	$100.6M
STATE STREET CORP	Index	1,296,500	+474,482	$110.5M
JPMORGAN CHASE & CO	Active fund	735,740	+223,138	$59.5M
CITADEL ADVISORS LLC	Hedge fund	335,998	+214,483	$28.6M
SOROS FUND MANAGEMENT LLC	Hedge fund	328,000	+195,346	$28.0M
MORGAN STANLEY	Active fund	435,506	+135,974	$37.1M
BANK OF AMERICA CORP /DE/	Active fund	777,550	+97,333	$66.3M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	69,605	+42,865	$5.9M

NORGES BANK, AQR CAPITAL MANAGEMENT LLC hold a position with no prior filing to compare against, so their change is unknown rather than zero — and they are left out of the totals above.

Questions about Legence Corp.

How many subsidiaries does Legence Corp. file with the SEC?

44, listed in its most recent exhibit 21. They are incorporated across 13 jurisdictions, led by Delaware, California, New York. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Legence Corp. financially healthy?

Legence Corp. scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of Legence Corp.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), GEODE CAPITAL MANAGEMENT, LLC (adding), STATE STREET CORP (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.