LGN | Market Cap: $7.4B (07/13/26)
Industry:
Commercial Services

DESCRIPTION

Legence provides engineering, installation, and maintenance services for mechanical, electrical, and plumbing (MEP) systems — covering HVAC, process piping, electrical, plumbing, and building controls — in technically demanding, mission-critical facilities. Legence's core pitch is an integrated model that combines engineering and installation under one roof, which it argues reduces cost, limits change orders, and speeds delivery versus competitors that offer only one or the other. Legence operates through two segments: Engineering & Consulting (~27% of revenue), which designs and manages MEP systems and energy retrofit programs, and Installation & Maintenance (~73% of revenue), which fabricates and installs MEP components and provides recurring maintenance under annual or multi-year contracts. Data centers and technology facilities represent roughly 43% of revenue, driven by hyperscaler investment in AI infrastructure; life sciences and healthcare account for ~18%; and education ~17%. A growing portion of revenue comes from fabricating direct liquid-to-chip cooling modules — used in AI data centers — in Legence's own shops and shipping them nationwide. About 60% of revenue comes from retrofits and maintenance on existing buildings, with the remainder from new construction. Legence employs roughly 6,200 unionized craft workers and has completed approximately 24 acquisitions since 2020, most recently acquiring Bowers Group, a large mechanical contractor serving the Northern Virginia data center market.

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