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Side-by-side financial comparison of Legence Corp. (LGN) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
Legence Corp. is the larger business by last-quarter revenue ($708.0M vs $677.3M, roughly 1.0× WATTS WATER TECHNOLOGIES INC). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 14.7% vs -0.1%, a 14.8% gap on every dollar of revenue. On growth, Legence Corp. posted the faster year-over-year revenue change (26.2% vs 21.4%). Legence Corp. produced more free cash flow last quarter ($137.4M vs $6.6M).
Legence Corp is a leading sustainable building and decarbonization solution provider. It delivers energy efficiency optimization, building automation design, renewable energy integration, and low-carbon retrofit services for commercial, industrial, and institutional clients, with core operations across North America to help customers cut costs and reduce carbon footprints.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
LGN vs WTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $708.0M | $677.3M |
| Net Profit | $-576.0K | $99.6M |
| Gross Margin | 20.9% | 48.1% |
| Operating Margin | 5.3% | 19.6% |
| Net Margin | -0.1% | 14.7% |
| Revenue YoY | 26.2% | 21.4% |
| Net Profit YoY | 46.8% | 34.6% |
| EPS (diluted) | $-0.02 | $2.97 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $677.3M | ||
| Q4 25 | — | $625.1M | ||
| Q3 25 | $708.0M | $611.7M | ||
| Q2 25 | — | $643.7M | ||
| Q1 25 | — | $558.0M | ||
| Q4 24 | — | $540.4M | ||
| Q3 24 | $560.8M | $543.6M | ||
| Q2 24 | — | $597.3M |
| Q1 26 | — | $99.6M | ||
| Q4 25 | — | $83.7M | ||
| Q3 25 | $-576.0K | $82.2M | ||
| Q2 25 | — | $100.9M | ||
| Q1 25 | — | $74.0M | ||
| Q4 24 | — | $67.5M | ||
| Q3 24 | $-1.1M | $69.1M | ||
| Q2 24 | — | $82.0M |
| Q1 26 | — | 48.1% | ||
| Q4 25 | — | 49.5% | ||
| Q3 25 | 20.9% | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | 21.1% | 47.3% | ||
| Q2 24 | — | 47.7% |
| Q1 26 | — | 19.6% | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | 5.3% | 18.2% | ||
| Q2 25 | — | 21.0% | ||
| Q1 25 | — | 15.7% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 4.8% | 17.1% | ||
| Q2 24 | — | 18.7% |
| Q1 26 | — | 14.7% | ||
| Q4 25 | — | 13.4% | ||
| Q3 25 | -0.1% | 13.4% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 13.3% | ||
| Q4 24 | — | 12.5% | ||
| Q3 24 | -0.2% | 12.7% | ||
| Q2 24 | — | 13.7% |
| Q1 26 | — | $2.97 | ||
| Q4 25 | — | $2.50 | ||
| Q3 25 | $-0.02 | $2.45 | ||
| Q2 25 | — | $3.01 | ||
| Q1 25 | — | $2.21 | ||
| Q4 24 | — | $2.02 | ||
| Q3 24 | — | $2.06 | ||
| Q2 24 | — | $2.44 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $176.0M | $374.7M |
| Total DebtLower is stronger | $812.6M | $197.8M |
| Stockholders' EquityBook value | $387.9M | $2.1B |
| Total Assets | $2.6B | $2.9B |
| Debt / EquityLower = less leverage | 2.10× | 0.09× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $374.7M | ||
| Q4 25 | — | $405.5M | ||
| Q3 25 | $176.0M | $457.7M | ||
| Q2 25 | — | $369.3M | ||
| Q1 25 | — | $336.8M | ||
| Q4 24 | — | $386.9M | ||
| Q3 24 | — | $303.9M | ||
| Q2 24 | — | $279.4M |
| Q1 26 | — | $197.8M | ||
| Q4 25 | — | — | ||
| Q3 25 | $812.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.1B | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | $387.9M | $2.0B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.6B |
| Q1 26 | — | $2.9B | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | $2.6B | $2.7B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B |
| Q1 26 | — | 0.09× | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.10× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $162.1M | $17.9M |
| Free Cash FlowOCF − Capex | $137.4M | $6.6M |
| FCF MarginFCF / Revenue | 19.4% | 1.0% |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | — | 0.18× |
| TTM Free Cash FlowTrailing 4 quarters | — | $317.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $17.9M | ||
| Q4 25 | — | $154.7M | ||
| Q3 25 | $162.1M | $122.4M | ||
| Q2 25 | — | $69.7M | ||
| Q1 25 | — | $55.2M | ||
| Q4 24 | — | $139.5M | ||
| Q3 24 | — | $90.7M | ||
| Q2 24 | — | $85.3M |
| Q1 26 | — | $6.6M | ||
| Q4 25 | — | $140.3M | ||
| Q3 25 | $137.4M | $110.9M | ||
| Q2 25 | — | $59.5M | ||
| Q1 25 | — | $45.6M | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | — | $84.3M | ||
| Q2 24 | — | $78.5M |
| Q1 26 | — | 1.0% | ||
| Q4 25 | — | 22.4% | ||
| Q3 25 | 19.4% | 18.1% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | — | 15.5% | ||
| Q2 24 | — | 13.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | 3.5% | 1.9% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.1% |
| Q1 26 | — | 0.18× | ||
| Q4 25 | — | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LGN
| Installation And Fabrication | $408.7M | 58% |
| Engineering And Design | $110.9M | 16% |
| Program And Project Management | $101.2M | 14% |
| Maintenance And Service | $87.1M | 12% |
WTS
| segment net | $517.8M | 76% |
| Other | $159.5M | 24% |
