Legacy Education ($LGCY): cash-rich nursing colleges below peersLegacy Education Inc.BATS:LGCYLALC_CapitalLegacy Education owns four career colleges in California that train vocational nurses, sonographers, surgical technologists and other allied health workers. High Desert Medical College is the biggest, with 2,097 of the 3,377 students enrolled at 30 June 2026. The business has grown into real earnings. Revenue reached $80.1M in fiscal 2026, and adjusted EBITDA was $13.6M, up from $3.8M in fiscal 2023. Schools it already owned did most of the work, growing 16.5%, while the Contra Costa acquisition added $6.0M. The valuation is undemanding. At 8.8x trailing EBITDA, the stock sits below Universal Technical Institute (13.8x), Lincoln Educational Services (11.2x) and American Public Education (9.4x), and above only Perdoceo Education (5.7x). Cash is 17.2% of the market value, and debt is just $130k. Two things could break the case. Starts dropped in each of the last two quarters, to 1,078 in Q3 from 1,227 and to 695 in Q4 from 721, and management blamed program timing and tougher nursing entry rules. Collections are the second: receivables reached 91 days of revenue against 86 a year earlier, which held operating cash flow to $4.0M. Federal aid rules sit in the background, with High Desert at 86.8% on the nine-tenths test in FY2025. The next checkpoints are the Q1 FY2027 report in mid-November 2026 and a Houston campus planned for November, subject to approvals. Not investment advice.