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LEG

Leggett & Platt, Incorporated

LEG

Leggett & Platt, Incorporated • NYSE
$10.26 ▲ 1.18% (+0.12)
Market Cap $1.39 B
52w High $12.76
52w Low $6.48
Dividend Yield 0.20%
P/E 6.37
Volume 800.24K
Outstanding Shares 135.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.036B ▼ $128.3M ▲ $127.1M ▲ 12.264% ▲ $0.92 ▲ $200.5M ▲
Q2-2025 $1.058B ▲ $118.4M ▼ $52.5M ▲ 4.962% ▲ $0.38 ▲ $120.1M ▲
Q1-2025 $1.022B ▼ $128.6M ▼ $30.6M ▲ 2.994% ▲ $0.22 ▲ $95.5M ▲
Q4-2024 $1.056B ▼ $129.6M ▲ $14.2M ▼ 1.344% ▼ $0.1 ▼ $80M ▼
Q3-2024 $1.102B $127M $44.9M 4.076% $0.33 $114.1M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $460.7M ▲ $3.525B ▼ $2.553B ▼ $971.8M ▲
Q2-2025 $368.8M ▼ $3.704B ▼ $2.848B ▼ $855.8M ▲
Q1-2025 $412.6M ▲ $3.749B ▲ $3.001B ▲ $747.6M ▲
Q4-2024 $350.2M ▲ $3.662B ▼ $2.971B ▼ $689.4M ▼
Q3-2024 $277.2M $3.78B $3.038B $741M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $127.2M ▲ $125.9M ▲ $277.8M ▲ $-312.9M ▼ $91.9M ▲ $110.1M ▲
Q2-2025 $52.5M ▲ $84M ▲ $16.4M ▲ $-153.8M ▼ $-43.8M ▼ $75.5M ▲
Q1-2025 $30.6M ▲ $6.8M ▼ $-6.1M ▲ $60M ▲ $62.4M ▼ $-6.5M ▼
Q4-2024 $14.2M ▼ $122.3M ▲ $-17.8M ▼ $-23.4M ▲ $73M ▲ $100.5M ▲
Q3-2024 $44.9M $95.5M $-200K $-129.5M $-29.8M $77.1M

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Intersegment Eliminations
Intersegment Eliminations
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Specialized Products
Specialized Products
 $300.00M ▲$300.00M ▲$300.00M ▲$280.00M ▼
Bedding Products
Bedding Products
 $450.00M ▲$430.00M ▼$0 ▼$0 ▲
Furniture Flooring And Textile Products
Furniture Flooring And Textile Products
 $360.00M ▲$330.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue peaked a few years ago and has been drifting lower since, reflecting a tougher demand environment in bedding, furniture, and related markets. Profitability has compressed meaningfully: operating profit margins are down from earlier years, and the last two years show net losses instead of the steady earnings the company produced before. The move from solid profits to red ink suggests a mix of weaker volume, pricing pressure, and restructuring or other costs weighing on results. Overall, the income statement shows a mature business working through a cyclical and operational downturn, not a growth phase.

Balance Sheet

Balance Sheet The balance sheet shows a company that has shrunk somewhat in size while carrying a sizeable debt load. Total assets have edged down from earlier highs, and shareholders’ equity has been noticeably eroded by recent losses, which mechanically pushes leverage higher. Debt levels have stayed fairly steady rather than being paid down, while cash on hand has remained modest but relatively stable. This combination—lower equity, steady debt, and flat cash—means the balance sheet has become more stretched and depends on continued cash generation and successful restructuring to stay comfortable.

Cash Flow

Cash Flow Despite weak accounting earnings recently, the company is still generating positive cash from its operations each year. Free cash flow has generally been positive as well, helped by disciplined and relatively modest capital spending. Cash flow was strongest a few years ago, dipped during the restructuring and softer demand period, but has remained in the black. The key takeaway is that cash generation has held up better than the income statement might suggest, which gives management some flexibility, but there is not a wide margin of safety if conditions worsen.

Competitive Edge

Competitive Edge Leggett & Platt operates as a key components supplier rather than a consumer brand, which anchors it deeply into customers’ products and supply chains. Its scale, global manufacturing footprint, and long-standing relationships with major bedding, furniture, and automotive players create switching costs and customer stickiness. Vertical integration in steel and components, plus a large patent portfolio—especially in bedding technologies—add cost and technology advantages that are difficult for smaller rivals to match. The flip side is that many of its end markets are cyclical and price-sensitive, so even with a strong competitive position, earnings can swing with housing, consumer spending, and auto production cycles.

Innovation and R&D

Innovation and R&D The company has a long track record of incremental, engineering‑driven innovation rather than splashy, high-risk bets. In bedding, it continues to refine innerspring designs, edge-support systems, micro-coils, and adjustable bases, often protected by patents and tailored to major mattress brands. In automotive and specialized products, it focuses on comfort and motion systems—motors, actuators, lumbar and massage features—that can evolve alongside trends like electrification and autonomous driving. Current restructuring efforts are also an “innovation in operations,” aiming to simplify the manufacturing footprint and improve efficiency. Overall, R&D is tightly tied to customer needs and manufacturability, which supports its component-supplier role and reinforces the moat, but it is unlikely to transform the business overnight.

Summary

Leggett & Platt today looks like a durable, but challenged, industrial company navigating a difficult phase of its cycle. The business has shifted from steady profits to recent losses, pressured by softer demand and restructuring costs, while its balance sheet has become more leveraged as equity declined. Cash flows remain positive and provide some cushion, but they need to stay healthy to comfortably support debt and fund ongoing changes. Competitively, the firm still benefits from scale, vertical integration, patents, and deep customer relationships in bedding and automotive components, which give it a meaningful moat. The central questions going forward are whether the restructuring can restore margins, how quickly end‑market demand recovers, and how effectively the company can use its innovation engine to support more profitable growth in a maturing, cyclical set of industries.

NEWS

November 6, 2025 · 11:05 AM UTC

Leggett & Platt Announces Quarterly Dividend of $.05

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October 27, 2025 · 4:10 PM UTC

Leggett & Platt Reports 3Q 2025 Results

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September 29, 2025 · 9:00 AM UTC

Leggett & Platt Announces 3Q 2025 Earnings Call

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