Leggett & Platt

LEG · Consumer Discretionary · Financials, fiscal 2016 to 2025

Leggett & Platt's revenue fell 7.5% to $4.1 billion in fiscal 2025. Its net margin was 5.8%, up from −11.7% a year earlier. Free cash flow was $281 million, up 25.4%. It paid out $29 million in dividends and buybacks, 10% of free cash flow. The diluted share count rose 1.8%.

LEGGETT & PLATT INC Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0000058492-26-000107 Updated October 19, 2026

Revenue

$4.1B

7.5%

Net margin

5.8%

17.5 pts

Net income

$235M

Free cash flow

$281M

25.4%

Return on equity

27.5%

78.1 pts

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity.

About these figures. Return on capital for fiscal 2025 is blank: the 10-K's structured data doesn't include short-term borrowings. Piotroski F-score for fiscal 2025 is blank: the 10-K's structured data doesn't include short-term borrowings.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 5.3% a year and net income 5.3% a year, with the share count about the same.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Leggett & Platt yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Leggett & Platt's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share.

Value per share on three example scenarios, from Leggett & Platt's fiscal 2025 free cash flow of $281M, net cash of −$951M at June 30, 2026 and 140 million diluted shares, from its filings. The scenarios are fitted to Leggett & Platt: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -8.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Home Furnishings), plus 1 point for unsteady results (a loss in fiscal 2024); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Leggett & Platt's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 11% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Leggett & Platt's earnings per share of $1.56 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 16.7×, the average of its peers' median and the Consumer Discretionary median for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Somnigroup International, La-Z-Boy, Mohawk Industries, Crocs.

Earnings growth in the years ahead (% a year) Starts at Leggett & Platt's revenue growth over the last 3 years, -8.0% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Company	Last close	Earnings per share	P/E today
Somnigroup InternationalSGI	$62.13	$2.51	24.8×
Mohawk IndustriesMHK	$123.35	$7.56	16.3×
La-Z-BoyLZB	$29.62	$1.98	15.0×
CrocsCROX	$118.85	$11.42	10.4×
Leggett & PlattLEG	—	$1.56	—

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	362	316	366	350	587
Debt incl. finance leases	2,090	2,366	2,174	2,232	—
Net debt (negative means net cash)	1,729	2,050	1,808	1,882	—
Net debt to EBITDA	2.2x	3.1x	19.1x	—	—
Debt to equity	1.3x	1.4x	1.6x	3.2x	—
Interest coverage	7.8x	5.7x	−1.0x	−4.9x	5.0x
Current ratio	1.6x	2.0x	1.5x	2.0x	2.2x
Quick ratio	0.8x	1.1x	0.8x	1.1x	1.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of Leggett & Platt reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	—
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 9	4 of 9	—
Accruals ratio	−12.9%	−19.7%	−2.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Leggett & Platt side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Leggett & Platt	FY25	−7.5%	—	6.9%	—	—	—
Somnigroup International	FY25	51.6%	10.1%	8.5%	11.7%	4.4x	6	Compare
La-Z-Boy	FY26	0.8%	6.1%	6.0%	13.1%	−1.7x	7	Compare
Mohawk Industries	FY25	−0.5%	4.5%	5.7%	4.1%	1.1x	7	Compare
Crocs	FY25	−1.5%	3.7%	16.3%	2.8%	4.8x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,126	4,240	4,337	4,813	4,329	5,134	5,204	4,725	4,384	4,055
Revenue growth	−5.9%	2.8%	2.3%	11.0%	−10.1%	18.6%	1.4%	−9.2%	−7.2%	−7.5%
Gross profit	902	882	889	1,024	904	1,038	977	854	749	744
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	386	293	306	314	253	402	310	−137	−512	235
Diluted EPS (US$)	2.76	2.13	2.26	2.32	1.86	2.94	2.27	−1.00	−3.73	1.69
Diluted shares (millions)	140	137	135	135	136	137	136	136	137	140
Cash flow
Cash from operations	553	444	440	668	603	271	441	497	306	338
Capital expenditure	124	159	160	143	66	107	100	114	82	57
Free cash flow	429	284	281	525	536	165	341	383	224	281
Dividends paid	177	186	194	205	212	218	229	239	136	27
Share buybacks	198	158	112	16	11	10	60	6	5	2
Acquisitions	30	39	109	1,265	0	153	83	0	0	0
Stock-based compensation	37	37	36	33	29	34	30	28	26	20
Balance sheet at fiscal year end
Cash and short-term investments	282	526	268	248	349	362	316	366	350	587
Debt incl. finance leases	1,156	1,252	1,239	2,183	1,904	2,090	2,366	2,174	2,232	—
Total assets	2,984	3,551	3,382	4,855	4,800	5,307	5,186	4,634	3,662	3,536
Total liabilities	1,890	2,360	2,175	3,474	3,375	3,659	3,545	3,300	2,971	2,514
Shareholders' equity	1,092	1,190	1,157	1,312	1,425	1,648	1,641	1,333	689	1,022
Margins and ratios
Gross margin	21.9%	20.8%	20.5%	21.3%	20.9%	20.2%	18.8%	18.1%	17.1%	18.4%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	9.3%	6.9%	7.0%	6.5%	5.8%	7.8%	6.0%	−2.9%	−11.7%	5.8%
Free cash flow margin	10.4%	6.7%	6.5%	10.9%	12.4%	3.2%	6.5%	8.1%	5.1%	6.9%
Return on capital	20.1%	16.6%	17.3%	14.1%	10.1%	14.5%	10.6%	−2.0%	−11.7%	—
Return on equity	35.4%	25.6%	26.1%	25.4%	18.5%	26.2%	18.8%	−9.2%	−50.6%	27.5%
Return on assets	13.0%	8.9%	8.8%	7.6%	5.2%	8.0%	5.9%	−2.8%	−12.3%	6.5%
Net debt to EBITDA	1.4x	1.2x	1.7x	2.8x	2.6x	2.2x	3.1x	19.1x	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Leggett & Platt's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Leggett & Platt.