Leggett & Platt Inc
NYSE:LEG
Leggett & Platt Inc
Leggett & Platt Inc. embodies the ingenuity of American manufacturing, weaving its storied history into the fabric of everyday life. Founded in 1883 by J.P. Leggett and C.B. Platt in Carthage, Missouri, the company originally launched with a focus on bedding components. This dedication to a simple design—initially an innovative bedspring—has blossomed over more than a century into a vast product empire. Today, Leggett & Platt operates through multiple segments, including Bedding Products, Furniture Products, and Specialized Products, serving both households and businesses worldwide. The company leverages its deep expertise in engineering and design, applying it to a myriad of applications that range from car seat mechanisms to steel drawn wires, thereby ensuring it remains deeply interwoven into multiple consumer and industrial markets.
The genius of Leggett & Platt lies in its ability to generate revenues by anchoring its operations in essential, often unseen components that power products across various industries. Despite their presence in niche markets, the company cleverly capitalizes on the volume-driven nature of these sectors. By introducing innovations and maintaining robust partnerships with manufacturers and retailers, Leggett & Platt ensures continuous demand for its products. By placing high value on operational efficiency and diverse geographic presence, they secure a steady cash flow. Their unassuming components may not gain individual recognition, but by being integral to the construction of goods people use daily—like furniture and automobiles—Leggett & Platt reaffirms its position as a silent giant of the manufacturing world.
Leggett & Platt Inc. embodies the ingenuity of American manufacturing, weaving its storied history into the fabric of everyday life. Founded in 1883 by J.P. Leggett and C.B. Platt in Carthage, Missouri, the company originally launched with a focus on bedding components. This dedication to a simple design—initially an innovative bedspring—has blossomed over more than a century into a vast product empire. Today, Leggett & Platt operates through multiple segments, including Bedding Products, Furniture Products, and Specialized Products, serving both households and businesses worldwide. The company leverages its deep expertise in engineering and design, applying it to a myriad of applications that range from car seat mechanisms to steel drawn wires, thereby ensuring it remains deeply interwoven into multiple consumer and industrial markets.
The genius of Leggett & Platt lies in its ability to generate revenues by anchoring its operations in essential, often unseen components that power products across various industries. Despite their presence in niche markets, the company cleverly capitalizes on the volume-driven nature of these sectors. By introducing innovations and maintaining robust partnerships with manufacturers and retailers, Leggett & Platt ensures continuous demand for its products. By placing high value on operational efficiency and diverse geographic presence, they secure a steady cash flow. Their unassuming components may not gain individual recognition, but by being integral to the construction of goods people use daily—like furniture and automobiles—Leggett & Platt reaffirms its position as a silent giant of the manufacturing world.
Sales Decline: Leggett & Platt reported Q4 sales of $939 million, down 11% year-over-year, and full-year 2025 sales fell 7% to $4.05 billion, mainly due to weak residential demand and divestitures.
EPS & Margins: Q4 EPS was $0.18, and adjusted EPS rose 5% to $0.22; full-year EPS was $1.69 and adjusted EPS was $1.05, flat from 2024.
Restructuring: The company nearly completed its 2024 restructuring, achieving $70 million in annualized EBIT benefits at a lower cost than expected. Additional operational improvements are being explored.
2026 Guidance: For 2026, sales are expected to be $3.8–$4.0 billion (down 1–6%), with adjusted EPS guidance of $1.00–$1.20. Adjusted EBIT margin is projected at 6.3–7.0%.
Balance Sheet: Proceeds from the Aerospace divestiture and cash flow reduced net debt by $376 million, lowering net leverage to 2.4x, approaching the 2x target.
Demand Outlook: Management expects continued depressed residential demand in 2026 with no market recovery assumed in forecasts. Bedding and Specialized segments are guided to be flat to down low single digits in volume.
Capital Allocation: Near-term priorities are debt reduction, with longer-term focus on organic growth, selective acquisitions, and returning capital to shareholders.
