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LEG, Leggett & Platt Incorporated

Household Durables capital-intensive Cyclical

Leggett & Platt, Incorporated is an international diversified manufacturer that conceives, designs, and produces a wide range of engineered components and products found in many homes and automobiles.

Today, we support our customers' product needs from raw materials to components to finished mattresses and foundations and provide distribution and fulfillment capabilities.

Our industry-leading innerspring and specialty foam technologies, innovative product development, and vertical integration allow us to create value for our customers at each step, from raw material to end consumer.

Latest annual: FY2025 10-K

LEG · Leggett & Platt Incorporated

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$4.1B

−7.5% YoY · −1% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.9B 5-yr avg $4.7B

Gross margin 19% 5-yr avg 19%

Operating margin 8.6% 5-yr avg 3.8%

ROIC 13% 5-yr avg 4%

Owner-earnings margin 4% 5-yr avg 6%

Free cash flow margin 4% 5-yr avg 6%

Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~37 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Bedding Products (38%), Furniture Flooring and Textile Products (34%) and Specialized Products (28%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 21% and operating margin about 10% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −10% and 15% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 15% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 13%). By owner earnings: roughly 7% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 3 segments, the largest Bedding Products at 38%.

Revenue by reportable segment, FY2025

Bedding Products38%$1.6B
Furniture Flooring And Textile Products34%$1.4B
Specialized Products28%$1.1B

By geographyUnited States59%Europe15%China10%Canada7%Mexico5%Other3%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$3.7B	$3.9B	$4.3B	$4.8B	$4.3B	$5.1B	$5.1B	$4.7B	$4.4B	$4.1B	$3.9B	RevenueRevenue
$902M	$882M	$889M	$1.0B	$904M	$1.0B	$977M	$854M	$749M	$744M	$735M	Gross profitGross prof.
24%	22%	21%	22%	21%	20%	19%	18%	17%	18%	19%	Gross marginGross mgn
11%	10%	10%	10%	10%	8%	8%	10%	12%	12%	13%	SG&A / revenueSG&A/rev
$545M	$475M	$445M	$494M	$411M	$598M	$489M	($85M)	($423M)	$363M	$336M	Operating incomeOp. inc.
14.5%	12.0%	10.4%	10.4%	9.6%	11.8%	9.5%	−1.8%	−9.7%	8.9%	8.6%	Operating marginOp. mgn
$487M	$432M	$384M	$404M	$328M	$522M	$404M	($173M)	($509M)	$290M	—	Pretax incomePretax
$386M	$293M	$306M	$314M	$253M	$402M	$310M	($137M)	($512M)	$235M	$219M	Net incomeNet inc.
25%	32%	20%	22%	23%	23%	23%	—	—	19%	20%	Effective tax rateTax rate
											Cash flow & returns
$553M	$444M	$440M	$668M	$603M	$271M	$441M	$497M	$306M	$338M	$237M	Operating cash flowOp. cash
$115M	$126M	$136M	$192M	$189M	$187M	$180M	$180M	—	—	—	Depreciation & amortizationD&A
$14M	($11M)	($37M)	$129M	$131M	($353M)	($78M)	$427M	$791M	$83M	($5M)	Working capital & otherWC & other
$124M	$159M	$160M	$143M	$66M	$107M	$100M	$114M	$82M	$57M	$80M	CapexCapex
3.3%	4.0%	3.7%	3.0%	1.5%	2.1%	1.9%	2.4%	1.9%	1.4%	2.1%	Capex / revenueCapex/rev
$429M	$318M	$281M	$525M	$536M	$165M	$341M	$383M	$224M	$281M	$157M	Owner earningsOwner earn.
11.4%	8.1%	6.6%	11.0%	12.5%	3.2%	6.6%	8.1%	5.1%	6.9%	4.0%	Owner earnings marginOE mgn
$429M	$284M	$281M	$525M	$536M	$165M	$341M	$383M	$224M	$281M	$157M	Free cash flowFCF
11.4%	7.2%	6.6%	11.0%	12.5%	3.2%	6.6%	8.1%	5.1%	6.9%	4.0%	Free cash flow marginFCF mgn
$30M	$39M	$109M	$1.3B	$0	$153M	$83M	$0	$0	—	$0	AcquisitionsAcquis.
$177M	$186M	$194M	$205M	$212M	$218M	$229M	$239M	$136M	$27M	$27M	Dividends paidDiv. paid
$198M	$158M	$112M	$16M	$11M	$10M	$60M	$6M	$5M	$2M	—	BuybacksBuybacks
($102M)	($165M)	($278M)	($1.4B)	($49M)	($226M)	($181M)	($91M)	($37M)	$293M	—	Investing cash flowInv. cash
($402M)	($65M)	($397M)	$731M	($462M)	($33M)	($286M)	($359M)	($270M)	($413M)	—	Financing cash flowFin. cash
($20M)	$30M	($24M)	($1M)	$9M	$500K	($19M)	$2M	($14M)	$19M	—	Exchange-rate effectFX
$29M	$244M	($258M)	($21M)	$101M	$13M	($45M)	$49M	($15M)	$237M	—	Change in cashΔ cash
23%	17%	17%	12%	11%	14%	11%	-2%	-15%	15%	13%	ROICROIC
35%	25%	26%	24%	18%	24%	19%	-10%	-74%	23%	20%	Return on equityROE
19%	9%	10%	8%	3%	11%	5%	−28%	−94%	20%	18%	Retained to equityRetained/eq
											Balance sheet
$282M	$526M	$268M	$248M	$349M	$362M	$317M	$366M	$350M	$587M	$546M	Cash & investmentsCash+inv
$451M	$522M	$545M	$564M	$535M	$620M	$609M	$565M	$503M	$434M	$518M	ReceivablesReceiv.
$520M	$571M	$634M	$637M	$692M	$993M	$908M	$820M	$723M	$623M	$638M	InventoryInvent.
$351M	$430M	$465M	$463M	$552M	$614M	$518M	$536M	$498M	$467M	$476M	Accounts payablePayables
$619M	$663M	$714M	$738M	$675M	$999M	$998M	$848M	$728M	$590M	$681M	Operating working capitalOper. WC
$1.3B	$1.8B	$1.5B	$1.5B	$1.7B	$2.1B	$2.0B	$1.9B	$1.7B	$1.7B	$1.8B	Current assetsCur. assets
$707M	$976M	$816M	$928M	$1.0B	$1.3B	$968M	$1.3B	$846M	$775M	$779M	Current liabilitiesCur. liab.
1.9×	1.8×	1.9×	1.7×	1.6×	1.5×	2.0×	1.5×	2.0×	2.2×	2.3×	Current ratioCurr. ratio
$566M	$664M	$723M	$831M	$785M	$782M	$772M	$781M	$724M	$664M	—	Net PP&ENet PP&E
$791M	$822M	$834M	$1.4B	$1.4B	$1.4B	$1.5B	$1.5B	$794M	$751M	$745M	GoodwillGoodwill
$3.0B	$3.6B	$3.5B	$4.9B	$4.8B	$5.3B	$5.2B	$4.6B	$3.7B	$3.5B	$3.6B	Total assetsAssets
$960M	$1.3B	$1.2B	$2.1B	$1.9B	$2.1B	$2.1B	$2.0B	$1.9B	$1.5B	$1.5B	Total debtDebt
$678M	$726M	$901M	$1.9B	$1.6B	$1.7B	$1.8B	$1.6B	$1.5B	$910M	$952M	Net debt / (cash)Net debt
14.0×	10.9×	7.3×	5.4×	5.0×	7.8×	5.7×	-1.0×	-4.9×	5.0×	5.4×	Interest coverageInt. cov.
$2M	$600K	$600K	$500K	$500K	$600K	$700K	$700K	$800K	$500K	—	Noncontrolling interestsNCI
$1.1B	$1.2B	$1.2B	$1.3B	$1.4B	$1.6B	$1.6B	$1.3B	$689M	$1.0B	$1.1B	Shareholders’ equityEquity
1.0%	0.9%	0.8%	0.7%	0.7%	0.7%	0.6%	0.6%	0.6%	0.5%	0.6%	Stock comp / revenueSBC/rev
$4M	$1M	—	—	$25M	—	—	—	$676M	—	—	Goodwill written downGW imp.
											Per share
140M	137M	135M	135M	136M	137M	137M	136M	137M	140M	141M	Shares out (diluted)Shares
$26.79	$28.72	$31.58	$35.10	$31.50	$37.11	$37.70	$34.67	$31.93	$29.03	$27.55	Revenue / shareRev/sh
$2.76	$2.13	$2.26	$2.32	$1.86	$2.94	$2.27	$-1.00	$-3.73	$1.69	$1.55	EPS (diluted)EPS
$3.06	$2.31	$2.08	$3.88	$3.95	$1.20	$2.50	$2.81	$1.63	$2.01	$1.11	Owner earnings / shareOE/sh
$3.06	$2.07	$2.08	$3.88	$3.95	$1.20	$2.50	$2.81	$1.63	$2.01	$1.11	Free cash flow / shareFCF/sh
$1.27	$1.35	$1.43	$1.51	$1.56	$1.60	$1.68	$1.76	$0.99	$0.19	$0.19	Dividends / shareDiv/sh
$0.89	$1.16	$1.18	$1.06	$0.49	$0.78	$0.73	$0.83	$0.59	$0.41	$0.57	Cap. spending / shareCapex/sh
$7.80	$8.67	$8.56	$9.69	$10.48	$12.06	$12.02	$9.78	$5.02	$7.32	$7.66	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+0.9%/yr	−1.6%/yr
Owner earnings / share	−4.6%/yr	−12.6%/yr
EPS	−5.3%/yr	−2.0%/yr
Dividends / share	−18.9%/yr	−34.1%/yr
Capital spending / share	−8.2%/yr	−3.4%/yr
Book value / share	−0.7%/yr	−6.9%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $235M of profit into $281M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$235M

Owner earnings$281M · 7% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$235M	($512M)	($137M)	$310M	$402M
Depreciation & amortizationnon-cash charge added back	—	—	+$180M	+$180M	+$187M
Stock-based compensationreal costnon-cash, but a real cost	+$20M	+$27M	+$28M	+$30M	+$34M
Working capital & othertiming of cash in and out, other non-cash items	+$83M	+$791M	+$427M	−$78M	−$353M
Cash from operations	$338M	$306M	$497M	$441M	$271M
Capital expenditurecash put back in to keep running and to grow	−$57M	−$82M	−$114M	−$100M	−$107M
Owner earnings	$281M	$224M	$383M	$341M	$165M
Owner-earnings marginowner earnings ÷ revenue	7%	5%	8%	7%	3%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $20M), owner earnings is nearer $261M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

In dashed depreciation years the filer's own depreciation concepts changed scope and do not reconcile with the adjacent years; the add-back is withheld rather than guessed, and its amount remains inside "Working capital & other."

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 5.0×

Adequate

Operating income $363M ÷ interest expense $73M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $1.3B · 3.6× operating profit

Meaningful net debt

Cash $587M − debt $1.9B

What this means
Netting $587M of cash and short-term investments against $1.9B of debt leaves $1.3B owed, about 3.6× a year's operating profit (5.2× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 56d

Tight

DSO 39 + DIO 69 − DPO 51 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 13%

Solid through the cycle

10-yr median, range -15%–23%; 13% latest = NOPAT $295M ÷ invested capital $2.3B

Industry peers: median 13%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 13% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 7%

Solid through the cycle

10-yr median margin, range 3%–13%; latest $281M = operating cash $338M − maintenance capex $57M

Industry peers: median 7%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 7% of revenue this year, a 7% median across 10 years. Treating stock comp as the real expense it is (less $20M of SBC) leaves $261M.
Are earnings backed by cash? 1.44×

Cash-backed

Cash from ops $338M ÷ net income $235M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 10%

Reinvests most of it

Dividends + buybacks $29M ÷ Owner Earnings $281M — this fiscal year

What this means
Of $281M Owner Earnings, $29M (10%) went back to shareholders, $27M dividends, $2M buybacks. But the buybacks barely exceed stock issued to employees ($20M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does. This year's proportion is 10%; across the record (2016–2025) it is 69%, the capital-allocation section below.
Investing or harvesting? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $4.1B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.25×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.9B vs $969M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −142%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-1.01/share (latest year $1.72), the averaged base the calculator's gate runs on, and book value is $7.48/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 10

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 4 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 12% → −1% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices but names price competition too — and the margin slipped, so the pressure is winning here.

What this means
Through the cycle the operating margin slipped — about 12% early to −1% lately, median 10% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −4%/yr

What this means
Owner earnings shrank about 4% a year over the record.
Worst year 2024 · −9.7% op. margin

What this means
Operations went underwater in 2024, understand why before trusting the good years.
Share count −0.0%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record paid

What this means
Paid a dividend in 10 of the years on record.
How management talks about it Promotional

What this means
The returns have faded, yet the filing reaches for a promoter’s vocabulary — world-class, best-in-class, disruptive — more than an owner’s. When the words sell harder than the results deliver, the gap is the thing to weigh.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.8B

Cash & short-term investments$546M
Receivables$518M
Inventory$638M
Other current assets$129M

Current liabilities$779M

Debt due within a year$2M
Accounts payable$476M
Other current liabilities$302M

Current ratio2.35×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.53×stricter: inventory excluded

Cash ratio0.70×strictest: cash alone against what's due

Working capital$1.1Bthe cushion left after near-term bills

Debt due this year vs. cash$2M due · $546M cash covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago−5.5%the freshest read on whether the business is still growing

Current ratio, recent quarters1.5× → 2.3×

Deeper floors

Tangible book value$254Mequity stripped of goodwill & intangibles

Debt incl. operating leases$150M$149M of it operating leases

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$0

'27$500M

'28$0

'29$500M

'30$0

later$500M

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$0the first rung: what must be repaid or rolled over within the year

Within two years$500Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$500Min 2027the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$1.5Bevery year plus what lies beyond, as the footnote totals it

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.

How the cash was used, 2016–2025

Over the record, the business generated $4.6B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.1B · 24%
Dividends$1.8B · 40%
Buybacks$578M · 13%
Retained (debt / cash)$1.0B · 23%

Returned to owners$2.4B
69% of the owner earnings the business produced over the span, $1.8B as dividends and $578M as buybacks.
Average price paid for buybacks—
Buybacks ran $578M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count0.9%
The diluted count barely moved (140M to 141M): buybacks roughly offset the stock issued to staff.
Dividend record$0.19/sh
Paid in 10 of the years on record, the per-share dividend shrinking about 19% a year. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$843M24% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity74%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$2.0Bover 17 years since fiscal 2008 buying other businesses, against $1.1B of capital spent building over the 10-year record

$706M written down across 4 years (2016, 2017, 2020, 2024): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 42% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Beside that spending sits $605M of cumulative amortization of acquired intangibles charged against earnings since fiscal 2008 — the purchase price of past deals, expensed over time.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and amortization summed across the company's full tagged history, write-downs across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Glassman	$9.2M	$7.0M	$165M
2022	Mr. Dolloff	$7.6M	$3.6M	$341M
2023	Mr. Dolloff	$7.3M	$3.4M	$383M
2024	Mr. Glassman	$9.9M	$4.5M	$224M
2024	Mr. J. Mitchell Dolloff	$5.7M	$920k	$224M
2025	Mr. Glassman	$10.9M	$11.6M	$281M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.4%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$20M
The slice of the business handed to employees in shares in fiscal 2025, 0.5% of revenue, equal to 5.4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$273M · 7% of revenue on the largest customer (TTM)
“We serve a broad suite of customers, with our largest customer representing approximately 7% of our trade sales in 2025.”verify →
Which reported numbers are a judgment call?
Management names Income taxes, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Household Durables

The same industry, side by side on owner economics. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
MHKMohawk Industries Inc.	$10.8B	26%	7.5%	7%	7%
SGISomnigroup International Inc.	$7.5B	42%	12.6%	16%	8%
SNSharkNinja Inc.	$6.4B	48%	11.7%	21%	6%
LEGLeggett & Platt Incorporated	$4.1B	21%	10.0%	13%	7%
LZBLa-Z-Boy Incorporated	$2.1B	42%	7.7%	18%	7%
HELEHelen of Troy	$1.8B	43%	11.8%	11%	12%
ETDEthan Allen Interiors Inc.	$615M	57%	10.7%	13%	7%
FLXSFlexsteel Industries Inc.	$459M	20%	4.6%	8%	3%
Group median	—	42%	10.3%	13%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Leggett & Platt Incorporated has delivered.

Today’s price $

Through the cycle, Leggett & Platt Incorporated earns about $304M on its 7.5% median owner-earnings margin. This year’s 6.9% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($304M) Net of stock comp (−$22M TTM) Steady-state · maintenance capex ($180M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−0%/yr

Owner-earnings growth · ’16→’25−4%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $157M on 137M shares outstanding, per the 10-Q cover, as of 2026-07-30; net debt $952M. The if-converted diluted count is 141M, 3% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($80M) runs well above depreciation (—), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $180M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh LEG against another business →

The owners of LEG: the meeting and the votes →

Cite: Owner Scorecard, "Leggett & Platt Incorporated (LEG), the owner's record," https://ownerscorecard.com/c/LEG, data as of 2026-08-17.

Manual order: ← LECO its page in the Manual LEGH →

Industry order: ← HELE the Household Durables chapter LZB →