Free cash flow generation has become increasingly unstable, shifting from a positive 11.0% margin in 2023Q4 to a negative 8.8% margin in 2026Q1 due to significant working capital outflows.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 275.3M | 338.2M | 305.7M | 497.2M | 441.4M | 271.3M | 602.6M | 668M | 440.3M | 443.7M | 552.6M | 359.1M | 381.9M | 416.9M | 449.7M | 328.9M | 362.5M | 565.3M | 436.2M | 613.7M | 478.9M | 448.3M | 342.5M | 395.3M | 455.9M | 534.5M | 440.8M | 370.8M | 354.9M | 288.3M | 238.1M |
| Operating CF Margin % | - | 8.33% | 6.97% | 10.52% | 8.58% | 5.35% | 14.08% | 14.06% | 10.31% | 11.25% | 14.74% | 9.17% | 10.1% | 11.13% | 12.09% | 9.05% | 10.79% | 18.5% | 10.7% | 14.25% | 8.7% | 8.46% | 6.73% | 9.01% | 10.67% | 12.99% | 10.31% | 9.81% | 10.53% | 9.91% | 9.65% |
| Operating CF Growth % | -904.46% | 10.63% | -38.52% | 12.64% | 62.7% | -54.98% | -9.79% | 51.71% | -0.77% | -19.71% | 53.88% | -5.97% | -8.4% | -7.29% | 36.73% | -9.27% | -35.87% | 29.6% | -28.92% | 28.15% | 6.83% | 30.89% | -13.36% | -13.29% | -14.71% | 21.26% | 18.88% | 4.48% | 23.1% | 21.08% | 17.18% |
| Net Income | 224.8M | 235.4M | -511.4M | -136.8M | 309.9M | 402.6M | 247.7M | 314.1M | 306.1M | 292.7M | 386.2M | 329.2M | 101.2M | 199.7M | 250.5M | 156.4M | 182.8M | 115M | 104.4M | -11.2M | 300.3M | 251.3M | 285.4M | 205.9M | 233.1M | 187.6M | 264.1M | 290.5M | 248M | 208.3M | 153M |
| Depreciation & Amortization | 118.6M | 120.9M | 136M | 177.9M | 179.8M | 187.3M | 189.4M | 191.9M | 136.1M | 125.9M | 115.4M | 113.2M | 117.9M | 122.6M | 116.1M | 116.9M | 122.8M | 130.3M | 140.4M | 183.4M | 175.4M | 171.1M | 177.2M | 167M | 164.6M | 196.6M | 173.3M | 149.3M | 127.9M | 105.6M | 92.2M |
| Stock-Based Compensation | 3.6M | 0 | 26.5M | 27.6M | 30.1M | 34.2M | 29.2M | 33M | 35.5M | 36.6M | 37.1M | 45.2M | 41.6M | 36.3M | 33.8M | 35.3M | 37.6M | 38M | 41.6M | 49M | 48.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -20.2M | -20.2M | -58M | -129.2M | -15.7M | -8.5M | -22.5M | 800K | -1.3M | 67.3M | 17.6M | 24.1M | -39.8M | -32.9M | -21.9M | -1.1M | 30.2M | 44M | 25.5M | -56.1M | 5.3M | -35.6M | 3.4M | 15.9M | 17.7M | -19.6M | 13.1M | -6.7M | 17.3M | -1.5M | -13.4M |
| Other Non-Cash Items | -80.5M | -81.2M | 682.6M | 441.7M | 15.3M | -6.7M | 66.3M | 27.2M | 9.9M | 1.4M | -18.8M | 18.2M | 107.4M | 64.8M | 13.8M | 35.2M | 6.6M | 52.4M | 73.9M | 266.9M | 13.3M | 52.4M | -9M | 7.3M | 8.1M | -11.7M | -1.8M | -4.3M | 7.2M | 5.8M | -12.5M |
| Working Capital Changes | 29.3M | 83.3M | 30M | 116M | -78M | -337.6M | 92.5M | 101M | -46M | -80.2M | 15.1M | -170.8M | 53.6M | 26.4M | 57.4M | -13.8M | -17.5M | 185.6M | 50.4M | 181.7M | -64M | 9.1M | -114.5M | -800K | 32.4M | 181.6M | -7.9M | -58M | -45.5M | -29.9M | -24.3M |
| Change in Receivables | 59M | 85.4M | 42.5M | 48.6M | -26.6M | -75M | 24.3M | 53M | -637.9M | -40.6M | 3.4M | -16.4M | -97.7M | -13.3M | 60.6M | -29.5M | -34.7M | 105.7M | 54.1M | 98.9M | 11.1M | -96.5M | -109.2M | -79.5M | 84.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.7M | 35M | 44.7M | 86.5M | 96.1M | -305M | -19.7M | 73.8M | -54.3M | -48.1M | -33.3M | -49.1M | -21.9M | -4.1M | -39.1M | -16.3M | -31.2M | 87.6M | 49.9M | 65.5M | -61.2M | -50.4M | -69.9M | 27.4M | -24.5M | 84.7M | -8.7M | -74M | -6.6M | -15M | -10.3M |
| Change in Payables | -22.9M | -27.5M | -27.9M | 13.7M | -102.1M | 63.5M | 83M | -39.4M | 36.2M | 58.8M | 50.8M | -54.3M | 47.5M | 35M | 27.4M | 29.4M | 24.9M | 18.4M | -46.8M | 13M | -5.3M | 17.4M | 23M | 8M | -1.22B | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 289.4M | 293.3M | -36.6M | -91.3M | -181.2M | -226.2M | -49M | -1.42B | -263.9M | -153.3M | -67.4M | -62.9M | -88M | -68.4M | -289.2M | -54.8M | -65.1M | -72.5M | 263.3M | -158M | -231.5M | -338.5M | -170.4M | -206.1M | -146.3M | -181.2M | -437.2M | -441M | -258M | -282.8M | -189M |
| Capital Expenditures | -68.2M | -57.2M | -81.6M | -113.8M | -100.3M | -106.6M | -66.2M | -143.1M | -159.6M | -159.4M | -124M | -103.2M | -94.1M | -80.6M | -71M | -75M | -67.7M | -83M | -118.3M | -148.8M | -166.3M | -164.2M | -157.1M | -136.6M | -124M | -128M | -422M | -449.2M | -264.7M | -291M | -96.2M |
| CapEx % of Revenue | 1.73% | 1.41% | 1.86% | 2.41% | 1.95% | 2.1% | 1.55% | 3.01% | 3.74% | 4.04% | 3.31% | 2.63% | 2.49% | 2.15% | 1.91% | 2.06% | 2.02% | 2.72% | 2.9% | 3.46% | 3.02% | 3.1% | 3.09% | 3.11% | 2.9% | 3.11% | 9.87% | 11.89% | 7.85% | 10% | 3.9% |
| Acquisitions | 65.2M | 350.5M | 0 | 0 | -79.1M | -114.1M | 14.8M | -1.27B | -104.3M | 6.1M | 56.6M | -11.1M | -70.4M | -6.7M | -234M | -6.6M | -4.9M | -2.8M | -10.3M | -111.3M | -83.2M | -181M | -46.4M | -120.4M | -45.6M | -95.1M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 292.4M | 0 | 45M | 22.5M | -1.8M | -5.5M | 2.4M | -10M | -13.9M | -11.7M | -34.6M | 51.4M | 76.5M | 18.9M | 15.8M | -4.6M | 7.5M | 13.3M | 391.9M | 102.1M | 18M | 6.7M | 33.1M | 50.9M | 23.3M | 41.9M | -15.2M | 8.2M | 6.7M | 8.2M | -92.8M |
| Cash from Financing | -465.1M | -413.2M | -270M | -358.8M | -286.2M | -32.8M | -461.7M | 731.1M | -387.1M | -46.2M | -456.5M | -358.1M | -233.8M | -434.9M | -37.7M | -282.3M | -313.6M | -408.7M | -733.5M | -391.5M | -186.1M | -532.3M | -124.7M | 29.7M | -271.8M | -203.4M | 13.1M | 7.3M | -21.1M | -1.5M | -53.6M |
| Debt Issued (Net) | -821M | -376.2M | -125.9M | -107.1M | 5M | 184.9M | -227.8M | 947M | -85.8M | 281.5M | 6.5M | -3.3M | 87M | -180.4M | 201.6M | 65.1M | -45.8M | -64.2M | -275.8M | -34M | 73M | -187M | 59M | 211.4M | -95M | -59.6M | 145.5M | 157M | 52.8M | 50.1M | -16.5M |
| Equity Issued (Net) | -3.8M | -2.4M | -4.9M | -6M | -60.3M | -6.3M | -9.1M | -7.1M | -107.6M | -155M | -193.1M | -183.2M | -127.9M | -132.5M | 5.6M | -204.8M | -106.3M | -188M | -290.6M | -229.9M | -139.7M | -226.9M | -73.8M | -79M | -80.5M | -51.3M | -49.2M | -77.5M | -8.5M | 900K | -5.1M |
| Dividends Paid | -27.1M | -27M | -136.3M | -239.4M | -229.2M | -218.3M | -211.5M | -204.6M | -193.7M | -185.6M | -177.4M | -171.6M | -167.5M | -124.9M | -199.5M | -155.9M | -154.9M | -157.2M | -165.1M | -124.8M | -121.1M | -118.4M | -109.9M | -102.7M | -96.3M | -92.5M | -78.6M | -69.1M | -59.9M | -48M | -30.3M |
| Share Repurchases | -3.8M | -2.4M | -4.9M | -6M | -60.3M | -9.8M | -10.6M | -16.4M | -112.4M | -157.6M | -198M | -191.5M | -149.7M | -169.4M | -30M | -225.3M | -130.1M | -192M | -296.5M | -237.1M | -150.3M | -236.4M | -99.9M | -82.8M | -93.7M | -63.2M | -53.9M | -81.5M | -13.5M | -5.7M | -10.1M |
| Other Financing | 386.8M | -7.6M | -2.9M | -6.3M | -1.7M | 6.9M | -13.3M | -4.2M | -9.8M | -5.4M | -38.2M | 8.9M | 4.8M | 3.5M | -44.3M | 13.3M | -6.6M | 700K | -2M | -2.8M | 1.7M | 0 | 0 | 0 | 0 | 0 | -4.6M | -3.1M | -5.5M | -4.5M | -1.7M |
| Net Change in Cash | 97.9M | 237.2M | -15.3M | 49M | -45.2M | 12.8M | 101.3M | -20.5M | -258M | 244.2M | 28.7M | -79.6M | 60.1M | -86.4M | 122.8M | -8.2M | -16M | 95.8M | -40.7M | 73.5M | 67M | -426.4M | 47.4M | 218.9M | 37.8M | 149.9M | 16.7M | -62.9M | 75.8M | 4M | -4.5M |
| Free Cash Flow | 207.1M | 281M | 224.1M | 383.4M | 341.1M | 164.7M | 536.4M | 524.9M | 280.7M | 284.3M | 428.6M | 255.9M | 287.8M | 336.3M | 378.7M | 253.9M | 294.8M | 482.3M | 317.9M | 464.9M | 312.6M | 284.1M | 185.4M | 258.7M | 331.9M | 406.5M | 18.8M | -78.4M | 90.2M | -2.7M | 141.9M |
| FCF Margin % | 5.24% | 6.92% | 5.11% | 8.11% | 6.63% | 3.25% | 12.53% | 11.04% | 6.57% | 7.21% | 11.43% | 6.53% | 7.61% | 8.98% | 10.18% | 6.98% | 8.78% | 15.79% | 7.8% | 10.8% | 5.68% | 5.36% | 3.65% | 5.9% | 7.77% | 9.88% | 0.44% | -2.07% | 2.68% | -0.09% | 5.75% |
| FCF Growth % | -17.03% | 25.39% | -41.55% | 12.4% | 107.1% | -69.3% | 2.19% | 87% | -1.27% | -33.67% | 67.49% | -11.08% | -14.42% | -11.2% | 49.15% | -13.87% | -38.88% | 51.71% | -31.62% | 48.72% | 10.03% | 53.24% | -28.33% | -22.05% | -18.35% | 2062.23% | 123.98% | -186.92% | 3440.74% | -101.9% | 29.83% |
| FCF per Share | 1.47 | 2.01 | 1.63 | 2.81 | 2.50 | 1.20 | 3.95 | 3.88 | 2.08 | 2.07 | 3.06 | 1.79 | 2.01 | 2.32 | 2.59 | 1.73 | 1.92 | 3.02 | 1.89 | 2.59 | 1.68 | 1.47 | 0.94 | 1.32 | 1.67 | 2.04 | 0.09 | -0.39 | 0.45 | -0.01 | 0.77 |
| FCF Conversion (FCF/Net Income) | 0.92x | 1.44x | -0.60x | -3.63x | 1.42x | 0.67x | 2.38x | 2.13x | 1.44x | 1.52x | 1.43x | 1.10x | 3.90x | 2.11x | 1.81x | 2.15x | 2.05x | 5.06x | 4.18x | -54.79x | 1.59x | 1.78x | 1.20x | 1.92x | 1.96x | 2.85x | 1.67x | 1.28x | 1.43x | 1.38x | 1.69x |
| Interest Paid | 0 | 0 | 84.9M | 85.8M | 84M | 66.6M | 74.8M | 77.3M | 61.8M | 40.1M | 37.5M | 43.6M | 40.1M | 45.2M | 38.2M | 37.3M | 37.2M | 37.8M | 49.7M | 59.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 82.4M | 98.8M | 125.2M | 126.8M | 108.6M | 84.2M | 92.8M | 90.6M | 112.3M | 91.6M | 84.6M | 71.1M | 76.3M | 48.8M | 62.7M | 44.7M | 51.6M | 118.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Working Capital Volatility
As reported in recent financial filings, the relationship between net income and operating cash flow has become increasingly erratic, with the OCF/NI ratio swinging from 8.61 in 2024Q4 to a negative 2.81 in 2026Q1, signaling significant volatility in the underlying quality of reported earnings.
The wide divergence between net income and operating cash flow suggests that non-cash charges and working capital swings are heavily distorting the company's true cash-generating capacity. Investors should monitor whether this disconnect reflects structural inefficiencies in the conversion process or merely temporary accounting noise related to the ongoing manufacturing restructuring.
Based on the company's quarterly cash flow statements, free cash flow margins have exhibited extreme instability, plummeting from a positive 11.0% in 2023Q4 to a negative 8.8% in 2026Q1, which underscores the difficulty of maintaining cash flow generation during periods of sustained top-line contraction.
The inability to maintain positive free cash flow suggests that the company's current cost structure is not sufficiently flexible to offset the decline in demand. This trajectory warrants further investigation into whether the recent capital allocation shifts are sufficient to stabilize cash flow in a lower-volume environment.
According to recent quarterly data, working capital changes have acted as a significant drag on liquidity, most notably in 2026Q1 when a $118.2 million outflow occurred, highlighting the company's vulnerability to inventory and receivables management challenges during periods of weakening consumer demand for bedding and furniture.
The recurring volatility in working capital suggests that the company struggles to align its inventory levels with rapidly shifting sales cycles. This pattern appears to exacerbate cash flow pressure, as the firm is forced to absorb the liquidity impact of unsold inventory and delayed collections during cyclical downturns.
As evidenced by the sharp reduction in dividend payments from $61.3 million in 2023Q4 to $6.8 million in 2026Q1, the company has pivoted toward capital preservation, reflecting a necessary response to the deteriorating cash flow environment and the need to manage a strained balance sheet.
The shift away from the historical dividend-heavy model suggests that management is prioritizing debt reduction and operational restructuring over shareholder returns. This transition appears to be a defensive reaction to the lack of consistent free cash flow, which may limit the company's ability to fund future growth initiatives.
Quick answers to the most common questions about buying LEG stock.
Leggett & Platt, Incorporated (LEG) generated $338.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Leggett & Platt, Incorporated (LEG) generated $281.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Leggett & Platt, Incorporated (LEG) spent $57.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Leggett & Platt, Incorporated (LEG) returned $27.0M to shareholders via cash dividends and spent $2.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.