Operating margins remain constrained between 4% and 6% as the company struggles to scale profitability against a backdrop of sustained revenue contraction.
| 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 |
|---|
| Sales/Revenue | 3.95B | 4.06B | 4.38B | 4.73B | 5.15B | 5.07B | 4.28B | 4.75B | 4.27B | 3.94B | 3.75B | 3.92B | 3.78B | 3.75B | 3.72B | 3.64B | 3.36B | 3.06B | 4.08B | 4.31B | 5.51B | 5.3B | 5.09B | 4.39B | 4.27B | 4.11B | 4.28B | 3.78B | 3.37B | 2.91B | 2.47B |
| Revenue Growth % | -8.31% | -7.43% | -7.23% | -8.19% | 1.46% | 18.51% | -9.94% | 11.31% | 8.26% | 5.17% | -4.27% | 3.57% | 0.97% | 0.68% | 2.33% | 8.24% | 9.95% | -25.05% | -5.35% | -21.78% | 3.89% | 4.2% | 15.89% | 2.72% | 3.84% | -3.8% | 13.16% | 12.12% | 15.85% | 17.96% | 19.76% |
| Cost of Goods Sold | 3.24B | 3.32B | 3.63B | 3.87B | 4.17B | 4.03B | 3.38B | 3.73B | 3.38B | 3.08B | 2.85B | 2.99B | 2.99B | 3B | 2.97B | 2.97B | 2.7B | 2.43B | 3.38B | 3.51B | 4.51B | 4.39B | 4.17B | 3.62B | 3.45B | 3.12B | 3.05B | 2.64B | 2.39B | 2.08B | 1.77B |
| COGS % of Revenue | - | 81.93% | 82.91% | 81.93% | 81.02% | 79.53% | 78.88% | 78.45% | 79.18% | 77.99% | 76.02% | 76.43% | 79.1% | 80.05% | 79.9% | 81.7% | 80.49% | 79.39% | 83.04% | 81.46% | 81.87% | 82.78% | 81.99% | 82.41% | 80.76% | 75.89% | 71.31% | 69.81% | 70.99% | 71.6% | 71.64% |
| Gross Profit | 714M | 733.3M | 749.1M | 853.8M | 976.8M | 1.04B | 904.1M | 1.02B | 888.7M | 867.9M | 899.2M | 923.2M | 790.4M | 747.2M | 748M | 665.3M | 655.4M | 629.7M | 691.2M | 798.6M | 998.4M | 912.8M | 915.8M | 771.7M | 821.7M | 992M | 1.23B | 1.14B | 977.6M | 826.1M | 699.3M |
| Gross Margin % | 18.06% | 18.07% | 17.09% | 18.07% | 18.98% | 20.47% | 21.12% | 21.55% | 20.82% | 22.01% | 23.98% | 23.57% | 20.9% | 19.95% | 20.1% | 18.3% | 19.51% | 20.61% | 16.96% | 18.54% | 18.13% | 17.22% | 18.01% | 17.59% | 19.24% | 24.11% | 28.69% | 30.19% | 29.01% | 28.4% | 28.36% |
| Gross Profit Growth % | - | -2.11% | -12.26% | -12.59% | -5.92% | 14.84% | -11.71% | 15.22% | 2.4% | -3.48% | -2.6% | 16.8% | 5.78% | -0.11% | 12.43% | 1.51% | 4.08% | -8.9% | -13.45% | -20.01% | 9.38% | -0.33% | 18.67% | -6.08% | -17.17% | -19.15% | 7.56% | 16.69% | 18.34% | 18.13% | 25.3% |
| Operating Expenses | 485.8M | 486.3M | 530.8M | 534.4M | 494.1M | 489.6M | 489.6M | 533M | 445.6M | 424.3M | 416.7M | 437.7M | 469.3M | 420.8M | 406.1M | 427.5M | 359M | 377.6M | 432.3M | 463.9M | 508.3M | 479.1M | 470.7M | 418.3M | 404.4M | 630.2M | 740.4M | 640.5M | 550.7M | 464.4M | 395.7M |
| OpEx % of Revenue | - | 11.98% | 12.11% | 11.31% | 9.6% | 9.65% | 11.44% | 11.22% | 10.44% | 10.76% | 11.11% | 11.17% | 12.41% | 11.23% | 10.91% | 11.76% | 10.69% | 12.36% | 10.61% | 10.77% | 9.23% | 9.04% | 9.26% | 9.53% | 9.47% | 15.32% | 17.31% | 16.95% | 16.34% | 15.96% | 16.04% |
| Selling, General & Admin | 485.8M | 486.3M | 508.8M | 465.4M | 427.3M | 422.1M | 424.4M | 469.7M | 425.1M | 403.6M | 396.8M | 416.9M | 449.6M | 394.8M | 380.4M | 382.1M | 354.3M | 363M | 423.2M | 440.6M | 489.5M | 468.8M | 460.2M | 409.9M | 394.2M | 590.3M | 567.1M | 491.2M | 422.8M | 358.8M | 303.5M |
| SG&A % of Revenue | - | 11.98% | 11.61% | 9.85% | 8.3% | 8.32% | 9.92% | 9.88% | 9.96% | 10.23% | 10.58% | 10.64% | 11.89% | 10.54% | 10.22% | 10.51% | 10.55% | 11.88% | 10.38% | 10.23% | 8.89% | 8.85% | 9.05% | 9.34% | 9.23% | 14.35% | 13.26% | 13% | 12.54% | 12.33% | 12.31% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 22M | 69M | 66.8M | 67.5M | 65.2M | 63.3M | -6.2M | 24.3M | 39.5M | 1M | 10.4M | -41.6M | -600K | 45.4M | 4.7M | 14.6M | 9.1M | 23.3M | 18.8M | 10.3M | 10.5M | 8.4M | 10.2M | 39.9M | 173.3M | 149.3M | 127.9M | 105.6M | 92.2M |
| Operating Income | 228.2M | 247M | 218.3M | 319.4M | 482.7M | 548.7M | 414.5M | 491M | 443.1M | 448.1M | 449.8M | 485.2M | 322.3M | 328.3M | 305M | 237.8M | 296.4M | 252.1M | 258.9M | 334.7M | 490.1M | 433.7M | 445.1M | 353.4M | 417.3M | 361.8M | 486.6M | 500.3M | 426.9M | 361.7M | 303.6M |
| Operating Margin % | 5.77% | 6.09% | 4.98% | 6.76% | 9.38% | 10.82% | 9.68% | 10.33% | 10.38% | 11.36% | 12% | 12.39% | 8.52% | 8.76% | 8.2% | 6.54% | 8.82% | 8.25% | 6.35% | 7.77% | 8.9% | 8.18% | 8.75% | 8.05% | 9.77% | 8.79% | 11.38% | 13.24% | 12.67% | 12.43% | 12.31% |
| Operating Income Growth % | - | 13.15% | -31.65% | -33.83% | -12.03% | 32.38% | -15.58% | 10.81% | -1.12% | -0.38% | -7.3% | 50.54% | -1.83% | 7.64% | 28.26% | -19.77% | 17.57% | -2.63% | -22.65% | -31.71% | 13% | -2.56% | 25.95% | -15.31% | 15.34% | -25.65% | -2.74% | 17.19% | 18.03% | 19.14% | 28.54% |
| EBITDA | 346M | 367.9M | 354.3M | 499.3M | 662.5M | 736M | 603.9M | 682.9M | 567.9M | 564.1M | 556.5M | 598.4M | 440.2M | 450.9M | 421.1M | 354.7M | 419.2M | 382.4M | 399.3M | 518.1M | 665.5M | 604.8M | 622.3M | 520.4M | 581.9M | 558.4M | 659.9M | 649.6M | 554.8M | 467.3M | 395.8M |
| EBITDA Margin % | 8.75% | 9.07% | 8.08% | 10.57% | 12.87% | 14.51% | 14.11% | 14.37% | 13.3% | 14.3% | 14.84% | 15.28% | 11.64% | 12.04% | 11.32% | 9.76% | 12.48% | 12.52% | 9.8% | 12.03% | 12.09% | 11.41% | 12.24% | 11.86% | 13.62% | 13.57% | 15.43% | 17.19% | 16.46% | 16.06% | 16.05% |
| EBITDA Growth % | -6% | 3.84% | -29.04% | -24.63% | -9.99% | 21.87% | -11.57% | 20.25% | 0.67% | 1.37% | -7% | 35.94% | -2.37% | 7.08% | 18.72% | -15.39% | 9.62% | -4.23% | -22.93% | -22.15% | 10.04% | -2.81% | 19.58% | -10.57% | 4.21% | -15.38% | 1.59% | 17.09% | 18.72% | 18.06% | 30.5% |
| D&A (Non-Cash Add-back) | 117.8M | 120.9M | 136M | 179.9M | 179.8M | 187.3M | 189.4M | 191.9M | 124.8M | 116M | 106.7M | 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 |
| EBIT | 228.2M | 247M | -423.3M | -85M | 489.1M | 598.6M | 410.6M | 494.2M | 445.3M | 475.5M | 525.9M | 490.9M | 337.3M | 282.3M | 345.9M | 272M | 293.2M | 235.8M | 236.4M | 200.4M | 391.7M | 375.9M | 468.5M | 353.4M | 417.3M | 361.8M | 486.6M | 500.3M | 426.9M | 361.7M | 303.6M |
| Net Interest Income | -61.4M | -66.6M | -79.3M | -83M | -81.4M | -73.9M | -79.6M | -83.3M | -52.5M | -35.9M | -34.9M | -36.7M | -36M | -37M | -36.9M | -31.6M | -32.5M | -31.9M | -39.7M | -49.1M | -47.2M | -40M | -39.1M | -40.2M | -37.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.5M | 6.6M | 6.6M | 5.4M | 4.1M | 2.6M | 3.1M | 7.4M | 8.4M | 7.6M | 3.9M | 4.4M | 5.8M | 7.7M | 6.5M | 6.7M | 5.2M | 5.5M | 8.7M | 9.5M | 9M | 6.7M | 6.8M | 6.7M | 5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 68.9M | 73.2M | 85.9M | 88.4M | 85.5M | 76.5M | 82.7M | 90.7M | 60.9M | 43.5M | 38.8M | 41.1M | 41.8M | 44.7M | 43.4M | 38.3M | 37.7M | 37.4M | 48.4M | 58.6M | 56.2M | 46.7M | 45.9M | 46.9M | 42.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 48.3M | 42.7M | -727.5M | -492.8M | -79.1M | -26.6M | -86.6M | -87.5M | -58.7M | -12.3M | 1M | -35.4M | -26.8M | -70.7M | -18M | -31.6M | -25.8M | -53.7M | -70.9M | -206.3M | 43.1M | -19.7M | -22.5M | -38.3M | -53.8M | -64.5M | -68M | -37.7M | -31.3M | -28.4M | -53.9M |
| Pretax Income | 276.5M | 289.7M | -509.2M | -173.4M | 403.6M | 522.1M | 327.9M | 403.5M | 384.4M | 432M | 487.1M | 449.8M | 295.5M | 247.8M | 304.4M | 206.2M | 255.5M | 198.4M | 188M | 128.4M | 434.8M | 356.2M | 422.6M | 315.1M | 363.5M | 297.3M | 418.6M | 462.6M | 395.6M | 333.3M | 249.7M |
| Pretax Margin % | 7% | 7.14% | -11.62% | -3.67% | 7.84% | 10.29% | 7.66% | 8.49% | 9% | 10.95% | 12.99% | 11.48% | 7.81% | 6.62% | 8.18% | 5.67% | 7.61% | 6.49% | 4.61% | 2.98% | 7.9% | 6.72% | 8.31% | 7.18% | 8.51% | 7.23% | 9.79% | 12.24% | 11.74% | 11.46% | 10.12% |
| Income Tax | 51.7M | 54.3M | 2.2M | -36.6M | 93.7M | 119.5M | 74.8M | 89.4M | 78.3M | 138.4M | 120M | 121.8M | 70.3M | 55M | 56.3M | 49.8M | 71.9M | 77.3M | 65.1M | 77.4M | 134.5M | 104.9M | 137.2M | 109.2M | 130.4M | 109.7M | 154.5M | 172.1M | 147.6M | 125M | 96.7M |
| Effective Tax Rate % | 18.7% | 18.74% | -0.43% | 21.11% | 23.22% | 22.89% | 22.81% | 22.16% | 20.37% | 32.04% | 24.64% | 27.08% | 23.79% | 22.2% | 18.5% | 24.15% | 28.14% | 38.96% | 34.63% | 60.28% | 30.93% | 29.45% | 32.47% | 34.66% | 35.87% | 36.9% | 36.91% | 37.2% | 37.31% | 37.5% | 38.73% |
| Net Income | 224.8M | 235.4M | -511.5M | -136.8M | 309.8M | 402.4M | 253M | 314M | 305.9M | 292.6M | 385.8M | 325.1M | 98M | 197.3M | 248.2M | 153.3M | 176.6M | 111.8M | 104.4M | -11.2M | 300.3M | 251.3M | 285.4M | 205.9M | 233.1M | 187.6M | 264.1M | 290.5M | 248M | 208.3M | 140.5M |
| Net Margin % | 5.69% | 5.8% | -11.67% | -2.9% | 6.02% | 7.93% | 5.91% | 6.61% | 7.16% | 7.42% | 10.29% | 8.3% | 2.59% | 5.27% | 6.67% | 4.22% | 5.26% | 3.66% | 2.56% | -0.26% | 5.45% | 4.74% | 5.61% | 4.69% | 5.46% | 4.56% | 6.18% | 7.69% | 7.36% | 7.16% | 5.7% |
| Net Income Growth % | 143.86% | 146.02% | -273.9% | -144.16% | -23.01% | 59.05% | -19.43% | 2.65% | 4.55% | -24.16% | 18.67% | 231.73% | -50.33% | -20.51% | 61.9% | -13.19% | 57.96% | 7.09% | 1032.14% | -103.73% | 19.5% | -11.95% | 38.61% | -11.67% | 24.25% | -28.97% | -9.09% | 17.14% | 19.06% | 48.26% | 4.15% |
| Net Income (Continuing) | 224.8M | 235.4M | -511.4M | -136.8M | 309.9M | 402.6M | 253.1M | 314.1M | 306.1M | 293.6M | 367.1M | 328M | 225.2M | 192.8M | 248.1M | 156.4M | 183.6M | 121.1M | 122.9M | 59.4M | 235.6M | 251.3M | 285.4M | 205.9M | 233.1M | 187.6M | 264.1M | 290.5M | 248M | 208.3M | 153M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.9M | 2.4M | 0 | 0 | 0 | 0 | 0 | 64.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 500K | 500K | 800K | 700K | 700K | 600K | 500K | 500K | 600K | 600K | 2.4M | 12.1M | 8.4M | 7.9M | 7.7M | 10.5M | 17.1M | 21.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.59 | 1.69 | -3.73 | -1.00 | 2.27 | 2.94 | 1.86 | 2.47 | 2.26 | 2.13 | 2.76 | 2.28 | 0.68 | 1.34 | 1.70 | 1.04 | 1.15 | 0.70 | 0.62 | -0.06 | 1.61 | 1.30 | 1.45 | 1.05 | 1.17 | 0.94 | 1.32 | 1.45 | 1.24 | 1.08 | 0.77 |
| EPS Growth % | 143.05% | 145.31% | -273% | -144.05% | -22.79% | 58.06% | -24.7% | 9.29% | 6.1% | -22.83% | 21.05% | 235.29% | -49.25% | -21.18% | 63.46% | -9.57% | 64.29% | 12.9% | 1095.18% | -103.87% | 23.85% | -10.34% | 38.1% | -10.26% | 24.47% | -28.79% | -8.97% | 16.94% | 14.81% | 40.26% | -3.75% |
| EPS (Basic) | - | 1.70 | -3.72 | -1.00 | 2.28 | 2.95 | 1.86 | 2.48 | 2.28 | 2.15 | 2.80 | 2.31 | 0.69 | 1.36 | 1.72 | 1.05 | 1.17 | 0.70 | 0.62 | -0.06 | 1.61 | 1.30 | 1.46 | 1.05 | 1.17 | 0.94 | 1.33 | 1.46 | 1.25 | 1.10 | 0.77 |
| Diluted Shares Outstanding | 141M | 139.7M | 137.3M | 136.3M | 136.5M | 136.7M | 135.9M | 135.4M | 135.2M | 137.3M | 140M | 142.9M | 143.2M | 145.2M | 146M | 147M | 153.27M | 159.96M | 168.19M | 179.83M | 186.52M | 193.31M | 196.83M | 196.1M | 199.23M | 199.57M | 200.08M | 200.34M | 200M | 192.87M | 183.66M |
| Basic Shares Outstanding | 139.3M | 138.5M | 137.3M | 136.3M | 136.1M | 136.3M | 135.7M | 134.8M | 134.3M | 136M | 137.9M | 140.9M | 141.4M | 145.2M | 144.3M | 145.4M | 151.23M | 159.33M | 167.95M | 179.37M | 186.52M | 193.31M | 195.48M | 196.1M | 199.23M | 199.57M | 198.57M | 198.97M | 198.4M | 190.23M | 183.66M |
| Dividend Payout Ratio | - | 11.47% | - | - | 73.98% | 54.25% | 83.6% | 65.16% | 63.32% | 63.43% | 45.98% | 52.78% | 170.92% | 63.3% | 80.38% | 101.7% | 87.71% | 140.61% | 158.14% | - | 40.33% | 47.12% | 38.51% | 49.88% | 41.31% | 49.31% | 29.76% | 23.79% | 24.15% | 23.04% | 21.57% |
Cyclical Volume Deleveraging
As indicated by recent quarterly filings, Leggett & Platt has experienced a sustained revenue decline, with the most recent period showing a 10.3% year-over-year contraction, reflecting ongoing weakness in core bedding and furniture markets that continues to challenge the company's top-line growth durability.
The consistent negative growth rates across the last ten quarters suggest that the company is struggling to find a bottom in its primary consumer-facing segments. This trend appears to be driven by a combination of stagnant housing turnover and reduced consumer discretionary spending, which limits the company's ability to leverage its vertical integration for volume-based growth.
Based on reported financial statements, gross margins have remained compressed near 18%, highlighting the difficulty of passing through volatile raw material costs in a soft demand environment where pricing power appears increasingly limited by competitive pressures in the private-label bedding and furniture component sectors.
The inability to expand gross margins despite potential cost-saving initiatives suggests that the company's fixed-cost manufacturing base is currently a significant drag on profitability. Investors should monitor whether the current restructuring efforts can effectively lower the break-even point or if margins will remain structurally impaired by underutilized capacity.
According to the income statement data, operating income has failed to scale with revenue, as evidenced by operating margins hovering between 4% and 6%, which indicates that the company's high fixed-cost structure is amplifying the negative impact of declining sales on overall bottom-line profitability.
The lack of operating leverage suggests that the company is unable to sufficiently reduce SG&A expenses to offset the decline in gross profit. This dynamic implies that the business model is highly sensitive to volume fluctuations, making it difficult to maintain stable earnings during periods of cyclical downturn.
Financial disclosures reveal significant volatility in net income, including substantial non-operating charges in 2024, which complicates the assessment of core earnings quality and raises questions about the sustainability of profitability given the recurring nature of restructuring costs and the recent dividend reduction.
The wide swings in net income, including periods of significant losses, suggest that the company's reported earnings are heavily influenced by non-recurring items rather than operational performance. Analysts should remain cautious about whether the current cost-cutting measures will lead to a sustainable recovery or if they are merely reactive to ongoing structural headwinds.
Quick answers to the most common questions about buying LEG stock.
For fiscal year 2025, Leggett & Platt, Incorporated (LEG) reported total revenue of $4.06B. This represents a 64.5% increase compared to $2.47B in 1996.
Leggett & Platt, Incorporated (LEG) is profitable, generating $235.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.8%.
Leggett & Platt, Incorporated (LEG) reported an operating income of $247.0M, resulting in an operating profit margin of 6.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Leggett & Platt, Incorporated (LEG) generated $733.3M in gross profit for the year, representing a gross profit margin of 18.1%. This demonstrates the company's core pricing power and production efficiency.