MeritValue

LEGGETT & PLATT INC

LEGdata completeness 100%18 fiscal years on file
The thesis, from the filings

LEGGETT & PLATT INC earns about 15% on invested capital, but has diluted owners by 2% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.07B1$5.15B2$4.73B3$4.38B3$4.06B3
Net income$402.4M4$309.8M5−$136.8M6−$511.5M6$235.4M6
Operating cash flow$271.3M7$441.4M8$497.2M9$305.7M9$338.2M9
Capital expenditure$106.6M10$100.3M11$113.8M12$81.6M12$57.2M12
Free cash flow (derived)$164.7M7,10$341.1M8,11$383.4M9,12$224.1M9,12$281M9,12
Total debt$013$291.9M14,15$494M16,17$369.3M16,18$1.5M18
Cash & equivalents$361.7M19$316.5M20$365.5M21$350.2M22$587.4M22
Diluted shares136.7M136.5M136.3M137.3M139.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$73.16
your share of equity
Profit it earned you last year
$16.85
Free cash flow it threw off
$20.11
Debt you’d be carrying
$0.11

10 shares is a claim on $73.16 of net worth that earned you $16.85 and generated $20.11 of cash last year, against $0.11 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
15% avg · 5y
FY21 36%FY22 23%FY23 -5%FY24 -47%FY25 68%

It earned an average 15% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is up 2% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0000058492-24-000174 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2025-02-26 · period ending 2022-12-31 · accession 0000058492-25-000136 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000058492-26-000107 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0000058492-24-000174 (NetIncomeLoss)
  5. 10-K filed 2025-02-26 · period ending 2022-12-31 · accession 0000058492-25-000136 (NetIncomeLoss)
  6. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000058492-26-000107 (NetIncomeLoss)
  7. 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0000058492-24-000174 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-02-26 · period ending 2022-12-31 · accession 0000058492-25-000136 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000058492-26-000107 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-02-27 · period ending 2021-12-31 · accession 0000058492-24-000174 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2025-02-26 · period ending 2022-12-31 · accession 0000058492-25-000136 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000058492-26-000107 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2023-02-24 · period ending 2021-12-31 · accession 0000058492-23-000003 (CommercialPaper)
  14. 10-K filed 2024-02-27 · period ending 2022-12-31 · accession 0000058492-24-000174 (CommercialPaper)
  15. 10-K filed 2024-02-27 · period ending 2022-12-31 · accession 0000058492-24-000174 (DebtCurrent)
  16. 10-K filed 2025-02-26 · periods ending 2023-12-31, 2024-12-31 · accession 0000058492-25-000136 (CommercialPaper)
  17. 10-K filed 2025-02-26 · period ending 2023-12-31 · accession 0000058492-25-000136 (DebtCurrent)
  18. 10-K filed 2026-02-26 · periods ending 2024-12-31, 2025-12-31 · accession 0000058492-26-000107 (DebtCurrent)
  19. 10-K filed 2023-02-24 · period ending 2021-12-31 · accession 0000058492-23-000003 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K filed 2024-02-27 · period ending 2022-12-31 · accession 0000058492-24-000174 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K filed 2025-02-26 · period ending 2023-12-31 · accession 0000058492-25-000136 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K filed 2026-02-26 · periods ending 2024-12-31, 2025-12-31 · accession 0000058492-26-000107 (CashAndCashEquivalentsAtCarryingValue)