LEGHIGH SIGNALFINANCIAL10-K

LEG achieved a dramatic financial turnaround with net income swinging from a -$511.5M loss to $235.4M profit while simultaneously divesting its Aerospace Products Group.

This represents a remarkable 146% improvement in profitability, suggesting either successful completion of major restructuring efforts or elimination of significant loss-generating operations. The concurrent divestiture of the Aerospace Products Group indicates strategic portfolio optimization, though investors should analyze whether the earnings improvement is sustainable or primarily driven by one-time gains from the disposal.

Comparing 2026-02-26 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

LEG demonstrated exceptional financial recovery with net income improving by $746.9M year-over-year, while operating cash flow grew a more modest 10.6% to $338.2M, suggesting sustainable operational improvements. The company strengthened its balance sheet significantly with cash increasing 67.7% to $587.4M and stockholders' equity growing 48.3% to $1.0B, while working capital efficiency improved as both inventory and accounts receivable declined 13.8%. However, the dramatic 80% reduction in dividend payments signals either previous financial distress or a strategic shift toward capital preservation, warranting close scrutiny of the company's dividend sustainability going forward.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+146%
-$511.5M→$235.4M

Net income grew 146% — bottom-line growth signals improving overall business health.

Dividends Paid
Cash Flow
-80.2%
$136.3M→$27.0M

Dividends cut 80.2% — significant signal of cash flow stress or capital reallocation priorities.

Cash & Equivalents
Balance Sheet
+67.7%
$350.2M→$587.4M

Cash position surged 67.7% — strong cash generation or capital raise providing significant financial cushion.

Share Buybacks
Cash Flow
-51%
$4.9M→$2.4M

Buyback activity reduced 51% — capital being redeployed elsewhere or cash conservation underway.

Stockholders Equity
Balance Sheet
+48.3%
$689.4M→$1.0B

Equity base grew 48.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Capital Expenditure
Cash Flow
-29.9%
$81.6M→$57.2M

Capex reduced 29.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Deposits
Balance Sheet
-16%
$12.5M→$10.5M

Deposit base contracted 16% — monitor funding costs and liquidity position carefully.

Inventory
Balance Sheet
-13.8%
$722.6M→$622.6M

Inventory reduced 13.8% — lean inventory management or demand outpacing supply.

Accounts Receivable
Balance Sheet
-13.8%
$503.0M→$433.7M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Operating Cash Flow
Cash Flow
+10.6%
$305.7M→$338.2M

Operating cash flow grew 10.6% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-26
ADDED
There were 135,877,594 shares of the registrant s common stock outstanding as of February 20, 2026.
These statements are identified by the context in which they appear or words such as anticipate, believe, estimate, expect, guidance, intend, may, plan, or the like.
Summary Leggett Platt, Incorporated (Leggett Platt, Company, we, us, or our), a pioneer of the steel coil bedspring, is an international diversified manufacturer that conceives, designs, and produces a wide range of engineered components and products found in many homes and automobiles.
On August 29, 2025, we divested our Aerospace Products Group which was reported in our Specialized Products segment, as discussed in Note S to the Consolidated Financial Statements on page 121, and under Divestitures and Acquisitions in Item 1.
We also produce machinery for internal production and assembly of our bedding products.
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REMOVED
There were 134,733,672 shares of the registrant s common stock outstanding as of February 20, 2025.
These statements are identified either by the context in which they appear or by use of words such as anticipate, believe, estimate, expect, guidance, intend, may, plan, project, should, or the like.
or foreign laws, regulations, or legal systems (including tax and trade laws); the realization of deferred tax assets and challenges to tax positions pursuant to ongoing or future audits; cash repatriation from foreign accounts; the enforcement of antidumping and countervailing duties on the import of innersprings, steel wire rod, and finished mattresses; tariffs imposed by the U.S.
Summary Leggett Platt, Incorporated ("Leggett Platt," "Company," "we," "us," or "our"), a pioneer of the steel coil bedspring, is an international diversified manufacturer that conceives, designs, and produces a wide range of engineered components and products found in many homes and automobiles.
We also produce machinery used by bedding manufacturers in the production and assembly of their finished products.
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