TacticScaleWhat Leggett & Platt Does & How It Makes Money (LEG)
Updated October 2026 · reflects Leggett & Platt's latest reported financials
Diversified maker of engineered components for bedding, furniture, and vehicles. It earns revenue by selling components, semi-finished goods, and private-label finished products such as mattresses and adjustable beds to manufacturers, brands, and retailers.
How Leggett & Platt makes money
It earns revenue by selling components, semi-finished goods, and private-label finished products such as mattresses and adjustable beds to manufacturers, brands, and retailers. Its customers include bedding and furniture makers, automotive and aerospace OEMs, flooring distributors, and big-box and e-commerce retailers.
What Leggett & Platt does
Founded in 1883 and headquartered in Carthage, Missouri, Leggett & Platt is a diversified manufacturer of engineered components. Its largest area is bedding. The company is vertically integrated there, making steel rod and drawn wire that it turns into innersprings, and it also produces specialty foam chemicals, semi-finished and private-label mattresses, pillows, toppers, foundations, and adjustable beds. Outside bedding, it supplies automotive seating comfort systems, motors, actuators, and cables to car OEMs, and hydraulic cylinders to aerospace and mobile equipment makers. It also sells motion hardware and chair components to upholstered and office furniture makers, and flooring underlayment, structural fabrics, and geo components to construction and industrial customers. The company sells in the U.S., Europe, China, Canada, Mexico, and other markets, and it is mostly a behind-the-scenes supplier of B2B components rather than a consumer brand.
Products & services
- Innersprings and specialty foam for mattresses
- Private-label mattresses and adjustable beds
- Automotive lumbar support, massage and seat suspension systems
- Office chair bases, columns and furniture motion mechanisms
- Steel rod and drawn wire
- Carpet cushion, flooring underlayment and geo components
What is Leggett & Platt worth?
On an owner-earnings DCF, Leggett & Platt's most-likely value is about $22 versus a recent price near $9 (138% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$16) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $9 is below even the no-growth floor ($16); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -8.5%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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