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Leggett & Platt NYSE:LEG Stock Report

Last Price


Market Cap







24 Sep, 2022


Company Financials +
LEG fundamental analysis
Snowflake Score
Future Growth1/6
Past Performance2/6
Financial Health2/6

LEG Stock Overview

Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide.

Leggett & Platt Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Leggett & Platt
Historical stock prices
Current Share PriceUS$34.08
52 Week HighUS$48.37
52 Week LowUS$33.19
1 Month Change-14.91%
3 Month Change-6.76%
1 Year Change-26.85%
3 Year Change-16.72%
5 Year Change-28.60%
Change since IPO812.60%

Recent News & Updates

Sep 21

Leggett & Platt: Is The Canary In The Coal Mine Smelling A Recession?

Summary LEG reported mixed results for the second quarter. The Bedding Products segment continues to show signs of a slowdown, but the automotive and aerospace segments remain strong - for now. Management had to revise its sales and profit forecasts but remains optimistic about the company's short- and long-term performance. Leggett & Platt's focus on domestic manufacturing puts it in a comfortable position while others scramble to establish redundancies in what is looking to become an increasingly deglobalized world. The company is well prepared for what is widely believed to be ahead and continues to put an emphasis on responsible cash returns to shareholders and a solid balance sheet. In this article, I will discuss Leggett & Platt's recent performance, potential implications for my investment thesis, and my expectations as a long-term oriented shareholder. Introduction I first covered Leggett & Platt (LEG), a manufacturer of bedding, furniture, flooring and textiles, as well as specialty products for the automotive and aerospace industries, in early February 2022, after noting that the stock had nearly completed its round-trip from exuberant 2021 highs. In mid-March, I published a follow-up article focused on the company's long-term performance since before the dot-com bubble. As an internationally diversified manufacturer of primarily discretionary products, the company has faced a number of headwinds since the outbreak of the pandemic in early 2020. Leggett & Platt reported its second-quarter results in late August and lowered its full-year revenue and earnings per share ((EPS)) forecasts (midpoint -2.8% and -6.4%, respectively). In the conference call, management shared several key insights that help understand the company's positioning in this challenging environment. In this article, I will discuss Leggett & Platt's recent performance, potential implications for my investment thesis, and my expectations as a long-term oriented shareholder. Supply Chain Headwinds, A Difficult Labor Market, And Deteriorating Consumer Sentiment Most companies still face supply chain headwinds due to extensive outsourcing, just-in-time manufacturing and other efficiency measures introduced in recent decades. However, Leggett & Platt still manufactures predominantly in the U.S. (Figure 1). As a result, supply chain issues have been and continue to be far less noticeable than might otherwise be expected. Price inflation for raw materials (resin and other oil derivatives) is more of a concern, as are increased transportation costs. However, the company's steel rod business serves as an important counterbalance to increased raw material costs and is understandably thriving in this environment at present. Much of Leggett's steel-based business is contractual, but margins - which have increased recently - are naturally beginning to normalize as the price of steel softens. At the same time, input costs in Leggett's Bedding Products segment are also beginning to normalize as the cost of energy appears to stabilize and the company has implemented several cost reduction programs. Last quarter's results were impacted by operational issues at one of Leggett's U.S. facilities, which appear to have been largely resolved in recent months. Overall, I would not overstate input cost inflation, although Leggett's relatively low gross margin (20% on average since 1999) suggests that the company is at a competitive disadvantage. Strong sales growth against the backdrop of a high single-digit rate of inflation suggests that the company does indeed have good pricing power. After all, Leggett & Platt is the leader in most markets and has to fend off only few large competitors (p. 3, August 2022 company update). Figure 1: Leggett & Platt's geographical production footprint (own work, based on p. 90 of the company's 2021 10-K) In addition to input cost inflation, the company's current performance is primarily impacted by secondary effects in the supply chain from Leggett's raw material suppliers and OEM customers who are unable to ramp up production to normal levels due to incomplete parts inventories or lack of labor availability. Of course, the difficult labor market is also a problem for Leggett & Platt, but CEO Dolloff noted in a response to an analyst's question that the company's spending on excess labor costs is declining (p. 8, Q2 2022 earnings call transcript). As a vertically integrated manufacturer of bedding products (48% of estimated 2022 net retail sales, p. 4, August 2022 company update), it is hardly surprising that management is confident in the stability of its supply chain and well-protected against future disruptions. This enables the company to increase its market share in difficult times, when competitors with an emphasis on out-sourced manufacturing scramble to establish redundancies in what is looking to become an increasingly deglobalized world. Striking a less optimistic tone, it is important to remember that Leggett's business is dependent on the housing market. Leggett's management has cited a weakening housing market as the primary reason for the somewhat uninspiring recent performance of its Furniture, Flooring & Textile Products and Bedding Products segments. Since I own both Leggett & Platt and The Home Depot (HD) - which I recently discussed - I can see my portfolio taking a double hit in this regard. However, in the spirit of full disclosure, I want to emphasize that I still only own a very small position in HD and consider my portfolio to be well diversified. Leggett & Platt's Specialized Products segment, with its focus on the automotive and aerospace industries, is understandably particularly affected by the secondary effects mentioned above, and the recovery from the pandemic is far from complete. The industry forecast for global automotive production has stabilized since April, and demand for fabricated duct assemblies has returned to pre-pandemic levels, but significant growth is lacking. Management has been very open in its communication and continues to expect a normalization to 2019 demand levels by 2024. Aircraft backlogs are near their peak, but management also saw year-over-year volume growth. The U.S. forklift end market - and therefore Leggett's hydraulic cylinder business - also remains strong, and the market is currently looking at a 22-month backlog. However, it should not be forgotten that several economic indicators continue to trend negatively, such as the Purchasing Managers index, Moody's business confidence indicator, and the Baltic Dry index, which of course must be viewed in a nuanced manner as it also signals deflation in commodity prices. For this reason, and given the consensus that the U.S. (or most likely the entire world) is headed for a recession, management's current forecasts are subject to some uncertainty, but the continued strength of the recovery of Leggett's industrial segments - as opposed to its consumer-facing business units - leaves a generally positive impression. For the full year, management expects volume growth in the Specialty Products segment to be in the low double-digit range. Consumers appear to be increasingly focusing their spending on services and other areas, to the detriment of durable goods manufacturers like Leggett & Platt. Tyson Hagale, president of the Bedding Products segment, noted that the company has seen signs of a slowdown since late last year, first in the low-price segment and later and to a lesser extent in the mid- and high-price segments (p. 10, Q2 2022 earnings call transcript). For the full year, management expects a low double-digit volume decline in the segment. Consumer price inflation has also put pressure on the low-price segment of the Home Furniture group, while the mid- and high-price segments remain strong, but this is mainly related to the high backlogs the company is currently working through. Leggett's CEO remains optimistic, however, and expects at least stabilization at a reasonable level when inflation eventually stabilizes and moderates. Finally, the currency-related headwind from the strong U.S. dollar is also reflected in the sales figures for the quarter and the half-year and, in addition to the lower sales volumes (as described above), is another reason for the guidance revision. Leggett & Platt's Shareholder Returns, Free Cash Flow Management, And Leverage On August 9, 2022, Leggett & Platt announced its 51st consecutive annual dividend increase - up 4.8% to $0.44 per share. This is a very respectable track record for a cyclical company. The company also engaged in share repurchases, retiring one million shares during the quarter (i.e., 0.75% of shares outstanding at the end of Q2 2022). Year-to-date, Leggett has retired 1.6 million shares for $57 million, an average price of $35.6 per share. Management acted opportunistically, as evidenced by the more aggressive buybacks in the second quarter, and for the most part refrained from buying back shares at high valuations in 2021 (Figure 2) - as was the case with several other companies, such as The Home Depot ($14.8 billion) and Lowe's (LOW, $13.0 billion). Figure 2: Leggett & Platt's share repurchases each quarter since Q1 2014, compared to LEG's share price (own work, based on the data found in the company's quarterly and annual cash flow statements, and the daily closing price of LEG) The decision to opportunistically buy back shares and the continued emphasis on a growing dividend are a strong sign of management's confidence in the company's future. Of course, wary investors might view the emphasis on shareholder returns as irresponsible in the context of a potentially severe downturn. However, management was also very confident when confronted with the question of how Leggett would proceed in a sharply deteriorating economy (p. 10 f., Q2 2022 earnings call transcript). Moreover, the company has exited the pandemic in remarkably good shape. In my first article, I pointed out that Leggett's strong resilience and excellent management were the main pillars of my investment thesis. In the Q2 2022 Q&A session, management pointed out that the unique situation in early 2020 has resulted in improved capabilities that will help the company more easily navigate difficult situations in the future. Leggett & Platt's management is well versed in improving the business internally, as the cyclical nature of the business does not typically lead to significant long-term sales growth. Cash flow growth has therefore had to come from supply chain and manufacturing optimizations, as well as improved working capital efficiency (p. 13, August 2022 company update) and cost reductions. Leggett was able to achieve $90 million in permanent cost savings in 2020, for example, which put the company in an increasingly comfortable position. However, if the company does face a severe recession, the CEO still sees room for more radical cost cutting. In addition to the levers already mentioned, the vertical integration of the beddings products business should also be seen as an important step towards strengthening Leggett's operations in the long term. The acquisition of Elite Comfort Solutions (ECS) in 2019 was certainly a bold move ($1.25 billion), but marked a final major step in that direction, and the more recent acquisition of Kayfoam in the second quarter of 2021 helped expand Leggett's footprint. In the context of working capital accounts, Leggett's management definitely stands by its words. Working capital has normalized significantly following atypical destocking and restocking in 2020 and 2021, respectively. Since the fourth quarter of 2021, the company has adjusted its inventory levels in line with the aforementioned slowdown in bedding sales. Management believes the company is very well positioned to respond quickly to future changes in consumer demand, whether up or down, and currently expects operating cash flow of $550 million to $600 million and capital expenditures of $130 million for the full year. Thus, free cash flow is in line with the expectations I discussed in my second article on the company, resulting in a very acceptable interest coverage ratio (based on pre-interest free cash flow, which as a proxy excludes a beneficial tax shield effect). For 2022, management expects net interest expense of $80 million and dividend payments of $230 million, which also puts the company in a comfortable position from a payout ratio perspective. Finally, in terms of debt, management has acted in a very disciplined manner in the past, also in order not to violate the covenants related to its credit facility. The bold acquisition of ECS in 2019 was well digested, and the company focused on deleveraging and largely refrained from buying back shares until recently. This is exactly the behavior a long-term investor focused on capital preservation would like to see. The leverage covenant associated with the company's revolving credit facility ($1.2 billion, maturing in September 2026, currently undrawn, p. 39, 2022 10-Q2) was changed from gross debt to net debt in May 2020 and again in September 2021 from a metric perspective to 3.5 times net debt to EBITDA from 2.5 times previously (p. 94, 2021 10-K), leaving more room for short-term liquidity needs. However, the changes should not be seen as a sign of desperation and a tight liquidity situation, given Leggett's current and historical leverage levels (Figure 3) and the investment grade credit rating. Figure 3: Leggett & Platt's historical net debt to EBITDA, adjusted for goodwill impairment charges (own work, based on the company's 2007 to 2021 10-Ks, the second quarter 2022 8-K and most recent full-year guidance)

Sep 20
Is It Time To Consider Buying Leggett & Platt, Incorporated (NYSE:LEG)?

Is It Time To Consider Buying Leggett & Platt, Incorporated (NYSE:LEG)?

While Leggett & Platt, Incorporated ( NYSE:LEG ) might not be the most widely known stock at the moment, it saw a...

Aug 09

Leggett & Platt declares $0.44 dividend

Leggett & Platt (NYSE:LEG) declares $0.44/share quarterly dividend, in line with previous. Forward yield 4.41% Payable Oct. 14; for shareholders of record Sept. 15; ex-div Sept. 14. See LEG Dividend Scorecard, Yield Chart, & Dividend Growth.

Shareholder Returns

LEGUS Consumer DurablesUS Market

Return vs Industry: LEG exceeded the US Consumer Durables industry which returned -35.1% over the past year.

Return vs Market: LEG underperformed the US Market which returned -23.1% over the past year.

Price Volatility

Is LEG's price volatile compared to industry and market?
LEG volatility
LEG Average Weekly Movement3.9%
Consumer Durables Industry Average Movement6.3%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: LEG is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: LEG's weekly volatility (4%) has been stable over the past year.

About the Company

188320,300Mitch Dolloff

Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.

Leggett & Platt Fundamentals Summary

How do Leggett & Platt's earnings and revenue compare to its market cap?
LEG fundamental statistics
Market CapUS$4.52b
Earnings (TTM)US$388.30m
Revenue (TTM)US$5.31b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
LEG income statement (TTM)
Cost of RevenueUS$4.25b
Gross ProfitUS$1.06b
Other ExpensesUS$668.90m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 31, 2022

Earnings per share (EPS)2.93
Gross Margin19.91%
Net Profit Margin7.31%
Debt/Equity Ratio129.5%

How did LEG perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is LEG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LEG?

Other financial metrics that can be useful for relative valuation.

LEG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.2x
Enterprise Value/EBITDA8.6x
PEG Ratio2.7x

Price to Earnings Ratio vs Peers

How does LEG's PE Ratio compare to its peers?

LEG PE Ratio vs Peers
The above table shows the PE ratio for LEG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average6.2x
MHK Mohawk Industries
TPX Tempur Sealy International
LZB La-Z-Boy
ETD Ethan Allen Interiors
LEG Leggett & Platt

Price-To-Earnings vs Peers: LEG is expensive based on its Price-To-Earnings Ratio (11.6x) compared to the peer average (6.2x).

Price to Earnings Ratio vs Industry

How does LEG's PE Ratio compare vs other companies in the US Consumer Durables Industry?

Price-To-Earnings vs Industry: LEG is expensive based on its Price-To-Earnings Ratio (11.6x) compared to the US Consumer Durables industry average (6.3x)

Price to Earnings Ratio vs Fair Ratio

What is LEG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

LEG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.6x
Fair PE Ratio11.4x

Price-To-Earnings vs Fair Ratio: LEG is expensive based on its Price-To-Earnings Ratio (11.6x) compared to the estimated Fair Price-To-Earnings Ratio (11.4x).

Share Price vs Fair Value

What is the Fair Price of LEG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LEG ($34.08) is trading below our estimate of fair value ($64.56)

Significantly Below Fair Value: LEG is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Leggett & Platt forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score


Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: LEG's forecast earnings growth (4.2% per year) is above the savings rate (1.9%).

Earnings vs Market: LEG's earnings (4.2% per year) are forecast to grow slower than the US market (14.7% per year).

High Growth Earnings: LEG's earnings are forecast to grow, but not significantly.

Revenue vs Market: LEG's revenue (2.4% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: LEG's revenue (2.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if LEG's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Leggett & Platt performed over the past 5 years?

Past Performance Score


Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: LEG has high quality earnings.

Growing Profit Margin: LEG's current net profit margins (7.3%) are lower than last year (8.6%).

Past Earnings Growth Analysis

Earnings Trend: LEG's earnings have grown by 4.9% per year over the past 5 years.

Accelerating Growth: LEG's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: LEG had negative earnings growth (-6.4%) over the past year, making it difficult to compare to the Consumer Durables industry average (29%).

Return on Equity

High ROE: Whilst LEG's Return on Equity (24.06%) is high, this metric is skewed due to their high level of debt.

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Financial Health

How is Leggett & Platt's financial position?

Financial Health Score


Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: LEG's short term assets ($2.1B) exceed its short term liabilities ($1.3B).

Long Term Liabilities: LEG's short term assets ($2.1B) do not cover its long term liabilities ($2.3B).

Debt to Equity History and Analysis

Debt Level: LEG's net debt to equity ratio (112.8%) is considered high.

Reducing Debt: LEG's debt to equity ratio has increased from 104.7% to 129.5% over the past 5 years.

Debt Coverage: LEG's debt is not well covered by operating cash flow (17.7%).

Interest Coverage: LEG's interest payments on its debt are well covered by EBIT (7.6x coverage).

Balance Sheet

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What is Leggett & Platt current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 6/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: LEG's dividend (5.16%) is higher than the bottom 25% of dividend payers in the US market (1.65%).

High Dividend: LEG's dividend (5.16%) is in the top 25% of dividend payers in the US market (4.57%)

Stability and Growth of Payments

Stable Dividend: LEG's dividends per share have been stable in the past 10 years.

Growing Dividend: LEG's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (59.7%), LEG's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: At its current cash payout ratio (86%), LEG's dividend payments are covered by cash flows.

Discover strong dividend paying companies


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Mitch Dolloff (56 yo)





Mr. J. Mitchell Dolloff, also known as Mitch, serves as Chief Executive Officer at Leggett & Platt, Incorporated since January 01, 2022 and is its President and Director since January 1, 2020. He had been...

CEO Compensation Analysis

Compensation vs Market: Mitch's total compensation ($USD4.22M) is below average for companies of similar size in the US market ($USD6.95M).

Compensation vs Earnings: Mitch's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: LEG's management team is considered experienced (2.8 years average tenure).

Board Members

Experienced Board: LEG's board of directors are considered experienced (6.4 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: LEG insiders have only sold shares in the past 3 months.

Recent Insider Transactions

NYSE:LEG Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
05 Aug 22SellUS$1,070,033Karl GlassmanIndividual26,401US$40.53
01 Jun 22SellUS$95,870Phoebe WoodIndividual2,500US$38.35
17 Feb 22SellUS$583,395Robert BrunnerIndividual15,000US$38.89

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 56.15% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
State Street Global Advisors, Inc.
BlackRock, Inc.
The Vanguard Group, Inc.
Charles Schwab Investment Management, Inc.
BNY Mellon Asset Management
Dimensional Fund Advisors LP
U.S. Bancorp Asset Management, Inc.
Geode Capital Management, LLC
Old Republic International Corp., Asset Management Arm
Norges Bank Investment Management
Morgan Stanley, Investment Banking and Brokerage Investments
Invesco Capital Management LLC
Northern Trust Global Investments
ID-Sparinvest, Filial af Sparinvest S.A., Luxembourg
Silvercrest Asset Management Group LLC
Eaton Vance Management
924,287$31.5m-62.47%no data
Toronto-Dominion Bank, Banking Investments
Karl Glassman
879,015$30.0m-2.1%no data
Berkshire Asset Management, LLC
Speece Thorson Capital Group Inc
Crawford Investment Counsel, Inc.
Epoch Investment Partners, Inc.
ProShare Advisors LLC
Wells Fargo & Company, Securities and Brokerage Investments

Company Information

Leggett & Platt, Incorporated's employee growth, exchange listings and data sources

Key Information

  • Name: Leggett & Platt, Incorporated
  • Ticker: LEG
  • Exchange: NYSE
  • Founded: 1883
  • Industry: Home Furnishings
  • Sector: Consumer Durables
  • Implied Market Cap: US$4.520b
  • Shares outstanding: 132.62m
  • Website:

Number of Employees


  • Leggett & Platt, Incorporated
  • No. 1 Leggett Road
  • Carthage
  • Missouri
  • 64836
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LEGNYSE (New York Stock Exchange)YesCommon StockUSUSDJan 1970
LP1DB (Deutsche Boerse AG)YesCommon StockDEEURJan 1970
0JTTLSE (London Stock Exchange)YesCommon StockGBUSDJan 1970
L1EG34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 1 REPR 1 COMBRBRLJan 2020

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/24 00:00
End of Day Share Price2022/09/23 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.