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Forensic Analysis · Parts & Accessories Manufacturing · as of Nov 8, 2026

Lear Corp (LEA)

A forensic read on Lear Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Safe
Financial health
3.1
Distress distance
Clean
Earnings quality
2
Forensic signals
9.2%
ROE
-0.2%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Lear Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.1, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

7.5%
FY2025
Return on invested capital. Return on invested capital is 7.5% in the latest fiscal year and slipping across FY2023–FY2025 from 9.1%. After-tax operating profit was $716M in FY2023 and $591M in FY2025, with operating income at 4.0% of revenue in FY2023, 3.8% in FY2024 and 3.3% in FY2025. The capital base behind it went from $7.9B in FY2023 to $7.9B in FY2025 (0%), while the revenue it carried went from $23.5B to $23.3B.
93% of FCF
FY2025
Shareholder returns. Returned $490M to shareholders (buybacks + dividends) in FY2025 — 93% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 77% of free cash flow two years back — not just sitting there. Counting the $66M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 106%.

Key fundamentals

Latest Revenue$23.26B
Revenue Growth YoY-0.2%
Revenue CAGR (2yr)-0.4%
Net Margin1.9%
Free Cash Flow$527.2M
Return on Equity9.2%
Debt / Equity0.54x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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