Somnigroup is the world's largest bedding company, formed through the February 2025 combination of Tempur Sealy International and Mattress Firm. The business spans mattress manufacturing, wholesale distribution, and specialty retail. On the manufacturing side, Tempur Sealy produces mattresses under three brands: Tempur-Pedic (premium, proprietary visco-elastic foam), Sealy (value-to-mid-tier, the largest U.S. mattress brand by volume), and Stearns & Foster (premium innerspring/hybrid). Tempur Sealy sells these through wholesale to third-party retailers and direct-to-consumer through its own stores and e-commerce. Mattress Firm is the largest specialty mattress retailer in the U.S. with over 2,100 stores, carrying Tempur Sealy brands alongside competitors. Dreams is the leading specialty bedding retailer in the U.K., with over 200 stores and its own manufacturing operations. The vertical integration creates a key financial dynamic: as Tempur Sealy brands gain share within Mattress Firm's sales mix, Somnigroup captures both manufacturing and retail margin on those sales. Somnigroup reports three segments: Mattress Firm (~57% of sales), Tempur Sealy North America (~29%), and Tempur Sealy International (~14%). Growth is driven by synergy realization from the merger (targeting $225M in total EBITDA synergies), product innovation, international expansion, and capital returns once leverage normalizes.