MasterBrand, Inc. MBC
MasterBrand, Inc. ("we," "us," "our," "MasterBrand" or the "Company"), was founded over 70 years ago in 1954 under the name United Cabinet Incorporated. We are the largest manufacturer of residential cabinets in North America, based on 2024 reported net sales. Our products are sold throughout the United States and Canada to the remodeling and new construction markets through three primary channels: dealers, retailers and builders.
On December 14, 2022, our former parent company, Fortune Brands Innovations, Inc. (formerly known as Fortune Brands Home & Security, Inc.) ("Fortune Brands"), completed a tax free spin-off transaction to separate its Cabinets segment into a standalone publicly-traded company (the "Separation"). The Separation was completed through a series of transactions ending with a pro rata distribution of all of the shares of MasterBrand, Inc. common stock owned by Fortune Brands to Fortune Brands shareholders, after which we became an independent, publicly-traded company.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Canada
- Other
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $2.62B | $2.58B | $2.58B |
| Canada | $97.9M | $106.4M | $125.7M |
| Other | $14.6M | $18.5M | $16.1M |
As the company reported it, from the “Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue by Channel (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.73B | $2.70B | $2.73B | $3.28B | $2.86B | — |
| Cost of revenue | $1.91B | $1.82B | $1.82B | $2.33B | $2.07B | — |
| Gross profit | $827.6M | $877.0M | $901.4M | $940.5M | $783.9M | — |
| SG&A | $667.8M | $603.1M | $569.7M | $648.5M | $527.6M | — |
| Operating income | $119.0M | $235.7M | $306.3M | $203.3M | $234.3M | — |
| Interest expense | $74.1M | $74.0M | $65.2M | $2.2M | $0 | — |
| Pre-tax income | $46.3M | $168.3M | $238.7M | $213.4M | $238.3M | — |
| Income tax | $19.6M | $42.4M | $56.7M | $58.0M | $55.7M | — |
| Net income | $26.7M | $125.9M | $182.0M | $155.4M | $182.6M | — |
| EPS, basic | 0.21 | 0.99 | 1.42 | 1.21 | 1.43 | — |
| EPS, diluted | 0.21 | 0.96 | 1.40 | 1.20 | 1.43 | — |
| Shares, diluted (wtd. avg.) | 129.2M | 130.9M | 129.9M | 129.1M | 128.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $183.3M | $120.6M | $148.7M | $101.1M | $141.4M | $154.3M |
| Receivables | $150.4M | $191.0M | $203.0M | $289.6M | — | — |
| Inventory | $269.1M | $276.4M | $249.8M | $373.1M | — | — |
| Total current assets | $695.9M | $650.7M | $677.2M | $830.0M | — | — |
| Property, plant and equipment | $503.1M | $481.5M | $356.6M | $352.6M | — | — |
| Goodwill | $1.13B | $1.13B | $925.1M | $924.2M | $926.2M | — |
| Other intangibles | $547.7M | $571.3M | $335.5M | $349.8M | — | — |
| Total assets | $3.10B | $2.93B | $2.38B | $2.53B | — | — |
| Accounts payable | $203.7M | $180.7M | $151.4M | $219.2M | — | — |
| Short-term debt | — | $0 | $17.6M | $17.5M | — | — |
| Total current liabilities | $415.7M | $395.4M | $349.4M | $411.1M | — | — |
| Long-term debt | $974.5M | $1.01B | $690.2M | $961.5M | — | — |
| Total liabilities | $1.76B | $1.64B | $1.19B | $1.52B | — | — |
| Retained earnings | $1.36B | $1.33B | $1.20B | $1.02B | — | — |
| Total equity | $1.34B | $1.29B | $1.19B | $1.01B | $2.45B | $2.21B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $195.7M | $292.0M | $405.6M | $235.6M | $148.2M | — |
| Depreciation and amortisation | $67.9M | $57.1M | $49.0M | $47.3M | $44.4M | — |
| Stock-based compensation | $16.1M | $21.9M | $17.8M | $10.9M | $9.3M | — |
| Capital expenditure | $78.2M | $80.9M | $57.3M | $55.9M | $51.6M | — |
| Investing cash flow | -$74.4M | -$580.8M | -$56.9M | -$55.9M | -$51.5M | — |
| Financing cash flow | -$65.7M | $269.6M | -$299.9M | -$215.3M | -$109.7M | — |
| Buybacks | $18.1M | $6.5M | $22.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170568.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | $2.86B | $3.28B | $2.73B | $2.70B | $2.73B |
| Gross profit | — | $783.9M | $940.5M | $901.4M | $877.0M | $827.6M |
| Net income | — | $182.6M | $155.4M | $182.0M | $125.9M | $26.7M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2511
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ETD | ETHAN ALLEN INTERIORS INC | $515.4M | 13.1x | -5.7% |
| BSET | BASSETT FURNITURE INDUSTRIES INC | $191.6M | 31.6x | 1.6% |