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
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.
Others in SIC 2511
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ETD | ETHAN ALLEN INTERIORS INC | $566.8M | 14.4x | -5.7% |
| BSET | BASSETT FURNITURE INDUSTRIES INC | $165.9M | 27.4x | 1.6% |