MasterBrand, Inc.
MBC NYSE Wood Household Furniture, (No Upholstered) Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$2.7B
1.3%
vs prior year
Operating margin
Operating income as a share of revenue.
4.4%
4.4 pts
Net income
Profit after all expenses, interest and tax.
$26.7M
78.8%
Free cash flow
Cash from operations minus capital spending.
$118M
44.3%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.6%
4.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.68 EPS (TTM)
What MasterBrand, Inc. does
No business description yet.
- Legal name
- MasterBrand, Inc.
- Fiscal year ends
- December 28, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Accession · CIK
- 0001941365-26-000006
0001941365
Revenue and margins
MasterBrand, Inc. had $2.7B of revenue in fiscal 2025, up 1.3% on the year before.
FY21
Revenue $2.9B
FY22
Revenue $3.3B
FY23
Revenue $2.7B
FY24
Revenue $2.7B
FY25
Revenue $2.7B
Q3 '23
Revenue $677M
Q4 '23
Revenue $677M
Q1 '24
Revenue $638M
Q2 '24
Revenue $677M
Q3 '24
Revenue $718M
Q4 '24
Revenue $668M
Q1 '25
Revenue $660M
Q2 '25
Revenue $731M
Q3 '25
Revenue $699M
Q4 '25
Revenue $645M
Q1 '26
Revenue $618M
Q2 '26
Revenue $815M
FY21
Gross 27.5%
Operating 8.2%
Net 6.4%
FCF 3.4%
FY22
Gross 28.7%
Operating 6.2%
Net 4.7%
FCF 5.5%
FY23
Gross 33.1%
Operating 11.2%
Net 6.7%
FCF 12.8%
FY24
Gross 32.5%
Operating 8.7%
Net 4.7%
FCF 7.8%
FY25
Gross 30.3%
Operating 4.4%
Net 1.0%
FCF 4.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 35.1%
Operating 13.6%
Net 8.8%
FCF 19.6%
Q4 '23
Gross 32.9%
Operating 9.0%
Net 5.3%
FCF 4.9%
Q1 '24
Gross 32.1%
Operating 9.8%
Net 5.9%
FCF 1.8%
Q2 '24
Gross 34.1%
Operating 11.5%
Net 6.7%
FCF 9.8%
Q3 '24
Gross 33.1%
Operating 8.0%
Net 4.1%
FCF 9.0%
Q4 '24
Gross 30.4%
Operating 5.6%
Net 2.1%
FCF 10.3%
Q1 '25
Gross 30.6%
Operating 5.6%
Net 2.0%
FCF −6.2%
Q2 '25
Gross 32.8%
Operating 9.2%
Net 5.1%
FCF 9.1%
Q3 '25
Gross 31.2%
Operating 6.0%
Net 2.6%
FCF 5.7%
Q4 '25
Gross 26.0%
Operating −4.2%
Net −6.5%
FCF 8.1%
Q1 '26
Gross 25.3%
Operating −3.0%
Net −2.5%
FCF −23.7%
Q2 '26
Gross 25.2%
Operating −3.4%
Net −7.1%
FCF 15.8%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2021 to 2025, diluted EPS grew −38.1% a year. Loss periods are shown in red.
FY21
Net income $183M
FY22
Net income $155M
FY23
Net income $182M
FY24
Net income $126M
FY25
Net income $26.7M
Q3 '23
Net income $59.7M
Q4 '23
Net income $36.1M
Q1 '24
Net income $37.5M
Q2 '24
Net income $45.3M
Q3 '24
Net income $29.1M
Q4 '24
Net income $14.0M
Q1 '25
Net income $13.3M
Q2 '25
Net income $37.3M
Q3 '25
Net income $18.1M
Q4 '25
Net income −$42.0M
Q1 '26
Net income −$15.4M
Q2 '26
Net income −$57.6M
FY21
Diluted EPS $1.43
FY22
Diluted EPS $1.20
FY23
Diluted EPS $1.40
FY24
Diluted EPS $0.96
FY25
Diluted EPS $0.21
Q3 '23
Diluted EPS $0.46
Q4 '23
Diluted EPS $0.28
Q1 '24
Diluted EPS $0.29
Q2 '24
Diluted EPS $0.35
Q3 '24
Diluted EPS $0.22
Q4 '24
Diluted EPS $0.10
Q1 '25
Diluted EPS $0.10
Q2 '25
Diluted EPS $0.29
Q3 '25
Diluted EPS $0.14
Q4 '25
Diluted EPS −$0.32
Q1 '26
Diluted EPS −$0.12
Q2 '26
Diluted EPS −$0.38
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity 7.4%
Return on assets —
FY22
Return on capital 7.8%
Return on equity 9.0%
Return on assets 6.1%
FY23
Return on capital 13.3%
Return on equity 16.5%
Return on assets 7.4%
FY24
Return on capital 8.0%
Return on equity 10.1%
Return on assets 4.7%
FY25
Return on capital 3.6%
Return on equity 2.0%
Return on assets 0.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $118M in fiscal 2025, 4.3% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow $96.6M
FY22
Free cash flow $180M
FY23
Free cash flow $348M
FY24
Free cash flow $211M
FY25
Free cash flow $118M
Q3 '23
Free cash flow $133M
Q4 '23
Free cash flow $33.2M
Q1 '24
Free cash flow $11.7M
Q2 '24
Free cash flow $66.1M
Q3 '24
Free cash flow $64.5M
Q4 '24
Free cash flow $68.8M
Q1 '25
Free cash flow −$41.2M
Q2 '25
Free cash flow $66.7M
Q3 '25
Free cash flow $39.5M
Q4 '25
Free cash flow $52.5M
Q1 '26
Free cash flow −$146M
Q2 '26
Free cash flow $129M
FY21
Cash from operations $148M
Capital spending $51.6M
FY22
Cash from operations $236M
Capital spending $55.9M
FY23
Cash from operations $406M
Capital spending $57.3M
FY24
Cash from operations $292M
Capital spending $80.9M
FY25
Cash from operations $196M
Capital spending $78.2M
Cash from operations
Capital spending
Q3 '23
Cash from operations $143M
Capital spending $10.0M
Q4 '23
Cash from operations $69.1M
Capital spending $35.9M
Q1 '24
Cash from operations $18.7M
Capital spending $7.0M
Q2 '24
Cash from operations $77.4M
Capital spending $11.3M
Q3 '24
Cash from operations $80.8M
Capital spending $16.3M
Q4 '24
Cash from operations $115M
Capital spending $46.3M
Q1 '25
Cash from operations −$31.4M
Capital spending $9.8M
Q2 '25
Cash from operations $84.8M
Capital spending $18.1M
Q3 '25
Cash from operations $55.4M
Capital spending $15.9M
Q4 '25
Cash from operations $86.9M
Capital spending $34.4M
Q1 '26
Cash from operations −$133M
Capital spending $13.2M
Q2 '26
Cash from operations $139M
Capital spending $10.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
MasterBrand, Inc. returned $18.1M to shareholders in fiscal 2025, 15% of free cash flow. The diluted share count fell 1.3%.
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $22.0M
FY24
Dividends —
Buybacks $6.5M
FY25
Dividends —
Buybacks $18.1M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $11.5M
Q4 '23
Dividends —
Buybacks $6.4M
Q1 '24
Dividends —
Buybacks $1.6M
Q2 '24
Dividends —
Buybacks $4.9M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $11.4M
Q2 '25
Dividends —
Buybacks $6.7M
Q3 '25
Dividends —
Buybacks $0.0M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $0.0M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY21
Diluted shares 0.13B
FY22
Diluted shares 0.13B
FY23
Diluted shares 0.13B
FY24
Diluted shares 0.13B
FY25
Diluted shares 0.13B
Balance sheet
Cash, debt and the ratios that show how comfortably MasterBrand, Inc. can carry it.
FY21
Cash $141M
Debt —
FY22
Cash $101M
Debt $979M
FY23
Cash $149M
Debt $708M
FY24
Cash $121M
Debt $1.0B
FY25
Cash $183M
Debt $975M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $141M | $101M | $149M | $121M | $183M |
| Debt incl. finance leases | — | $979M | $708M | $1.0B | $975M |
| Net debt / EBITDA | — | 3.5x | 1.6x | 3.1x | 4.2x |
| Debt / equity | — | 1.0x | 0.6x | 0.8x | 0.7x |
| Interest coverage | — | 92.4x | 4.7x | 3.2x | 1.6x |
| Current ratio | — | 2.0x | 1.9x | 1.6x | 1.7x |
| Quick ratio | — | 1.1x | 1.2x | 0.9x | 1.0x |
| Total assets | — | $2.5B | $2.4B | $2.9B | $3.1B |
| Total liabilities | — | $1.5B | $1.2B | $1.6B | $1.8B |
| Shareholders' equity | $2.5B | $1.0B | $1.2B | $1.3B | $1.3B |
| Net debt (− = net cash) | — | $878M | $559M | $899M | $791M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✓ |
| Current ratio rose | — | — | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✓ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✕ |
| F-score | — / 3 | — / 5 | 6 / 9 | 3 / 9 | 6 / 9 |
| Accruals ratio | — | −3.2% | −9.1% | −6.3% | −5.6% |
| Altman Z'' | — | 3.64 | 4.47 | 3.42 | 3.08 |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $2.9B | $3.3B | $2.7B | $2.7B | $2.7B |
| Gross profit | $784M | $941M | $901M | $877M | $828M |
| Operating income | $234M | $203M | $306M | $236M | $119M |
| Interest expense | $0.0M | $2.2M | $65.2M | $74.0M | $74.1M |
| Pretax income | $238M | $213M | $239M | $168M | $46.3M |
| Income tax | $55.7M | $58.0M | $56.7M | $42.4M | $19.6M |
| Net income | $183M | $155M | $182M | $126M | $26.7M |
| Diluted EPS | $1.43 | $1.20 | $1.40 | $0.96 | $0.21 |
| Diluted shares | 0.13B | 0.13B | 0.13B | 0.13B | 0.13B |
| Cash flow | |||||
| Cash from operations | $148M | $236M | $406M | $292M | $196M |
| Capital expenditure | $51.6M | $55.9M | $57.3M | $80.9M | $78.2M |
| Free cash flow | $96.6M | $180M | $348M | $211M | $118M |
| Depreciation and amortization | $44.4M | $47.3M | $49.0M | $57.1M | $67.9M |
| Stock-based compensation | $9.3M | $10.9M | $17.8M | $21.9M | $16.1M |
| Acquisitions | — | $0.0M | $0.0M | $515M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $22.0M | $6.5M | $18.1M |
| Dividends and buybacks | $0.0M | $0.0M | $22.0M | $6.5M | $18.1M |
| Balance sheet | |||||
| Cash and short-term investments | $141M | $101M | $149M | $121M | $183M |
| Total debt | — | $979M | $708M | $1.0B | $975M |
| Current assets | — | $830M | $677M | $651M | $696M |
| Current liabilities | — | $411M | $349M | $395M | $416M |
| Inventory | — | $373M | $250M | $276M | $269M |
| Property and equipment, net | — | $353M | $357M | $482M | $503M |
| Goodwill | $926M | $924M | $925M | $1.1B | $1.1B |
| Intangible assets | — | $350M | $336M | $571M | $548M |
| Total assets | — | $2.5B | $2.4B | $2.9B | $3.1B |
| Total liabilities | — | $1.5B | $1.2B | $1.6B | $1.8B |
| Shareholders' equity | $2.5B | $1.0B | $1.2B | $1.3B | $1.3B |
| Margins | |||||
| Gross margin | 27.5% | 28.7% | 33.1% | 32.5% | 30.3% |
| Operating margin | 8.2% | 6.2% | 11.2% | 8.7% | 4.4% |
| EBITDA margin | 9.8% | 7.7% | 13.0% | 10.8% | 6.8% |
| Net margin | 6.4% | 4.7% | 6.7% | 4.7% | 1.0% |
| FCF margin | 3.4% | 5.5% | 12.8% | 7.8% | 4.3% |
| Returns | |||||
| Return on capital | — | 7.8% | 13.3% | 8.0% | 3.6% |
| Return on capital employed | — | 9.6% | 15.1% | 9.3% | 4.4% |
| Return on equity | 7.4% | 9.0% | 16.5% | 10.1% | 2.0% |
| Return on assets | — | 6.1% | 7.4% | 4.7% | 0.9% |
| Return on tangible equity | 12.0% | — | — | — | — |
| Growth | |||||
| Revenue growth | — | 14.7% | −16.8% | −0.9% | 1.3% |
| Net income growth | — | −14.9% | 17.1% | −30.8% | −78.8% |
| EPS growth | — | −16.1% | 16.7% | −31.4% | −78.1% |
| FCF growth | — | 86.0% | 93.8% | −39.4% | −44.3% |
| Share count change | — | 0.9% | 0.6% | 0.8% | −1.3% |
| Financial health | |||||
| Net debt / EBITDA | — | 3.5x | 1.6x | 3.1x | 4.2x |
| Debt / equity | — | 1.0x | 0.6x | 0.8x | 0.7x |
| Interest coverage | — | 92.4x | 4.7x | 3.2x | 1.6x |
| Current ratio | — | 2.0x | 1.9x | 1.6x | 1.7x |
| Quick ratio | — | 1.1x | 1.2x | 0.9x | 1.0x |
| Capital allocation | |||||
| Capex / revenue | 1.8% | 1.7% | 2.1% | 3.0% | 2.9% |
| Stock comp / revenue | 0.3% | 0.3% | 0.7% | 0.8% | 0.6% |
| Payouts / FCF | 0.0% | 0.0% | 6.3% | 3.1% | 15.4% |
| Quality scores | |||||
| Piotroski F-score | — | — | 6.0 | 3.0 | 6.0 |
| Altman Z'' | — | 3.6 | 4.5 | 3.4 | 3.1 |
| Accruals ratio | — | −3.2% | −9.1% | −6.3% | −5.6% |
Source: SEC EDGAR XBRL filings (CIK 0001941365). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.