MasterBrand, Inc.

Listed Company

MBCCIK 0001941365NYSELarge AcceleratedWood Household Furniture, (No Upholstered)DelawareFY ends Dec 28

Period

FY 2025

Revenue

$2.73B

Net Income

$26.70M

Total Assets

$3.10B

Equity

$1.34B

Shares Out

127.54M

Op. Cash Flow

$195.70M

Business

MasterBrand, Inc. manufactures residential cabinetry and related products for kitchens, bathrooms and other areas of the home. It offers a comprehensive portfolio spanning stock, semi-custom and premium cabinetry in a wide range of designs, finishes and styles, and provides related services including visualization, ordering, delivery and installation. The company operates through multiple brands and operating subsidiaries, including MasterBrand Cabinets, Bertch, Dura‑Supreme, Kitchen Craft, Norcraft and Woodcrafters. Its products are sold throughout the United States and Canada to remodeling and new construction markets via dealers, retailers, builders and emerging e‑commerce channels.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
NET SALES	2,735	2,700	2,726	3,276	2,855
Cost of products sold	1,907	1,823	1,825	2,335	2,071
GROSS PROFIT	828	877	901	941	784
Selling, general and administrative expenses	668	603	570	649	528
Amortization of intangible assets	26	20	15	17	18
Restructuring charges	15	18	10	25	4
OPERATING INCOME	119	236	306	203	234
Interest expense	74	74	65	2	—
Gain on sale of asset	0	−4	0	0	—
Other (income) expense, net	−1	−2	2	600,000	600,000
INCOME BEFORE TAXES	46	168	239	213	238
Income tax expense	20	42	57	58	56
NET INCOME	27	126	182	155	183
Basic (in shares)	127	127	128	128	128
Diluted (in shares)	129	131	130	129	128
Basic (in dollars per share)	0.21	0.99	1.42	1.21	1.43
Diluted (in dollars per share)	0.21	0.96	1.4	1.2	1.43

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	183	121	149	101	—
Accounts receivable, net	150	191	203	290	—
Inventories	269	276	250	373	—
Other current assets	93	63	76	66	—
TOTAL CURRENT ASSETS	696	651	677	830	—
Property, plant and equipment, net of accumulated depreciation	503	482	357	353	—
Operating lease right-of-use assets, net of accumulated amortization	189	66	60	52	—
Goodwill	1,128	1,126	925	924	926
Other intangible assets, net of accumulated amortization	548	571	336	350	—
Other assets	37	34	27	21	—
TOTAL ASSETS	3,100	2,930	2,382	2,529	—
Accounts payable	204	181	151	219	—
Current operating lease liabilities	24	20	16	14	—
Other current liabilities	188	195	164	161	—
TOTAL CURRENT LIABILITIES	416	395	349	411	—
Long-term debt	975	1,008	690	962	—
Deferred income taxes	172	159	84	87	—
Pension and other postretirement plan liabilities	4	3	8	12	—
Operating lease liabilities	175	55	46	41	—
Other non-current liabilities	15	15	11	7	—
TOTAL LIABILITIES	1,756	1,635	1,188	1,520	—
Commitments (Note 16) and Contingencies and Accrued Losses (Note 17)	—	—	—	—	—
Common stock (par value $0.01 per share; authorized 750.0 million shares; 132.6 million shares issued and 127.2 million outstanding as of December 28, 2025; 130.9 million shares issued and 127600000 million outstanding as of December 29, 2024)	1	1	1	1	—
Paid-in capital	56	40	18	0	—
Treasury stock, at cost	−70	−44	−26	−100,000	—
Accumulated other comprehensive income (loss)	800,000	−33	−4	−15	—
Retained earnings	1,357	1,330	1,205	1,023	—
TOTAL EQUITY	1,345	1,295	1,194	1,009	2,454
TOTAL LIABILITIES AND EQUITY	3,100	2,930	2,382	2,529	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	68	57	49	47	44
Restructuring charges, net of cash payments	−2	11	−9	13	−400,000
Write-off and amortization of finance fees	3	9	2	0	0
Stock-based compensation	16	22	18	11	9
Provision for bad debt	18	400,000	2	—	—
Recognition of actuarial losses and settlement charges	−400,000	3	3	900,000	−200,000
Deferred taxes	13	5	−6	2	−8
Accounts receivable	24	21	86	14	−72
Inventories	8	−11	124	−70	−59
Other current assets	−22	−6	2	−5	−2
Accounts payable	16	24	−69	18	45
Accrued expenses and other current liabilities	4	3	17	2	3
Other items	−700,000	8	−10	−16	−13
NET CASH PROVIDED BY OPERATING ACTIVITIES	196	292	406	236	148
Capital expenditures	−78	−81	−57	−56	−52
Proceeds from the disposition of assets	4	15	400,000	0	100,000
Acquisition of business, net of cash acquired	0	−515	0	0	—
NET CASH USED IN INVESTING ACTIVITIES	−74	−581	−57	−56	−52
Proceeds from revolving credit facility borrowings	240	470	255	235	—
Issuance of long-term debt	0	700	0	750	0
Repayment of revolving credit facility borrowings	−275	−150	−490	—	—
Repayment of term loan	0	−713	−38	—	—
Payment of financing fees	−2	−18	0	−10	—
Repurchase of common stock	−18	−7	−22	0	0
Payments of employee taxes withheld from share-based awards	−8	−11	−4	−100,000	0
Other items	−3	−2	−1	−500,000	−500,000
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	−66	270	−300	−215	−110
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	7	−8	−1	−5	100,000
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	62	−27	48	−40	−13

Filings

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