At a glance
MasterBrand Inc. is worth $1.41B, about 33 times its fiscal 2025 earnings. Revenue grew 1.3% to $2.73B in fiscal 2025, with 1.0% kept as profit; over 4 years it has grown 1.1% a year. It pays no dividend; it spent $46.6M buying back its shares over FY2021–FY2025. The stock returned −46.8% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
MasterBrand designs and manufactures residential cabinets for kitchens, bathrooms and other rooms of the home. It describes itself as the largest maker of home cabinets in North America, based on 2024 net sales. Its lines span stock (ready-made in standard sizes), semi-custom and premium cabinetry, priced for different budgets. Founded in 1954 as United Cabinet Incorporated, it became an independent public company on December 14, 2022, when Fortune Brands spun off its cabinets business to Fortune Brands shareholders.
Its cabinets go into remodeling projects and new homes across the United States and Canada, through three channels. In fiscal 2025 (ended December 28, 2025), dealers produced 54.9% of its $2.73 billion in revenue, retailers 32.1% and home builders 13%. The company works with more than 7,900 cabinet dealers. Two retailers loom large: Lowe's accounted for about 20% of net sales and Home Depot about 13%. International sales were about 4%.
MasterBrand has grown partly through acquisitions. In July 2024 it acquired Supreme, a maker focused largely on premium cabinets under the Dura Supreme and Bertch brands. In August 2025 it agreed to combine with American Woodmark Corporation in an all-stock merger, meaning American Woodmark shareholders receive MasterBrand shares rather than cash. A filing dated May 28, 2026 reported a completed acquisition and new debt.
Price history
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MBC -46.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Dealer | $1.50B | 54.9% |
| Retailer | $878.4M | 32.1% |
| Builders | $355.9M | 13% |
Latest results
- In Q2 FY2026 (ended Jun 28, 2026), revenue was $815.2M, up 11.5% from a year earlier, and net income was $-57.6M (-254.4%).
- For fiscal 2025, revenue was $2.73B (+1.3% year over year; -1.1% a year from FY2021 to FY2025) with a 1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | -1.1% weak |
|---|---|
| Operating margin | 4.4% weak |
| Free cash flow margin | 4.3% watch |
| Return on equity (FY2025) | 2% weak |
| Return on assets (FY2025) | 0.9% weak |
| Net cash (cash minus debt) | $-1.15B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.86B | $182.6M | $96.6M |
| FY2022 | $3.28B | $155.4M | $179.7M |
| FY2023 | $2.73B | $182.0M | $348.3M |
| FY2024 | $2.70B | $125.9M | $211.1M |
| FY2025 | $2.73B | $26.7M | $117.5M |
Valuation snapshot
| Market value | $1.41B |
|---|---|
| P/E ratio | 32.9 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
MasterBrand’s market value went from $1.88B at the end of 2023 to $1.41B on Oct 28, 2026, down 25%; since the end of 2025 it is up 0%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.41B | +0.5% |
| 2025 | $1.40B | -24.6% |
| 2024 | $1.86B | -1.4% |
| 2023 | $1.88B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MBC price data to Oct 28, 2026 | -37.4% | -46.8% | -14.3% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -37.4% |
| 2025 | -24.4% |
| 2024 | -1.6% |
| 2023 | +96.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 4 open-market purchases ($696K) and 5 sales ($854K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 1, 2026 | R David Banyard CEO & President, Director | buy | $506K |
| Aug 11, 2026 | Kurt Wanninger EVP & Chief Operations Officer | sell | $461K |
| Jun 10, 2026 | Bruce Alan Kendrick EVP & Chief HR Officer | sell | $237K |
| Jun 8, 2026 | David D Petratis Director | buy | $102K |
| Jun 1, 2026 | Mark A. Young VP, Chief Accounting Officer | sell | $101K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.2% | Mar 31, 2025 |
| PZENA INVESTMENT MANAGEMENT LLC | 7.5% | Jun 30, 2026 |
| Coliseum Capital Management, LLC | 6.5% | Jun 30, 2026 |
| Gates Capital Management, L.P. | 6.5% | Jun 30, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| FMR LLC | 5.1% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 4.5% | Jun 30, 2026 |
ETFs with the most weight in MBC
| MVPA Miller Value Partners Appreciation ETF | 2.41% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.69% |
| HOMZ Hoya Capital Housing ETF | 0.64% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.62% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.51% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.5% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.46% |
| VFMF Vanguard U.S. Multifactor ETF | 0.31% |
What could go wrong
- Heavy reliance on Lowe's and Home Depot. Lowe's made up about 20% and Home Depot about 13% of fiscal 2025 net sales. Losing either, or getting smaller orders, would hurt. Their size also gives them strong bargaining power on price.
- Merger and integration risks. The company's annual report (10-K) warned the American Woodmark merger could be delayed or fail. Integrating acquired businesses such as Supreme can also fall short and lead to impairment charges (write-downs of acquired value).
- A large debt load. As of June 28, 2026, total debt was about $1.39 billion against $241.6 million of cash. Interest and repayments can limit flexibility, especially if sales or profits weaken.
- Tied to housing and remodeling cycles. Demand depends on US and Canadian remodeling and new home building. Higher interest rates and inflation can lead homeowners to delay big kitchen and bath projects or trade down to cheaper cabinets.
- Easy entry and fierce price competition. New competitors can enter the cabinet market easily, and rivals in lower-cost countries can undercut prices. That squeezes profits; operating margin, the share of revenue left as operating profit, was 4.4% in fiscal 2025.
- Tariffs, trade and raw material costs. MasterBrand makes and sources products internationally, so tariffs and uncertain trade rules can raise costs. Swings in commodity and energy prices, or supplier delays, can also disrupt production and squeeze profits.
Recent events
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Acquisition or sale of assets completed; New debt or financial obligation; Executive or board change; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Other company announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
MasterBrand does not pay a dividend; it paid none from fiscal 2021 through fiscal 2025. An income investor would receive no cash payments and would rely entirely on share price gains, cashing in shares to raise spending money. The company did repurchase shares, spending $46.6 million over those five years, including $18.1 million in fiscal 2025. Even so, shares outstanding rose 58.3%, from about 128.5 million on May 5, 2023 to about 203.5 million on August 3, 2026.
The stock began trading after the December 2022 spin-off, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its own swings have been large: it rose 96.7% in 2023, yet its deepest fall from a peak reached 66.5%, and it dropped 46.8% in the year to October 28, 2026. Single stocks carry more risk than diversified funds that spread money across many companies.
Questions investors ask
How does MasterBrand make money?
MasterBrand makes money by manufacturing residential cabinets for kitchens, bathrooms and other rooms, and supplying them for remodeling and new homes in the US and Canada. In fiscal 2025 (ended December 28, 2025), dealers generated 54.9% of its $2.73 billion revenue, retailers 32.1% and home builders 13%. Lowe's alone accounted for about 20% of net sales and Home Depot about 13%. Profit was thin that year: net income was $26.7 million, a 1% net margin.
Does MasterBrand pay a dividend?
No. MasterBrand paid no dividends from fiscal 2021 through fiscal 2025, and it showed no dividend yield as of October 28, 2026. It has returned some cash through share repurchases instead, spending $46.6 million over those five years. Those repurchases did not shrink the share count, which rose 58.3% between May 5, 2023 and August 3, 2026, to about 203.5 million. Investors who need regular income would get none from this stock.
What is the MasterBrand and American Woodmark merger?
It is an all-stock deal, announced August 6, 2025, under which American Woodmark Corporation would become a wholly owned subsidiary of MasterBrand. All-stock means American Woodmark shareholders receive MasterBrand shares instead of cash. Shareholders of both companies approved it on October 30, 2025. The annual report (10-K) filed February 13, 2026 expected the deal to close in early 2026, subject to antitrust clearance. A May 28, 2026 filing then reported a completed acquisition and new debt.
Is MasterBrand profitable?
It was profitable in fiscal 2025, but only slightly, and it lost money in the quarter ended June 28, 2026. Fiscal 2025 net income was $26.7 million on $2.73 billion of revenue, about a penny per dollar of sales, down 78.8% from fiscal 2024. Earnings per share fell to $0.21 from $0.96. In the June quarter, revenue rose 11.5% from a year earlier, yet the net loss was $57.6 million. Free cash flow, cash left after paying for operations and equipment, was $117.5 million in fiscal 2025.
How has MasterBrand stock performed since the spin-off?
It is slightly down overall, with big swings. As of October 28, 2026, the share price was 2.8% below where it started after the December 2022 spin-off from Fortune Brands. It rose 96.7% in 2023, slipped 1.6% in 2024, fell 24.4% in 2025 and was down 37.4% for 2026 through October 28. Its deepest drop from a peak was 66.5%. Because MasterBrand pays no dividend, share price changes are the whole return.