MasterBrand, Inc. (MBC) 10-Year Financial Performance & Capital Metrics

MBC • • Industrial / General

Consumer CyclicalHome FurnishingsKitchen & Bath ProductsKitchen Cabinetry & Storage

AboutMasterBrand, Inc. manufactures and sells residential cabinets for the kitchen, bathroom, and other parts of the home in North America. The company is based in Jasper, Indiana.Show more

Revenue $2.7B -0.9%
EBITDA $334M -10.5%
Net Income $126M -30.8%
EPS (Diluted) 0.96 -31.4%
Gross Margin 31.84% -0.9%
EBITDA Margin 12.36% -9.6%
Operating Margin 9.5% -16.1%
Net Margin 4.66% -30.2%
ROE 10.12% -38.8%
ROIC 9.45% -23.3%
Debt/Equity 0.84 +29.6%
Interest Coverage 3.47 -26.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.3x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-1.84%

TTM1.77%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-11.66%

TTM-44.12%

EPS CAGR

10Y-

5Y-

3Y-12.44%

TTM-43.86%

ROCE

10Y Avg11.14%

5Y Avg11.14%

3Y Avg12.49%

Latest11.24%

Peer Comparison

Kitchen Cabinetry & Storage

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PATKPatrick Industries, Inc.	4.19B	125.82	30.61	7.14%	3.11%	10.32%	6%	1.35
MBCMasterBrand, Inc.	1.65B	12.99	13.53	-0.95%	3%	5.98%	12.82%	0.84
AMWDAmerican Woodmark Corporation	922.52M	63.32	9.74	-7.47%	3.94%	6.77%	7.12%	0.56

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.47B	2.86B	3.28B	2.73B	2.7B
Revenue Growth %	-	0.16%	0.15%	-0.17%	-0.01%
Cost of Goods Sold+	1.78B	2.09B	2.36B	1.85B	1.84B
COGS % of Revenue	0.72%	0.73%	0.72%	0.68%	0.68%
Gross Profit+	687.5M	763.2M	918.8M	875.9M	859.7M
Gross Margin %	0.28%	0.27%	0.28%	0.32%	0.32%
Gross Profit Growth %	-	0.11%	0.2%	-0.05%	-0.02%
Operating Expenses+	473.6M	527.6M	648.5M	567.3M	603.1M
OpEx % of Revenue	0.19%	0.18%	0.2%	0.21%	0.22%
Selling, General & Admin	472.2M	526M	648.5M	567.3M	603.1M
SG&A % of Revenue	0.19%	0.18%	0.2%	0.21%	0.22%
Research & Development	1.4M	0	0	0	0
R&D % of Revenue	0%	-	-	-	-
Other Operating Expenses	0	0	0	0	0
Operating Income+	213.9M	235.6M	270.3M	308.6M	256.6M
Operating Margin %	0.09%	0.08%	0.08%	0.11%	0.1%
Operating Income Growth %	-	0.1%	0.15%	0.14%	-0.17%
EBITDA+	279.7M	297.8M	334.8M	372.9M	333.9M
EBITDA Margin %	0.11%	0.1%	0.1%	0.14%	0.12%
EBITDA Growth %	-	0.06%	0.12%	0.11%	-0.1%
D&A (Non-Cash Add-back)	65.8M	62.2M	64.5M	64.3M	77.3M
EBIT	196.2M	238.3M	213.4M	303.9M	242.3M
Net Interest Income+	2.4M	4.6M	10.7M	-65.2M	-74M
Interest Income	2.4M	4.6M	10.7M	0	0
Interest Expense	0	0	0	65.2M	74M
Other Income/Expense	-17.7M	2.7M	-56.9M	-69.9M	-88.3M
Pretax Income+	196.2M	238.3M	213.4M	238.7M	168.3M
Pretax Margin %	0.08%	0.08%	0.07%	0.09%	0.06%
Income Tax+	50.5M	55.7M	58M	56.7M	42.4M
Effective Tax Rate %	0.74%	0.77%	0.73%	0.76%	0.75%
Net Income+	145.7M	182.6M	155.4M	182M	125.9M
Net Margin %	0.06%	0.06%	0.05%	0.07%	0.05%
Net Income Growth %	-	0.25%	-0.15%	0.17%	-0.31%
Net Income (Continuing)	145.7M	182.6M	155.4M	182M	125.9M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	1.14	1.43	1.20	1.40	0.96
EPS Growth %	-	0.25%	-0.16%	0.17%	-0.31%
EPS (Basic)	1.14	1.43	1.21	1.42	0.99
Diluted Shares Outstanding	128.02M	128.02M	129.1M	129.9M	130.9M
Basic Shares Outstanding	128.02M	128.02M	128M	127.8M	127.1M
Dividend Payout Ratio	-	-	6.05%	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	690.6M	810M	830M	677.2M	650.7M
Cash & Short-Term Investments	154.3M	141.4M	101.1M	148.7M	120.6M
Cash Only	154.3M	141.4M	101.1M	148.7M	120.6M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	233.8M	305.3M	289.6M	203M	191M
Days Sales Outstanding	34.56	39.03	32.27	27.18	25.82
Inventory	245.9M	304.3M	373.1M	249.8M	276.4M
Days Inventory Outstanding	50.37	53.09	57.78	49.28	54.81
Other Current Assets	56.6M	59M	66.2M	75.7M	62.7M
Total Non-Current Assets+	2.02B	2.19B	1.7B	1.7B	2.28B
Property, Plant & Equipment	368.5M	399.9M	404.9M	416.7M	547.9M
Fixed Asset Turnover	6.70x	7.14x	8.09x	6.54x	4.93x
Goodwill	926.1M	926.2M	924.2M	925.1M	1.13B
Intangible Assets	433.3M	415.7M	349.8M	335.5M	571.3M
Long-Term Investments	0	0	0	-83.6M	0
Other Non-Current Assets	294.1M	453.1M	-66.8M	110.8M	34.1M
Total Assets+	2.71B	3B	2.53B	2.38B	2.93B
Asset Turnover	0.91x	0.95x	1.29x	1.14x	0.92x
Asset Growth %	-	0.11%	-0.16%	-0.06%	0.23%
Total Current Liabilities+	312.1M	364.1M	411.1M	349.4M	395.4M
Accounts Payable	156.6M	203.9M	219.2M	151.4M	180.7M
Days Payables Outstanding	32.08	35.57	33.95	29.87	35.83
Short-Term Debt	0	0	17.5M	17.6M	0
Deferred Revenue (Current)	0	0	0	0	0
Other Current Liabilities	143.2M	0	0	0	0
Current Ratio	2.21x	2.22x	2.02x	1.94x	1.65x
Quick Ratio	1.42x	1.39x	1.11x	1.22x	0.95x
Cash Conversion Cycle	52.85	56.54	56.11	46.59	44.79
Total Non-Current Liabilities+	186.1M	187M	1.11B	838.5M	1.24B
Long-Term Debt	0	0	961.5M	690.2M	1.01B
Capital Lease Obligations	28.3M	50M	40.7M	46.3M	55M
Deferred Tax Liabilities	93.6M	88.9M	87.3M	83.6M	158.7M
Other Non-Current Liabilities	64.2M	48.1M	19.6M	18.4M	18.2M
Total Liabilities	498.2M	551.1M	1.52B	1.19B	1.64B
Total Debt+	40.6M	63.2M	1.03B	770.2M	1.08B
Net Debt	-113.7M	-78.2M	932.5M	621.5M	961.7M
Debt / Equity	0.02x	0.03x	1.02x	0.65x	0.84x
Debt / EBITDA	0.15x	0.21x	3.09x	2.07x	3.24x
Net Debt / EBITDA	-0.41x	-0.26x	2.79x	1.67x	2.88x
Interest Coverage	-	-	-	4.73x	3.47x
Total Equity+	2.21B	2.45B	1.01B	1.19B	1.29B
Equity Growth %	-	0.11%	-0.59%	0.18%	0.08%
Book Value per Share	17.30	19.17	7.82	9.19	9.89
Total Shareholders' Equity	2.21B	2.45B	1.01B	1.19B	1.29B
Common Stock	0	0	1.3M	1.3M	1.3M
Retained Earnings	2B	2.19B	1.02B	1.2B	1.33B
Treasury Stock	0	0	-100K	-26.1M	-44M
Accumulated OCI	-7.7M	-3.9M	-14.5M	-3.7M	-32.7M
Minority Interest	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	204.6M	148.2M	235.6M	405.6M	292M
Operating CF Margin %	0.08%	0.05%	0.07%	0.15%	0.11%
Operating CF Growth %	-	-0.28%	0.59%	0.72%	-0.28%
Net Income	145.7M	182.6M	155.4M	182M	125.9M
Depreciation & Amortization	65.8M	62.8M	64.5M	64.3M	77.3M
Stock-Based Compensation	9.7M	9.3M	10.9M	17.8M	21.9M
Deferred Taxes	-10M	-7.7M	2.3M	-5.7M	4.6M
Other Non-Cash Items	7.4M	13M	59.4M	-4.3M	22.1M
Working Capital Changes	-14M	-111.8M	-56.9M	151.5M	40.2M
Change in Receivables	-25.6M	-72.2M	13.5M	88.1M	21.7M
Change in Inventory	-42.3M	-58.5M	-70.1M	123.6M	-10.7M
Change in Payables	32.2M	44.7M	18.3M	-69.4M	23.8M
Cash from Investing+	-26.7M	-51.5M	-55.9M	-56.9M	-580.8M
Capital Expenditures	-27.3M	-51.6M	-55.9M	-57.3M	-80.9M
CapEx % of Revenue	0.01%	0.02%	0.02%	0.02%	0.03%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	0	0	0	400K	14.6M
Cash from Financing+	-179.2M	-109.7M	-215.3M	-299.9M	269.6M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	-940M	0	0
Share Repurchases	-	-	-	-	-
Other Financing	51.7M	43.2M	-5.3M	-5.4M	-31.4M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	177.3M	96.6M	179.7M	348.3M	211.1M
FCF Margin %	0.07%	0.03%	0.05%	0.13%	0.08%
FCF Growth %	-	-0.46%	0.86%	0.94%	-0.39%
FCF per Share	1.38	0.75	1.39	2.68	1.61
FCF Conversion (FCF/Net Income)	1.40x	0.81x	1.52x	2.23x	2.32x
Interest Paid	0	0	0	0	0
Taxes Paid	0	0	0	0	0

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.58%	7.82%	8.97%	16.52%	10.12%
Return on Invested Capital (ROIC)	7.64%	7.89%	9.39%	12.32%	9.45%
Gross Margin	27.84%	26.73%	28.05%	32.13%	31.84%
Net Margin	5.9%	6.4%	4.74%	6.68%	4.66%
Debt / Equity	0.02x	0.03x	1.02x	0.65x	0.84x
Interest Coverage	-	-	-	4.73x	3.47x
FCF Conversion	1.40x	0.81x	1.52x	2.23x	2.32x
Revenue Growth	-	15.63%	14.72%	-16.77%	-0.95%

Revenue by Segment

	2023	2024
Retail	967M	927.6M
Retail Growth	-	-4.07%

Revenue by Geography

	2023	2024
UNITED STATES	2.58B	2.58B
UNITED STATES Growth	-	-0.34%
CANADA	125.7M	106.4M
CANADA Growth	-	-15.35%
MEXICO	16.1M	18.5M
MEXICO Growth	-	14.91%

Frequently Asked Questions

Valuation & Price

MasterBrand, Inc. (MBC) has a price-to-earnings (P/E) ratio of 13.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

MasterBrand, Inc. (MBC) reported $2.76B in revenue for fiscal year 2024. This represents a 12% increase from $2.47B in 2020.

MasterBrand, Inc. (MBC) saw revenue decline by 0.9% over the past year.

Yes, MasterBrand, Inc. (MBC) is profitable, generating $82.7M in net income for fiscal year 2024 (4.7% net margin).

Dividend & Returns

MasterBrand, Inc. (MBC) has a return on equity (ROE) of 10.1%. This is reasonable for most industries.

MasterBrand, Inc. (MBC) generated $133.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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