MASCO CORP /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MASCO CORP /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,361	7,644	6,654	6,707	7,188	8,375	8,680	7,967	7,828	7,562
Cost of revenue	4,899	3,794	4,327	4,336	4,601	5,512	5,967	5,131	4,997	4,883
Gross profit	2,462	2,220	2,327	2,371	2,587	2,863	2,713	2,836	2,831	2,679
Selling, general and administrative	1,375	1,191	1,250	1,274	1,292	1,413	1,390	1,473	1,468	1,426
Operating income	1,087	1,029	1,077	1,088	1,295	1,405	1,297	1,348	1,363	1,248
Interest expense	229	279	156	159	144	278	108	106	99	101
Other non-operating income	-255	-311	-170	-174	-164	-717	-104	-110	-202	-114
Pre-tax income	832	718	907	914	1,131	688	1,193	1,238	1,161	1,135
Income tax	296	245	221	230	269	210	288	278	287	277
Income from continuing operations	493	426	636	639	810	410	844	908	822
Net income to minority interests	43	47	50	45	52	68	61	52	52	48
Net income	493	533	734	935	1,224	410	844	908	822	810
EBITDA	1,221	1,156	1,233	1,247	1,428	1,556	1,442	1,497	1,513	1,396
EPS, basic	1.49	1.68	2.38	3.24	4.60	1.63	3.65	4.03	3.77	3.87
EPS, diluted	1.48	1.66	2.37	3.22	4.59	1.62	3.63	4.02	3.76	3.86
Shares, basic (weighted)	326	314	305	287	264	249	231	225	218	209
Shares, diluted (weighted)	330	318	307	288	264	251	232	226	219	210
Dividend per share	0.39	0.41	0.45	0.51	0.55	0.71	1.12	1.14	1.16	1.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	990	1,194	552	697	1,326	926	452	634	634	647
Short-term investments	201	108	0
Receivables	917	1,066	990	997	1,138	1,171	1,149	1,090	1,035	1,028
Inventory	712	784	798	754	876	1,216	1,236	1,022	938	1,046
Other current assets	114	111	84	90	149	109	109	110	123	119
Total current assets	2,934	3,263	2,766	2,711	3,489	3,422	2,946	2,856	2,730	2,840
Property, plant and equipment	1,060	1,129	885	878	908	896	975	1,121	1,116	1,195
Lease right-of-use assets				176	166	187	266	268	231	233
Goodwill	832	453	511	509	563	568	537	604	597	623
Intangible assets	154	187	288	259	357	388	350	377	220	205
Other non-current assets	157	114	90	139	294	114	113	139	123	105
Total assets	5,164	5,534	5,393	5,027	5,777	5,575	5,187	5,363	5,016	5,201
Accounts payable	800	824	736	697	893	1,045	877	840	789	810
Accrued liabilities	658	727	645	700	1,038	884	807	852	767	761
Total current liabilities	1,460	1,667	1,684	1,548	1,934	1,939	1,889	1,695	1,560	1,573
Long-term debt	2,995	2,969	2,971	2,771	2,792	2,949	2,946	2,945	2,945	2,945
Lease liabilities				162	149	172	255	258	223	221
Other non-current liabilities	785	715	549	589	481	437	339	349	342	387
Total liabilities	5,240	5,351	5,324	5,083	5,356	5,497	5,429	5,247	5,069	5,125
Total debt	2,997	3,085	2,979	2,773	2,795	2,959	3,151	2,948	2,948	2,947
Paid-in capital	0	0	0	0	0	0	16	0	0	0
Retained earnings	-381	-298	-278	-332	79	-652	-947	-596	-693	-688
Other comprehensive income	-235	-65	-127	-179	-142	232	226	249	201	298
Shareholders' equity	-298	-53	-111	-235	195	-179	-480	-126	-279	-185
Minority interests	195	236	180	179	226	235	218	224		261
Total equity	-96	183	69	-57	421	56	-262	98	-53	76
Total liabilities and equity	5,137	5,534	5,393	5,027	5,777	5,575	5,187	5,363	5,016	5,201
Shares outstanding	318	310	294	276	258	241	225	221	213	204

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	536	580	784	980	1,276	478	905	960	874	858
Depreciation and amortization	134	127	156	159	133	151	145	149	150	148
Stock-based compensation	29	38	27	35	45	61	49	31	39	30
Change in receivables	-132	-140	-46	-37	-141	-64	-15	42	-39	19
Change in inventory	-37	-78	-11	58	-89	-350	-43	233	4	-81
Change in payables	79	67	108	-27	332	190	-225	-34	-95	-14
Cash from operations	789	751	1,032	833	953	930	840	1,413	1,075	1,022
Capital expenditures	-180	-173	-219	-162	-114	-128	-224	-243	-168	-156
Acquisitions	0	-89	-549	0	-227	-57	0	-136	-4	0
Purchases of investments	-211	-106	0	0
Cash from investing	-124	-25	-651	582	531	-12	-230	-383	-50	-144
Debt issued						1,481	0	0
Debt repaid	-4	-5	-1	-8	-2	-3	-10	0
Stock issued	1	0	0	27	26	5	1	38	79	6
Share buybacks	-459	-331	-654	-896	-727	-1,026	-914	-353	-751	-571
Dividends paid	-128	-129	-134	-144	-145	-211	-258	-257	-254	-261
Cash from financing	-1,109	-577	-1,020	-1,291	-886	-1,298	-1,066	-854	-1,017	-888
Exchange rate effect	-34	55	4	14	31	-20	-18	6	-9	25
Net change in cash	-478	204	-635	138	629	-400	-474	182	-1	14
Free cash flow	609	578	813	671	839	802	616	1,170	907	866
Interest paid	198	175	155	157	136	114	107	107	99	100
Income taxes paid	190	258	231	384	442	246	281	328	260	236

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $68.85 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.4%	Gross profit / revenue.
Operating margin	16.6%	Operating income / revenue.
EBITDA margin	18.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.3%	Pre-tax income / revenue.
Net margin	10.9%	Net income / revenue.
FCF margin	12.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.3%	Cash from operations / revenue.
Effective tax rate	24.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	16.0%	Net income / average total assets.
Return on invested capital (ROIC)	41.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	18.7%	Selling, general and administrative expense / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-8.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-7.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-1.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-7.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	2.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-3.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-4.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	12.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	17.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.75x	Current assets / current liabilities.
Quick ratio	1.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / assets	56.3%	Total debt / total assets.
Liabilities / assets	99.5%	Total liabilities / total assets.
Net debt	$2.56B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.79x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	12.7x	Operating income / interest expense.
Working capital	$1.24B	Current assets - current liabilities.
Goodwill and intangibles / assets	15.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.06B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.47x	Revenue / average total assets.
Fixed asset turnover	6.49x	Revenue / average property, plant and equipment.
Inventory turnover	4.64x	Cost of revenue / average inventory.
Days inventory	79 days	365 x average inventory / cost of revenue.
Receivables turnover	5.82x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	66 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	76 days	Days inventory + days sales outstanding - days payables.
FCF conversion	112.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.10	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$37.64	Revenue / diluted weighted shares.
FCF per share	$4.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.40	Cash from operations / diluted weighted shares.
Book value per share	-$1.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$5.25	Tangible book value / shares outstanding.
Cash per share	$1.92	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	27.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	68.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.58B	Share price x shares outstanding.
Enterprise value	$16.13B	Market cap + total debt - cash - short-term investments.
P/E	16.2x	Market cap / net income. Only when net income is positive.
P/S	1.77x	Market cap / revenue.
P/FCF	14.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.3x	Market cap / cash from operations, when positive.
EV/Sales	2.10x	Enterprise value / revenue.
EV/EBIT	12.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.9%	Free cash flow / market cap.
Earnings yield	6.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	6.7%	(Dividends paid + share buybacks) / market cap.
PEG	7.84x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MASCO CORP /DE/'s revenue in fiscal 2025?

MASCO CORP /DE/ reported revenue of $7.56B for fiscal 2025, 3.4% lower than the year before.

Was MASCO CORP /DE/ profitable in fiscal 2025?

Yes. Net income was $810.0M, a net margin of 10.7%.

How much free cash flow did MASCO CORP /DE/ generate in fiscal 2025?

Cash from operations of $1.02B minus capital expenditures of $156.0M left free cash flow of $866.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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