MasterBrand, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data MasterBrand, Inc. 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

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	2,855	3,276	2,726	2,700	2,735
Cost of revenue	2,071	2,335	1,825	1,823	1,907
Gross profit	784	941	901	877	828
Selling, general and administrative	528	649	570	603	668
Operating income	234	203	306	236	119
Interest expense	0	2.2	65.2	74	74.1
Interest income	4.6	12.9	0	0
Other non-operating income	-0.6	-0.6	-2.4	2.3	1.4
Pre-tax income	238	213	239	168	46.3
Income tax	55.7	58	56.7	42.4	19.6
Net income	183	155	182	126	26.7
EBITDA	279	251	355	293	187
EPS, basic	1.43	1.21	1.42	0.99	0.21
EPS, diluted	1.43	1.20	1.40	0.96	0.21
Shares, basic (weighted)	128	128	128	127	127
Shares, diluted (weighted)	128	129	130	131	129

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	141	101	149	121	183
Receivables		290	203	191	150
Inventory		373	250	276	269
Other current assets		66.2	75.7	62.7	93.1
Total current assets		830	677	651	696
Property, plant and equipment		353	357	482	503
Lease right-of-use assets		52.3	60.1	66.4	189
Goodwill	926	924	925	1,126	1,128
Intangible assets		350	336	571	548
Other non-current assets		20.5	27.2	34.1	37.1
Total assets		2,529	2,382	2,930	3,100
Accounts payable		219	151	181	204
Accrued liabilities		49	67.6	54.9	63.3
Short-term debt		17.5	17.6	0	0
Total current liabilities		411	349	395	416
Long-term debt		962	690	1,008	975
Lease liabilities		40.7	46.3	55	175
Other non-current liabilities		7.4	10.5	15	18.8
Total liabilities		1,520	1,188	1,635	1,756
Total debt		979	708	1,020	975
Paid-in capital		0	17.8	39.7	55.8
Retained earnings		1,023	1,205	1,330	1,357
Treasury stock		-0.1	-26.1	-44	-70.4
Other comprehensive income		-14.5	-3.7	-32.7	0.8
Shareholders' equity	2,454	1,009	1,194	1,295	1,345
Total equity	2,454	1,009	1,194	1,295	1,345
Total liabilities and equity		2,529	2,382	2,930	3,100
Shares outstanding		128	127	128	127

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	183	155	182	126	26.7
Depreciation and amortization	44.4	47.3	49	57.1	67.9
Stock-based compensation	9.3	10.9	17.8	21.9	16.1
Deferred income tax	-7.7	2.3	-5.7	4.6	12.8
Change in receivables	-72.2	13.5	86.2	21.3	24
Change in inventory	-58.5	-70.1	124	-10.7	8
Change in payables	44.7	18.3	-69.4	23.8	15.7
Cash from operations	148	236	406	292	196
Capital expenditures	-51.6	-55.9	-57.3	-80.9	-78.2
Acquisitions		0	0	-515	0
Cash from investing	-51.5	-55.9	-56.9	-581	-74.4
Debt issued	0	750	0	700	0
Debt repaid	0	0	-37.5	-713
Share buybacks	0	0	-22	-6.5	-18.1
Cash from financing	-110	-215	-300	270	-65.7
Exchange rate effect	0.1	-4.7	-1.2	-7.9	6.7
Net change in cash	-12.9	-40.3	47.6	-27.1	62.3
Free cash flow	96.6	180	348	211	118
Income taxes paid	15.3	10.3	68.5	40.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $7.23 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.9%	Gross profit / revenue.
Operating margin	-1.1%	Operating income / revenue.
EBITDA margin	1.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.8%	Pre-tax income / revenue.
Net margin	-3.5%	Net income / revenue.
FCF margin	2.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.3%	Cash from operations / revenue.
Return on equity (ROE)	-4.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.2%	Net income / average total assets.
Return on invested capital (ROIC)	-0.8%	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	26.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.7%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-49.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-16.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-36.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-78.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-44.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-78.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-44.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-33.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-44.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-13.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	3.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	5.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-1.3%	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	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.76x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.40x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.71x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.0%	Total debt / total assets.
Liabilities / assets	56.1%	Total liabilities / total assets.
Net debt	$1.15B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	24.8x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.42x	Operating income / interest expense.
Working capital	$458.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	49.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$238.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	3.33x	Revenue / average property, plant and equipment.
Inventory turnover	4.66x	Cost of revenue / average inventory.
Days inventory	78 days	365 x average inventory / cost of revenue.
Receivables turnover	11.2x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	66 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	49.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.63	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	$18.08	Revenue / diluted weighted shares.
FCF per share	$0.48	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.96	Cash from operations / diluted weighted shares.
Book value per share	$9.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.17	Tangible book value / shares outstanding.
Cash per share	$1.19	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.47B	Share price x shares outstanding.
Enterprise value	$2.62B	Market cap + total debt - cash - short-term investments.
P/S	0.53x	Market cap / revenue.
P/B	0.75x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.93x	Market cap / cash from operations, when positive.
EV/Sales	0.94x	Enterprise value / revenue.
EV/EBITDA	56.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	35.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.1%	Free cash flow / market cap.
Earnings yield	-6.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was MasterBrand, Inc.'s revenue in fiscal 2025?

MasterBrand, Inc. reported revenue of $2.73B for fiscal 2025, 1.3% higher than the year before.

Was MasterBrand, Inc. profitable in fiscal 2025?

Yes. Net income was $26.7M, a net margin of 1%.

How much free cash flow did MasterBrand, Inc. generate in fiscal 2025?

Cash from operations of $195.7M minus capital expenditures of $78.2M left free cash flow of $117.5M.

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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