FBINFortune Brands Innovations, Inc.

Millwood, Veneer, Plywood, & Structural Wood Members

Revenue: $4.5B; 3.2% YoY
Operating margin: 11.6%; 28% YoY
EBITDA: $635M; 26% YoY
Market cap: $5.4B
Employees: —
Net debt / EBITDA: 3.7×; $2.3B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
70% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
77% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentYes
73% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 42nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
3 filings
Active-intent 13D in 18 months
Net insider sellingNo
$31M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.7B	$4.7B	$4.6B	$4.6B	$4.5B	3.2%
Operating income	$811M	$774M	$615M	$738M	$516M	30%
Net income	$772M	$687M	—	—	—
Operating cash flow	$689M	$566M	$1.1B	$668M	$479M	28%
Capex	$214M	$246M	$257M	$193M	$112M	42%
Stock-based comp	$50M	$50M	$34M	$39M	$21M	47%
Buybacks	$448M	$580M	$150M	$240M	$248M	3.1%
Dividends	$143M	$146M	$117M	$120M	$121M	0.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 19, 2026	PICTET ASSET MANAGEMENT SA	SCHEDULE 13D/A	4.9%	Active
Aug 4, 2026	PICTET ASSET MANAGEMENT SA	SCHEDULE 13D/A	5.3%	Active
Mar 17, 2026	PICTET ASSET MANAGEMENT SA	SCHEDULE 13D	6.4%	Active

Insider trading

Open-market buys, 12 mo: $31M · 7
Open-market sells, 12 mo: $31K · 1
Net: $31M

Pay vs performance

No pay-versus-performance disclosure yet.