MBCMasterBrand, Inc.
Wood Household Furniture, (no Upholstered)
- Revenue
- $2.7B
- 1.3% YoY
- Operating margin
- 4.4%
- 50% YoY
- EBITDA
- $187M
- 36% YoY
- Market cap
- $1.5B
- Employees
- —
- Net debt / EBITDA
- 4.6×
- $853M net debt
- AI in 10-K
- 3.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes3 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo733% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo9% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo29% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo3.2 per 10K words · 72nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo4.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$158K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.9B | $3.3B | $2.7B | $2.7B | $2.7B | 1.3% |
| Operating income | $234M | $203M | $306M | $236M | $119M | 50% |
| Net income | $183M | $155M | $182M | $126M | $27M | 79% |
| Operating cash flow | $148M | $236M | $406M | $292M | $196M | 33% |
| Capex | $52M | $56M | $57M | $81M | $78M | 3.3% |
| Stock-based comp | $9M | $11M | $18M | $22M | $16M | 26% |
| Buybacks | $0 | $0 | $22M | $7M | $18M | 178% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $696K · 4
- Open-market sells, 12 mo
- $854K · 5
- Net
- −$158K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $6M | 125 | 178 |
| FY2024 | $7M | $6M | 160 | 164 |
| FY2023 | $7M | $16M | 165 | 144 |
| FY2022 | $7M | $3M | 84 | 95 |