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MasterBrand, Inc. ( we, us, our, MasterBrand or the Company ), was founded over 70 years ago in 1954 under the name United Cabinet Incorp orated. We are the largest manufacturer of residential cabinets in North America, based on 2024 reported net sales.
Operating margin is thin at 4.35%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 1.3%, essentially flat. Margins also contracted 4.4pp. This is a business that needs a catalyst.
Free cash flow declined 44% versus the prior year, cash generation momentum has weakened. ROIC dropped from 8.91% to 4.06%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$2.69B
▲ +1.3% YoY
Net Income (TTM)
-$2M
▼ -78.8% YoY
Op. Margin
2.35%
▼ -4.4pp YoY
ROIC
2.00%
▼ -4.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$13M
▼ -44.3% YoY
Op. Cash Flow (TTM)
$94M
▼ -33.0% YoY
Net Debt
$1.14B
Cash & Equiv.
$138M
3Y CAGR: -5.8%
3Y CAGR: -13.2%
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