$MBC MasterBrand, Inc. | Understand Stock

What Do They Do?

Makes residential cabinets for kitchens, bathrooms and other parts of the home, selling through dealers and retailers and to builders serving remodeling and new construction.

How Do They Make Money?

Dealers, retailers and builders pay for cabinetry and vanities; products generally ship or are delivered before payment, which normally arrives within 30 to 90 days of the sale.

revenue

Segment	Share	How money arrives
Dealer Sold outright	55% FY2022: 54%	Sold outright
Retailer Sold outright	32% FY2022: 36%	Sold outright
Builders Sold outright	13% FY2022: 10%	Sold outright

Who Are Their Customers?

Dealers sell on to remodelers, professional trades and some builders; retailers serve do-it-yourself shoppers in stores and online, while builders are served directly or through distributors.

Customers above 10% of revenue, FY2025

of revenue from two customers (20%, 13%)

FY2024: 37% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

4% of revenue

▼ −50% vs FY2024 ($235.7M, 9%)

Net income, FY2025

1% of revenue

▼ −79% vs FY2024 ($125.9M, 5%)

Free cash flow, FY2025

4% of revenue

▼ −44% vs FY2024 ($211.1M, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 28, 2026

Revenue: ▲ +12%; vs $730.9M in Q2 FY2025
Net income: ▼ Now a loss; vs $37.3M in Q2 FY2025

Dealers share of revenue from contract with customer vs 56.1% in Q2 FY2025

Aug 4, 2026 Completed the American Woodmark merger and raised the synergy target The annual run-rate cost synergy target is now over $100 million.
May 5, 2026 Issued second-quarter financial guidance Expected a mid-single-digit to high-single-digit year-over-year sales decline and adjusted EBITDA of $51 to $61 million.

Flat. Revenue was $2.7B in FY2025, about the same as the $2.9B of FY2021.

Revenue over time

Dealer Retailer Builders

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025