Short answer
MasterBrand, Inc. (MBC) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $2.7B (+1.3% year over year) and net income of $27M.
- Top risk flagged: Debt refinancing risk from $700M Senior Notes at 7.00% due 2032 issued June 27, 2024, with covenants limiting indebtedness and asset dispositions
FY2025 key financial metrics · XBRL
- Revenue
- $2.7B
- +1.3% YoY
- Net income
- $27M
- −78.8% YoY
- Operating margin
- 4.4%
- −4.4 pp YoY
- Gross margin
- 30.3%
- −2.2 pp YoY
- EPS (diluted)
- $0.21
- −78.1% YoY
- ROE
- 2.0%
- −7.7 pp YoY
- Operating cash flow
- $196M
- −33.0% YoY
Source: XBRL data from the MasterBrand, Inc. (MBC) FY2025 10-K on SEC EDGAR. USD.
MasterBrand, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Largest North American manufacturer of residential cabinets serving remodeling/new construction markets via dealers, retailers, builders
- New acquisition: Supreme Cabinetry (July 2024) adding premium product lines and complementary dealer network
- Strategic shift: Pending 2026 all-stock merger with American Woodmark to expand scale and geographic reach
- Employees: Workforce increased to 12,633 with 81% hourly production/distribution; 32% unionized; TRIR 0.83 vs 0.64 prior year
- Noteworthy: Tax-free spin-off from Fortune Brands completed in December 2022 making MasterBrand independent public company
Management Discussion & Analysis
- Revenue $2,734.7M, up $34.3M (1.3%) YoY, driven by Supreme acquisition adding $131.5M sales, offset by $97.2M volume decline
- Gross profit $827.6M, down $49.4M (5.6%) with margin 30.3% vs 32.5%; Operating income $119.0M, down $116.7M (49.5%)
- Best segment: sales to dealers up $79.1M (5.6%) from full Supreme year; Worst segment: retail sales down $49.2M (5.3%)
- SG&A increased $64.7M (10.7%) to $667.8M (24.4% of sales) driven by Supreme acquisition, associate costs, and bad debt charge of $17.4M
- Cash flow focus: higher debt post-2024 refinancing sustaining $74.1M interest expense; no specific buybacks/dividends disclosed; pending American Woodmark merger noted
- Forward outlook highlights risks in weaker demand end markets, higher effective tax rate 42.3% vs 25.2% in prior year, and potential acquisition impacts on liquidity
Risk Factors
- Debt refinancing risk from $700M Senior Notes at 7.00% due 2032 issued June 27, 2024, with covenants limiting indebtedness and asset dispositions
- Macroeconomic exposure via increased allowance for credit losses to $17.4M in 2025 due to specific customer default risk amid weak economy
- Operational supply vulnerability from integration and full-year inclusion of Supreme acquisition in 2025 increasing depreciation to $67.9M vs $57.1M in 2024
- Competitive risk from dependence on U.S. new home starts and home R&R markets facing volatility impacting goodwill valuations and cash flow forecasts
- Financial leverage constrained by 2024 Credit Agreement net leverage ratio limit 3.25:1 post-March 2025, with $974.5M outstanding borrowings as of December 28, 2025
Generated from the filing text; verify against the original. How to read a 10-K
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