Masco Corporation Overview
Masco is a US-headquartered, branded building-products company. It gets roughly 79% of its sales from North America, and its portfolio is weighted towards residential repair and remodel (R&R) demand rather than new construction. Two franchises anchor the business:
Water management: Delta, Brizo, Peerless, hansgrohe, AXOR, Kraus, BrassCraft and Liberty sit inside a Plumbing Products segment that produced $5.2bn of recast FY2025 sales.
Architectural coatings: BEHR and KILZ are sold through an exclusive retail partnership with The Home Depot.
The Home Depot accounted for about 38% of FY2025 sales. The model is asset-light relative to peers. FY2025 capex was only $156M against adjusted EBITDA of $1.42bn. Returns are high, with adjusted ROIC of 41% in FY2025, and cash is returned aggressively: $832M went to shareholders in FY2025.
Under CEO Jon Nudi, who took over in July 2025, Masco is shifting from margin harvesting towards a "consumer-driven", brand- and innovation-led growth agenda. Its 2028 targets are 3–4% organic growth, an adjusted operating margin of at least 18%, and roughly 10% adjusted EPS CAGR.
Company's own description (FY2025 10-K, paraphrased)
Masco describes itself as a global leader in designing, manufacturing and distributing branded home improvement and building products. Its flagship brands are BEHR paint, DELTA and HANSGROHE faucets and bath/shower fixtures, LIBERTY decorative and functional hardware, and HOT SPRING spas. It says it leverages these brands across product categories, sales channels and geographies.
The company reports two segments, aggregated by product similarity: Plumbing Products and Decorative Architectural Products. Products are sold mainly for repair and remodel activity and, to a lesser extent, for new home construction. They reach end users through:
-
home centers and online retailers;
-
wholesalers and distributors;
-
mass merchandisers and hardware stores;
-
direct-to-consumer channels;
-
professional contractors and homebuilders.
Business model and revenue model
| Dimension | Characterisation | Evidence |
|---|---|---|
| Revenue type | Product sales account for about 100% of revenue. There is no material subscription or licensing revenue. Minor service revenue comes from electron-beam irradiation and custom thermoplastics/PEX supply to OEMs. | FY2025 10-K, Item 1 |
| Manufacturing vs. sourcing | A hybrid model. Masco has 44 principal manufacturing sites (32 in North America and 12 international). Components and finished goods are also sourced from Asia and other regions. | FY2025 10-K, Item 2 |
| Revenue recognition | Revenue is recognised at shipment or delivery. Customer programmes (co-op advertising, promotions, volume rebates) are treated as variable consideration. PwC's critical audit matter is Plumbing revenue recognition. | FY2025 10-K, Item 8 |
| Customer concentration | The Home Depot bought $2.9bn in FY2025, about 38% of net sales. Ferguson and Lowe's were each below 10%. | FY2025 10-K, Item 1A |
| Exclusivity | Behr grants The Home Depot brand exclusivity in North American retail. KILZ primer has exclusivity in the big-box home-improvement channel and online-only mass marketplaces in the US, plus retail exclusivity in Canada. | FY2025 10-K |
| End-market mix | Mostly residential R&R, with a minority from new construction. Masco's Q1 2026 deck shows Plumbing at $5.2bn of sales with an 84% share figure and a 69% share figure. From partially legible column labels, these appear to be the R&R share and the North America share. | Q1 2026 presentation; interpretation flagged |
| Geography | 21% of FY2025 sales came from outside North America, particularly Europe, and were transacted in non-USD currencies. | FY2025 10-K, Item 1A |
| Seasonality | Decorative sales peak in Q2 and Q3, in line with repair and remodel season. | FY2025 10-K |
Value chain position
Masco sits in the middle of the residential building-products value chain:
Upstream: are commodity suppliers of brass, copper, zinc, acrylic resins, titanium dioxide, propylene and petroleum by-products, plus more than 10,000 global suppliers (2025 Corporate Sustainability Report).
Masco itself: adds design, brand, manufacturing, sourcing and channel management.
Downstream: are big-box retailers, plumbing wholesalers, e-commerce marketplaces, specialty spa dealers, and ultimately DIY consumers, trade professionals and builders.
Its competitive moat is brand equity and shelf and channel control, especially Behr at The Home Depot and Delta across trade, retail and e-commerce. It does not rest on proprietary raw materials.
Independent characterisation
Masco is a cash-compounding, two-engine building-products franchise with a structurally low capital intensity: capex is about 2% of sales (FY2025: $156M on $7,562M of sales). It runs with a negative-to-near-zero book equity because of decades of buybacks. Total equity was $76M at year-end 2025 and Masco shareholders' equity was −$185M.
Its key vulnerabilities are threefold:
-
dependence on a single retail customer for paint and about 38% of group sales;
-
exposure to existing-home turnover, which drives DIY paint demand;
-
exposure to US tariffs on China-sourced plumbing goods.
Strategy
Stated strategy themes
FY2025 10-K (paraphrased): Masco's three pillars are maximising the potential of its core businesses, exploiting enterprise-wide opportunities, and active portfolio management. Execution levers are brand investment, product innovation, capex, and productivity through the Masco Operating System.
2026 Investor Day (13 May 2026): The company aims for above-market top- and bottom-line growth through a "consumer-driven strategy". This rests on industry-leading brands, expanded commercial capabilities (Pro, digital and e-commerce) and enhanced operational excellence.
2026 proxy letter: Priorities include innovation, brand building, digital marketing and e-commerce, plus winning with the Pro painter through services and support (Investor Day transcript).
Initiative register (last 24 months)
| Date | Initiative | Detail / targets | Source |
|---|---|---|---|
| Mar–Jul 2025 | CEO succession | Consumer-brand operator (Nudi) replaces long-time insider | Business Wire |
| 8 Dec 2025 | Executive Committee | Dual corporate and business-unit representation, intended to accelerate growth and agility | Q4 2025 8-K; proxy |
| Q4 2025–2026 | Restructuring programme | Headcount reduction and operations optimisation. Charges of $18M (Q4 2025) and about $50M (2026). Savings are to fund growth and margin expansion; the savings figure was not disclosed. | Q4 2025 8-K; FY2025 10-K |
| Feb 2026 | Liberty integrated into Delta Faucet | Leverages brand, capabilities and scale; moves about $218M of FY2025 sales into Plumbing | Q4 2025 8-K |
| Feb 2026 | $2.0bn buyback authorisation | Plans about $600M of buybacks in 2026 | FY2025 10-K |
| Mar–Apr 2026 | Refinancing | New revolving credit agreement (20 Mar 2026) and unsecured term loan (21 Apr 2026; $300M drawn) | Q2 2026 10-Q summary; Q2 2026 8-K |
| May 2026 | $300M accelerated share repurchase | Front-loads capital return | Company news list |
| 13 May 2026 | Investor Day 2028 targets | See 10.3 | Masco release |
| 2,026 | Commercial capability hires | New CMO (Brad Hiranaga) and Chief Technology and AI Officer (Yaron Ben David, Sep 2026) | Company news |
| Ongoing | Pro paint push | Behr Pro sales rose mid-single digits in Q1 2026 while DIY declined | Q1 2026 call |
| Ongoing | Connected water / smart products | Touchless, voice and metered dispensing; monitoring | FY2025 10-K |
| Ongoing | Sustainability | Aspirational 50% Scope 1+2 reduction by 2030 against 2020 | Business Wire, 2023 |
Medium-term targets and guidance
| Item | Target / guidance | Source |
|---|---|---|
| 2028 organic sales growth | About 3–4% per year on average, assuming low-single-digit industry growth | Investor Day release, May 2026 |
| 2028 adjusted operating margin | At least 18% | Investor Day release |
| 2028 adjusted EPS CAGR | About 10% | Investor Day release |
| FY2026 adjusted EPS | $4.40–4.60, raised from $4.10–4.30. Includes about $85M full-year net IEEPA refund benefit. | Q2 2026 8-K |
| FY2026 GAAP EPS | $4.21–4.41 | Q2 2026 8-K |
| FY2026 sales (Feb guide) | Roughly flat to up low-single digits in local currency; market roughly flat | Q4 2025 8-K |
| FY2026 adjusted operating margin (Feb guide) | About 17%. Plumbing about 18% and Decorative about 19% (pre-refund). | Zacks summary of Q4 2025 call |
| FY2026 capex / D&A | About $190M / about $160M | FY2025 10-K |
| FY2026 buybacks | About $600M | FY2025 10-K |
| FY2026 working capital | About 16.5% of sales at year-end | Q1 2026 call |
| Dividend policy | Historically targets about 30% payout; 13 consecutive annual increases | Q4 2021 8-K; proxy 2026 |
Products & Services
Pricing is not disclosed by line. Launch and "latest version" years are not disclosed in filings unless noted.
Plumbing Products
| Brand / line | Description and capabilities | Target customer | Channel |
|---|---|---|---|
| DELTA | Kitchen and bath faucets, showerheads, handhelds, valves and bath accessories; also acrylic tubs, shower bases and enclosures. Connected-water features include touch and touchless activation, voice activation, metered dispensing, and temperature/flow monitoring. | Mass-premium consumers, remodelers, builders | Home centers, wholesale/trade, e-commerce (all three grew in Q1 2026) |
| BRIZO | Luxury faucet and shower brand within Delta Faucet | Designers, luxury remodel | Showrooms, trade |
| PEERLESS | Value-tier faucets | Price-sensitive retail and builders | Retail |
| KRAUS | Digitally native kitchen and bath fixtures (sinks, faucets); acquired in 2021 | Online shoppers | E-commerce |
| NEWPORT BRASS | Premium solid-brass faucets and fixtures | Luxury showroom | Trade |
| HANSGROHE | German premium faucets, showers and shower systems; sold mainly in Europe and China | Mid-to-premium global consumers | Wholesale, retail, projects |
| AXOR | Hansgrohe's luxury designer brand | High-end residential and hospitality | Showrooms, specification |
| EASY DRAIN (ESS) | Linear shower channels, barrier-free showering, wall niches; majority-owned via Hansgrohe since 2021 | Bathroom installers, projects | Wholesale |
| BRISTAN / HERITAGE | UK taps, showers and bathroom suites | UK consumers and trade | UK retail and merchants |
| WALTEC | Faucets and plumbing products (Canada) | Canadian market | Retail and wholesale |
| MIROLIN | Acrylic tubs and shower units | Canadian home centers and wholesalers | Retail and wholesale |
| HOT SPRING, CALDERA, FREEFLOW, FANTASY SPAS, AQUATERRA, LIFESMART (Watkins Wellness) | Hot tubs and spas, from entry level to premium | Homeowners | Independent specialty dealers, online mass merchants |
| ENDLESS POOLS | Exercise and swim spas and aquatic fitness systems | Fitness-oriented homeowners | Dealers; direct-to-consumer in North America and Europe |
| TYLÖ, FINNLEO, HELO (Sauna360) | Traditional, infrared and wood-burning saunas plus steam showers and generators; acquired 2023 | Wellness consumers, hospitality | Dealers, online |
| STEAMIST (acquired 2021) | Steam shower systems | Premium bath remodel | Trade |
| BRASSCRAFT, PLUMBSHOP, MASTER PLUMBER | Brass, copper and composite supply lines, stops, connectors and repair parts | Plumbers, DIY | Wholesale, home centers, hardware, private label |
| LIBERTY / FRANKLIN BRASS (in Plumbing from 2026) | Cabinet and door hardware, functional hardware, hooks and rails, outdoor living hardware, decorative bath hardware, shower doors | DIY and remodel; OEM | Home centers, online, OEM, wholesale |
| Masco plastics and irradiation services | Electron-beam irradiation, custom thermoplastics, extruded profiles, PEX tubing | Manufacturers and OEMs (faucets, appliances) | B2B |
Decorative Architectural Products (post-recast)
| Brand / line | Description and capabilities | Target customer | Channel |
|---|---|---|---|
| BEHR | Interior and exterior paints, primers, specialty coatings, stains and waterproofing. A Pro paint push is under way: Pro sales rose mid-single digits in Q1 2026 while DIY fell low-single digits. | DIY consumers; professional painters | The Home Depot (exclusive North American retail), Pro desk |
| KILZ | Primers and sealers | DIY and Pro | The Home Depot (big-box exclusivity), online marketplaces; Canada retail |
| WHIZZ | Paint applicators and accessories (rollers, brushes). A $5M trademark impairment was taken in Q4 2025 after a customer loss in this business. | DIY | Retail |
| South American coatings | Behr/Kilz sold in parts of South America (scale not disclosed) | Regional retail | Retail |
Sustainable product share. The 2025 Corporate Sustainability Report shows roughly 25% of 2025 revenue tagged to sustainable products.
Financial Narrative
Basis. US GAAP as reported, fiscal years ending 31 December, USD M except per-share data. EBITDA equals reported operating profit plus total depreciation and amortisation. "Adjusted" figures are company non-GAAP, excluding rationalisation charges, impairments and one-offs.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents (business units) | Key products | Recast change |
|---|---|---|---|
Plumbing Products | Delta Faucet Company (Delta, Brizo, Peerless, Kraus, Newport Brass). Hansgrohe SE (hansgrohe, AXOR, Easy Drain/ESS). Bristan and Heritage (UK). Waltec. Mirolin. Watkins Wellness (Hot Spring, Caldera, Freeflow, Fantasy Spas, Endless Pools, Aquaterra, LifeSmart). Sauna360 (Tylö, Finnleo, Helo). BrassCraft (BrassCraft, Plumbshop, Master Plumber). Masco plastics and irradiation units. From FY2026: Liberty Hardware. | Faucets, showers, valves, bath hardware, acrylic tubs and showers, drains, steam showers, water filtration, sinks, spas, swim spas, saunas, plumbing components, PEX, connected water products | From Q1 2026 it absorbs Liberty Hardware, which was previously in Decorative. FY2025 recast sales were $5,209M (reported $4,992M). |
Decorative Architectural Products | Behr Paint Company (BEHR, KILZ, WHIZZ applicators). Through FY2025 it also held Liberty Hardware (Liberty, Franklin Brass, decorative bath hardware and shower doors). | Interior and exterior paint, primers, specialty coatings, stains, waterproofers, paint applicators | Excludes Liberty from FY2026. FY2025 recast sales were $2,353M (reported $2,570M). |
Revenue by Segment
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Plumbing Products net sales (USD Mn) | 5,135 | 5,252 | 4,842 | 4,853 | 4,992 |
Decorative Architectural net sales (USD Mn) | 3,240 | 3,428 | 3,125 | 2,975 | 2,570 |
Total net sales (USD Mn) | 8,375 | 8,680 | 7,967 | 7,828 | 7,562 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansResults by Segment and Segment Margins & Growth (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Plumbing operating profit, reported (USD Mn) | 929 | 819 | 861 | 911 | 895 |
Plumbing operating profit, adjusted (USD Mn) | 931 | 834 | 870 | 920 | 904 |
Plumbing adjusted operating margin (%) | 18.1 | 15.9 | 18.0 | 19.0 | 18.1 |
Plumbing adjusted EBITDA (USD Mn) | 1,032 | 932 | 976 | 1,027 | 1,014 |
Decorative operating profit, reported (USD Mn) | 581 | 565 | 578 | 549 | 443 |
Decorative operating profit, adjusted (USD Mn) | 628 | 608 | 557 | 550 | 457 |
Decorative adjusted operating margin (%) | 19.4 | 17.7 | 17.8 | 18.5 | 17.8 |
Decorative adjusted EBITDA (USD Mn) | 664 | 641 | 592 | 585 | 487 |
General corporate expense, net (USD Mn) | -105 | -87 | -91 | -97 | -89 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Plumbing YoY sales growth (%) | -7.8 | 0.2 | 2.9 |
Decorative YoY sales growth (%) | -8.8 | -4.8 | -13.6 |
Plumbing share of group sales (%) | 60.8 | 62.0 | 66.0 |
Decorative share of group sales (%) | 39.2 | 38.0 | 34.0 |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Plumbing net sales, recast (USD Mn) | 5,113 | 5,209 |
Plumbing adjusted operating profit, recast (USD Mn) | 962 | 917 |
Plumbing adjusted margin, recast (%) | 18.8 | 17.6 |
Decorative net sales, recast (USD Mn) | 2,715 | 2,353 |
Decorative adjusted operating profit, recast (USD Mn) | 507 | 444 |
Decorative adjusted margin, recast (%) | 18.7 | 18.9 |
Segment Revenue
| Segment | H1 2025 sales | H1 2026 sales | Change | H1 2026 adjusted operating profit | H1 2026 adjusted margin |
|---|---|---|---|---|---|
Plumbing | 2,618 | 2,700 | +3% | 611 | 22.6% |
Decorative | 1,234 | 1,209 | −2% | 254 | 21.0% |
Total | 3,852 | 3,910 | +2% | 807 | 20.6% |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net sales (USD Mn) | 8,375 | 8,680 | 7,967 | 7,828 | 7,562 |
Cost of sales (USD Mn) | 5,512 | 5,967 | 5,131 | 4,997 | 4,883 |
Gross profit (USD Mn) | 2,863 | 2,713 | 2,836 | 2,831 | 2,679 |
SG&A (USD Mn) | 1,413 | 1,390 | 1,473 | 1,468 | 1,426 |
Impairment charges (USD Mn) | 45 | 26 | 15 | 0 | 5 |
Operating profit, reported (USD Mn) | 1,405 | 1,297 | 1,348 | 1,363 | 1,248 |
Operating profit, adjusted (USD Mn) | 1,454 | 1,355 | 1,336 | 1,372 | 1,272 |
Depreciation and amortisation (USD Mn) | 150 | 139 | 148 | 150 | 148 |
EBITDA, reported basis (USD Mn) | 1,555 | 1,436 | 1,496 | 1,513 | 1,396 |
EBITDA, adjusted, company (USD Mn) | 1,604 | 1,494 | 1,485 | 1,522 | 1,420 |
Interest expense (USD Mn) | 278 | 108 | 106 | 99 | 101 |
Pre-tax income (USD Mn) | 688 | 1,193 | 1,238 | 1,161 | 1,135 |
Income tax (USD Mn) | 210 | 288 | 278 | 287 | 277 |
Net income attributable to NCI (USD Mn) | 68 | 61 | 52 | 52 | 48 |
Net income attributable to Masco (USD Mn) | 410 | 844 | 908 | 822 | 810 |
Diluted EPS, reported (USD) | 1.62 | 3.63 | 4.02 | 3.76 | 3.86 |
Diluted EPS, adjusted (USD) | 3.70 | 3.77 | 3.86 | 4.10 | 3.96 |
Average diluted shares (M) | 251 | 232 | 226 | 219 | 210 |
Dividends declared per share, annualised rate (USD) | 0.94 | 1.12 | 1.14 | 1.16 | 1.24 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin, reported (%) | 34.2 | 31.3 | 35.6 | 36.2 | 35.4 |
Operating margin, reported (%) | 16.8 | 14.9 | 16.9 | 17.4 | 16.5 |
Operating margin, adjusted (%) | 17.4 | 15.6 | 16.8 | 17.5 | 16.8 |
EBITDA margin, reported basis (%) | 18.6 | 16.5 | 18.8 | 19.3 | 18.5 |
Net margin, attributable (%) | 4.9 | 9.7 | 11.4 | 10.5 | 10.7 |
Net sales YoY growth (%) | 16.5 | 3.6 | -8.2 | -1.7 | -3.4 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 5,575 | 5,187 | 5,363 | 5,016 | 5,201 |
Cash and cash investments (USD Mn) | 926 | 452 | 634 | 634 | 647 |
Receivables (USD Mn) | 1,171 | 1,149 | 1,090 | 1,035 | 1,028 |
Inventories (USD Mn) | 1,216 | 1,236 | 1,022 | 938 | 1,046 |
Total current assets (USD Mn) | 3,422 | 2,946 | 2,856 | 2,730 | 2,840 |
Total current liabilities (USD Mn) | 1,939 | 1,889 | 1,695 | 1,560 | 1,573 |
Short-term debt / notes payable (USD Mn) | 10 | 205 | 3 | 3 | 2 |
Long-term debt (USD Mn) | 2,949 | 2,946 | 2,945 | 2,945 | 2,945 |
Total debt (USD Mn) | 2,959 | 3,151 | 2,948 | 2,948 | 2,947 |
Net debt (USD Mn) | 2,033 | 2,699 | 2,314 | 2,314 | 2,300 |
Total equity incl. NCI (USD Mn) | 56 | -262 | 98 | -53 | 76 |
Goodwill (USD Mn) | 568 | 537 | 604 | 597 | 623 |
Other intangibles (USD Mn) | 388 | 350 | 377 | 220 | 205 |
Working capital, company definition (USD Mn) | 1,342 | 1,508 | 1,272 | 1,184 | 1,264 |
Working capital as % of LTM sales (%) | 16.0 | 17.4 | 16.0 | 15.1 | 16.7 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansCash Flow and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net cash from operating activities (USD Mn) | 930 | 840 | 1,413 | 1,075 | 1,022 |
Capital expenditures (USD Mn) | 128 | 224 | 243 | 168 | 156 |
Free cash flow, OCF minus capex (USD Mn) | 802 | 616 | 1,170 | 907 | 866 |
Cash dividends paid to Masco holders (USD Mn) | 211 | 258 | 257 | 254 | 261 |
Share repurchases (USD Mn) | 1,026 | 914 | 353 | 751 | 571 |
Acquisitions, net (USD Mn) | 57 | 0 | 136 | 4 | 0 |
FCF conversion of attributable net income (%) | 196 | 73 | 129 | 110 | 107 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROIC, analyst-computed (%) | 51.7 | 41.9 | 41.5 | 45.8 | 40.4 |
ROA, attributable NI / ending assets (%) | 7.4 | 16.3 | 16.9 | 16.4 | 15.6 |
Current ratio (x) | 1.76 | 1.56 | 1.68 | 1.75 | 1.81 |
Net debt / reported EBITDA (x) | 1.31 | 1.88 | 1.55 | 1.53 | 1.65 |
Interest coverage, operating profit / interest (x) | 5.1 | 12.0 | 12.7 | 13.8 | 12.4 |
Asset turnover, sales / ending assets (x) | 1.50 | 1.67 | 1.49 | 1.56 | 1.45 |
Receivable days | 51 | 53 | 52 | 51 | 51 |
Inventory days | 85 | 80 | 77 | 72 | 83 |
Payable days | 66 | 68 | 70 | 70 | 70 |
Cash conversion cycle (days) | 70 | 65 | 59 | 53 | 64 |
Revenue by Region and Revenue by Region (%)
| Region | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
North America net sales (USD Mn) | 6,624 | 6,978 | 6,384 |
International net sales (USD Mn) | 1,751 | 1,702 | 1,583 |
North America share (%) | 79.1 | 80.4 | 80.1 |
International share (%) | 20.9 | 19.6 | 19.9 |
Region Margins & Growth (%) and Revenue by Region (%)
| Item | FY2024 | FY2025 | Source |
|---|---|---|---|
North America sales growth, local currency | −2% | −5% | Q4 2024 and Q4 2025 8-Ks |
International sales growth, local currency | flat | +1% | Q4 2024 and Q4 2025 8-Ks |
Share of sales outside North America | — | 21% | FY2025 10-K, Item 1A |
North America share (third-party) | — | 78.7% | MarketScreener profile |
Dollar split | — | Implied ~$1.59bn international (21% × $7,562M), derived | Analyst derivation |
“—” = not publicly disclosed.
North America by Period
| Period | North America (local currency) | International (local currency) |
|---|---|---|
Q1 2026 | +5% | +1% |
Q2 2026 | −5% | +4% |
Valuation Snapshot
| Metric | Value | Source |
|---|---|---|
Last price | $69.62 (intraday, 6 Oct 2026); previous close $68.46 | MarketScreener |
Year-to-date change, 2026 | +9.8% (from $63.46 at 31 Dec 2025) | MarketScreener; FY2025 10-K |
52-week range | $58.17–$83.21 (as of Jul 2026) | StockAnalysis |
1-year price return | Approximately flat. The Oct 2025 average buyback price was $67.88. | FY2025 10-K; analyst |
Beta | 1.28 | StockAnalysis (Jul 2026) |
Capital Markets Data (USD)
| Index (USD, base 100 at 31 Dec 2020) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Masco TSR index | 127.84 | 84.96 | 121.94 | 132.11 | 115.53 |
S&P 500 TSR index | 126.89 | 102.22 | 126.99 | 156.59 | 182.25 |
S&P Industrials TSR index | 119.40 | 110.92 | 128.71 | 148.84 | 175.19 |
S&P Consumer Durables & Apparel TSR index | 120.94 | 84.01 | 98.15 | 91.28 | 82.73 |
Valuation Snapshot by Multiple
| Multiple | Value | Basis |
|---|---|---|
P/E (TTM GAAP) | about 16.0x | $69.62 / TTM EPS of $4.35 (FY2025 $3.86 − H1 2025 $2.15 + H1 2026 $2.64) |
P/E (FY2026E adjusted) | about 15.5x | Guidance midpoint $4.50 |
EV/EBITDA (TTM adjusted) | about 10.7x | EV of about $16.4bn (market cap about $13.7bn + debt $3.25bn − cash $0.55bn, excluding NCI) / TTM adjusted EBITDA of $1,529M |
EV/Sales (TTM) | about 2.15x | TTM sales $7,620M |
Capital Markets
| Item | Value | Source |
|---|---|---|
Coverage | 21 analysts; mean rating Outperform | MarketScreener, Oct 2026 |
Average target price | $80.33, about 17% upside | MarketScreener |
Recent target prices | UBS $94 (Buy); Wells Fargo $82 (Overweight); DA Davidson $80 (Buy); Baird $80 (Neutral); Citi $77 (Neutral); Jefferies $77 (Hold); Deutsche Bank $74 (Hold) | MT Newswires headlines, Jul–Sep 2026 |
Q3 2026 consensus | EPS about $1.01; revenue about $1.97bn | Earnings Whispers |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Annualised dividend per share (USD) | 0.94 | 1.12 | 1.14 | 1.16 | 1.24 |
Cash dividends paid (USD Mn) | 211 | 258 | 257 | 254 | 261 |
Debt Maturity Profile
| Maturity bucket | 2026 | 2027–2028 | 2029–2030 | Beyond 2030 |
|---|---|---|---|---|
Debt principal due (USD Mn) | 2 | 904 | 539 | 1,503 |
Capital Instruments
| Instrument | Principal (USD Mn) | Maturity | Source |
|---|---|---|---|
3.500% notes | 300 | 15 Nov 2027 | 424B5 (2017) |
1.500% notes | 600 | 15 Feb 2028 | 424B2 (2021) |
7.750% notes | about 235 | 2029 | — |
2.000% notes | 300 | 1 Oct 2030 | FWP (2020) |
2.000% notes | 600 | 15 Feb 2031 | 424B2 (2021) |
6.500% notes | about 200 | 2032 | — |
4.500% notes | 400 | 15 May 2047 | FWP (2020) |
3.125% notes | 300 | 15 Feb 2051 | 424B2 (2021) |
Unsecured term loan (2026) | 300 | — | Q2 2026 8-K |
Revolver (new, Mar 2026) | 0 drawn; $1,000M available at 30 Jun 2026 | — | Q2 2026 8-K |
“—” = not publicly disclosed.
Analyst Conclusions
Guidance and consensus
| Item | Value | Source |
|---|---|---|
| FY2026 adjusted EPS guidance | $4.40–4.60 (+11% to +16% versus $3.96), including about $85M net IEEPA refund benefit | Q2 2026 8-K |
| Underlying FY2026 EPS ex-refund (analyst estimate) | About $4.10–4.30. This is the original guide; the CEO said underlying performance was largely in line. | Q2 2026 8-K |
| FY2026 sales outlook | Roughly flat to low-single-digit growth in local currency; H1 2026 was +2% | Q4 2025 8-K; Q2 2026 8-K |
| 2028 framework | 3–4% organic growth; ≥18% adjusted margin; about 10% EPS CAGR | Investor Day 2026 |
| Consensus view | Outperform; $80.33 average target; Q3 2026 EPS about $1.01 | MarketScreener; Earnings Whispers |
Bull case
-
Margin and returns engine intact. Adjusted operating margins of about 17–18% through a housing downturn, ROIC above 40% and FCF of about $0.9bn per year support roughly 4% per year of share-count shrinkage. Diluted shares fell from 251M (FY2021) to 199M (Q2 2026).
-
Plumbing pricing power and channel breadth. Q1 2026 Plumbing grew 9% on about 6% pricing with stable volumes. Delta is gaining across trade, retail and e-commerce, and the Liberty integration adds scale.
-
Housing turnover upside. DIY paint is tied to existing-home sales, which are near cyclical lows. Any rate-driven recovery would lift Decorative, which carries about 19–21% margins on a recast basis, with high operating leverage.
Bear case
-
Earnings quality. The Q2 2026 beat leaned on about $95M of IEEPA refunds while sales fell 3% and missed consensus. Excluding refunds, FY2026 EPS growth is modest, and analysts cut targets after the print.
-
Structural customer and channel risk. With 38% of sales from The Home Depot and Behr under-indexed in the Pro segment dominated by Sherwin-Williams, Decorative share is hard to grow. Decorative fell 13.6% in FY2025.
-
Top-line stagnation versus targets. Revenue CAGR of −2.5% over FY2021–FY2025 makes 3–4% organic growth a step-change. A large deal such as the rumoured Reliance Worldwide bid could raise leverage from about 1.65x net debt/EBITDA and test integration discipline, recalling the Kichler loss.
Catalysts and monitorables (next 12 months)
Q3 2026 results on 28 Oct 2026: Watch the organic sales trajectory, Decorative DIY versus Pro mix, and margins excluding refunds.
FY2027 guidance (Feb 2027): The first full-year plan under the Investor Day framework, including the lap of the tariff refunds.
Reliance Worldwide: Confirmation or denial of interest, plus any financing implications.
Tariff policy: Changes to Section 301/232 or replacement tariffs after the IEEPA refunds.
Plumbing leadership succession: following Jai Shah's retirement.
Housing data: Existing-home sales and mortgage rates, the key DIY paint driver.
Execution metrics: Restructuring savings realisation and working capital back to about 16.5% of sales.
Pace of the $2bn buyback: and whether the 2027 dividend increase continues the 13-year streak.
Analyst verdict
Masco enters late 2026 as a high-quality, cash-generative building-products franchise in the middle of a leadership-driven pivot from margin defence to growth. The financial evidence of quality is strong:
-
adjusted operating margins held at 15.6–17.5% through FY2021–FY2025, despite a 10% peak-to-trough sales decline;
-
ROIC above 40%;
-
capex near 2% of sales;
-
FCF averaging about $870M per year;
-
dividends raised 13 consecutive years;
-
roughly a fifth of the share count retired since 2021.
Few US industrial or consumer-durables names combine that return profile with a sub-16x earnings multiple and about 10.7x EV/EBITDA.
The debate centres on growth, not quality. Revenue has shrunk at 2.5% per year since FY2021. Decorative remains captive to Home Depot DIY traffic, which correlates with depressed existing-home sales. The 2026 earnings upgrade is substantially an IEEPA refund windfall rather than operating acceleration. Plumbing, now about two-thirds of sales after the Liberty recast, is the engine: it showed credible pricing power and multi-channel share gains in Q1 2026, but it is also the segment most exposed to tariff policy.
Jon Nudi's consumer-brand playbook adds marketing, digital and AI leadership, plus restructuring-funded reinvestment. It is coherent, and the 2028 framework (3–4% organic growth, at least 18% margin, about 10% EPS CAGR) looks achievable if R&R merely normalises. Capital returns supply about half of that EPS growth.
The key swing factors are execution in Pro paint and the discipline of any large acquisition. The press-reported interest in Reliance Worldwide is unconfirmed. If pursued, it would be strategically logical in water, but it would test leverage and integration capacity.
Net assessment: constructive, quality-at-a-reasonable-price. The risk/reward is moderately favourable, with consensus implying about 15–17% upside. Conviction rests on evidence of organic volume growth excluding refunds through 2027 and on continued capital-allocation discipline.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / status | Prior roles | Source |
|---|---|---|---|---|
Jonathon (Jon) J. Nudi, 55 | President and CEO; director | CEO since 7 Jul 2025; director since Jun 2023 | About 30 years at General Mills: Group President, Pet, International and NA Foodservice (2024–25); Group President, NA Retail (2016–23); President, Europe and Australasia (2014–16); President, Snacks (2010–14). BA Penn State; MBA Northwestern. | DEF 14A 2026; Crain's |
Richard (Rick) J. Westenberg | VP, Chief Financial Officer and Treasurer | CFO since 2023 (third-party record) | — | DEF 14A 2026 |
Kenneth G. Cole | VP, General Counsel and Secretary | — | — | DEF 14A 2026 |
Jai Shah | Group President, Plumbing and Wellness | Retirement announced 21 Apr 2026, effective Jul 2026. Received a $1.5M retention RSU grant in Mar 2025. | — | Company release Apr 2026; DEF 14A |
Imran Ahmad | Group President | Service ended 31 Dec 2025; $998,875 severance payment | — | DEF 14A 2026 |
Rick Marshall | VP, Masco Operating System | Retirement effective Sep 2026 | — | Company release Apr 2026 |
Brad Hiranaga | Chief Marketing Officer (new role) | — | — | Company news headline |
Yaron Ben David | Chief Technology and AI Officer (new role); Executive Committee member | Effective 15 Sep 2026 | — | Business Wire, Sep 2026 |
Renee Benedict | VP, Investor Relations and Corporate FP&A | Named IR contact in the Q2 2026 release; succeeded Robin Zondervan | — | Q2 2026 8-K |
Keith J. Allman | Former President and CEO | CEO Feb 2014 – 6 Jul 2025; retired | 27-year Masco career | DEF 14A; Business Wire |
Directors' Remuneration
| Executive | Salary | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
Jonathon Nudi (from 7 Jul 2025) | 528,850 | 4,034,887 | 1,120,019 | 273,600 | 684,596 | 6,641,952 |
Richard Westenberg | — | — | 597,466 | 211,200 | — | — |
Imran Ahmad | — | — | 397,482 | 141,908 | — | — |
Jai Shah | — | — | 480,062 | 169,800 | — | — |
Kenneth Cole | — | — | 428,325 | 151,500 | — | — |
Keith Allman | — | — | 2,584,377 | 342,962 | — | — |
Board of Directors
| Director | Age | Since | Principal occupation | Committees |
|---|---|---|---|---|
Lisa A. Payne (Independent Chair since 2021) | 67 | 2006 | Former Vice Chair and CFO, Taubman Centers | None (Chair) |
Jonathon J. Nudi | 55 | 2023 | President and CEO, Masco | — |
Mark R. Alexander | 61 | 2014 | CEO, Icelandic Provisions; ex-Campbell Soup | Compensation (Chair) |
Gary A. Coombe | 62 | 2026 | CEO – Grooming, Procter & Gamble | Audit; Governance |
Aine L. Denari | 53 | 2022 | EVP, President of Navico Group and CTO, Brunswick | Audit; Governance |
Marie A. Ffolkes | 54 | 2017 | Managing Partner, GenNx360 Capital | Governance (Chair) |
Christopher A. O'Herlihy | 62 | 2013 | President and CEO, Illinois Tool Works | Compensation; Governance |
John C. Plant | 72 | 2012 | Chair and CEO, Howmet Aerospace | Audit; Governance |
Sandeep Reddy | 55 | 2023 | EVP and CFO, Domino's Pizza | Audit; Compensation |
Charles K. Stevens III | 66 | 2018 | Retired EVP and CFO, General Motors | Audit (Chair); Compensation |
Major Shareholders
| Holder | Shares (M) | Approx. % of outstanding | As of |
|---|---|---|---|
Vanguard Group | 27.82 | 13.7 | 31 Dec 2025 (13F) |
BlackRock | 16.50 | 8.1 | 31 Dec 2025 |
Harris Associates | 11.50 | 5.6 | 31 Dec 2025 |
State Street | 10.24 | 5.0 | 31 Dec 2025 |
JPMorgan Chase | 6.06 | 3.0 | 31 Dec 2025 |
Boston Partners | 5.73 | 2.8 | 31 Dec 2025 |
Geode Capital | 5.31 | 2.6 | 31 Dec 2025 |
Wellington Management | 4.83 | 2.4 | 31 Dec 2025 |
MFS | 4.48 | 2.2 | 31 Dec 2025 |
Nordea Investment Mgmt | 4.37 | 2.1 | 31 Dec 2025 |
Competitive Landscape
Competitors by Segment
| Segment / category | Competitors |
|---|---|
Faucets, bath and shower | Fortune Brands Innovations (Moen, Rohl, Riobel); Kohler (private); Lixil (American Standard, Grohe); Spectrum Brands (Pfister); Villeroy & Boch (Ideal Standard); Dornbracht; Zurn Elkay Water Solutions; private label and digitally native brands; low-cost foreign manufacturers |
Spas, swim spas and saunas | Jacuzzi; Master Spas; Artesian Spas; Harvia |
Architectural coatings | Sherwin-Williams (Sherwin-Williams, Valspar, Minwax, Thompson's, Purdy); PPG and Pittsburgh Paints (Glidden, Olympic, PPG Paints); RPM International (Rust-Oleum, Zinsser); Benjamin Moore (Berkshire Hathaway); Wooster Brush; regional brands |
Cabinet and door hardware (Liberty) | Amerock; Richelieu Hardware; Top Knobs; private label |
Decorative bath hardware and shower doors | American Bath Group (DreamLine); Moen; Gatco; Kohler; private label |
Peer Comparison FY2024
| Metric | Masco | Fortune Brands Innovations | Sherwin-Williams | PPG Industries |
|---|---|---|---|---|
FY2024 revenue (USD Bn) | 7.83 | about 4.6 | about 23.1 | about 15.8 |
FY2024 revenue growth | −1.7% | — | — | — |
Adjusted operating margin | 17.5% | — | — | — |
Primary overlap with Masco | — | Faucets (Moen vs Delta) | Paint (SW stores vs Behr/HD) | Paint (Glidden/PPG retail vs Behr) |
