Masco (MAS)
Industrials · $16.6B market cap · SEC CIK 0000062996
ahead of 23% of the S&P 500 · #65 of 79 in Industrials
Next reports on Feb 8, 2027, after the close, with analysts expecting $0.86 in earnings per share.
52-week range $58.16 to $87.86. 3% below its 52-week high and 46% above its low.
The case for MAS
- Earns 17% a year on everything it owns (return on assets).
- Pays a modest 1.9% dividend.
- P/E of 17.9× is lower than 86% of Industrials companies.
The case against
- Expensive for its growth: 17.9× earnings, where 0% a year of growth plus a 1.9% dividend would justify about 11×.
- Revenue was flat on the year (+0.9%).
- Owes more than it owns: shareholder equity is −$185M, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 27 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 22 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 60 |
| Momentumhow the price has behaved lately | 84 |
| Stabilityhow violently it moves, what it owes and what it pays you | 34 |
- Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
The financials
Revenue growth
Is the business growing? No, flat
| Last 12 months | +0.9% |
|---|---|
| Over 5 years | +1.0% a year |
| FY2025 revenue | $7.6B (−3%) |
Free cash flow
Is it generating real cash? Yes
| FY2025 free cash flow | $866M |
|---|---|
| Of revenue | 11% |
| Of profit | 107% |
Profit margins
Is profitability improving? Yes, improving
| Gross margin | 38% |
|---|---|
| Operating margin | 18% |
| Net margin, FY24 → FY25 → now | 10.5% → 10.7% → 12.1% |
Debt vs. cash
Is the balance sheet healthy? Stretched
| Cash | $647M |
|---|---|
| Long-term debt | $2.9B |
| Net debt | $2.3B |
| Years to repay | 2.9 yrs |
Valuation
Is the stock price reasonable? No, expensive
| P/E | 17.9× |
|---|---|
| Fair P/E for its growth | 11× |
| P/FCF | 19.1× |
| Forward P/E | 17.2× |
| EV / EBITDA | 15.4× |
At 17.9× earnings it trades well above the 11× that 0% a year of growth plus a 1.9% dividend would justify. At 19.1× free cash flow it trades well above that same mark.
The financials, five years deep
Pulled from Masco's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $7.6B | $7.8B | $8.0B | $8.7B | $8.4B |
| Change on the year | −3% | −2% | −8% | +4% | — |
| Free cash flow | |||||
| Free cash flow | $866M | $907M | $1.2B | $616M | $802M |
| Of revenue | 11% | 12% | 15% | 7% | 10% |
| Profit margins | |||||
| Gross margin | 35.4% | 36.2% | 35.6% | 31.3% | 34.2% |
| Operating margin | 16.5% | 17.4% | 16.9% | 14.9% | 16.8% |
| Net margin | 10.7% | 10.5% | 11.4% | 9.7% | 4.9% |
| Debt vs. cash | |||||
| Cash | $647M | $634M | $634M | $452M | $926M |
| Long-term debt | $2.9B | $2.9B | $2.9B | $2.9B | $2.9B |
| Net cash (debt) | −$2.3B | −$2.3B | −$2.3B | −$2.5B | −$2.0B |
What Masco says it does
Masco Corporation and its subsidiaries (the “Company”) is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes BEHR® paint; DELTA® and HANSGROHE® faucets, bath and shower fixtures; LIBERTY® branded decorative and functional hardware; and HOT SPRING® spas. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders. We believe that our solid results of operations and financial position for 2025 resulted from our continued focus on our strategy to drive the full potential of our core businesses, leverage opportunities across our enterprise, and actively manage our portfolio. In 2025, we continued to return value to our shareholders by repurchasing approximately 8.5 million shares of our common stock and increasing our quarterly dividend by…