F

MasterBrand, Inc. — Earnings Quality Grade F

MBC · Consumer Cyclical

Major red flags

Revenue
$2.7B
2025
Net Income
$27M
2025
Gross Margin
30.3%
Free Cash Flow
$118M
01

Screening Summary

13
Passed
1
Watch
3
Failed
-2.91
M-Score

管理层信号

最近 SEC 8-K 文件中未发现 CEO、CFO、董事会或审计负责人变动信号。
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 20 days, change -6 days YoY

A2AR vs Revenue Growth

AR growth -21.3% vs revenue growth 1.3%

A3Revenue vs CFFO

Revenue 1.3%, CFFO -33.0%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -2.6% vs COGS 4.6%. Normal

B2CapEx vs Revenue

CapEx growth -3.3% vs revenue 1.3%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 80.7%, exceeds 70%

B4Gross Margin

Gross margin 30.3%, change -2.2pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 7.33. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 4.40

C3Accruals Ratio

Accruals ratio = -5.5%. Low accruals

C4Cash vs Debt

Cash $0.2B covers only 16% of debt $1.2B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $1.7B = 125% of equity. Over 50%

D2Leverage

Debt/EBITDA = 5.5x (>4x). Interest coverage = 1.8x (<2x). Financial stress

D3Soft Asset Growth

Other assets 8.8% vs revenue 1.3%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -1% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.91 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.91
-4.0 Clean-2.22 Grey-1.78 Danger0
0.778
DSRI
AR growing faster than revenue?
1.073
GMI
Gross margin declining?
0.935
AQI
Asset quality deteriorating?
1.013
SGI
Revenue growth rate
1.039
DEPI
Depreciation slowing?
1.093
SGAI
SG&A ratio changing?
-0.0545
TATA
Accruals level
0.936
LVGI
Leverage increasing?
05

Altman Z-Score

3.08
Safe Zone
0 Distress1.102.605.0+ Safe
0.0904
Liquidity
0.4377
Cumulative profit
0.0388
Operating efficiency
0.7658
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25