One-glance verdict
Within fair range
$37.57 our estimate vs market $51.61
Wall Street consensus: $49.92 (32.9% higher than our fair-value estimate)
37% above our estimate
Fundamentals snapshot
Fortune Brands Innovations, Inc.
FBIN · NYQ · Industrials · Building Products & Equipment
Current price
$51.61
52-week range
$32.34 - $64.84
Market cap
$6.16B
Balance sheet
Stretched
5.39x Adequate
Net debt $2.74B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Returns 11.7% on equity, ahead of 40% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Stock trades 25.0% above its 5-year average P/E.
- Risk Net debt grew 18.7% over 3 years.
What this company does
Fortune Brands Innovations, Inc.
Fortune Brands Innovations sells many popular brands for your home, like Moen faucets, Therma-Tru doors, and Master Lock security products. The company primarily makes money when people build new houses or remodel, so its financial health is often linked to the real estate market and home improvement trends. Because these are often one-time purchases, the company's sales can be more cyclical (meaning they go up and down with the economy) than a business with recurring revenue (money that comes in consistently, like a monthly subscription).
How the company got here
Fortune Brands Innovations began its modern journey in 2011 when it was spun off (a corporate action where a company separates a part of its business into a new, independent company) from a larger parent company. For years, it was known as Fortune Brands Home & Security and included a large kitchen and bath cabinet business. A key turning point came in late 2022, when it spun off the cabinet division to focus on higher-growth products. This move led to its renaming as Fortune Brands Innovations, concentrating on branded products in water, outdoors, and security where innovation and design are most important.
What it actually does
This company makes and sells well-known branded products for your home, focusing on things you'd buy when repairing, remodeling, or building a house. You've likely seen their products in stores, from Moen faucets in the kitchen and bath to Therma-Tru entry doors and Master Lock padlocks. They sell these items through a variety of channels (the different ways a company gets its products to customers), including home centers, wholesalers who work with builders, and online retailers. The company aims to create products that are innovative, like smart water systems and connected locks, rather than just basic, functional hardware.
Water
This is the company's largest business, making up more than half of its sales (the total money a company brings in). This segment is responsible for the faucets, sinks, showers, and garbage disposals you'd find in a kitchen or bathroom. Its most recognizable brand is Moen, but it also owns a collection of luxury brands like ROHL, Riobel, and Victoria+Albert, which are often sold in specialty showrooms. The customers are homeowners doing upgrades, as well as professional plumbers and builders working on new homes.
Outdoors
This part of the business focuses on the outside of your house, representing a significant portion of the company's sales. It makes and sells entry doors under the Therma-Tru brand and storm and screen doors from the Larson brand. This segment also includes Fiberon composite decking and railing, which people use to build decks and porches that are alternatives to traditional wood. These products are sold to homeowners for remodeling projects and to builders for new home construction.
Security
This is the smallest of the three segments, but it includes some of the most famous brand names in safety and security. It produces the iconic Master Lock and American Lock padlocks, as well as SentrySafe fire-resistant safes for protecting valuables at home or in the office. More recently, this segment has expanded into electronic and smart home security through brands like Yale and August, which make connected door locks you can control with your phone. These products are sold everywhere from hardware stores to locksmiths and online.
What management is betting on now
The company's main strategy (a company's long-term plan for success) is to focus on being a leader in brands and innovation in its specific categories. Management is heavily invested in developing 'connected products,' like smart water systems and digital locks, believing this is a major area for future growth. They are also focused on what they call 'material conversion,' which means encouraging customers to switch to their higher-performance products, like trading a wood door for a fiberglass one or a wood deck for composite decking. By spinning off the lower-margin (the percent of each sales dollar left after costs) cabinet business, the company is betting it can grow faster and be more profitable by concentrating on these innovative home products.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$222.70M
FY2024 Q3
$175.60M
FY2024 Q4
$212.10M
FY2025 Q1
$-112.60M
FY2025 Q2
$118.70M
FY2025 Q3
$177.00M
FY2025 Q4
$183.70M
FY2026 Q1
$-139.50M
Revenue
$1.01B
Net income
—
Diluted EPS
0.20
Operating cash flow
$-119.20M
Free cash flow
$-139.50M
Fetching…
Sources
Revenue
$1.08B
Net income
—
Diluted EPS
0.63
Operating cash flow
$208.20M
Free cash flow
$183.70M
Fetching…
Sources
Revenue
$1.15B
Net income
—
Diluted EPS
0.59
Operating cash flow
$204.40M
Free cash flow
$177.00M
Fetching…
Sources
Revenue
$1.20B
Net income
—
Diluted EPS
0.83
Operating cash flow
$149.40M
Free cash flow
$118.70M
Fetching…
Sources
Revenue
$1.03B
Net income
—
Diluted EPS
0.42
Operating cash flow
$-83.40M
Free cash flow
$-112.60M
Fetching…
Sources
Revenue
$1.10B
Net income
—
Diluted EPS
0.84
Operating cash flow
$272.30M
Free cash flow
$212.10M
Fetching…
Sources
Revenue
$1.16B
Net income
—
Diluted EPS
1.09
Operating cash flow
$205.30M
Free cash flow
$175.60M
Fetching…
Sources
Revenue
$1.24B
Net income
—
Diluted EPS
1.06
Operating cash flow
$261.50M
Free cash flow
$222.70M
Fetching…
Sources
Is it cheap or expensive?
Fair value $37.57 vs current price $51.61
Wall Street consensus is the average analyst price target: $49.92 (32.9% higher than our fair-value estimate).
Our most-likely fair value is $37.57 a share — about 27.2% away from today's price of $51.61, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $2.7B. Interest coverage 5.4x.
Net debt
$2.74B
Interest coverage
5.39x
Fortune Brands Innovations, Inc.'s profit covers its interest bill about 5.4 times over. and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
FBIN
BASELINE
Fortune Brands Innovations, Inc.
Total debt $2.96B Interest coverage 5.39x This is the baseline the peer rows are being compared against.
Total debt $3.30B Interest coverage 12.41x +130% vs FBIN Carries about 2.3x more debt cushion than FBIN.
Total debt $6.02B Interest coverage 6.11x +13% vs FBIN Has roughly the same debt cushion as FBIN.
Total debt $3.13B Interest coverage 7.63x +41% vs FBIN Carries about 1.4x more debt cushion than FBIN.
Total debt $1.41B Interest coverage -0.60x -100% vs FBIN This peer has almost no interest-payment cushion compared with FBIN.
What you should know
The case for and against FBIN
3 Rewards
3 Risks
Rewards
-
Returns 11.7% on equity, ahead of 40% of its peers.
-
Free cash flow was positive in 10/10 years.
-
Dividend yield is 2.1% with 14-year payout history.
Risks
-
Stock trades 25.0% above its 5-year average P/E.
-
Net debt grew 18.7% over 3 years.
-
Operating margin compressed from 17.3% to 6.5% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
22.94x
Forward P/E
14.11x
P/B
2.61x
P/S
1.39x
EV/EBITDA
10.97x
PEG ratio
1.84x
Profitability
How much profit each dollar creates
Gross margin
44.9%
Operating margin
6.5%
Net margin
6.1%
ROE
11.7%
ROA
6.0%
Health
Liquidity and balance-sheet strength
Debt / equity
1.26x
Current ratio
2.13x
Quick ratio
0.85x
Total debt
$2.96B
Total cash
$223.10M
Growth
How the business has been compounding
Revenue TTM
$4.44B
Revenue 5Y CAGR
-1.8%
EPS TTM
2.25
EPS 5Y CAGR
-22.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$442.80M
Free CF TTM
$366.80M
FCF margin
8.3%
Dividend
Shareholder payout
Yield
2.1%
Payout ratio
44.9%
Last ex-div date
2026-05-22