Detailed financial statements for Fortune Brands Innovations, Inc. (FBIN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Fortune Brands Innovations, Inc. specializes in providing a diverse array of water, outdoor, and security-focused products. Their extensive offerings encompass solutions for water management, smart connected devices, outdoor living enhancements, material transformation, sustainability efforts, safety, and overall well-being. The company's brand portfolio features well-known names such as Moen, House of Rohl, Aqualisa, Therma-Tru, Larson, Fiberon, Master Lock, and SentrySafe.
Analysis Summary
Fortune Brands Innovations, Inc. reported revenue of $4.46B in the most recent fiscal year, growing at a 5-year CAGR of 4.3%. Net income reached $298.8M, with a -11.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 45.6%, operating margin 7.0%, net margin 3.4%. Free cash flow grew at -11.5% CAGR over 5 years.
At $44.75 (closing price, October 30, 2026), FBIN trades at a P/E of 36.38 and an ROE of 6.31%. Market capitalisation stands at $5.3B.
Balance sheet quality for FBIN: current ratio of 1.8, net debt of $2.28B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $366.8M represents 123% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.98B | $5.28B | $5.49B | $5.76B | $3.62B | $4.80B | $4.72B | $4.63B | $4.61B | $4.46B |
| Cost of Revenue | $3.19B | $3.36B | $3.53B | $3.71B | $2.16B | $2.84B | $2.79B | $2.71B | $2.54B | $2.47B |
| Gross Profit | $1.80B | $1.93B | $1.96B | $2.05B | $1.46B | $1.96B | $1.93B | $1.91B | $2.07B | $1.99B |
| Research & Development | 0 | 0 | 0 | 0 | $48.4M | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.12B | $1.19B | $1.23B | $1.29B | $847.5M | $1.09B | $1.07B | $1.17B | $1.25B | $1.29B |
| Operating Expenses | $1.18B | $1.24B | $1.36B | $1.35B | $896.2M | $1.15B | $1.16B | $1.30B | $1.33B | $1.37B |
| Operating Income | $618.6M | $682.5M | $595.2M | $698.5M | $567.7M | $811.1M | $774.3M | $614.9M | $737.9M | $621.4M |
| EBITDA | $753.9M | $814.5M | $761.1M | $822.2M | $746.5M | $999.8M | $977.9M | $803.2M | $919.6M | $714.6M |
| Interest Expense | $49.1M | $49.4M | $74.5M | $94.2M | $83.8M | $84.3M | $119.2M | $116.5M | $133.1M | $115.2M |
| Pre-tax Income | $582.1M | $634.8M | $537.0M | $575.3M | $491.6M | $726.4M | $667.1M | $517.9M | $605.5M | $405.0M |
| Income Tax | $169.7M | $159.5M | $147.0M | $144.0M | $110.8M | $166.7M | $127.2M | $112.4M | $133.6M | $106.2M |
| Net Income | $413.2M | $472.6M | $389.6M | $431.9M | $553.1M | $772.4M | $686.7M | $404.5M | $471.9M | $298.8M |
| EPS | $2.69 | $3.11 | $2.70 | $3.09 | $3.99 | $5.72 | $5.36 | $3.20 | $3.78 | $2.47 |
| EPS (Diluted) | $2.61 | $3.05 | $2.66 | $3.06 | $3.94 | $5.54 | $5.23 | $3.17 | $3.75 | $2.47 |
| Shares Outstanding (Diluted) | 157.8 M | 155.8 M | 146.4 M | 141.3 M | 140.2 M | 139.5 M | 131.3 M | 127.7 M | 125.7 M | 121.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.15B | $1.08B | $1.01B | $1.15B |
| Gross Profit | $519.4M | $470.4M | $421.4M | $590.7M |
| Operating Income | $125.9M | $121.6M | $69.5M | -$9.0M |
| EBITDA | $172.8M | $162.9M | $75.6M | $34.2M |
| Net Income | $70.8M | $76.4M | $24.2M | -$22.5M |
| EPS | $0.59 | $0.63 | $0.20 | $-0.19 |
| EPS (Diluted) | $0.59 | $0.63 | $0.20 | $-0.19 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $251.5M | $323.0M | $262.9M | $387.9M | $419.1M | $425.6M | $642.5M | $366.4M | $381.1M | $264.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $550.7M | $555.3M | $571.7M | $624.8M | $734.9M | $580.4M | $521.8M | $534.2M | $514.4M | $513.1M |
| Inventory | $531.1M | $580.8M | $678.9M | $718.6M | $867.2M | $1.19B | $1.02B | $982.3M | $960.3M | $1.02B |
| Total Current Assets | $1.44B | $1.60B | $1.69B | $1.90B | $2.21B | $2.74B | $2.46B | $2.05B | $2.01B | $1.97B |
| Property, Plant & Equipment | $662.5M | $740.0M | $813.4M | $824.2M | $917.4M | $1.01B | $783.7M | $1.15B | $1.15B | $805.9M |
| Goodwill | $1.83B | $1.91B | $2.08B | $2.09B | $2.39B | $2.47B | $1.64B | $1.91B | $1.99B | $2.01B |
| Intangible Assets | $1.11B | $1.16B | $1.25B | $1.17B | $1.42B | $1.38B | $1.00B | $1.35B | $1.30B | $1.23B |
| Total Assets | $5.13B | $5.51B | $5.96B | $6.29B | $7.36B | $7.94B | $6.12B | $6.57B | $6.56B | $6.52B |
| Accounts Payable | $393.8M | $428.8M | $459.0M | $460.0M | $620.5M | $561.0M | $421.6M | $568.1M | $513.9M | $524.6M |
| Short-term Debt | 0 | 0 | $525.0M | $399.7M | 0 | $400.0M | $599.2M | 0 | $499.6M | 0 |
| Total Current Liabilities | $840.4M | $906.8M | $1.49B | $1.41B | $1.35B | $1.97B | $1.55B | $1.20B | $1.60B | $1.07B |
| Long-term Debt | $1.43B | $1.51B | $1.81B | $1.78B | $2.57B | $2.31B | $2.07B | $2.67B | $2.17B | $2.54B |
| Total Liabilities | $2.76B | $2.91B | $3.78B | $3.86B | $4.58B | $4.87B | $4.04B | $4.27B | $4.14B | $4.13B |
| Retained Earnings | $814.6M | $1.17B | $1.45B | $1.76B | $2.18B | $2.81B | $2.32B | $2.61B | $2.96B | $3.13B |
| Total Equity | $2.36B | $2.60B | $2.18B | $2.43B | $2.78B | $3.06B | $2.08B | $2.29B | $2.42B | $2.39B |
| Total Debt | $1.43B | $1.51B | $2.33B | $2.32B | $2.71B | $2.82B | $2.77B | $2.81B | $2.83B | $2.54B |
| Net Debt | $1.18B | $1.18B | $2.07B | $1.94B | $2.29B | $2.39B | $2.13B | $2.45B | $2.45B | $2.28B |
| Working Capital | $602.4M | $694.9M | $194.0M | $488.9M | $863.4M | $773.4M | $913.3M | $845.3M | $405.1M | $902.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $223.9M | $264.0M | $223.1M | $209.7M |
| Total Assets | $6.52B | $6.52B | $6.55B | $6.34B |
| Total Liabilities | $4.14B | $4.13B | $4.19B | $4.03B |
| Total Equity | $2.38B | $2.39B | $2.36B | $2.31B |
| Total Debt | $2.83B | $2.54B | $2.96B | $2.80B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $413.2M | $472.7M | $389.8M | $431.3M | $554.4M | $772.4M | $686.7M | $404.5M | $471.9M | $298.8M |
| Depreciation & Amortization | $122.7M | $130.3M | $149.6M | $152.7M | $163.5M | $189.1M | $191.6M | $168.8M | $193.6M | $194.4M |
| Stock-based Compensation | $32.0M | $43.0M | $36.1M | $30.5M | $47.6M | $50.2M | $50.2M | $34.2M | $39.3M | $20.8M |
| Change in Working Capital | $101.8M | -$47.1M | -$44.2M | -$86.0M | $7.8M | -$377.4M | -$474.5M | $403.2M | -$91.4M | -$173.3M |
| Operating Cash Flow | $650.5M | $600.3M | $604.0M | $637.2M | $825.7M | $688.7M | $566.3M | $1.06B | $667.8M | $478.6M |
| Capital Expenditure | -$145.4M | -$165.0M | -$150.1M | -$131.8M | -$150.5M | -$214.2M | -$246.1M | -$256.5M | -$193.3M | -$111.8M |
| Acquisitions | -$239.7M | -$124.6M | -$465.6M | $4.2M | -$715.2M | $5.2M | -$217.6M | -$784.1M | -$135.4M | 0 |
| Stock Repurchased | -$424.5M | -$214.8M | -$694.6M | -$100.0M | -$187.6M | -$447.7M | -$580.1M | -$150.0M | -$240.4M | -$247.8M |
| Dividends Paid | -$98.2M | -$110.3M | -$115.2M | -$123.0M | -$133.3M | -$143.0M | -$145.6M | -$116.8M | -$119.6M | -$120.6M |
| Free Cash Flow | $505.1M | $435.3M | $453.9M | $505.4M | $675.2M | $474.5M | $320.2M | $799.3M | $474.5M | $366.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $204.4M | $208.2M | -$119.2M | $202.8M |
| Capital Expenditure | -$27.4M | -$24.5M | -$20.3M | -$23.5M |
| Free Cash Flow | $177.0M | $183.7M | -$139.5M | $179.3M |
| Dividends Paid | -$30.0M | -$30.0M | -$31.2M | -$31.0M |
| Stock-based Compensation | $4.4M | $1.3M | -$700,000 | $9.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.0% | +3.8% | +5.1% | -37.2% | +32.6% | -1.6% | -2.0% | -0.4% | -3.2% | |
| Net Income Growth (YoY) | +14.4% | -17.6% | +10.9% | +28.1% | +39.6% | -11.1% | -41.1% | +16.7% | -36.7% | |
| EPS Growth (YoY) | +15.6% | -13.2% | +14.4% | +29.1% | +43.4% | -6.3% | -40.3% | +18.1% | -34.7% | |
| Shares Change (YoY) | -1.3% | -6.0% | -3.5% | -0.8% | -0.5% | -5.9% | -2.7% | -1.6% | -3.6% | |
| FCF Growth (YoY) | -13.8% | +4.3% | +11.3% | +33.6% | -29.7% | -32.5% | +149.6% | -40.6% | -22.7% | |
| Gross Margin | 36.0% | 36.4% | 35.7% | 35.6% | 40.4% | 40.8% | 40.9% | 41.3% | 44.8% | 44.6% |
| Operating Margin | 12.4% | 12.9% | 10.9% | 12.1% | 15.7% | 16.9% | 16.4% | 13.3% | 16.0% | 13.9% |
| EBITDA Margin | 15.1% | 15.4% | 13.9% | 14.3% | 20.6% | 20.8% | 20.7% | 17.4% | 20.0% | 16.0% |
| Net Margin | 8.3% | 8.9% | 7.1% | 7.5% | 15.3% | 16.1% | 14.5% | 8.7% | 10.2% | 6.7% |
| FCF Margin | 10.1% | 8.2% | 8.3% | 8.8% | 18.6% | 9.9% | 6.8% | 17.3% | 10.3% | 8.2% |
| Effective Tax Rate | 29.2% | 25.1% | 27.4% | 25.0% | 22.5% | 22.9% | 19.1% | 21.7% | 22.1% | 26.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.20 | $2.79 | $3.10 | $3.58 | $4.82 | $3.40 | $2.44 | $6.26 | $3.77 | $3.03 |
| Dividends Per Share | $0.62 | $0.71 | $0.79 | $0.87 | $0.95 | $1.03 | $1.11 | $0.91 | $0.95 | $1.00 |
| Shares Outstanding (Basic) | 153.4 M | 151.9 M | 140.5 M | 139.6 M | 138.7 M | 135.1 M | 128.0 M | 126.3 M | 124.8 M | 121.2 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 6.31% |
| Return on Invested Capital | 4.67% |
| Return on Assets | 2.35% |
| Gross Margin | 45.58% |
| Operating Margin | 7.01% |
| Net Margin | 3.39% |
Financial Health
| Debt / Equity | 1.21 |
| Current Ratio | 2.01 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.74 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.99 | 18.89 | 12.03 | 18.07 | 18.36 | 15.97 | 10.65 | 23.79 | 18.31 | 20.80 |
| P/B | 2.97 | 3.43 | 2.09 | 3.21 | 3.66 | 4.03 | 3.51 | 4.19 | 3.57 | 2.61 |
| P/S | 1.41 | 1.69 | 0.83 | 1.35 | 2.81 | 2.57 | 1.55 | 2.08 | 1.87 | 1.39 |
| Gross Margin | 36.0% | 36.4% | 35.7% | 35.6% | 40.4% | 40.8% | 40.9% | 41.3% | 44.8% | 44.6% |
| Operating Margin | 12.4% | 12.9% | 10.9% | 12.1% | 15.7% | 16.9% | 16.4% | 13.3% | 16.0% | 13.9% |
| Net Margin | 8.3% | 8.9% | 7.1% | 7.5% | 15.3% | 16.1% | 14.5% | 8.7% | 10.2% | 6.7% |
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Explore sector: Basic Materials · Construction Materials
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