MASCO
MAS · NYSEHeating Equip, Except Elec & Warm Air; & Plumbing Fixtures · Fiscal year ends Dec 31
MASCO reported revenue of $7.6B in the fiscal year ended Dec 2025, down 3.4% from the year before. Operating income was $1.2B, an operating margin of 16.5%, and net income was $810M. Operating cash flow of $1B less capital expenditure of $156M left free cash flow of $866M. Net debt was $2.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8.4B | $8.7B | $8B | $7.8B | $7.6B |
| Cost of revenue | $5.5B | $6B | $5.1B | $5B | $4.9B |
| Gross profit | $2.9B | $2.7B | $2.8B | $2.8B | $2.7B |
| Selling, general & admin | $1.4B | $1.4B | $1.5B | $1.5B | $1.4B |
| Operating income | $1.4B | $1.3B | $1.3B | $1.4B | $1.2B |
| Interest expense | $278M | $108M | $106M | $99M | $101M |
| Pre-tax income | $688M | $1.2B | $1.2B | $1.2B | $1.1B |
| Income tax | $210M | $288M | $278M | $287M | $277M |
| Net income | $410M | $844M | $908M | $822M | $810M |
| Diluted EPS | 1.62 | 3.63 | 4.02 | 3.76 | 3.86 |
| Diluted shares | 251M | 232M | 226M | 219M | 210M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $926M | $452M | $634M | $634M | $647M |
| Receivables | $1.2B | $1.1B | $1.1B | $1B | $1B |
| Inventory | $1.2B | $1.2B | $1B | $938M | $1B |
| Current assets | $3.4B | $2.9B | $2.9B | $2.7B | $2.8B |
| Net PP&E | $896M | $975M | $1.1B | – | – |
| Goodwill | $568M | $537M | $604M | $597M | $623M |
| Total assets | $5.6B | $5.2B | $5.4B | $5B | $5.2B |
| Payables | $1B | $877M | $840M | $789M | $810M |
| Deferred revenue | $67M | $61M | $45M | $45M | $57M |
| Current liabilities | $1.9B | $1.9B | $1.7B | $1.6B | $1.6B |
| Long-term debt | $2.9B | $2.9B | $2.9B | $2.9B | $2.9B |
| Total liabilities | $5.5B | $5.4B | $5.2B | $5.1B | $5.1B |
| Shareholders' equity | −$179M | −$480M | −$126M | −$279M | −$185M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $930M | $840M | $1.4B | $1.1B | $1B |
| Capital expenditure | $128M | $224M | $243M | $168M | $156M |
| Free cash flow | $802M | $616M | $1.2B | $907M | $866M |
| Depreciation & amortisation | $151M | $145M | $149M | $150M | $148M |
| Stock-based compensation | $61M | $49M | $31M | $39M | $30M |
| Acquisitions | $57M | $0 | $136M | $4M | $0 |
| Share buybacks | $1B | $914M | $353M | $751M | $571M |
| Dividends paid | $211M | $258M | $257M | $254M | $261M |
| Dividend per share | 0.70 | 1.12 | 1.14 | 1.16 | 1.24 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.6% | −8.2% | −1.7% | −3.4% |
| Operating income growth (YoY) | – | −7.7% | 3.9% | 1.1% | −8.4% |
| EPS growth (YoY) | – | 124.1% | 10.7% | −6.5% | 2.7% |
| Gross margin | 34.2% | 31.3% | 35.6% | 36.2% | 35.4% |
| Operating margin | 16.8% | 14.9% | 16.9% | 17.4% | 16.5% |
| Net margin | 4.9% | 9.7% | 11.4% | 10.5% | 10.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 38.6% | 39.3% | 36.8% | 39.4% | 34.4% |
| Free cash flow margin | 9.6% | 7.1% | 14.7% | 11.6% | 11.5% |
| Cash conversion (CFO ÷ net income) | 2.27x | 1.00x | 1.56x | 1.31x | 1.26x |
| Receivable days | 51 | 48 | 50 | 48 | 50 |
| Inventory days | 81 | 76 | 73 | 69 | 78 |
| Payable days | 69 | 54 | 60 | 58 | 61 |
| Interest cover | 5.05x | 12.0x | 12.7x | 13.8x | 12.4x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2B | $2.5B | $2.3B | $2.3B | $2.3B |
| Current ratio | 1.76x | 1.56x | 1.68x | 1.75x | 1.81x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.