MEDIUMOutside partyCustomer
50%
top-10 customers
“10-K Item 1A: 'Our ten largest customers generated approximately 50 percent, 55 percent and 55 percent of our net sales for our 2025, 2024 and 2023 fiscal years, respectively.'”
MBC · Concentration risk · 10-K extracted
MasterBrand (MBC) concentration risks
Updated
The most significant concentration MasterBrand discloses is top-10 customers at 50%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: MasterBrand’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH0
MEDIUM2
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
33%
Lowe's and Home Depot combined
“10-K Item 1A: 'Lowe's and Home Depot comprised approximately 33 percent, 37 percent and 37 percent of our net sales for our 2025, 2024 and 2023 fiscal years.'”
LOWOutside partyCustomer
20%
Lowe's
“10-K Item 1: 'Lowe's Companies, Inc. (“Lowe's”) comprised approximately 20 percent, 22 percent and 21 percent of our net sales for our 2025, 2024 and 2023 fiscal years, respectively.'”
LOWOutside partyCustomer
13%
Home Depot
“10-K Item 1: 'The Home Depot, Inc. (“Home Depot”) comprised approximately 13 percent, 15 percent and 16 percent of our net sales for our 2025, 2024 and 2023 fiscal years, respectively.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06MasterBrand's customer base is meaningfully concentrated at the top: its ten largest customers generated approximately 50% of net sales in fiscal 2025, a medium-disclosed-size dependency exposure. Within that group, two big-box retailers dominate — Lowe's and Home Depot combined comprised approximately 33% of net sales, with Lowe's alone at about 20% and Home Depot at about 13%, each individually a low-disclosed-size exposure. Because these two retailers together make up roughly two-thirds of the top-10 customer concentration, the risk is less about breadth across ten relationships and more about the specific health of two large channel partners — any change in shelf space, purchasing terms, or demand at either retailer would ripple through a meaningful share of revenue. Still, with neither retailer individually reaching a high-disclosed-size band, the exposure is best read as a moderate, well-disclosed channel dependency rather than an acute single-customer risk. The broader top-10 concentration is the figure most likely to move a verdict, since it captures dependency beyond just the two named retailers, while the Lowe's and Home Depot figures quantify how much of that broader concentration sits with identifiable, named counterparties.
For the engine’s reasoning on MBC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Furnishings, Fixtures & Appliances
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ALH | Alliance Laundry Holdings Inc. | 2 | 0 | 0 | 2 |
| LEG | Leggett & Platt, Incorporated | 1 | 3 | 0 | 4 |
| LZB | La-Z-Boy Incorporated | 1 | 3 | 0 | 4 |
| MBC● | MasterBrand, Inc. | 0 | 2 | 2 | 4 |
| ETD | Ethan Allen Interiors Inc. | 0 | 1 | 1 | 2 |
| HNI | HNI Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.