Fortune Brands Innovations

FBIN

Construction · Industrials

Price

$51.45

-1.17 (-2.22%)

Market Cap

$6.14B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−13.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 139.5M (2021) → 121.2M (2025)

Fortune Brands Innovations makes products used in homes — things like locks, door handles, faucets, and water management systems. Its well-known brands include Moen (faucets and showers), Master Lock (padlocks and security), and Therma-Tru (entry doors). The company sells mainly to home improvement retailers like Home Depot and Lowe's, as well as to homebuilders and contractors across North America.

The company earns money by selling these physical products, with a gross margin around 44%, which reflects the value of its recognized brand names. Most revenue comes from the United States, though it has some international presence. Its moat comes from owning trusted consumer brands and having strong shelf placement at major retailers — both hard for competitors to displace quickly. The biggest risk is its heavy dependence on the housing market; when home sales and renovation activity slow down, demand for its products tends to fall with them.

Winston Score History

Politician Trades

7 trades / 12mo

0 Congressional buys and 7 sells on FBIN in the last 12 months.

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Score breakdown

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Quality

Gross Margin

41.7%

Healthy — 41.7% gross margin

Operating Margin

6.9%

Modest — 6.9% operating margin

ROCE

1.4%

Weak — 1.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-2.0%

Shrinking sales (-2.0% YoY)

EPS YoY

-34.6%

Earnings shrinking (-34.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

163%

Turns 163% of profit into real cash

FCF Margin

7.7%

Modest free cash flow (7.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.15

Elevated debt (1.15)

Interest Cover

5.46x

Adequate interest coverage (5.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

22.9x

Growth-priced — P/E 22.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+9.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.9 → 13.5)

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Dividends

Dividend Yield

2.41%

Moderate income — 2.41% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+4.1%

Dividend growing modestly (4.1% YoY)

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