revenue
80 $million
FY 2013
management framework
MASTERBRAND, INC.
Last · NYSE$6.46-0.20 (-3.00%)close · yahoo · 14h ago
Market cap$1.31B203.5M sh
P/E · TTM-9.1fwd 29.4 · eps -0.71 · loss
Beta1.48vs S&P 500
Div yield0.00%annual · TTM
52w range
$6.17$13.96
Volume5.3Msession
| Revenue | $1.4B |
|---|---|
| Operating income | $-46.3M |
| Net income | $-73.0M |
| Free cash flow | $-17.6M |
| Operating margin | -3.2% |
| Net margin | -5.1% |
| Return on equity | -3.7% |
| Period | 2026 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong underwriting momentum, capital deployment, and below-book repurchases outweigh catastrophe and reserve uncertainties.
Buy: Everest exited 2012 with $715.2 million of operating income, 12.2% operating ROE, $130.96 book value per share (+16%), and a 93.8% combined ratio despite Sandy.
January renewals added roughly $150 million of property premium with margins expected to improve, while aggressive buybacks below book value provide a clear capital-return catalyst; the key tension is greater catastrophe exposure and limited transparency around reserves and the planned alternative-capacity platform.
Themes
- Underwriting Margin
- Property Cat Growth
- Share Repurchase
- Alternative Capacity
- Reserve Adequacy
- Insurance Growth
Near term
January 1 property premium growth of approximately $150 million, or about 15%, and continued double-digit Workers' Compensation and General Liability rate increases should support 2013 earnings.
The planned nonstandard-auto partnership could scale premium from approximately $30 million to as much as $80 million, but transaction details and execution remain undisclosed.
Management said it intends to resume substantial share repurchases when the trading window reopens; $38 million was repurchased after year-end and 4 million shares remained authorized.
A normalized 2013 effective tax rate of approximately 13% will be a headwind versus 2012's unusually low 7.7% rate.
Longer term
The shift from quota share to excess-of-loss reinsurance, broader catastrophe diversification, and shorter-tail business is improving attritional margins and targeting higher returns.
Management targets mid-teens compounded growth in adjusted book value per share and says the strategy is designed to deliver double-digit returns without relying on reserve releases.
The permanent alternative-capacity/Mount Logan platform could expand fee income and underwriting capacity, but it may also intensify industry competition and dilute returns if capacity is deployed too aggressively.
Property catastrophe growth increases nominal PML and event risk even though management expects PML as a percentage of capital to remain stable.
Insurance diversification through specialty casualty, professional liability, accident and health, Canadian operations, and nonstandard auto could reduce reliance on mature reinsurance lines if execution is successful.
Red flags
Analyst pressure on reserves revealed that Everest has been holding back favorable development relative to some peers; management called reserves adequate but declined to quantify excess reserves or explain the difference versus competitors.
Management declined to identify the planned nonstandard-auto partner or provide transaction structure, leaving scale-up, economics, and counterparty risk untested.
Management acknowledged that additional alternative capacity can increase competition; its assertion that Everest will only share excess business was not independently quantified.
Insurance underwriting remained weak at a 100.9% attritional combined ratio, or 97.2% excluding crop, and crop is expected to grow to roughly 30% of the insurance book.
Forward outlook
revenue
—
FY 2013
management framework
operating margin
13 pct
FY 2013
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
$0.03
Est. revenue
1.1B
Earnings transcripts
- Motley Fool
MasterBrand (MBC) Q2 2026 Earnings Call Transcript
MASTERBRAND, INC.
- Issuer IR
Earnings Transcript
MASTERBRAND, INC.
- Issuer webcast
Q1 2026 webcast
MASTERBRAND, INC.
- Issuer webcast
Q3 2024 webcast
MASTERBRAND, INC.
- Issuer webcast
Q2 2025 webcast
MASTERBRAND, INC.
- Issuer webcast
Q2 2026 webcast
MASTERBRAND, INC.
Documents
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