Masco Corporation

Masco Corporation is an American manufacturer of branded home improvement and building products, generating $7.56 billion in revenue in fiscal 2025 from two segments: Plumbing Products (Delta and Hansgrohe faucets, Hot Spring spas, BrassCraft plumbing components) and Decorative Architectural Products (Behr paint, Liberty hardware). The company sells primarily into the residential repair and remodel market, with roughly 38% of consolidated sales — approximately $2.9 billion — flowing through a single customer, The Home Depot, a relationship now in its fifth decade.

This is a story about a business that has spent the last decade shrinking to greatness. Masco shed its installation-services business (2015), its cabinetry division (2019), its windows division (2019), and most recently its Kichler lighting unit (2024), emerging as a focused, cash-generative portfolio of premium brands in plumbing fixtures and architectural coatings. The transformation was the work of former CEO Keith Allman; his successor, Jonathon Nudi — an outsider from General Mills who took the reins in July 2025 — inherits a company that is excellent at returning capital to shareholders and less proven at generating organic growth. The central question this file turns on is whether the buyback-driven compounding machine can transition to a growth story, and what happens to the equity if it cannot.