SG&A·Benchmarking Benchmark MasterBrand SG&A Headcount

TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · US-GAAP building products peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing across the building products peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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MasterBrand SG&A versus peers

MasterBrand (MBC) runs normalized SG&A at 22.0% of revenue, against a median of 15.5% across 27 building products peers, and 7 of the 27 run heavier.

Figures as filed through , published by SG&A Benchmarking. This is the briefing above in text.

MasterBrand reports revenue of $2,735 million. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 2.5% of revenue (18 of 28 companies disclose it); Stock-based comp 0.6% of revenue (24 of 28 companies disclose it).

Closing the gap to the peer median is worth about $171 million a year (626 bps of revenue); to the lean quartile, $323 million (1183 bps).

Over 5 years (FY2020 to FY2025), MasterBrand's total shareholder return was +12% against +123% for the peer composite; SG&A contributed -45.7 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/MBC.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.