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Masonite International NYSE:DOOR Stock Report

Last Price


Market Cap







30 Sep, 2022


Company Financials +
DOOR fundamental analysis
Snowflake Score
Future Growth1/6
Past Performance3/6
Financial Health2/6

DOOR Stock Overview

Masonite International Corporation designs, manufactures, markets, and distributes interior and exterior doors for the new construction and repair, renovation, and remodeling sectors of the residential and non-residential building construction markets worldwide.

Masonite International Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Masonite International
Historical stock prices
Current Share PriceUS$71.29
52 Week HighUS$128.87
52 Week LowUS$66.34
1 Month Change-12.87%
3 Month Change-9.52%
1 Year Change-34.78%
3 Year Change24.63%
5 Year Change4.76%
Change since IPO256.45%

Recent News & Updates

Aug 30
What Is Masonite International Corporation's (NYSE:DOOR) Share Price Doing?

What Is Masonite International Corporation's (NYSE:DOOR) Share Price Doing?

While Masonite International Corporation ( NYSE:DOOR ) might not be the most widely known stock at the moment, it saw a...

Aug 16

Masonite: Current Pricing Is Too Optimistic

Long-term housing trends are supportive of Masonite's future growth. Short-term volatility trends warrant a greater consideration for downside risk. Utilizing descriptive analytics from Masonite's historical performance through both positive and negative time periods can help postulate varying potential future outcomes. Masonite insider transactions do not exude confidence for retail investors. Masonite is currently trading at the high end of its valuation based on multiple scenarios. Thesis Masonite (DOOR) is currently trading at a premium that is not factoring in any margin of safety for investors. Analyzing Masonite through the lens of having potentially both negative and positive outcomes over the next decade is important. The current long-term housing price index trends are favorable for Masonite but the short-term volatility is cause for contingency planning. Masonite insiders observably trade with inconsistent patterns resulting in net selling overall. This does not exude confidence for retail investors and requires a margin of safety before establishing a position. Masonite showed strengthening performance trends through the past decade but the current price does not factor in any potential negative outcomes as experienced from 2007 to 2012. Introduction The intent of this analysis is to assess whether Masonite is a good long-term investment. In my attempt to analyze Masonite, I focused on a few key aspects to determine whether I would be willing to start establishing a position. Given the market that Masonite operates in, it is important to consider multiple scenarios for valuation. The process for the analysis is as follows: Accentuate potential risk outcomes using significant macro-economic trends Utilize descriptive analytics to determine multiple discounted cash flow ((DCF)) inputs Discounted cash flow valuation scenarios Gain perspective on insider transactions This article is not a complete portrayal of each and every variable that affects Masonite as a firm. The intent is to highlight important aspects and derive assumptions from those in a relevant manner to determine potential valuation models. Macroeconomic Trends Housing market trends are extremely important for the successful growth of Masonite. The first step in the analysis was to analyze multiple housing indicators and determine if one has a high correlation with Masonite revenue. The approach considered using housing price data and housing new starts as a few potential key driving variables which are referenced as some of the factors that influence product demand on Masonite's 10Q. The All-Transactions House Price Index ((HPI)) for the United States and the New Privately-Owned Housing Units Started: Total Units (New Residential Construction) were selected as the potential driving variables due to their comprehensive nature in the portrayal of a healthy housing market. The HPI is a weighted broad measure of the movement of single-family home prices. It "serves as a timely, accurate indicator of house price trends at various geographic levels" (Figure 1). The figure shows a long term trend line of the weighted index and has a few interesting observable qualities. The first observation I notice is how the index rate of change increased upwards at the end of 2020 and into early 2021. This rate increase over the past two years is unlike any other period since 1975 according to the figure. The second observation that is most notable is how there was a large downtrend in the index from 2007 until 2012 which resulted in an approximate 20% decrease from peak to trough. The third observation is how the housing index seems to be trending in a generally positive manner throughout the time period. Figure 1. All-transactions housing price index (FRED & Author) The New Residential Construction data is based on the number of new housing units authorized by building permits (Figure 2). The figure shows the long-term cyclicality of building permits from 1959 until 2022. The observation of this data represents the ebbs and floods of building permits which are driven by investor and personal sentiment among other factors. The current trend seems to be on a decade long uptrend with periods of volatility. It is beyond the scope of this article to attempt to forecast where the peak of the trend will reside and the subsequent effects. Figure 2. New residential construction (FRED and Author) The next step was to utilize an ANOVA model and determine which of the variables carried significance with the revenues of Masonite since 2007 (Figure 3). The results demonstrate that the better variable to utilize is the HPI since it has a much stronger correlation with Masonite revenue. This is observable by having a significance of less than 0.0001 and through the relatively linear trend as seen in the right-most aspect of figure 3. Figure 3. ANOVA of variables (Author) Finally, a simple linear regression is performed to determine that there is a high correlation between the HPI and the total quarterly revenue of Masonite (R2 = 0.908, P < 0.0001, Figure 4). The formula for solving for quarterly revenue is $128,587 + (952.6 * HPI). This suggests that we could solve quarterly revenue for different values of HPI along the line of best fit. Figure 4. Simple linear regression of HPI and revenue (Author) What is important to deduce from the analysis of macro-housing indicators is that the long-term trend of the HPI is likely to be beneficial for Masonite since there historically is a positive trend in the overall HPI index. There is also a possibility that a large downturn in the HPI could significantly affect the valuation of Masonite. We clearly observe that the rate of change of the index through the past two years has been larger than its historical amount and that housing construction building permits are typically cyclical. All of these are important points to consider when developing a thesis for investments. It is also important to understand that historical trends are not the only consideration for forecasting and that timing the market is not a realistic way to invest for retail investors. Therefore, hypothesizing different scenarios and their likelihood is the most logical way to proceed. Risk Outcomes The regression is important because it allows us to statistically derive a risk outcome based from historical data. We can observe the HPI trends over time noting that the period between 2007 and 2012 showed a decrease in the index value. As we recall, an approximate 20% downturn occurred in that time-period which could be used as an aid to calculate the approximate revenue impact that would have on Masonite. The most recent reading of the HPI occurred in Q1 of 2022 with a value of 578.04. This means an adjustment of 20% would result in an HPI value of 462.432. Utilizing that value would equal a quarterly revenue of $569,099 which annualizes to $2,276,398.89 which is a large decrease from the current annualized revenue. Another way of considering the risk to revenue of Masonite would be to consider the firm's demonstrated performance over the same time period of poor performance. The annual revenue in 2007 was approximately $2,174,431,000 compared to the low in 2010 of $1,383,271,000 which is a total decline of approximately 36% spread over multiple years. This revenue is significantly lower than the current estimated revenue and would place pressure on the price action of Masonite if this risk were to materialize. This potential risk outcome is not currently factored into the current price action of Masonite and modeling a scenario that includes the statistical values is important to consider for downside perspective. Descriptive Analytics The descriptive analytics are going to be used to derive inputs for the valuation model. The free cash flow and revenue can be utilized to create discounted cash flow models for estimating a range of implied values of the firm that may be suitable for different investors. Free Cash Flow Margins The annual free cash flow margin distribution since 2007 shows a mean FCF margin of 2.83% and a median of 2.69% (Figure 5). It also shows that the 95% confidence interval is from 0.68% to 4.97% meaning that the FCF margin values historically have fallen 95% of the time between that range. The quarterly free cash flow margin distribution since Q1 2012 shows a mean FCF margin of 3.99% and a median of 4.92% (Figure 5). It also shows that the 95% confidence interval is from 2.03% to 5.95% meaning that the FCF margin values historically have fallen 95% of the time between that range. The difference between the quarterly and annualized margins is likely due to the time periods covered. Since the annualized margins are from 2007, the results factor in a period of more challenging firm performance. Multiple FCF margins will be utilized for valuation in this analysis to incorporate a range of potential outcomes. It is important to note that the operating performance of Masonite has improved due to factors such as technology improvement, systems improvement, etc... though it is indeterminate to know whether the improved margins could be sustained if macroeconomic pressures increased on Masonite given the current business model. Figure 5. Free cash flow margin distribution, annual and quarterly (Author) Revenue Growth Rates The historical revenue growth rates combined with short-term analyst estimates or Masonite's revenue forecasts can help hypothesize revenue into the future. The mean and median annualized revenue growth rate since 2007 is 2.14% and 3.69% respectively. This incorporates the two negative years around the period of 2007. The 95% confidence interval ranges from -3.35% to 7.63% meaning that the revenue growth values have historically fallen 95% of the time between that range. Figure 6. Revenue growth rates, annual (Author) According to TIKR Terminal, analysts' expectations estimate the revenue in 2024 to grow to approximately $3 billion (Figure 7). Figure 7. Analysts revenue estimates through 2024 (TIKR Terminal) According to Masonite, their 2025 Centennial Plan Financial Goal is to achieve approximately $4 billion in revenue through 2025 (Figure 8). Figure 8. Masonite revenue Centennial Plan goal (Masonite Q2 2022 Earnings Presentation) The different revenue estimates can be utilized to create a range of potential outcomes which investors can factor into their decision making process. Valuation Scenarios The valuation scenarios will utilize a variety of assumptions to aid in the determination of a range of fair values for investors with different perspectives on the potential outcomes as explored in this article. The discount rate utilized will be 10% chosen based off my desired return expectation. Scenario 1 Scenario 1 attempts to be a statistically-based model based on the historical performance of Masonite since 2007. The revenue estimates through 2024 are analyst estimates and then increase at the median annualized historical rate of 3.69% per year with a terminal growth rate of 3%. The FCF margins utilize the historical median of 2.69%. These inputs combined with the current net debt and shares outstanding as of Q2 2022 result in an implied value of $14.32 per share. This scenario incorporates a risk component of the 2007 to 2012 declining time period and is a much more cautionary model.

Aug 08

Masonite Non-GAAP EPS of $0.48 misses by $1.98, revenue of $1.02B beats by $294.19M

Masonite press release (NYSE:DOOR): Q2 Non-GAAP EPS of $0.48 misses by $1.98. Revenue of $1.02B (+54.0% Y/Y) beats by $294.19M.

Aug 02
Is Masonite International (NYSE:DOOR) A Risky Investment?

Is Masonite International (NYSE:DOOR) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Shareholder Returns

DOORUS BuildingUS Market

Return vs Industry: DOOR underperformed the US Building industry which returned -23.3% over the past year.

Return vs Market: DOOR underperformed the US Market which returned -21.5% over the past year.

Price Volatility

Is DOOR's price volatile compared to industry and market?
DOOR volatility
DOOR Average Weekly Movement5.2%
Building Industry Average Movement5.3%
Market Average Movement6.9%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.8%

Stable Share Price: DOOR is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: DOOR's weekly volatility (5%) has been stable over the past year.

About the Company

192510,300Howard Heckes

Masonite International Corporation designs, manufactures, markets, and distributes interior and exterior doors for the new construction and repair, renovation, and remodeling sectors of the residential and non-residential building construction markets worldwide. It offers molded panel, flush, stile and rail, steel, and fiberglass residential doors, as well as medium-density fiberboard (MDF) and architectural interior doors. The company also provides various door components, including interior door facings, agri-fiber and particleboard door cores, MDF and wood cut-stock components, critical door components, and mineral and particleboard door cores.

Masonite International Fundamentals Summary

How do Masonite International's earnings and revenue compare to its market cap?
DOOR fundamental statistics
Market CapUS$1.59b
Earnings (TTM)US$138.57m
Revenue (TTM)US$2.78b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
DOOR income statement (TTM)
Cost of RevenueUS$2.12b
Gross ProfitUS$652.53m
Other ExpensesUS$513.96m

Last Reported Earnings

Jul 03, 2022

Next Earnings Date


Earnings per share (EPS)6.23
Gross Margin23.50%
Net Profit Margin4.99%
Debt/Equity Ratio130.7%

How did DOOR perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.


Is DOOR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DOOR?

Other financial metrics that can be useful for relative valuation.

DOOR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.9x
Enterprise Value/EBITDA5.9x
PEG Ratio1x

Price to Earnings Ratio vs Peers

How does DOOR's PE Ratio compare to its peers?

DOOR PE Ratio vs Peers
The above table shows the PE ratio for DOOR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average13.3x
GFF Griffon
JBI Janus International Group
ROCK Gibraltar Industries
HAYW Hayward Holdings
DOOR Masonite International

Price-To-Earnings vs Peers: DOOR is good value based on its Price-To-Earnings Ratio (11.5x) compared to the peer average (13.3x).

Price to Earnings Ratio vs Industry

How does DOOR's PE Ratio compare vs other companies in the US Building Industry?

Price-To-Earnings vs Industry: DOOR is good value based on its Price-To-Earnings Ratio (11.5x) compared to the US Building industry average (14.6x)

Price to Earnings Ratio vs Fair Ratio

What is DOOR's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DOOR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.5x
Fair PE Ratio17.9x

Price-To-Earnings vs Fair Ratio: DOOR is good value based on its Price-To-Earnings Ratio (11.5x) compared to the estimated Fair Price-To-Earnings Ratio (17.9x).

Share Price vs Fair Value

What is the Fair Price of DOOR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DOOR ($71.29) is trading below our estimate of fair value ($292.12)

Significantly Below Fair Value: DOOR is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Masonite International forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

Future Growth Score


Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: DOOR's forecast earnings growth (11.4% per year) is above the savings rate (1.9%).

Earnings vs Market: DOOR's earnings (11.4% per year) are forecast to grow slower than the US market (14.7% per year).

High Growth Earnings: DOOR's earnings are forecast to grow, but not significantly.

Revenue vs Market: DOOR's revenue (2.2% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: DOOR's revenue (2.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if DOOR's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Masonite International performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: DOOR has a large one-off loss of $74.8M impacting its July 3 2022 financial results.

Growing Profit Margin: DOOR's current net profit margins (5%) are higher than last year (3.5%).

Past Earnings Growth Analysis

Earnings Trend: DOOR's earnings have declined by 4.1% per year over the past 5 years.

Accelerating Growth: DOOR's earnings growth over the past year (59%) exceeds its 5-year average (-4.1% per year).

Earnings vs Industry: DOOR earnings growth over the past year (59%) exceeded the Building industry 32.2%.

Return on Equity

High ROE: Whilst DOOR's Return on Equity (21.57%) is high, this metric is skewed due to their high level of debt.

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Financial Health

How is Masonite International's financial position?

Financial Health Score


Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: DOOR's short term assets ($1.1B) exceed its short term liabilities ($399.1M).

Long Term Liabilities: DOOR's short term assets ($1.1B) do not cover its long term liabilities ($1.2B).

Debt to Equity History and Analysis

Debt Level: DOOR's net debt to equity ratio (95.7%) is considered high.

Reducing Debt: DOOR's debt to equity ratio has increased from 68.9% to 130.7% over the past 5 years.

Debt Coverage: DOOR's debt is not well covered by operating cash flow (18.2%).

Interest Coverage: DOOR's interest payments on its debt are well covered by EBIT (7.4x coverage).

Balance Sheet

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What is Masonite International current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Masonite International Dividend Yield vs Market
How does Masonite International dividend yield compare to the market?
SegmentDividend Yield
Company (Masonite International)n/a
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Building)1.8%
Analyst forecast in 3 Years (Masonite International)n/a

Notable Dividend: Unable to evaluate DOOR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate DOOR's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if DOOR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if DOOR's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as DOOR has not reported any payouts.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Howard Heckes (57 yo)





Mr. Howard Carl Heckes serves as Independent Director at The AZEK Company Inc. since November 18, 2020. Mr. Heckes has been President and Chief Executive Officer of Masonite International Corporation since...

CEO Compensation Analysis

Howard Heckes's Compensation vs Masonite International Earnings
How has Howard Heckes's remuneration changed compared to Masonite International's earnings?
DateTotal Comp.SalaryCompany Earnings
Jul 03 2022n/an/a


Apr 03 2022n/an/a


Jan 02 2022US$5mUS$890k


Oct 03 2021n/an/a


Jul 04 2021n/an/a


Apr 04 2021n/an/a


Jan 03 2021US$6mUS$869k


Sep 27 2020n/an/a


Jun 28 2020n/an/a


Mar 29 2020n/an/a


Dec 29 2019US$3mUS$474k


Compensation vs Market: Howard's total compensation ($USD4.89M) is about average for companies of similar size in the US market ($USD5.59M).

Compensation vs Earnings: Howard's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: DOOR's management team is considered experienced (3.3 years average tenure).

Board Members

Experienced Board: DOOR's board of directors are considered experienced (6.6 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

NYSE:DOOR Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
24 Feb 22BuyUS$85,800Jay SteinfeldIndividual1,000US$85.80
03 Jan 22SellUS$14,413,324Praesidium Investment Management Company, LLCCompany125,227US$118.97
12 Nov 21SellUS$999,234Robert LewisIndividual8,600US$116.19
10 Nov 21BuyUS$216,800Praesidium Investment Management Company, LLCCompany1,826US$118.73

Ownership Breakdown

What is the ownership structure of DOOR?
Owner TypeNumber of SharesOwnership Percentage
Private Companies10,0000.04%
Individual Insiders188,5520.8%
Hedge Funds1,487,0086.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 77.92% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
The Vanguard Group, Inc.
2,262,290$161.3m-3.49%no data
ClearBridge Investments, LLC
BlackRock, Inc.
1,502,372$107.1m-4.11%no data
Praesidium Investment Management Company, LLC
AllianceBernstein L.P.
Dimensional Fund Advisors LP
Westwood Management Corp.
Rice Hall James & Associates, LLC
Fuller & Thaler Asset Management, Inc.
Lord, Abbett & Co. LLC
State Street Global Advisors, Inc.
459,926$32.8m-3.52%no data
Franklin Resources, Inc.
Geode Capital Management, LLC
383,299$27.3m-5.08%no data
The London Company of Virginia, LLC
American Century Investment Management Inc
Invesco Ltd.
Allspring Global Investments, LLC
Charles Schwab Investment Management, Inc.
Norges Bank Investment Management
268,191$19.1m0%no data
Sunriver Management LLC
Hotchkis and Wiley Capital Management, LLC
Boston Partners Global Investors, Inc.
Systematic Financial Management LP
Northern Trust Global Investments
225,742$16.1m-7.93%no data

Company Information

Masonite International Corporation's employee growth, exchange listings and data sources

Key Information

  • Name: Masonite International Corporation
  • Ticker: DOOR
  • Exchange: NYSE
  • Founded: 1925
  • Industry: Building Products
  • Sector: Capital Goods
  • Implied Market Cap: US$1.587b
  • Shares outstanding: 22.26m
  • Website:

Number of Employees


  • Masonite International Corporation
  • 1242 East 5th Avenue
  • Tampa
  • Florida
  • 33605
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DOORNYSE (New York Stock Exchange)YesCommon SharesUSUSDJun 2009
MIIDB (Deutsche Boerse AG)YesCommon SharesDEEURJun 2009

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Annual Earnings2022/01/02

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.