Financial Data and Key Metrics Changes - In Q4 2025, the company reported net sales of $645 million, a 3.5% decrease from $667.7 million in Q4 2024, reflecting ongoing demand pressure and market decline [5][20] - Adjusted EBITDA for Q4 was $35 million, down from $75 million in the prior year, with an adjusted EBITDA margin of 5.4%, a decline of 580 basis points year-over-year [6][24] - Full-year 2025 net sales were $2.7 billion, up 1% from the previous year, driven by contributions from the Supreme acquisition and pricing improvements [25][26] - Net loss for Q4 was $42 million compared to net income of $14 million in Q4 2024, resulting in a negative net income margin of 6.5% [23][28] Business Line Data and Key Metrics Changes - In the new construction market, U.S. single-family construction declined high single digits in Q4 and mid-single digits for the full year, with MasterBrand's new construction sales outperforming the broader market [8][9] - The U.S. cabinet repair and remodel market also saw a mid-single-digit decline, driven by low existing home turnover and consumer confidence issues [9][10] - The Canadian market experienced similar challenges, with mid-single-digit declines in both new construction and repair and remodel demand [10] Market Data and Key Metrics Changes - The overall market has contracted for three consecutive years, with elevated interest rates and affordability concerns continuing to constrain activity [8] - The company expects the U.S. cabinet repair and remodel demand to remain subdued in 2026, closely tied to financing conditions and consumer confidence [10][11] - The Canadian market is anticipated to remain pressured in 2026 due to similar dynamics affecting consumer sentiment and low resale activity [10] Company Strategy and Development Direction - The company is focused on maintaining financial flexibility through targeted cash management and cost reductions, with $30 million in planned cost reductions for 2026 [12][34] - MasterBrand aims to capture synergies from the Supreme integration and the pending American Woodmark transaction, expecting approximately $90 million in run-rate cost synergies by the end of year three post-close [17][29] - The company is implementing a coordinated mitigation strategy to manage tariff impacts, including sourcing flexibility and operational adjustments [15][32] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment remains challenging, with demand softness and affordability pressures expected to persist into 2026 [40][41] - The company anticipates a more meaningful recovery in 2027 as affordability improves and housing activity normalizes [12][41] - Management emphasized the importance of disciplined execution and cash management to navigate the current uncertainty [40] Other Important Information - The company ended 2025 with $183.3 million in cash and $441.9 million in liquidity available under its revolving credit facility, with net debt at $791.2 million [29][30] - Tariffs continue to pressure costs, with a 25% tariff on cabinets and related products remaining in place throughout 2026, and a 50% tariff scheduled for January 2027 [13][14] Q&A Session Summary Question: Full-year market outlook breakdown by end channel - Management indicated that both the builder and retail markets are expected to decline mid-single digits, with uncertainty around the spring season influencing the full-year outlook [45][46] Question: Pricing realization and competitive behavior - Management noted that the pricing realization decelerated due to a mix shift towards lower price points and the timing of tariff mitigation efforts [47][48] Question: Residential construction weakness and sales progression - Management observed a significant drop-off in residential construction sales late in the quarter, similar to the previous year, impacting overall volume and efficiency [52] Question: Details on restructuring actions and expected savings - Management clarified that the $30 million in expected savings for 2026 is the annualized amount, aimed at adjusting the cost structure to match demand [53] Question: Confidence in offsetting tariff impacts - Management expressed confidence in their ability to offset tariff costs through pricing and operational actions, although timing remains a challenge [54][55]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net sales of $645 million, a 3.5% decrease from $667.7 million in Q4 2024, reflecting ongoing demand pressure and a mid-single-digit market decline [5][19] - Adjusted EBITDA for Q4 was $35 million, down from $75 million in the prior year, with an adjusted EBITDA margin of 5.4%, a decline of 580 basis points year-over-year [6][23] - Full-year 2025 net sales reached $2.7 billion, a 1% increase compared to the previous year, driven by contributions from the Supreme acquisition and improvements in net average selling price [25][29] - Net loss for Q4 was $42 million, compared to net income of $14 million in the same period last year, resulting in a negative net income margin of 6.5% [22][24] Business Line Data and Key Metrics Changes - In the new construction segment, U.S. single-family new construction sales declined high single digits in Q4 and mid-single digits for the full year, although MasterBrand's new construction sales outperformed the broader market [7][8] - The U.S. cabinet repair and remodel market also saw a mid-single-digit decline in both Q4 and the full year, driven by low existing home turnover and consumer confidence issues [9][10] - The Canadian market experienced similar challenges, with mid-single-digit declines in both new construction and repair and remodel demand [10] Market Data and Key Metrics Changes - The overall market has contracted for three consecutive years, with elevated interest rates and affordability concerns continuing to constrain activity [7][11] - The company expects the U.S. cabinet repair and remodel demand to remain subdued in 2026, closely tied to financing conditions and consumer confidence [9][12] - The Canadian market is anticipated to remain pressured in 2026 due to similar dynamics affecting consumer sentiment and low resale activity [10] Company Strategy and Development Direction - The company is focused on maintaining financial flexibility through targeted cash management and cost reductions, with $30 million in planned cost reductions for 2026 [12][34] - MasterBrand is pursuing a merger with American Woodmark, expecting approximately $90 million in run-rate cost synergies by the end of year three post-close [16][29] - The company aims to enhance sourcing flexibility and operational adjustments to mitigate tariff impacts and maintain competitive positioning [14][32] Management's Comments on Operating Environment and Future Outlook - Management noted that 2026 is expected to be a transitional year with continued market challenges, but they anticipate a modest recovery in 2027 as affordability improves [12][41] - The company is taking a measured approach to its outlook, transitioning to quarterly guidance due to increased uncertainty in key performance drivers and costs [33] - Management remains committed to executing strategic initiatives and maintaining operational excellence to position the company for future growth [17][39] Other Important Information - The company ended 2025 with $183.3 million in cash and $441.9 million in liquidity available under its revolving credit facility, with net debt at $791.2 million [29][30] - Tariffs continue to pressure costs, with a 25% tariff on cabinets and related products expected to remain in place throughout 2026 [13][31] Q&A Session Summary Question: Can you break down the full-year market outlook by end channel? - Management indicated that both the builder and retail markets are expected to decline mid-single digits, with uncertainty around the spring season influencing the full-year outlook [44] Question: What drove the sequential deceleration in price realization? - The deceleration was attributed to a mix shift towards lower price point products and challenges in capturing price to mitigate tariffs [46] Question: Can you provide more detail on the residential construction weakness? - Management noted a significant drop-off in late November, similar to the previous year, which affected overall sales and resulted in inefficiencies in certain factories [50] Question: What are the expected savings from restructuring actions? - The $30 million in expected savings for 2026 is the annualized amount, aimed at adjusting the cost structure to align with current demand levels [52] Question: How confident is the company in offsetting tariff costs? - Management expressed confidence in their long-term strategy to cover tariff costs, although timing remains a challenge due to the dynamic pricing environment [54]

Key Takeaways Floor & Decor is gaining share through store expansion, cost discipline and adjacent category growth.Home Depot faces demand pressure despite Pro investments and AI-driven project planning tools.Consensus shows stronger 2026 sales and earnings growth projections for FND compared to HD.The Home Depot, Inc. (HD) and Floor & Decor Holdings, Inc. (FND) operate in the broader home improvement retail space. Home Depot, with a market capitalization of roughly $384.8 billion, is the industry’s dominan ...

Group 1 - Shares of luxury furniture-maker RH rose 9.6% following the delay of tariff increases on furniture items until 2027, providing relief to the company and its peers in the furniture sector [1][4] - The Trump administration had previously imposed a 25% tariff on imported upholstered furniture, with plans to increase it to 30% and other tariffs to 50% on January 1, but these increases were delayed due to progress in trade talks [2][7] - RH's CEO noted that tariffs have disrupted supply chains and increased prices, leading to significant operational challenges, including a 90-basis-point impact on operating margins [3][4] Group 2 - The furniture industry has faced multiple challenges over the past four years, with RH's stock down 76% from its pandemic-era highs, indicating a potential turnaround opportunity if headwinds begin to clear [6][8] - The company's sales are closely tied to the housing market, which has been weak, and management's decision to take on substantial debt for stock repurchases has been criticized as ill-timed [6][8]

Core Thesis - Floor & Decor Holdings, Inc. (FND) is experiencing mixed financial performance, with revenue growth but declining comparable sales, indicating challenges in the current housing market [2][4] Financial Performance - FND reported a 5.5% year-over-year increase in revenue, while comparable sales declined by 1.2%, reflecting ongoing pressures from a weak housing market [2] - Customer transactions decreased by 3%, although this was partially offset by a 1.8% increase in average ticket size [2] - Gross margins remained stable at 43.4%, and operating margins improved slightly to 6.1%, aided by cost discipline despite new distribution center costs [2] Management Strategy - The company is focused on reducing store buildout costs, achieving $1.5 million less investment per new store compared to 2023 [3] - New store cohorts are generating first-year sales of approximately $11 million, which is below the long-term target of $14–16 million but aligns with industry performance [3] - Leadership transition is occurring with CEO Tom Taylor moving to Executive Chairman and President Bradley Paulsen taking over as CEO, indicating continuity in management [3] Growth Plans - FND aims to open 20 new stores annually and expand its product offerings in kitchen cabinets, outdoor products, and design services, which are seen as competitive advantages [4] - Despite negative comparable sales, FND is gaining market share against competitors like LL Flooring and The Tile Shop, supported by strong service scores and a resilient professional customer base [4] - The long-term goal is to establish 500 stores generating $25–30 million in mature annual sales [4]

As filed with the Securities and Exchange Commission on November 24, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 MARWYNN HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 5141 99-1867981 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 12 Chrysler Unit C I ...

Financial Data and Key Metrics Changes - The company reported net sales of $699 million for Q3 2025, a 3% decrease compared to the same period last year, reflecting mid to high single-digit end-market contraction [5][20] - Adjusted EBITDA was $91 million, down from $105 million in Q3 2024, resulting in an adjusted EBITDA margin of 13%, a decline of 160 basis points year-over-year [6][24] - Free cash flow for the quarter was $40 million, down from $65 million in the same period last year, attributed to lower net cash from operating activities and higher capital expenditures [7][26] Business Line Data and Key Metrics Changes - Demand in retail and dealer channels remained soft, particularly in stock cabinetry, while semi-custom offerings performed better as consumers sought value [6][10] - The repair and remodel business was down mid to high single digits year-over-year, consistent with broader market trends, particularly in entry-price stock cabinetry [9][10] - Mid-tier semi-custom products showed stronger performance, benefiting from consumers trading down from premium offerings [10] Market Data and Key Metrics Changes - In new construction, single-family housing starts were down mid to high single digits, but the company's new construction sales outperformed the broader market [8][9] - Canadian market performance was down mid-single digits, consistent with expectations, due to housing affordability challenges [10] - Overall, the company expects the addressable market in 2025 to be down mid to high single digits year-over-year [33] Company Strategy and Development Direction - The company is focused on integration initiatives and proactive management of trade dynamics to strengthen its foundation for growth [5][14] - The merger with American Woodmark is progressing as expected, with integration planning underway and anticipated cost synergies of approximately $90 million by the end of year three post-close [15][16] - Continuous improvement programs are driving measurable savings and are essential for managing through near-term softness while positioning for long-term margin expansion [17] Management Comments on Operating Environment and Future Outlook - Management noted that demand across both new construction and repair and remodel markets is expected to remain subdued through next year, with gradual improvement anticipated in late fiscal 2026 or early fiscal 2027 [11] - The evolving tariff landscape remains a major focus, with contingency plans in place to mitigate impacts [12][13] - The company remains confident in its ability to navigate challenges and is focused on maintaining operational discipline and customer service [36] Other Important Information - The company ended the quarter with $114.8 million in cash and $461.9 million in liquidity available under its revolving credit facility [24] - Net debt at the end of the quarter was $839.3 million, with a net debt-to-adjusted EBITDA leverage ratio of 2.5 times [25] - The company is committed to generating free cash flow in excess of net income for the full year [27] Q&A Session Summary Question: Reason for sales guidance revision for the full year - Management indicated that the revision to flat sales is due to better-than-expected performance in Q3 and the impact of prior pricing actions [39] Question: Challenges in realizing pricing and demand destruction - Management acknowledged challenges in pricing due to tariffs, particularly on products sourced from Mexico and Canada, but emphasized a comprehensive mitigation strategy [41][42] Question: Phasing of unmitigated exposure moving into next year - Management noted that the cost implications of tariffs will begin to materialize in Q4 and will spread throughout the year as mitigation efforts take time [45]

Financial Data and Key Metrics Changes - The company reported a diluted EPS of $0.53 for Q3 2025, a 10.4% increase from $0.48 in the prior year, marking the second consecutive quarter of double-digit EPS growth [7] - Total sales grew by 5.5% to $1,180 million, while comparable store sales declined by 1.2% from the same period last year [7][8] - The gross margin rate decreased by approximately 10 basis points to 43.4% from 43.5% in the same period last year, primarily due to increased distribution center costs [25][30] Business Line Data and Key Metrics Changes - The company opened five new stores in Q3 2025, bringing the total to 262 stores, a 9% increase from 241 stores in the same period last year [9][10] - Comparable store sales for Pro customers were essentially flat, driven by a slight decline in transactions and a small increase in average ticket [23] - Design services saw robust year-over-year sales growth, significantly outperforming overall company sales for the quarter and year-to-date [21] Market Data and Key Metrics Changes - Comparable store sales in the West division outperformed the company average for both the quarter and year-to-date [19] - Existing home sales hovered around an annualized pace of 4 million units, showing little meaningful improvement, which impacted discretionary spending [18][31] - The company noted that the housing market pressures and evolving consumer preferences have affected sales, particularly in larger markets like Texas and Florida [60] Company Strategy and Development Direction - The company aims to scale towards 500 warehouse-format stores and accelerate commercial flooring distribution expansion [6][10] - A disciplined approach to expansion and capital allocation is emphasized, with a focus on maintaining flexibility in response to economic shifts [11][12] - The company is rolling out kitchen cabinets to approximately 200 stores by the end of 2025 and expanding outdoor and pool product assortments [20][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that existing home sales and demand for hard surface flooring will recover over time, positioning the company strategically for growth [8][31] - The company anticipates little divergence from prevailing housing sector trends, with consumer spending likely to remain restrained [30] - Management acknowledged the challenges posed by macroeconomic pressures but highlighted the operational excellence and agility of their teams [17][18] Other Important Information - The company ended the quarter with $893.5 million in unrestricted liquidity, including $204.5 million in cash and cash equivalents [25] - The fiscal 2025 capital expenditures are planned to be in the range of $280 million to $300 million, including investments in new distribution centers and existing stores [34] Q&A Session Summary Question: Concerns about the timing of leadership transition and its impact on growth - Management reassured that the transition to a new CEO is well-planned and that the new leadership will continue to drive growth [37][39] Question: Impact of mortgage rates on existing home sales and business outlook - Management indicated that if existing home sales are positive, it would provide a good opportunity for the company to achieve positive comps [40][42] Question: Use of home equity lines of credit for flooring purchases - Management noted that an increase in home equity lines typically benefits home improvement spending, but it is too early to determine the immediate impact [45] Question: Attribution of sales slowdown to industry contraction versus competition - Management attributed the slowdown primarily to industry contraction rather than increased competition, noting that the company is performing better than competitors [46] Question: Trends in comparable store sales and market share - Management highlighted that while comparable store sales are slightly down, the company is still gaining market share in a challenging environment [50][51]

Core Insights - Ikea is raising prices due to new tariffs impacting the furniture business, indicating a shift in its low-cost business model [1][4] - The company aims to adapt to the new business environment by passing on some cost increases to customers while seeking ways to lower prices [1][7] - A significant portion of Ikea's products, approximately 90%, are sourced from external suppliers, making it vulnerable to U.S. tariffs [5][8] Tariff Impact - A 10% tariff on softwood lumber imports and a 25% tariff on upholstered furniture, kitchen cabinets, and bathroom vanities have been imposed, with furniture tariffs set to rise to 30% and cabinets/vanities to 50% by January 1 unless relief is negotiated [4] - The tariffs are part of a broader strategy by the U.S. administration to bolster American industry and protect national security [2] Price Adjustments - Ikea has already seen price increases in certain product categories, with the cost of some sofas rising nearly $50 and bedroom sets by nearly $100 in recent months [7] - Despite previous announcements to cut prices as inflationary pressures eased, the current situation has led to a reversal in strategy [10] Domestic Sourcing Efforts - The company is increasing efforts to produce more products domestically, already sourcing all kitchen cabinets for the U.S. market locally and exploring additional local sourcing for products like mattresses [8]

Group 1: Tariffs on Entertainment and Lumber - President Trump announced a 100% tariff on foreign-made films to encourage domestic production, but the market reaction was muted, with analysts not viewing it as a serious threat [2][3] - The U.S. stock market remained stable despite the tariff announcement, while Indian media stocks declined by 5% and Netflix shares fell by 1.5% [3] - New tariffs of 10% on imported lumber and 25% on kitchen cabinets and other furniture were set to take effect on October 14, 2025, citing national security concerns [4][5] - Companies like MasterBrand saw a 6% increase in shares due to domestic manufacturing advantages, while high-end retailers faced challenges from increased import taxes [5] Group 2: Pharmaceutical Sector Developments - A significant drug pricing deal was announced between President Trump and Pfizer, where Pfizer would cut drug prices and invest $70 billion in U.S. manufacturing [6] - Pfizer's stock surged by 6.83% to $25.48, with trading volume reaching over 153 million shares, indicating strong market confidence [7][8] - The S&P 500 Pharmaceuticals Index rose nearly 4%, with other major drugmakers also experiencing gains, although some experts questioned the long-term savings for consumers [8] Group 3: Market Resilience Amidst Uncertainty - Despite the looming threat of a U.S. government shutdown, major U.S. indices showed resilience, with the Dow Jones closing at a record high of 46,397.89 [9][10] - Analysts noted that investors appeared to have priced in the potential impact of a shutdown, although concerns about new tariffs renewing business uncertainty remained [10] - Global trade dynamics continued to evolve, with mixed reactions to Trump's tariffs, as some regions adapted better than expected [11] Group 4: Overall Market Impact - The recent policy announcements from President Trump have created a complex environment for investors, with mixed impacts across different sectors [12] - The broader market has shown surprising resilience, continuing its upward trajectory despite political uncertainties [12][13] - Investors are left to navigate the contradictions and potential impacts of these announcements as they prepare for future developments [13]