Fortune Brands Innovations

FBIN

Market cap $4.63B

During the quarter, we had no new purchases and exited three holdings: Louisiana-Pacific, PayPal and Walt Disney. CNH, a leading global agriculture and construction equipment manufacturer, was a contributor for the quarter. Life-sciences company Avantor detracted for the quarter.

DEERFIELD, Ill.--(BUSINESS WIRE)-- #FBIN--Fortune Brands Innovations, Inc. (NYSE: FBIN or “Fortune Brands” or the “Company”), today announced a series of governance and leadership updates: The Board has launched a comprehensive search process, with the assistance of a leading executive search firm, to identify the Company's next Chief Executive Officer; Amit Banati has decided to step aside and will no longer assume the role of CEO in May. He has also stepped down from the Board; David Barry, President.

We added to our senior housing investment theme by purchasing shares of Ventas, Inc. Ventas is an operator of senior housing, life science, and medical office buildings. We began acquiring shares of Champion Homes, Inc. during the quarter. During the quarter, we exited the Fund's position in Vornado Realty Trust, an owner and developer of premier office and street retail properties concentrated in New York City and reallocated the capital to real estate companies that we believe have superior near-term growth.

FLO, FBIN and LKQ have been added to the Zacks Rank #5 (Strong Sell) List on February 26, 2026.

Fortune Brands is gaining market share and outperforming end markets despite macro headwinds, positioning itself well for medium-term recovery. FBIN faces near-term margin pressure from tariff-related costs and normalized compensation, but pricing actions and $35M cost savings initiatives should offset these headwinds. Management's FY26 guidance appears conservative, with potential for outperformance as cost savings materialize and market conditions stabilize.

We added to our senior housing investment theme by purchasing additional shares of Ventas, Inc. During the quarter, we reacquired shares in best-in-class self-storage REIT Extra Space Storage Inc., which owns or operates a portfolio of over 4,200 properties in the U.S., with 14% total market share by square footage. During the quarter, we exited the Fund's position in Vornado Realty Trust.

Garden believes the company behind Moen faucets and Master Lock could grow much larger over the next decade.

Repair & remodel growth remains modest, while new construction trends continue to show uneven recovery. Fortune Brands' Q4 2025 results reflected softer volumes and mix pressures amid a subdued housing backdrop. Near-term headwinds persist with margin pressure from tariffs, inflation, and higher SG&A, but earnings recovery potential remains.

DEERFIELD, Ill.--(BUSINESS WIRE)--A multi-sensory installation takes center stage at the International Builders' Show as Therma-Tru, Larson, Fiberon, Fypon and Solar Innovations unite.

Fortune Brands Innovations, Inc. (FBIN) Q4 2025 Earnings Call Transcript