Kohler for kitchen and bath cabinets.

The Whirlpool of kitchen and bath cabinets.

• Kitchen Cabinets: Cabinetry solutions designed for kitchens, available in various styles, materials, and price points.
• Bathroom Vanities: Cabinetry and storage solutions specifically for bathrooms.

American Woodmark (AMWD) primarily sells to other companies.

Its major customers include:

• The Home Depot (HD)
• Lowe's Companies, Inc. (LOW)
• Menards (private company)

M. Scott Culbreth, President and Chief Executive Officer

Scott Culbreth joined American Woodmark in 2014 as the Senior Vice President and Chief Financial Officer, before being promoted to President and Chief Executive Officer in 2020. He also serves as the interim principal financial officer and interim principal accounting officer, effective June 27, 2025. Prior to joining American Woodmark, Mr. Culbreth served as CFO for Piedmont Hardware Brands, an international hardware manufacturer that was acquired from Newell Rubbermaid by NOVA Capital in September 2013. His career also includes various financial roles with increasing responsibility at Shell Oil Company, Robert Bosch Corporation, and Newell Brands.

Rob Adams, Senior Vice President, Chief Manufacturing & Supply Chain Officer

Rob Adams holds the position of Senior Vice President, Chief Manufacturing & Supply Chain Officer at American Woodmark.

Kim Pascarella, Senior Vice President and Chief Human Resources Officer

Kim Pascarella is the Senior Vice President and Chief Human Resources Officer for American Woodmark. She joined the company in 2021 as Vice President and Chief Human Resources Officer and was promoted to Senior Vice President and CHRO in 2023. Ms. Pascarella holds an MBA from Krannert School of Management and an International Master's in Management from TIAS School for Business & Society.

Bill Waszak, Senior Vice President and Chief Information Officer

Bill Waszak serves as the Senior Vice President and Chief Information Officer at American Woodmark. He joined the company in 2019 as Vice President and CIO and was promoted to Senior Vice President in 2024. In his role, Mr. Waszak is responsible for the company's enterprise-wide technology strategy, including digital transformation, cybersecurity, and implementing innovative IT solutions.

The clear emerging threat for American Woodmark (AMWD) is the proliferation and increasing market penetration of direct-to-consumer (DTC) online retailers specializing in ready-to-assemble (RTA) and pre-assembled kitchen and bath cabinets. These online platforms leverage efficient e-commerce models, bypassing traditional showrooms and extensive dealer networks, to offer competitive pricing, streamlined customization tools, and often quicker delivery times. This model appeals to a growing segment of consumers and contractors prioritizing value, convenience, and a simplified purchasing process, potentially eroding market share from traditional manufacturers like American Woodmark who rely heavily on established distribution channels, dealer networks, and big-box retail partnerships. This shift is analogous to how online-only businesses have disrupted traditional brick-and-mortar retail sectors by offering a different value proposition and purchasing experience.

American Woodmark (AMWD) primarily manufactures and distributes kitchen and bath cabinets for the remodeling and new home construction markets in the United States.

• The addressable market for **kitchen cabinets** in the U.S. is projected to reach approximately $43.03 billion by 2032.

• The addressable market for **residential bathroom cabinets** in the U.S. is projected to reach approximately $28.76 billion by 2031.

American Woodmark (AMWD) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, despite recent market headwinds and projected near-term flatness in revenue. These drivers are primarily centered around strategic internal initiatives and an expected recovery in its core markets.

1. Product Innovation and New Product Launches: The company is focused on accelerating growth through product innovation and relevant offerings. A significant portion of its made-to-order (MTO) sales already comes from products introduced in the last three years, indicating a continued emphasis on refreshing its product portfolio. New product launches are also underway to drive future growth.
2. Channel Expansion and Digital Transformation: American Woodmark plans to maximize its market opportunity by expanding its channel penetration. This includes the growth of its dealer/distributor channel and significant investments in e-commerce expansion and digital marketing. The goal is to enhance customer conversion through user-friendly design and shopping tools and leverage technology infrastructure to operate more efficiently as one company.
3. Operational Efficiency and Automation: A core focus for future growth involves continuous efforts in operational excellence, cost control, and automation. The company aims to boost efficiency, reduce labor costs and waste, and improve lead times through initiatives like Design For Manufacturing & Assembly (DFMA) and a balanced manufacturing footprint. These efforts are expected to improve profitability and support revenue growth.
4. Recovery in the Housing and Remodel Market: While the new construction and remodel markets have been weaker than expected, American Woodmark projects a sales recovery in the second half of fiscal year 2026. A rebound in the broader U.S. housing and repair and remodel markets is considered a significant tailwind for the business, influencing sales volumes positively.

Share Repurchases

• American Woodmark authorized an additional $125 million stock repurchase program on November 20, 2024, following a similar $125 million authorization on November 29, 2023.
• The company repurchased $96.7 million in common shares during fiscal year 2025 (ended April 30, 2025).
• During fiscal year 2024 (ended April 30, 2024), $87.7 million in common shares were repurchased.
• In the first quarter of fiscal year 2026 (ended July 31, 2025), $12.4 million in common shares were repurchased, but no further repurchases are expected due to the MasterBrand merger agreement.

Share Issuance

• American Woodmark has not reported significant share issuances for capital raising purposes in the last 3-5 years, with the number of shares outstanding generally decreasing due to repurchase programs.

Inbound Investments

• On August 6, 2025, American Woodmark entered into a definitive merger agreement to be acquired by MasterBrand Inc. in an all-stock transaction valued at $1.3 billion.
• American Woodmark shareholders are expected to receive 5.150 shares of MasterBrand common stock for each share of American Woodmark common stock, ultimately owning approximately 37% of the combined company.
• The merger transaction is anticipated to close in early 2026.

Capital Expenditures

• Capital expenditures totaled $92.2 million in fiscal year 2025 (ended April 30, 2025).
• In fiscal year 2024 (ended April 30, 2024), capital expenditures were $92.2 million, primarily allocated to plant expansions in Monterrey, Mexico, and Hamlet, North Carolina.
• Capital expenditures for fiscal year 2023 (ended April 30, 2023) amounted to $45.3 million, partly supporting the construction of a new manufacturing facility in Monterrey, Mexico.
• The company plans to continue investing in digital transformation and automation in fiscal year 2026.