Here are 1-3 brief analogies for Fortune Brands Innovations (FBIN):

• A publicly traded Kohler, specializing in leading kitchen and bath brands like Moen.
• The Masco (MAS) of premium kitchen, bath, and outdoor home products.

• Plumbing Fixtures: A wide range of faucets, showerheads, sinks, and bath accessories for kitchens and bathrooms.
• Luxury Plumbing Products: High-end designer faucets, fixtures, and accessories catering to the luxury market.
• Water Filtration Systems: Products designed to improve water quality through filtration and purification processes.
• Smart Water Solutions: Devices that monitor water usage, detect leaks, and provide water control capabilities for homes and businesses.

Fortune Brands Innovations (FBIN) primarily sells its products to other companies, which then distribute and sell them to end consumers, professional contractors, and builders. These customers include major home improvement retailers, wholesalers, and distributors across various channels.

According to its latest financial filings, Fortune Brands Innovations' major customers, each representing a significant portion of its consolidated net sales, include:

• The Home Depot, Inc. (Symbol: HD) - Accounted for approximately 17% of FBIN's consolidated net sales in 2023.
• Lowe's Companies, Inc. (Symbol: LOW) - Accounted for approximately 13% of FBIN's consolidated net sales in 2023.

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Nicholas Fink, Chief Executive Officer

Nicholas Fink was appointed CEO of Fortune Brands Innovations in January 2020. Since then, he has led the transformation of the company from a home and security business into a technology and innovation disruptor. He spearheaded the 2022 spin-off of the company's Cabinets business and a full-scale organizational restructure. Fink is responsible for 12 major acquisitions since joining Fortune Brands in 2015, including the 2023 acquisition of the U.S. and Canada Yale and August smart residential brands, and Emtek and Schaub luxury hardware brands. Prior to his CEO role, he served as Chief Operating Officer and President of the company's water business from April 2016 to March 2019. Before joining Fortune Brands in June 2015 as senior vice president – global growth and development, he held several key management positions at Beam Suntory, Inc., including president of Asia Pacific and South America. He began his career at Bell, Boyd and Lloyd as a partner in the corporate practice group before joining Beam Global Spirits & Wine as associate general counsel in 2006. Fink sits on the Board of Directors for Constellation Brands and is a member of the New York Stock Exchange Advisory Council. He holds a Juris Doctor degree from Northwestern University and an undergraduate degree from the Institut d'Etudes des Relations Internationales in Paris, France.

Jonathan Baksht, Executive Vice President, Chief Financial Officer

Jonathan Baksht was appointed Executive Vice President and Chief Financial Officer of Fortune Brands Innovations, effective May 5, 2025. In this role, he leads the company's financial planning, ensures accurate financial reporting, and oversees investor relations. Prior to joining Fortune Brands, Baksht served as Chief Financial Officer of Pactiv Evergreen, a manufacturer of fresh food and beverage packaging in North America. Before that, he was Executive Vice President and Chief Financial Officer at Valaris, a global offshore drilling contractor, where he also held key leadership positions including Vice President, Finance, and Vice President, Treasurer. He spent several years in investment banking with Goldman Sachs and began his career as a management consultant with Andersen Consulting. Baksht holds a Bachelor of Science in Electrical Engineering from the University of Texas at Austin and an MBA from the Kellogg School of Management at Northwestern University.

Cheri Phyfer, Executive Vice President, Group President

Cheri Phyfer serves as Executive Vice President and Group President at Fortune Brands Innovations. She held various leadership roles at Fortune Brands Innovations from 2018 to 2025, including serving as Group President of the Global Plumbing Group. Before joining Fortune Brands, Ms. Phyfer spent over 20 years at The Sherwin-Williams Company, where she held several senior positions, including President of the Consumer Brands Group and running two of the company's largest store divisions. She has served on the boards of O-I Glass since 2024 and W.C. Bradley Company since 2017, and previously served as a director of Western Forest Products from 2019 to 2022. Ms. Phyfer holds a Bachelor of Arts in Management and a Master's degree in Business Administration from Clemson University.

John Lee, Executive Vice President, Chief Digital and Innovation Officer

John Lee was appointed Executive Vice President, Chief Digital and Innovation Officer in July 2025. In this role, he leads the company's product development team and continues to oversee the digital technology and data analytics teams. Lee has been with Fortune Brands for over 13 years, previously holding various strategy, development, and digital positions within the company.

Anuja Perkins, Executive Vice President, Chief Growth and Transformation Officer

Anuja Perkins assumed the expanded role of Executive Vice President and Chief Growth and Transformation Officer in July 2025. Her responsibilities include leading the company's Transformation Management Office, overseeing corporate strategy, and managing mergers and acquisitions activities. Prior to joining Fortune Brands, Perkins worked at McKinsey & Company and DoorDash.

The key risks to Fortune Brands Innovations (FBIN) include its sensitivity to economic slowdowns and the housing market, the decline in its China business, and intense competitive pressures coupled with operational challenges.

1. Economic Sensitivity and Housing Market Downturn: Fortune Brands Innovations' performance is highly dependent on the health of the housing market and consumer discretionary spending, particularly within its home improvement segment. Economic slowdowns, rising interest rates, and a decrease in new home construction can lead to reduced consumer spending on renovation projects, directly impacting FBIN's product demand, sales volumes, and potentially profit margins.
2. Decline in China Business: The company is experiencing a significant and sustained downturn in its China operations, which is considered a structural headwind. This decline can have substantial consequences for FBIN's long-term growth strategy and global market position, potentially resulting in lost revenue, market share in the region, and disruptions to its supply chain. Geopolitical factors, such as ongoing tariff tensions and broader macroeconomic uncertainty in China, contribute to weakened consumer confidence and project activity, further exacerbating this risk.
3. Competitive Pressure and Operational Challenges: Fortune Brands Innovations operates in a highly competitive market for home and security products, requiring continuous innovation and differentiation to maintain market share. The company has faced challenges, including reductions in operating income and net income, which analysts attribute to factors such as increased competition, market saturation, or operational inefficiencies. Furthermore, restructuring and asset impairment charges indicate ongoing operational disruptions and changes within the company.

The clear emerging threat for Fortune Brands Innovations (FBIN) is the rise of online direct-to-consumer (DTC) custom cabinetry and kitchen design services. These platforms leverage e-commerce, advanced visualization tools, and streamlined logistics to offer customized cabinet solutions directly to consumers and contractors, often at competitive price points and with greater convenience. This new business model bypasses traditional showroom-based sales, established dealer networks, and big-box retail channels that FBIN's cabinet brands primarily rely on. This shift mirrors the disruption seen in other industries where online-first models have challenged traditional brick-and-mortar incumbents by offering a different purchasing experience and value proposition.

Fortune Brands Innovations (FBIN) operates in two primary segments: Water Innovations and Outdoors & Security.

Water Innovations

This segment includes faucets, accessories, kitchen sinks, waste disposals, and smart home water management systems under brands like Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, Schaub, and SpringWell. The Water Innovations market in the U.S. is expected to experience above-market growth in the coming years, driven by trends such as connected products, luxury items, sustainability, and safety and wellness solutions.

Outdoors & Security

This segment encompasses entry door systems, storm and screen doors, composite decking and railing, urethane millwork, wide-opening exterior door systems, outdoor enclosures, locks, safety and security devices, electronic security products, and fire-resistant safes. Key brands include Therma-Tru, Larson, Fiberon, Fypon, Solar Innovations, Master Lock, SentrySafe, American Lock, Yale, and August. The U.S. storm door market is approximately $1 billion. The broader Outdoors segment in the U.S. is anticipated to grow at a rate higher than the traditional U.S. home products market, benefiting from tailwinds in outdoor living, material conversion (with significant opportunities in fiberglass entry doors and composite decking), and sustainability.

Expected Drivers of Future Revenue Growth for Fortune Brands Innovations (FBIN)

• Expansion of Digital Product Sales and Connected Home Technologies: FBIN is heavily focused on growing its digital portfolio, including smart home technologies and connected products such as the Flo by Moen leak detection system. The company aims to achieve approximately $300 million in annualized digital sales by the end of 2025, with a longer-term goal of exceeding $1 billion by 2030. Strategic partnerships are expected to play a crucial role in boosting these organic sales and driving new recurring revenue streams through subscription services.
• Recovery and Stabilization of the Housing Market: Management expects improving housing affordability, increasing home inventories, and greater home equity extraction to gradually unleash pent-up demand for both renovation and new construction projects. This stabilization in the broader housing market is anticipated to support a rebound in sales across FBIN's product categories.
• Leveraging Brand Leadership, Product Innovation, and Channel Relationships: FBIN plans to drive growth by reinforcing its strong brands and continually introducing differentiating innovations across its segments, particularly in Water Innovations and Security. The company intends to capitalize on its leadership position and strengthen relationships with large national builders, alongside developing new innovative product offerings to distinguish itself in the market.
• Strategic Pricing and Market Share Gains: Through precise pricing strategies, continuous improvement initiatives, and targeted cost reductions, FBIN aims to outperform its end markets and gain market share. This operational excellence supports competitive positioning and allows for investments in growth categories, contributing to overall revenue expansion.

Share Repurchases

• Fortune Brands Innovations authorized a new $1 billion share repurchase program in February 2025, replacing an existing authorization.
• The company repurchased $237.8 million of shares year-to-date as of September 27, 2025.
• Significant share repurchases were made in previous years, including approximately $580.2 million in 2022 and $240.33 million in 2024.

Share Issuance

• There was a net issuance of 0.4 million shares between December 28, 2024, and September 27, 2025.
• A net issuance of 0.7 million shares occurred between December 30, 2023, and September 28, 2024.
• Proceeds from the exercise of stock options generated $4.0 million year-to-date Q3 2025 and $10.4 million year-to-date Q3 2024.

Inbound Investments

• No significant inbound investments by third-parties like strategic partners or private equity firms were identified in the provided information.

Outbound Investments

• Fortune Brands Innovations completed the tax-free spin-off of its Cabinets business, MasterBrand, Inc., on December 14, 2022, creating two independent public companies.
• The company's capital allocation strategy includes pursuing accretive strategic acquisitions, non-controlling equity investments, and joint ventures.
• The cost of acquisitions, net of cash acquired, amounted to $129.0 million for the nine months ended September 28, 2024.

Capital Expenditures

• Capital expenditures totaled $87.3 million year-to-date as of September 27, 2025.
• Expected capital expenditures for the full year 2025 are projected to be $207 million, following $193 million in 2024, $256 million in 2023, $246 million in 2022, and $214 million in 2021.
• The primary focus of capital expenditures includes high-returning investments, digital factory and connected products, and investments in automation, machine learning, and artificial intelligence within the supply chain, as well as establishing a new corporate campus in Q3 2025.