Topic

FND

A collection of 9 issues

Floor & Decor 2Q'26: Tentative Green Shoots

Programming Note: Even though every Sunday I tend to write my personal musings, I’m skipping that this week given I have some earnings coverage left to catch up. For the first time in more than a year, Floor & Decor (FND) reported a quarter and did not cut its

Floor & Decor's Cyclical Malaise vs Structural Moat

One of the ironies of operating in a cyclical end market is that management can sound like genius to somewhat hopeless depending on the stage of the cycle they are in. And if you are caught in the wrong side of the cycle for long enough, investors often start questioning

Floor & Decor 1Q'26: Persistent Macro Challenges, but Pro Growth Encouraging

Floor & Decor (FND) posted an ugly quarter and provided an uninspiring outlook for the rest of 2026. In fact, given that FY25 was guided down at every revision i.e. three consecutive cuts across the four reports and that’s exactly also how 2026 started, I am a bit

Unprecedented Lock-in

Apollo recently published their US housing outlook which is an interesting read to get up to speed on how the housing market is faring. Let me highlight a couple of things from their piece that stood out to me. One of the things that jumped out to me is just

Thoughts on Last Week

Programming Note: I will take tomorrow off as I have some family commitment. I will be back on Monday. Ouch! Last week was quite terrible for MBI portfolio. I will share some thoughts on how I am thinking through the portfolio behind the paywall. In addition to “Daily Dose” (yes,

Follow-up on Floor & Decor

Following my piece “Why I am buying Floor & Decor”, I have received a couple of pushbacks. I will address those and expand on FND’s competitive dynamics a bit more behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive

Why I am buying Floor & Decor

Since becoming a public company in 2017, Floor & Decor (FND) is currently going through its largest ever drawdown in its history. The stock is currently down ~65% from its peak in late 2021. However, looking at NTM EV/EBIT multiple, it may appear the stock is still trading at

MBI Daily Dose (July 11, 2025)

Companies or topics mentioned in today's Daily Dose: Correction to yesterday's daily dose, Adobe's headwinds, Floor & Decor *Correction: Yesterday I mentioned "CMA reported Google’s real revenue (so not nominal) increased by 130-140% during 2015 to 2024 period, which at mid-

Floor & Decor: A Special Specialty Retailer

You can listen to this Deep Dive here The late Charlie Munger was asked whether there is any current imitator of Costco. Munger mentioned Floor & Decor. Floor & Decor (FND) is a specialty retailer primarily selling hard surface flooring products. Management, however, likes to think they are in a