American Woodmark is one of the largest cabinet manufacturers in the U.S., selling kitchen, bath, and home organization cabinetry primarily to homeowners, builders, and remodelers. American Woodmark holds roughly 11% of the U.S. cabinet market, which it believes makes it the number two or three manufacturer nationally. American Woodmark sells through three channels: home centers (Home Depot and Lowe's, ~41% of FY25 net sales), directly to homebuilders for new construction (~44%), and through independent dealers and distributors (~16%). Products fall into two categories: made-to-order cabinetry with more customization and higher price points, and made-to-stock standardized products sold primarily as cash-and-carry at home centers. American Woodmark operates 17 manufacturing facilities across the U.S. and Mexico, with the Mexico footprint providing a lower labor cost structure. The business carries meaningful fixed costs, creating operating leverage on the upside and margin compression when volumes fall. Profitability is also sensitive to input costs — primarily wood, fiberboard, and labor — which American Woodmark recovers through price increases over time, though with a lag. American Woodmark's business is highly cyclical and tied directly to U.S. housing activity, with existing home sales driving R&R demand and single-family housing starts driving new construction demand. American Woodmark's internal growth strategy focuses on share gains in existing channels, new brand launches, manufacturing footprint rationalization, and investment in automation and digital infrastructure.