Tabor Asset Management dropped twelve million clams into Floor & Decor (FND +1.09%) recently. February 17th, to be exact. A sizable bet, even in this town. Makes a man wonder what they see that the rest of us are missing. Or maybe they just like the smell of sawdust and desperation.
The Play
The filing with the SEC tells a simple story: 186,218 shares added to Tabor’s holdings in the fourth quarter. Twelve point oh seven million dollars, give or take a bad quarter. The position grew by eleven million bucks, factoring in the purchase and the market’s usual dance. It’s a move. A deliberate one.
What’s Under the Rug
- This wasn’t pocket change. 5.15% of their reportable assets, tied up in tile and laminate. That’s commitment, or maybe a slow descent into madness.
- Their top holdings read like a wish list for a slightly gloomy future:
- NASDAQ: FIVE: $18.05 million
- NASDAQ: LZ: $17.51 million
- NYSE: W: $16.94 million
- NYSE: MHK: $16.86 million
- NYSE: CCL: $13.77 million
- As of Monday, Floor & Decor was trading at $57.56. Down thirty-three percent over the last year. The S&P 500? Laughing all the way to the bank with an eighteen percent gain. This isn’t a growth story, not yet.
The Business
| Metric | Value |
|---|---|
| Revenue (TTM) | $4.68 billion |
| Net income (TTM) | $208.65 million |
| Price (as of Monday) | $57.56 |
Floor & Decor sells hard surfaces. Tile, wood, the stuff people stand on. They operate warehouse stores, a sensible approach. They target the pros, the contractors who actually build things, and the weekend warriors who mostly break them. A solid business, if you can stomach the dust.
What It Means
They’ve carved a niche in a crowded market. Warehouse stores stocked with everything you need to cover a floor. Contractors and DIYers. Two hundred seventy stores nationwide by the end of 2025. Expansion, even when the housing market is coughing up a lung.
The near term? Rough. Higher mortgage rates, fewer house sales. Renovation spending is down. Comparable store sales dipped five percent. But they still managed a five percent revenue increase, hitting $4.68 billion. Adjusted EBITDA around $538 million. Net income over $208 million. Not bad, not bad at all.
This position, alongside Five Below, Wayfair, Carnival, and Mohawk Industries, suggests a theme. Discretionary spending. Housing activity. The usual suspects. The question isn’t whether the market will turn. It always does. It’s when. If housing recovers, Floor & Decor could be sitting pretty. This bet, then, is on the next cycle. A gamble, yes. But sometimes, you have to roll the dice to find a solid foundation.
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2026-03-16 22:42