Mueller Water Products, Inc. MWA
Mueller Water Products, Inc. ("Mueller," "we," "our," or the "Company") is a leading manufacturer and marketer of products and solutions used in the transmission, distribution and measurement of water in North America. Our products and solutions are used by municipalities and the residential and non-residential construction industries. Some of our products have leading positions as a result of their strong brand recognition and reputation for quality, service and innovation. We believe we have one of the largest installed bases of iron gate valves and fire hydrants in the United States. Our iron gate valve and hydrant products are specified for use in the largest 100 metropolitan areas in the United States. Our large installed base, broad product range and well-known brands have led to long-standing relationships with the key distributors and end users of our products. Our consolidated net sales were $1,429.7 million in 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.43B | $1.31B | $1.28B | $1.25B | $1.11B | $964.1M | $968.0M | $916.0M | $826.0M | $800.6M |
| Cost of revenue | $913.0M | $855.7M | $896.2M | $883.1M | $752.5M | $635.9M | $647.1M | $626.1M | $558.1M | $531.7M |
| Gross profit | $516.7M | $459.0M | $379.5M | $364.3M | $358.5M | $328.2M | $320.9M | $289.9M | $267.9M | $268.9M |
| R&D | $19.9M | $20.5M | $25.9M | $24.5M | $17.1M | $15.0M | $14.3M | $11.6M | $12.1M | $9.9M |
| SG&A | $247.3M | $245.2M | $241.9M | $238.7M | $218.8M | $198.4M | $182.7M | $166.7M | $155.4M | $149.5M |
| Total operating expenses | $256.1M | $277.3M | $252.1M | $252.7M | $226.8M | $211.4M | $196.6M | $168.2M | $165.8M | $156.7M |
| Operating income | $260.6M | $181.7M | $127.4M | $111.6M | $131.7M | $116.8M | $124.3M | $121.7M | $102.1M | $112.2M |
| Interest expense | $20.0M | $21.5M | $18.4M | $17.6M | $23.8M | $26.6M | $23.3M | $25.3M | $24.2M | $24.0M |
| Pre-tax income | $254.2M | $163.4M | $109.0M | $98.6M | $94.9M | $94.1M | $82.1M | $95.7M | $147.5M | $88.1M |
| Income tax | $62.5M | $47.5M | $23.5M | $22.0M | $24.5M | $22.1M | $18.3M | $9.9M | $24.2M | $24.2M |
| Net income | $191.7M | $115.9M | $85.5M | $76.6M | $70.4M | $72.0M | $63.8M | $105.6M | $123.3M | $63.9M |
| EPS, basic | 1.23 | 0.74 | 0.55 | 0.49 | 0.44 | — | 0.40 | 0.67 | 0.77 | 0.40 |
| EPS, diluted | 1.22 | 0.74 | 0.55 | 0.48 | 0.44 | — | 0.40 | 0.66 | 0.76 | 0.39 |
| Shares, diluted (wtd. avg.) | $157.5M | $156.9M | $156.8M | $158.0M | $159.2M | $158.6M | $159.0M | $159.7M | $161.8M | $163.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $431.5M | $309.9M | $160.3M | $146.5M | $227.5M | $208.9M | $176.7M | $347.1M | $361.7M | $195.0M |
| Receivables | $211.9M | $208.9M | $217.1M | $228.0M | $212.2M | $180.8M | $172.8M | $164.3M | $145.3M | $131.8M |
| Inventory | $328.7M | $301.7M | $297.9M | $278.7M | $184.7M | $162.5M | $191.4M | $156.6M | $138.9M | $130.7M |
| Total current assets | $1.03B | $858.4M | $706.8M | $680.0M | $653.7M | $581.2M | $566.9M | $685.5M | $670.3M | $612.3M |
| Property, plant and equipment | $335.7M | $318.8M | $311.7M | $301.6M | $283.4M | $253.8M | $217.1M | $150.9M | $122.3M | $108.4M |
| Goodwill | $89.2M | $80.7M | $93.7M | $98.6M | $115.1M | $99.8M | $95.7M | $12.1M | $12.9M | $7.2M |
| Other intangibles | $307.3M | $309.7M | $334.0M | $361.2M | $392.5M | $408.9M | $433.7M | $408.1M | — | — |
| Total assets | $1.84B | $1.64B | $1.50B | $1.50B | $1.52B | $1.40B | $1.34B | $1.29B | $1.26B | $1.28B |
| Accounts payable | $134.4M | $109.9M | $102.9M | $122.8M | $92.0M | $67.3M | $84.6M | $90.0M | $82.5M | $73.7M |
| Short-term debt | $1.2M | $800.0K | $700.0K | $800.0K | $1.0M | $1.1M | $900.0K | $700.0K | $5.6M | $5.6M |
| Total current liabilities | $290.3M | $258.0M | $218.8M | $241.0M | $220.1M | $155.0M | $178.5M | $167.1M | $141.6M | $185.8M |
| Long-term debt | $450.4M | $448.7M | $446.7M | $446.1M | $445.9M | $446.5M | $445.4M | $444.3M | $475.0M | $478.8M |
| Total liabilities | $857.2M | $825.8M | $793.5M | $828.8M | $823.1M | $754.3M | $745.0M | $727.1M | $768.8M | $861.1M |
| Retained earnings | -$174.2M | -$365.9M | -$481.8M | -$567.3M | -$643.9M | -$714.2M | -$786.2M | -$850.0M | -$955.6M | -$1.08B |
| Total equity | $981.7M | $810.1M | $711.5M | $669.3M | $694.9M | $640.7M | $592.3M | $564.8M | $489.5M | $419.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $219.3M | $238.8M | $109.0M | $52.3M | $156.7M | $140.3M | $92.5M | $133.1M | $59.4M | $114.5M |
| Depreciation and amortisation | $46.9M | $66.2M | $62.5M | $60.5M | $59.6M | $57.8M | $53.0M | $43.7M | $41.9M | $39.5M |
| Stock-based compensation | $10.7M | $9.0M | $8.5M | $8.7M | $8.1M | $5.3M | $4.3M | $5.2M | $6.0M | $4.7M |
| Capital expenditure | $47.3M | $47.4M | $47.6M | $54.7M | $62.7M | $67.7M | $86.6M | $55.7M | $40.6M | $31.5M |
| Investing cash flow | -$47.1M | -$47.2M | -$42.1M | -$54.9M | -$81.7M | -$67.5M | -$211.8M | -$47.9M | -$66.3M | -$31.2M |
| Financing cash flow | -$58.3M | -$46.0M | -$48.8M | -$72.0M | -$58.8M | -$41.4M | -$50.9M | -$98.3M | -$81.4M | -$23.7M |
| Dividends paid | $41.9M | $39.9M | $38.1M | $36.5M | $34.8M | $33.1M | $32.0M | $30.1M | $24.0M | $16.1M |
| Buybacks | $15.0M | $10.0M | $10.0M | $35.0M | $10.0M | $5.0M | $10.0M | $30.0M | $55.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001350593-25-000066.
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|---|---|---|---|---|
| PH | Parker-Hannifin Corp | $121.33B | 33.8x | 8.3% |
| WTS | WATTS WATER TECHNOLOGIES INC | $12.16B | 35.7x | 8.3% |
| CR | Crane Co | $11.83B | 32.7x | 8.2% |
| CXT | Crane NXT, Co. | $2.88B | 20.0x | 11.4% |
| HLIO | HELIOS TECHNOLOGIES, INC. | $2.36B | 49.4x | 4.1% |
| HIHO | HIGHWAY HOLDINGS LTD | — | — | -99.2% |
| AIOS | AIOS Tech Inc. | — | — | -98.5% |
| ZKIN | ZK International Group Co., Ltd. | — | — | 50.0% |