Mueller Industries
MLI · NYSERolling Drawing & Extruding of Nonferrous Metals · Fiscal year ends Dec 26
Mueller Industries reported revenue of $4.2B in the fiscal year ended Dec 2025, up 10.9% from the year before. Operating income was $959M, an operating margin of 22.9%, and net income was $765M. Operating cash flow of $755M less capital expenditure of $69M left free cash flow of $687M. It held more cash than debt (net cash $1.4B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.8B | $4B | $3.4B | $3.8B | $4.2B |
| Selling, general & admin | $184M | $203M | $208M | $227M | $249M |
| Operating income | $656M | $877M | $756M | $770M | $959M |
| Interest expense | $8M | $810,000 | $1M | $410,000 | $108,000 |
| Pre-tax income | $641M | $876M | $845M | $820M | $1B |
| Income tax | $166M | $223M | $221M | $205M | $247M |
| Net income | $469M | $658M | $603M | $605M | $765M |
| Diluted EPS | 4.12 | 5.82 | 5.30 | 5.31 | 6.86 |
| Diluted shares | 114M | 113M | 114M | 114M | 111M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $88M | $461M | $1.2B | $1B | $1.4B |
| Receivables | $472M | $380M | $352M | $450M | $476M |
| Inventory | $430M | $449M | $380M | $462M | $510M |
| Current assets | $1B | $1.5B | $2B | $2B | $2.4B |
| Net PP&E | $386M | $380M | $385M | $515M | $536M |
| Goodwill | $171M | $158M | $152M | $311M | $298M |
| Total assets | $1.7B | $2.2B | $2.8B | $3.3B | $3.7B |
| Payables | $181M | $128M | $120M | $174M | $181M |
| Current liabilities | $382M | $348M | $317M | $398M | $413M |
| Short-term debt | $811,000 | $811,000 | $796,000 | $1M | $0 |
| Long-term debt | $1M | $1M | $185,000 | $0 | $0 |
| Total liabilities | $472M | $428M | $401M | $486M | $497M |
| Shareholders' equity | $1.2B | $1.8B | $2.3B | $2.8B | $3.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $312M | $724M | $673M | $646M | $755M |
| Capital expenditure | $32M | $38M | $54M | $80M | $69M |
| Free cash flow | $280M | $686M | $619M | $566M | $687M |
| Depreciation & amortisation | $45M | $44M | $40M | $53M | $69M |
| Stock-based compensation | $10M | $18M | $23M | $27M | $27M |
| Acquisitions | $30M | $0 | $0 | $603M | $0 |
| Share buybacks | $5M | $38M | $19M | $49M | $244M |
| Dividends paid | $29M | $56M | $67M | $89M | $109M |
| Dividend per share | 0.26 | 0.50 | 0.60 | 0.80 | 1.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.7% | −14.1% | 10.2% | 10.9% |
| Operating income growth (YoY) | – | 33.7% | −13.8% | 1.9% | 24.4% |
| EPS growth (YoY) | – | 41.3% | −8.9% | 0.2% | 29.2% |
| Operating margin | 17.4% | 22.0% | 22.1% | 20.4% | 22.9% |
| Net margin | 12.4% | 16.5% | 17.6% | 16.0% | 18.3% |
| Return on equityBlank when equity is negative | 38.3% | 36.8% | 25.8% | 21.8% | 23.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 48.7% | 46.3% | 31.0% | 26.6% | 28.9% |
| Free cash flow margin | 7.4% | 17.2% | 18.1% | 15.0% | 16.4% |
| Cash conversion (CFO ÷ net income) | 0.67x | 1.10x | 1.12x | 1.07x | 0.99x |
| Receivable days | 46 | 35 | 38 | 44 | 42 |
| Interest cover | 85.1x | 1083x | 619x | 1879x | 8875x |
| Debt ÷ equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$86M | −$459M | −$1.2B | −$1B | −$1.4B |
| Current ratio | 2.66x | 4.41x | 6.43x | 5.06x | 5.92x |
Recent filings
More in Rolling Drawing & Extruding Of Nonferrous Metals
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.