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Metal fabrication · Industrials · Fiscal year ends Sep 30
Mueller Water Products reported revenue of $1.4B in the fiscal year ended Sep 2025, up 8.7% from the year before. Operating income was $261M, an operating margin of 18.2%, and net income was $192M. Operating cash flow of $219M less capital expenditure of $47M left free cash flow of $172M. Net debt was $20M.
Ranks among the 7 metal fabrication companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 1,111 | 1,247 | 1,276 | 1,315 | 1,430 |
| Cost of revenue | 753 | 883 | 896 | 856 | 913 |
| Gross profit | 359 | 364 | 380 | 459 | 517 |
| Research & development | 17.1 | 24.5 | 25.9 | 20.5 | 19.9 |
| Selling, general & admin | 219 | 239 | 242 | 245 | 247 |
| Operating income | 132 | 112 | 127 | 182 | 261 |
| Net interest incomeBanks | −23.4 | −16.9 | −14.7 | −12.7 | −6.6 |
| Interest expense | 23.8 | 17.6 | 18.4 | 21.5 | 20.0 |
| Pre-tax income | 94.9 | 98.6 | 109 | 163 | 254 |
| Income tax | 24.5 | 22.0 | 23.5 | 47.5 | 62.5 |
| Net income | 70.4 | 76.6 | 85.5 | 116 | 192 |
| Diluted EPS | 0.44 | 0.48 | 0.55 | 0.74 | 1.22 |
| Diluted shares | 159 | 158 | 157 | 157 | 158 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 228 | 147 | 160 | 310 | 432 |
| Receivables | 212 | 228 | 217 | 209 | 212 |
| Inventory | 185 | 279 | 298 | 302 | 329 |
| Current assets | 654 | 680 | 707 | 858 | 1,029 |
| Net PP&E | 283 | 302 | 312 | 319 | 336 |
| Goodwill | 115 | 98.6 | 93.7 | 80.7 | 89.2 |
| Total assets | 1,518 | 1,498 | 1,505 | 1,636 | 1,839 |
| Payables | 92.0 | 123 | 103 | 110 | 134 |
| Deferred revenue | 5.4 | 8.1 | 9.2 | 7.1 | 7.1 |
| Current liabilities | 220 | 241 | 219 | 258 | 290 |
| Short-term debt | 1.0 | 0.8 | 0.7 | 0.8 | 1.2 |
| Long-term debt | 446 | 446 | 447 | 449 | 450 |
| Total liabilities | 823 | 829 | 794 | 826 | 857 |
| Shareholders' equity | 695 | 669 | 712 | 810 | 982 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 157 | 52.3 | 109 | 239 | 219 |
| Capital expenditure | 62.7 | 54.7 | 47.6 | 47.4 | 47.3 |
| Free cash flow | 94.0 | −2.4 | 61.4 | 191 | 172 |
| Depreciation & amortisation | 59.6 | 60.5 | 62.5 | 66.2 | 46.9 |
| Stock-based compensation | 8.1 | 8.7 | 8.5 | 9.0 | 10.7 |
| Acquisitions | 19.7 | 0.2 | 0.0 | 0.0 | – |
| Share buybacks | 10.0 | 35.0 | 10.0 | 10.0 | 15.0 |
| Dividends paid | 34.8 | 36.5 | 38.1 | 39.9 | 41.9 |
| Dividend per share | 0.22 | 0.23 | 0.24 | 0.26 | 0.27 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.3% | 2.3% | 3.1% | 8.7% |
| Operating income growth (YoY) | – | −15.3% | 14.2% | 42.6% | 43.4% |
| EPS growth (YoY) | – | 9.1% | 14.6% | 34.5% | 64.9% |
| Gross margin | 32.3% | 29.2% | 29.7% | 34.9% | 36.1% |
| Operating margin | 11.9% | 8.9% | 10.0% | 13.8% | 18.2% |
| Net margin | 6.3% | 6.1% | 6.7% | 8.8% | 13.4% |
| Return on equityBlank when equity is negative | 10.1% | 11.4% | 12.0% | 14.3% | 19.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.1% | 8.9% | 9.9% | 13.2% | 16.8% |
| Free cash flow margin | 8.5% | −0.2% | 4.8% | 14.6% | 12.0% |
| Cash conversion (CFO ÷ net income) | 2.23x | 0.68x | 1.27x | 2.06x | 1.14x |
| Receivable days | 70 | 67 | 62 | 58 | 54 |
| Inventory days | 90 | 115 | 121 | 129 | 131 |
| Payable days | 45 | 51 | 42 | 47 | 54 |
| Interest cover | 5.53x | 6.34x | 6.92x | 8.45x | 13.0x |
| Debt ÷ equity | 0.64x | 0.67x | 0.63x | 0.55x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 219 | 300 | 287 | 140 | 20.1 |
| Current ratio | 2.97x | 2.82x | 3.23x | 3.33x | 3.54x |
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.