MUELLER WATER PRODUCTS (MWA) Financials

$23.38 -0.04 (-0.17%)

Closing price 06/18/2025 03:59 PM Eastern

Extended Trading

$23.40 +0.02 (+0.09%)

As of 06/18/2025 06:28 PM Eastern

Annual Income Statements for MUELLER WATER PRODUCTS

This table shows MUELLER WATER PRODUCTS's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	31	64	123	106	64	72	70	77	86	116
Consolidated Net Income / (Loss)	31	64	123	106	64	72	70	77	86	116
Net Income / (Loss) Continuing Operations	13	45	54	106	64	72	70	77	86	116
Total Pre-Tax Income	21	69	79	96	82	94	95	99	109	163
Total Operating Income	80	112	102	122	124	117	132	112	127	182
Total Gross Profit	246	269	268	290	321	328	359	364	380	459
Total Revenue	793	801	826	916	968	964	1,111	1,247	1,276	1,315
Operating Revenue	793	801	826	916	968	964	1,111	1,247	1,276	1,315
Total Cost of Revenue	547	532	558	626	647	636	753	883	896	856
Operating Cost of Revenue	547	532	558	626	647	636	753	883	896	856
Total Operating Expenses	167	157	166	168	197	211	227	253	252	277
Selling, General & Admin Expense	155	157	166	177	199	211	227	239	242	245
Impairment Charge	-	-	-	-	-	0.00	0.00	6.80	0.00	16
Restructuring Charge	-	-	-	-	-	-	-	7.20	10	16
Total Other Income / (Expense), net	-59	-43	-24	-26	-42	-23	-37	-13	-18	-18
Interest Expense	28	24	22	21	20	26	40	17	15	13
Other Income / (Expense), net	-	-19	-1.40	1.40	-22	2.80	3.30	3.90	-3.70	-5.60
Income Tax Expense	8.30	24	24	-9.90	18	22	25	22	24	48
Basic Earnings per Share	$0.19	$0.40	$0.77	$0.00	$0.00	$0.00	$0.44	$0.49	$0.55	$0.74
Weighted Average Basic Shares Outstanding	160.50M	161.30M	160.10M	158.20M	157.80M	157.80M	158.40M	157.40M	156.30M	155.90M
Diluted Earnings per Share	$0.19	$0.39	$0.76	$0.00	$0.00	$0.00	$0.44	$0.48	$0.55	$0.74
Weighted Average Diluted Shares Outstanding	163.20M	163.40M	161.80M	159.70M	159M	158.60M	159.20M	158M	156.80M	156.90M
Weighted Average Basic & Diluted Shares Outstanding	162.60M	161.73M	160.10M	157.60M	157.62M	158.10M	158.00M	156.11M	156.11M	156.25M
Cash Dividends to Common per Share	$0.08	$0.10	$0.15	$0.19	$0.20	$0.21	$0.22	$0.23	$0.24	$0.26

This table shows MUELLER WATER PRODUCTS's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	7.10	23	21	25	17	14	44	47	10	35	51
Consolidated Net Income / (Loss)	7.10	23	21	25	17	14	44	47	10	35	51
Net Income / (Loss) Continuing Operations	7.10	23	21	25	17	14	44	47	10	35	51
Total Pre-Tax Income	8.70	29	28	31	21	17	59	63	24	46	68
Total Operating Income	12	34	33	36	25	23	64	67	28	47	70
Total Gross Profit	86	93	98	100	88	86	130	131	111	103	128
Total Revenue	331	315	333	327	301	256	353	357	348	304	364
Operating Revenue	331	315	333	327	301	256	353	357	348	304	364
Total Cost of Revenue	246	222	235	227	213	170	223	225	237	201	236
Operating Cost of Revenue	246	222	235	227	213	170	223	225	237	201	236
Total Operating Expenses	74	59	65	65	64	64	67	64	83	56	58
Selling, General & Admin Expense	64	63	64	61	54	57	64	62	63	54	56
Restructuring Charge	3.60	-3.70	0.70	3.90	9.30	6.60	3.20	2.90	3.10	1.70	2.40
Total Other Income / (Expense), net	-2.90	-4.60	-4.90	-4.70	-4.20	-5.90	-4.60	-3.80	-4.00	-1.60	-2.20
Interest Expense	3.90	3.70	3.90	3.80	3.30	3.30	3.60	2.80	3.00	1.60	2.30
Other Income / (Expense), net	1.00	-0.90	-1.00	-0.90	-0.90	-2.60	-1.00	-1.00	-1.00	0.00	0.10
Income Tax Expense	1.60	6.90	6.70	6.40	3.50	2.60	15	16	14	11	16
Basic Earnings per Share	$0.05	$0.14	$0.14	$0.16	$0.11	$0.09	$0.28	$0.30	$0.07	$0.23	$0.33
Weighted Average Basic Shares Outstanding	157.40M	156.40M	156.30M	156.40M	156.30M	156M	156M	155.70M	155.90M	156.30M	156.60M
Diluted Earnings per Share	$0.04	$0.14	$0.14	$0.16	$0.11	$0.09	$0.28	$0.30	$0.07	$0.22	$0.33
Weighted Average Diluted Shares Outstanding	158M	157M	156.90M	157.20M	156.80M	156.70M	156.70M	156.70M	156.90M	157.50M	157.50M
Weighted Average Basic & Diluted Shares Outstanding	156.11M	312.53M	156.42M	156.49M	156.11M	156.18M	155.71M	155.80M	156.25M	156.60M	156.68M
Cash Dividends to Common per Share	$0.06	$0.06	$0.06	$0.06	$0.06	$0.06	$0.06	$0.06	$0.06	$0.07	$0.07

This table details how cash moves in and out of MUELLER WATER PRODUCTS's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	-48	82	167	-15	-170	31	19	-81	14	150
Net Cash From Operating Activities	58	115	59	133	93	140	157	52	109	239
Net Cash From Continuing Operating Activities	58	115	59	133	93	140	157	52	109	239
Net Income / (Loss) Continuing Operations	13	45	54	106	64	72	70	77	86	116
Consolidated Net Income / (Loss)	31	64	123	106	64	72	70	77	86	116
Depreciation Expense	18	18	20	21	26	30	31	32	34	39
Amortization Expense	26	21	22	23	27	28	28	29	28	27
Non-Cash Adjustments To Reconcile Net Income	53	30	11	8.90	8.60	16	22	16	-4.20	38
Changes in Operating Assets and Liabilities, net	-50	0.40	-47	-25	-33	-5.60	4.70	-101	-35	19
Net Cash From Investing Activities	-22	-31	-66	-48	-212	-68	-82	-55	-42	-47
Net Cash From Continuing Investing Activities	-22	-31	-66	-48	-212	-68	-82	-55	-42	-47
Purchase of Property, Plant & Equipment	-27	-32	-41	-56	-87	-68	-63	-55	-48	-47
Acquisitions	-	-	-27	0.00	-128	0.00	-20	-0.20	0.00	0.00
Sale of Property, Plant & Equipment	4.50	0.30	0.90	7.80	2.30	0.20	0.70	0.00	5.50	0.20
Net Cash From Financing Activities	-99	-24	-81	-98	-51	-41	-59	-72	-49	-46
Net Cash From Continuing Financing Activities	-99	-24	-81	-98	-51	-42	-58	-72	-49	-46
Repayment of Debt	-599	-7.60	-5.90	-493	-13	-1.50	-468	0.00	0.00	-0.90
Repurchase of Common Equity	-5.00	0.00	-55	-30	-10	-5.00	-10	-35	-10	-10
Payment of Dividends	-12	-16	-24	-30	-32	-38	-35	-37	-38	-40
Issuance of Common Equity	3.30	3.30	5.80	7.30	5.20	3.50	5.80	2.00	2.70	7.70
Other Financing Activities, net	0.80	-3.30	-2.70	-2.10	-1.30	-0.90	-0.60	-2.50	-3.40	-2.90
Effect of Exchange Rate Changes	-5.20	-0.40	1.20	-1.50	-0.20	0.80	2.40	-6.40	-4.30	4.00
Cash Interest Paid	-	-	-	-	22	24	25	19	15	10
Cash Income Taxes Paid	-	-	-	-	29	15	17	27	38	74

This table details how cash moves in and out of MUELLER WATER PRODUCTS's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-8.40	-21	-36	52	19	56	-38	64	67	28	-9.00
Net Cash From Operating Activities	32	-6.50	-16	75	57	68	-5.70	87	89	54	14
Net Cash From Continuing Operating Activities	32	-6.50	-16	75	57	68	-5.70	87	89	54	14
Net Income / (Loss) Continuing Operations	7.10	23	21	25	17	14	44	47	10	35	51
Consolidated Net Income / (Loss)	7.10	23	21	25	17	14	44	47	10	35	51
Depreciation Expense	8.20	7.80	8.50	8.80	9.30	9.50	9.70	9.60	10	9.30	9.50
Amortization Expense	7.40	7.00	7.00	7.00	7.10	6.90	6.80	6.70	6.70	1.80	1.80
Non-Cash Adjustments To Reconcile Net Income	4.70	-0.30	5.30	-5.00	-4.20	6.10	-3.10	-0.60	35	6.40	2.90
Changes in Operating Assets and Liabilities, net	4.40	-44	-58	39	27	31	-63	24	27	1.30	-51
Net Cash From Investing Activities	-18	-4.80	-11	-12	-15	-5.60	-10	-12	-19	-12	-9.10
Net Cash From Continuing Investing Activities	-18	-4.80	-11	-12	-15	-5.60	-10	-12	-19	-12	-9.10
Purchase of Property, Plant & Equipment	-18	-9.90	-11	-12	-15	-5.70	-10	-12	-19	-12	-9.20
Sale of Property, Plant & Equipment	-	5.10	-	-	0.40	0.10	-	-	0.10	0.00	0.10
Net Cash From Financing Activities	-19	-11	-9.60	-9.10	-20	-11	-20	-9.30	-5.30	-13	-14
Net Cash From Continuing Financing Activities	-19	-11	-9.60	-9.10	-20	-11	-20	-9.30	-5.30	-13	-14
Payment of Dividends	-9.10	-9.50	-9.50	-9.60	-9.50	-10	-10	-9.90	-10	-11	-11
Issuance of Common Equity	0.40	0.60	0.40	0.90	0.80	0.40	1.10	1.00	5.20	1.60	2.30
Other Financing Activities, net	-0.20	-1.60	-0.50	-0.40	-0.90	-1.70	-0.40	-0.30	-0.50	-4.20	-0.60
Effect of Exchange Rate Changes	-2.90	0.90	-0.50	-1.70	-3.00	5.40	-1.60	-1.70	1.90	-0.80	-0.40
Cash Interest Paid	-0.10	8.60	-0.40	8.30	-1.40	7.60	-1.40	6.90	-3.10	5.80	-2.60
Cash Income Taxes Paid	4.70	0.20	21	6.40	10	0.80	25	22	27	0.40	30

This table presents MUELLER WATER PRODUCTS's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	1,230	1,281	1,258	1,292	1,337	1,395	1,518	1,498	1,505	1,636
Total Current Assets	550	612	670	686	567	581	654	680	707	858
Cash & Equivalents	113	195	362	347	177	209	-	-	160	310
Accounts Receivable	175	132	145	164	173	181	212	228	217	209
Inventories, net	219	131	139	157	191	163	185	279	298	302
Other Current Assets	14	13	24	18	26	29	29	27	32	38
Plant, Property, & Equipment, net	149	108	122	151	217	254	283	302	312	319
Total Noncurrent Assets	531	560	466	456	553	560	581	517	487	459
Goodwill	507	435	439	12	96	100	115	99	94	81
Intangible Assets	-	-	-	408	434	409	393	361	334	310
Other Noncurrent Operating Assets	24	25	26	35	24	51	73	57	59	68
Total Liabilities & Shareholders' Equity	1,230	1,281	1,258	1,292	1,337	1,395	1,518	1,498	1,505	1,636
Total Liabilities	862	861	769	727	745	754	823	829	794	826
Total Current Liabilities	168	186	142	167	179	155	220	241	219	258
Short-Term Debt	6.10	5.60	5.60	0.70	0.90	1.10	1.00	0.80	0.70	0.80
Accounts Payable	99	74	83	90	85	67	92	123	103	110
Accrued Expenses	-	-	54	76	93	87	127	117	115	147
Total Noncurrent Liabilities	694	675	627	560	567	599	603	588	575	568
Long-Term Debt	483	479	475	444	445	447	446	446	447	449
Noncurrent Deferred & Payable Income Tax Liabilities	145	110	115	79	88	97	95	86	74	55
Other Noncurrent Operating Liabilities	66	86	37	37	33	56	62	55	54	64
Commitments & Contingencies	-	-	-	-	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	368	420	490	565	592	641	695	669	712	810
Total Preferred & Common Equity	366	418	488	563	590	641	695	669	712	810
Preferred Stock	-	-	-	-	-	-	-	0.00	0.00	0.00
Total Common Equity	366	418	488	563	590	641	695	669	712	810
Common Stock	1,576	1,566	1,496	1,446	1,412	1,380	1,344	1,281	1,242	1,207
Retained Earnings	-1,143	-1,079	-956	-850	-786	-714	-644	-567	-482	-366
Accumulated Other Comprehensive Income / (Loss)	-67	-68	-52	-33	-36	-25	-5.00	-45	-49	-31

This table presents MUELLER WATER PRODUCTS's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025
Total Assets	1,510	1,487	1,477	1,493	1,529	1,539	1,569	1,619	1,671
Total Current Assets	659	672	670	691	729	749	786	843	891
Cash & Equivalents	-	-	89	141	217	179	243	338	329
Accounts Receivable	222	202	229	210	168	230	213	145	215
Inventories, net	251	314	322	313	311	307	294	318	306
Other Current Assets	31	30	29	27	34	32	35	41	41
Plant, Property, & Equipment, net	293	303	305	307	308	309	310	321	325
Total Noncurrent Assets	558	512	503	495	491	482	473	456	455
Goodwill	109	100	99	97	98	97	96	82	81
Intangible Assets	369	356	349	342	329	322	315	308	307
Other Noncurrent Operating Assets	80	56	55	56	63	62	62	66	68
Total Liabilities & Shareholders' Equity	1,510	1,487	1,477	1,493	1,529	1,539	1,569	1,619	1,671
Total Liabilities	806	799	776	779	798	785	777	785	797
Total Current Liabilities	202	214	191	200	222	212	212	220	235
Short-Term Debt	0.90	0.90	0.90	0.80	0.60	0.70	0.70	0.80	1.00
Accounts Payable	98	104	104	101	109	97	86	99	118
Accrued Expenses	104	109	87	98	112	115	126	121	116
Total Noncurrent Liabilities	604	585	585	579	576	573	565	565	562
Long-Term Debt	446	446	447	447	447	448	448	449	450
Noncurrent Deferred & Payable Income Tax Liabilities	97	86	87	80	71	65	56	55	53
Other Noncurrent Operating Liabilities	61	53	52	53	58	60	60	61	59
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	704	688	701	714	731	755	792	834	874
Total Preferred & Common Equity	704	688	701	714	731	755	792	834	874
Preferred Stock	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	704	688	701	714	731	755	792	834	874
Common Stock	1,298	1,273	1,266	1,259	1,234	1,216	1,210	1,196	1,185
Retained Earnings	-574	-545	-524	-499	-468	-423	-376	-331	-279
Accumulated Other Comprehensive Income / (Loss)	-20	-40	-42	-46	-35	-39	-42	-32	-33

This table displays calculated financial ratios and metrics derived from MUELLER WATER PRODUCTS's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-33.03%	0.91%	3.17%	10.90%	5.68%	-0.40%	15.24%	12.28%	2.27%	3.06%
EBITDA Growth	-31.97%	7.64%	7.70%	16.97%	-7.13%	14.53%	9.70%	-9.56%	5.80%	30.13%
EBIT Growth	-35.86%	16.71%	8.40%	22.24%	-17.22%	17.37%	12.88%	-14.44%	7.10%	42.36%
NOPAT Growth	-48.95%	52.64%	-3.28%	90.15%	-28.07%	-7.48%	9.32%	-11.26%	15.26%	28.97%
Net Income Growth	-44.32%	106.80%	92.96%	-14.36%	-39.58%	12.85%	-2.22%	8.81%	11.62%	35.56%
EPS Growth	-44.12%	105.26%	94.87%	-100.00%	0.00%	0.00%	0.00%	9.09%	14.58%	34.55%
Operating Cash Flow Growth	-60.64%	97.07%	-48.12%	124.07%	-30.50%	51.68%	11.69%	-66.62%	108.41%	119.08%
Free Cash Flow Firm Growth	-78.74%	753.67%	-108.31%	416.47%	-228.27%	170.04%	-12.62%	-50.16%	126.95%	150.28%
Invested Capital Growth	1.67%	-31.09%	18.71%	8.93%	30.06%	2.03%	3.97%	6.06%	2.98%	-4.90%
Revenue Q/Q Growth	-32.41%	52.41%	1.39%	3.08%	1.32%	-0.17%	2.80%	2.95%	-2.30%	3.69%
EBITDA Q/Q Growth	-25.72%	33.74%	-14.56%	4.71%	13.48%	-7.07%	-6.17%	-8.09%	7.01%	1.68%
EBIT Q/Q Growth	-26.43%	33.67%	-19.82%	5.94%	18.08%	-10.68%	-8.66%	-12.23%	10.15%	1.97%
NOPAT Q/Q Growth	-46.51%	64.79%	-13.99%	3.50%	3.01%	0.08%	-8.91%	-11.86%	12.67%	-6.17%
Net Income Q/Q Growth	-11.21%	7.04%	-5.52%	5.71%	31.28%	-15.79%	-10.55%	-12.86%	13.40%	-5.85%
EPS Q/Q Growth	-9.52%	5.41%	-5.00%	-100.00%	100.00%	-100.00%	780.00%	-12.73%	14.58%	-5.13%
Operating Cash Flow Q/Q Growth	-45.09%	22.72%	-30.53%	27.86%	14.48%	-8.00%	-15.66%	-2.97%	29.30%	15.92%
Free Cash Flow Firm Q/Q Growth	-66.83%	246.06%	-111.29%	17.38%	19.10%	-4.43%	-32.22%	753.32%	10.83%	10.66%
Invested Capital Q/Q Growth	-4.13%	-30.00%	3.07%	1.66%	-1.21%	-0.81%	1.45%	-2.63%	-2.15%	-4.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.04%	33.59%	32.43%	31.65%	33.15%	34.04%	32.27%	29.20%	29.75%	34.91%
EBITDA Margin	15.50%	16.54%	17.26%	18.21%	16.00%	18.40%	17.52%	14.11%	14.60%	18.43%
Operating Margin	10.03%	14.01%	12.36%	13.29%	12.84%	12.11%	11.85%	8.95%	9.99%	13.82%
EBIT Margin	10.03%	11.60%	12.19%	13.44%	10.53%	12.41%	12.15%	9.26%	9.70%	13.39%
Profit (Net Income) Margin	3.89%	7.98%	14.93%	11.53%	6.59%	7.47%	6.34%	6.14%	6.70%	8.82%
Tax Burden Percent	148.56%	92.21%	157.07%	110.34%	77.71%	76.51%	74.18%	77.69%	78.44%	70.93%
Interest Burden Percent	26.13%	74.60%	77.95%	77.74%	80.57%	78.68%	70.30%	85.37%	88.12%	92.79%
Effective Tax Rate	39.90%	34.92%	30.83%	-10.34%	22.29%	23.49%	25.82%	22.31%	21.56%	29.07%
Return on Invested Capital (ROIC)	6.49%	11.63%	12.60%	21.13%	12.67%	10.26%	10.89%	9.20%	10.15%	13.23%
ROIC Less NNEP Spread (ROIC-NNEP)	2.00%	7.74%	62.32%	-5.34%	-5.18%	3.43%	-1.02%	5.32%	5.24%	7.15%
Return on Net Nonoperating Assets (RNNOA)	2.11%	4.61%	14.53%	-1.10%	-1.64%	1.41%	-0.35%	2.03%	2.23%	2.00%
Return on Equity (ROE)	8.59%	16.23%	27.13%	20.03%	11.03%	11.68%	10.54%	11.23%	12.38%	15.23%
Cash Return on Invested Capital (CROIC)	4.83%	48.43%	-4.51%	12.59%	-13.46%	8.25%	7.00%	3.32%	7.22%	18.25%
Operating Return on Assets (OROA)	6.26%	7.40%	7.93%	9.65%	7.75%	8.75%	9.27%	7.66%	8.24%	11.21%
Return on Assets (ROA)	2.43%	5.09%	9.71%	8.28%	4.85%	5.27%	4.83%	5.08%	5.69%	7.38%
Return on Common Equity (ROCE)	8.55%	16.18%	27.06%	19.98%	10.99%	11.66%	10.54%	11.23%	12.38%	15.23%
Return on Equity Simple (ROE_SIMPLE)	8.44%	15.28%	25.25%	18.75%	10.81%	11.24%	10.13%	11.44%	12.02%	14.31%
Net Operating Profit after Tax (NOPAT)	48	73	71	134	97	89	98	87	100	129
NOPAT Margin	6.03%	9.12%	8.55%	14.66%	9.98%	9.27%	8.79%	6.95%	7.83%	9.80%
Net Nonoperating Expense Percent (NNEP)	4.48%	3.89%	-49.72%	26.47%	17.85%	6.83%	11.92%	3.89%	4.91%	6.08%
Cost of Revenue to Revenue	68.96%	66.41%	67.57%	68.35%	66.85%	65.96%	67.73%	70.80%	70.25%	65.09%
SG&A Expenses to Revenue	19.49%	19.57%	20.07%	19.35%	20.56%	21.93%	20.41%	19.14%	18.96%	18.65%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.04%	19.57%	20.07%	18.36%	20.31%	21.93%	20.41%	20.26%	19.76%	21.09%
Earnings before Interest and Taxes (EBIT)	80	93	101	123	102	120	135	116	124	176
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	123	132	143	167	155	177	195	176	186	242
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.90	4.23	3.67	2.90	2.74	2.39	3.30	2.32	2.74	4.16
Price to Tangible Book Value (P/TBV)	0.00	0.00	36.50	11.42	26.67	11.60	12.23	7.40	6.86	8.03
Price to Revenue (P/Rev)	1.34	2.21	2.17	1.78	1.67	1.59	2.06	1.24	1.53	2.56
Price to Earnings (P/E)	34.32	27.68	14.53	15.47	25.38	21.26	32.53	20.23	22.77	29.09
Dividend Yield	1.14%	0.91%	1.33%	1.84%	1.97%	2.16%	1.52%	2.35%	1.96%	1.18%
Earnings Yield	2.91%	3.61%	6.88%	6.46%	3.94%	4.70%	3.07%	4.94%	4.39%	3.44%
Enterprise Value to Invested Capital (EV/IC)	1.93	4.02	3.14	2.62	2.19	2.01	2.74	1.91	2.24	3.70
Enterprise Value to Revenue (EV/Rev)	1.81	2.57	2.31	1.89	1.95	1.84	2.26	1.48	1.75	2.67
Enterprise Value to EBITDA (EV/EBITDA)	11.69	15.55	13.41	10.39	12.21	9.98	12.90	10.51	12.00	14.49
Enterprise Value to EBIT (EV/EBIT)	18.06	22.16	18.99	14.08	18.56	14.80	18.59	16.02	18.06	19.94
Enterprise Value to NOPAT (EV/NOPAT)	30.06	28.20	27.07	12.91	19.57	19.80	25.69	21.34	22.35	27.24
Enterprise Value to Operating Cash Flow (EV/OCF)	24.75	17.98	32.19	13.02	20.44	12.61	16.02	35.37	20.50	14.70
Enterprise Value to Free Cash Flow (EV/FCFF)	40.35	6.77	0.00	21.67	0.00	24.62	39.96	59.11	31.45	19.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.33	1.15	0.98	0.79	0.75	0.70	0.64	0.67	0.63	0.55
Long-Term Debt to Equity	1.31	1.14	0.97	0.79	0.75	0.70	0.64	0.67	0.63	0.55
Financial Leverage	1.05	0.60	0.23	0.21	0.32	0.41	0.34	0.38	0.43	0.28
Leverage Ratio	3.53	3.19	2.79	2.42	2.27	2.22	2.18	2.21	2.17	2.06
Compound Leverage Factor	0.92	2.38	2.18	1.88	1.83	1.74	1.53	1.89	1.92	1.92
Debt to Total Capital	57.07%	53.59%	49.54%	44.07%	42.97%	41.13%	39.14%	40.04%	38.61%	35.69%
Short-Term Debt to Total Capital	0.71%	0.62%	0.58%	0.07%	0.09%	0.10%	0.09%	0.07%	0.06%	0.06%
Long-Term Debt to Total Capital	56.36%	52.97%	48.96%	44.00%	42.88%	41.03%	39.05%	39.97%	38.55%	35.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.18%	0.13%	0.11%	0.15%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	42.75%	46.28%	50.35%	55.78%	56.82%	58.87%	60.86%	59.96%	61.39%	64.31%
Debt to EBITDA	3.98	3.66	3.37	2.67	2.88	2.52	2.30	2.54	2.40	1.86
Net Debt to EBITDA	3.06	2.19	0.83	0.59	1.74	1.35	1.13	1.71	1.54	0.58
Long-Term Debt to EBITDA	3.93	3.62	3.33	2.66	2.88	2.52	2.29	2.53	2.40	1.85
Debt to NOPAT	10.22	6.63	6.81	3.31	4.62	5.01	4.57	5.15	4.48	3.49
Net Debt to NOPAT	7.86	3.96	1.68	0.73	2.79	2.67	2.25	3.46	2.87	1.08
Long-Term Debt to NOPAT	10.09	6.56	6.73	3.31	4.61	5.00	4.56	5.15	4.47	3.48
Altman Z-Score	0.67	1.32	1.76	1.93	1.80	1.84	2.44	2.03	2.53	3.74
Noncontrolling Interest Sharing Ratio	0.43%	0.34%	0.25%	0.25%	0.32%	0.18%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.27	3.30	4.73	4.10	3.18	3.75	2.97	2.82	3.23	3.33
Quick Ratio	1.72	1.76	3.58	3.06	1.96	2.51	0.96	0.95	1.72	2.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	36	304	-25	80	-103	72	63	31	71	178
Operating Cash Flow to CapEx	255.95%	366.99%	149.62%	277.87%	109.73%	207.85%	252.74%	95.61%	258.91%	505.93%
Free Cash Flow to Firm to Interest Expense	1.30	12.89	-1.14	3.83	-5.18	2.82	1.57	1.85	4.83	14.00
Operating Cash Flow to Interest Expense	2.11	4.85	2.68	6.37	4.67	5.50	3.91	3.09	7.42	18.80
Operating Cash Flow Less CapEx to Interest Expense	1.29	3.53	0.89	4.08	0.41	2.85	2.36	-0.14	4.55	15.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.64	0.65	0.72	0.74	0.71	0.76	0.83	0.85	0.84
Accounts Receivable Turnover	4.44	5.21	5.96	5.92	5.74	5.45	5.65	5.67	5.73	6.17
Inventory Turnover	2.62	3.04	4.14	4.24	3.72	3.59	4.33	3.81	3.11	2.85
Fixed Asset Turnover	5.38	6.22	7.16	6.71	5.26	4.09	4.14	4.26	4.16	4.17
Accounts Payable Turnover	5.10	6.17	7.15	7.26	7.41	8.37	9.45	8.22	7.94	8.04
Days Sales Outstanding (DSO)	82.21	70.00	61.22	61.68	63.55	66.94	64.56	64.40	63.68	59.14
Days Inventory Outstanding (DIO)	139.14	120.06	88.16	86.13	98.15	101.57	84.20	95.77	117.42	127.88
Days Payable Outstanding (DPO)	71.62	59.17	51.08	50.28	49.24	43.59	38.63	44.39	45.96	45.39
Cash Conversion Cycle (CCC)	149.73	130.90	98.31	97.54	112.46	124.91	110.13	115.78	135.13	141.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	744	513	608	663	862	879	914	970	999	950
Invested Capital Turnover	1.08	1.27	1.47	1.44	1.27	1.11	1.24	1.32	1.30	1.35
Increase / (Decrease) in Invested Capital	12	-231	96	54	199	18	35	55	29	-49
Enterprise Value (EV)	1,438	2,059	1,912	1,733	1,891	1,770	2,510	1,850	2,234	3,511
Market Capitalization	1,061	1,768	1,792	1,634	1,619	1,531	2,290	1,550	1,947	3,371
Book Value per Share	$2.28	$2.59	$3.08	$3.56	$3.75	$4.06	$4.39	$4.27	$4.55	$5.20
Tangible Book Value per Share	($0.88)	($0.10)	$0.31	$0.90	$0.39	$0.84	$1.18	$1.34	$1.81	$2.69
Total Capital	857	904	970	1,010	1,039	1,088	1,142	1,116	1,159	1,260
Total Debt	489	484	481	445	446	448	447	447	447	450
Total Long-Term Debt	483	479	475	444	445	447	446	446	447	449
Net Debt	376	289	119	98	270	239	219	300	287	140
Capital Expenditures (CapEx)	23	31	40	48	84	68	62	55	42	47
Debt-free, Cash-free Net Working Capital (DFCFNWC)	275	237	173	172	213	218	207	293	328	291
Debt-free Net Working Capital (DFNWC)	388	432	534	519	389	427	435	440	489	601
Net Working Capital (NWC)	382	427	529	518	388	426	434	439	488	600
Net Nonoperating Expense (NNE)	17	9.12	-53	29	33	17	27	10	14	13
Net Nonoperating Obligations (NNO)	376	93	119	98	270	239	219	300	287	140
Total Depreciation and Amortization (D&A)	43	40	42	44	53	58	60	61	63	66
Debt-free, Cash-free Net Working Capital to Revenue	34.60%	29.62%	20.90%	18.78%	21.96%	22.65%	18.64%	23.51%	25.74%	22.16%
Debt-free Net Working Capital to Revenue	48.85%	53.97%	64.69%	56.67%	40.22%	44.32%	39.12%	35.26%	38.31%	45.73%
Net Working Capital to Revenue	48.08%	53.27%	64.01%	56.59%	40.12%	44.21%	39.03%	35.19%	38.25%	45.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.19	$0.40	$0.77	$0.67	$0.40	$0.00	$0.00	$0.00	$0.55	$0.74
Adjusted Weighted Average Basic Shares Outstanding	160.50M	161.30M	160.10M	158.20M	157.80M	157.80M	158.40M	0.00	156.30M	155.90M
Adjusted Diluted Earnings per Share	$0.19	$0.39	$0.76	$0.66	$0.40	$0.00	$0.00	$0.00	$0.55	$0.74
Adjusted Weighted Average Diluted Shares Outstanding	163.20M	163.40M	161.80M	159.70M	159M	158.60M	159.20M	0.00	156.80M	156.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	160.56M	161.73M	158.06M	157.46M	157.62M	158.10M	158.00M	0.00	156.11M	156.25M
Normalized Net Operating Profit after Tax (NOPAT)	48	73	71	79	95	89	98	98	108	152
Normalized NOPAT Margin	6.07%	9.12%	8.55%	8.61%	9.79%	9.27%	8.79%	7.82%	8.46%	11.53%
Pre Tax Income Margin	2.62%	8.66%	9.50%	10.45%	8.48%	9.76%	8.54%	7.90%	8.54%	12.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.89	3.94	4.54	5.89	5.15	4.69	3.37	6.83	8.42	13.87
NOPAT to Interest Expense	1.74	3.09	3.18	6.43	4.88	3.50	2.44	5.13	6.80	10.15
EBIT Less CapEx to Interest Expense	2.07	2.61	2.75	3.60	0.89	2.04	1.82	3.60	5.55	10.15
NOPAT Less CapEx to Interest Expense	0.91	1.77	1.39	4.13	0.62	0.86	0.89	1.89	3.93	6.43
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.84%	25.20%	19.46%	28.50%	50.16%	53.19%	49.43%	47.65%	44.56%	34.43%
Augmented Payout Ratio	55.02%	25.20%	64.07%	56.91%	65.83%	60.14%	63.64%	93.34%	56.26%	43.05%

This table displays calculated financial ratios and metrics derived from MUELLER WATER PRODUCTS's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.11%	15.61%	7.21%	-1.98%	-9.05%	-18.55%	6.16%	9.22%	15.53%	18.68%	3.08%
EBITDA Growth	-35.47%	6.21%	-5.20%	-4.17%	43.26%	-23.59%	66.67%	62.97%	9.90%	59.84%	2.91%
EBIT Growth	-56.10%	10.70%	-9.38%	-8.20%	90.48%	-38.97%	95.92%	90.20%	14.17%	134.65%	12.00%
NOPAT Growth	-55.03%	18.81%	-4.80%	-3.01%	118.55%	-25.86%	90.83%	77.65%	-43.74%	89.37%	10.90%
Net Income Growth	-61.41%	15.98%	-9.75%	-7.55%	142.25%	-36.44%	107.98%	93.06%	-41.86%	146.85%	15.80%
EPS Growth	-63.64%	16.67%	-6.67%	-5.88%	175.00%	-35.71%	100.00%	87.50%	-36.36%	144.44%	17.86%
Operating Cash Flow Growth	-4.79%	-132.83%	17.37%	279.19%	77.67%	1,144.62%	63.69%	16.87%	58.05%	-20.32%	350.88%
Free Cash Flow Firm Growth	-231.65%	-74.01%	39.10%	105.53%	82.13%	228.86%	284.06%	1,925.18%	837.37%	-20.36%	-1.08%
Invested Capital Growth	6.06%	8.34%	7.09%	2.47%	2.98%	-4.69%	-3.32%	-2.28%	-4.90%	-1.72%	-2.84%
Revenue Q/Q Growth	-0.54%	-5.01%	5.75%	-1.89%	-7.72%	-14.93%	37.83%	0.93%	-2.38%	-12.61%	19.72%
EBITDA Q/Q Growth	-46.49%	69.86%	-1.04%	6.54%	-20.00%	-9.41%	115.85%	4.18%	-46.05%	31.76%	38.97%
EBIT Q/Q Growth	-66.67%	162.70%	-3.63%	8.78%	-30.84%	-15.83%	209.41%	5.60%	-58.48%	72.99%	47.68%
NOPAT Q/Q Growth	-67.47%	174.86%	-3.82%	12.78%	-26.70%	-6.75%	147.56%	4.99%	-76.79%	213.88%	44.98%
Net Income Q/Q Growth	-73.21%	216.90%	-5.33%	15.02%	-29.80%	-16.86%	209.79%	6.77%	-78.86%	253.00%	45.33%
EPS Q/Q Growth	-76.47%	250.00%	0.00%	14.29%	-31.25%	-18.18%	211.11%	7.14%	-76.67%	214.29%	50.00%
Operating Cash Flow Q/Q Growth	61.42%	-120.44%	-141.54%	575.80%	-24.36%	20.18%	-108.39%	1,631.58%	2.29%	-39.42%	-73.57%
Free Cash Flow Firm Q/Q Growth	29.98%	-12.51%	12.78%	108.05%	-326.39%	911.10%	24.58%	-11.47%	-17.57%	-12.40%	54.75%
Invested Capital Q/Q Growth	-2.63%	4.07%	4.95%	-3.65%	-2.15%	-3.68%	6.46%	-2.62%	-4.76%	-0.45%	5.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.83%	29.61%	29.38%	30.65%	29.33%	33.66%	36.90%	36.84%	31.85%	33.85%	35.14%
EBITDA Margin	8.51%	15.22%	14.24%	15.46%	13.40%	14.27%	22.35%	23.07%	12.75%	19.22%	22.32%
Operating Margin	3.50%	10.80%	9.88%	10.90%	8.26%	8.89%	17.97%	18.78%	8.16%	15.58%	19.19%
EBIT Margin	3.80%	10.51%	9.58%	10.62%	7.96%	7.88%	17.69%	18.50%	7.87%	15.58%	19.21%
Profit (Net Income) Margin	2.14%	7.15%	6.40%	7.50%	5.71%	5.58%	12.54%	13.26%	2.87%	11.60%	14.08%
Tax Burden Percent	81.61%	76.53%	76.07%	79.29%	83.09%	84.62%	75.21%	74.84%	40.98%	77.07%	75.78%
Interest Burden Percent	69.05%	88.82%	87.77%	89.05%	86.25%	83.66%	94.24%	95.76%	89.05%	96.62%	96.71%
Effective Tax Rate	18.39%	23.47%	23.93%	20.71%	16.91%	15.38%	24.79%	25.16%	59.02%	22.93%	24.22%
Return on Invested Capital (ROIC)	3.78%	10.99%	9.63%	11.19%	8.90%	9.29%	16.06%	17.67%	4.51%	17.15%	19.78%
ROIC Less NNEP Spread (ROIC-NNEP)	2.87%	9.73%	8.47%	9.95%	7.71%	7.49%	14.96%	16.56%	3.74%	16.43%	18.93%
Return on Net Nonoperating Assets (RNNOA)	1.09%	3.96%	3.86%	4.20%	3.28%	2.91%	6.45%	5.63%	1.05%	3.59%	4.54%
Return on Equity (ROE)	4.88%	14.95%	13.49%	15.39%	12.18%	12.21%	22.51%	23.30%	5.56%	20.74%	24.33%
Cash Return on Invested Capital (CROIC)	3.32%	1.35%	1.90%	6.36%	7.22%	14.24%	14.48%	15.93%	18.25%	17.13%	17.96%
Operating Return on Assets (OROA)	3.14%	9.10%	8.42%	9.24%	6.77%	6.36%	14.51%	15.32%	6.59%	13.48%	16.44%
Return on Assets (ROA)	1.77%	6.19%	5.62%	6.52%	4.85%	4.50%	10.29%	10.98%	2.40%	10.04%	12.05%
Return on Common Equity (ROCE)	4.88%	14.95%	13.49%	15.39%	12.18%	12.21%	22.51%	23.30%	5.56%	20.74%	24.33%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.59%	11.04%	10.56%	0.00%	10.57%	13.29%	15.55%	0.00%	16.41%	16.47%
Net Operating Profit after Tax (NOPAT)	9.47	26	25	28	21	19	48	50	12	37	53
NOPAT Margin	2.86%	8.27%	7.52%	8.64%	6.86%	7.52%	13.51%	14.06%	3.34%	12.01%	14.54%
Net Nonoperating Expense Percent (NNEP)	0.91%	1.26%	1.16%	1.25%	1.19%	1.81%	1.10%	1.11%	0.77%	0.72%	0.85%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	1.64%	-	-	-	2.85%	4.00%
Cost of Revenue to Revenue	74.17%	70.39%	70.62%	69.35%	70.67%	66.34%	63.10%	63.16%	68.15%	66.15%	64.86%
SG&A Expenses to Revenue	19.19%	19.98%	19.29%	18.55%	17.98%	22.19%	18.02%	17.24%	18.12%	17.71%	15.29%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.33%	18.81%	19.50%	19.75%	21.07%	24.77%	18.93%	18.05%	23.69%	18.27%	15.95%
Earnings before Interest and Taxes (EBIT)	13	33	32	35	24	20	63	66	27	47	70
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	28	48	47	51	40	37	79	82	44	59	81
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.32	2.37	3.03	3.48	2.74	3.04	3.31	3.51	4.16	4.21	4.56
Price to Tangible Book Value (P/TBV)	7.40	7.02	8.40	9.03	6.86	7.32	7.45	7.31	8.03	7.91	8.19
Price to Revenue (P/Rev)	1.24	1.26	1.62	1.90	1.53	1.83	2.02	2.19	2.56	2.58	2.90
Price to Earnings (P/E)	20.23	20.44	27.45	32.98	22.77	28.75	24.89	22.60	29.09	25.68	27.66
Dividend Yield	2.35%	2.25%	1.75%	1.52%	1.96%	1.74%	1.56%	1.42%	1.18%	1.15%	1.03%
Earnings Yield	4.94%	4.89%	3.64%	3.03%	4.39%	3.48%	4.02%	4.43%	3.44%	3.89%	3.61%
Enterprise Value to Invested Capital (EV/IC)	1.91	1.93	2.34	2.74	2.24	2.55	2.70	3.00	3.70	3.84	4.12
Enterprise Value to Revenue (EV/Rev)	1.48	1.51	1.89	2.14	1.75	2.02	2.23	2.36	2.67	2.66	2.99
Enterprise Value to EBITDA (EV/EBITDA)	10.51	10.91	14.09	16.05	12.00	14.02	13.39	12.54	14.49	13.73	15.39
Enterprise Value to EBIT (EV/EBIT)	16.02	16.43	21.52	24.87	18.06	22.14	19.56	17.30	19.94	17.84	19.46
Enterprise Value to NOPAT (EV/NOPAT)	21.34	21.47	27.72	31.49	22.35	26.35	23.93	21.75	27.24	24.70	26.95
Enterprise Value to Operating Cash Flow (EV/OCF)	35.37	75.02	84.75	33.13	20.50	13.37	14.30	14.50	14.70	16.12	16.74
Enterprise Value to Free Cash Flow (EV/FCFF)	59.11	148.55	127.42	43.58	31.45	17.47	18.35	18.59	19.75	22.20	22.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.67	0.65	0.64	0.63	0.63	0.61	0.59	0.57	0.55	0.54	0.52
Long-Term Debt to Equity	0.67	0.65	0.64	0.63	0.63	0.61	0.59	0.57	0.55	0.54	0.51
Financial Leverage	0.38	0.41	0.46	0.42	0.43	0.39	0.43	0.34	0.28	0.22	0.24
Leverage Ratio	2.21	2.16	2.12	2.12	2.17	2.13	2.07	2.03	2.06	2.01	1.97
Compound Leverage Factor	1.53	1.92	1.86	1.89	1.88	1.78	1.95	1.95	1.84	1.94	1.91
Debt to Total Capital	40.04%	39.39%	38.97%	38.52%	38.61%	37.96%	37.29%	36.19%	35.69%	35.02%	34.02%
Short-Term Debt to Total Capital	0.07%	0.08%	0.08%	0.07%	0.06%	0.05%	0.06%	0.06%	0.06%	0.06%	0.08%
Long-Term Debt to Total Capital	39.97%	39.31%	38.89%	38.45%	38.55%	37.91%	37.23%	36.13%	35.62%	34.96%	33.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	59.96%	60.61%	61.03%	61.48%	61.39%	62.04%	62.71%	63.81%	64.31%	64.98%	65.98%
Debt to EBITDA	2.54	2.50	2.54	2.57	2.40	2.56	2.17	1.88	1.86	1.70	1.69
Net Debt to EBITDA	1.71	1.80	2.03	1.76	1.54	1.32	1.31	0.86	0.58	0.42	0.46
Long-Term Debt to EBITDA	2.53	2.50	2.53	2.57	2.40	2.55	2.17	1.88	1.85	1.70	1.69
Debt to NOPAT	5.15	4.92	5.00	5.05	4.48	4.81	3.88	3.27	3.49	3.06	2.96
Net Debt to NOPAT	3.46	3.54	4.00	3.45	2.87	2.48	2.33	1.50	1.08	0.76	0.80
Long-Term Debt to NOPAT	5.15	4.91	4.99	5.04	4.47	4.80	3.88	3.26	3.48	3.06	2.95
Altman Z-Score	1.80	2.02	2.49	2.79	2.31	2.48	2.88	3.20	3.44	3.80	4.19
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.82	3.15	3.50	3.46	3.23	3.29	3.53	3.70	3.33	3.83	3.79
Quick Ratio	0.95	0.95	1.66	1.76	1.72	1.74	1.93	2.15	2.01	2.19	2.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-46	-52	-45	3.63	-8.21	67	83	73	61	53	82
Operating Cash Flow to CapEx	176.67%	-135.42%	-148.11%	627.73%	381.76%	1,212.50%	-56.44%	715.57%	462.69%	454.62%	157.14%
Free Cash Flow to Firm to Interest Expense	-11.78	-13.97	-11.56	0.95	-2.49	20.18	23.04	26.23	20.18	33.15	35.68
Operating Cash Flow to Interest Expense	8.15	-1.76	-4.03	19.66	17.12	20.58	-1.58	31.18	29.77	33.81	6.22
Operating Cash Flow Less CapEx to Interest Expense	3.54	-3.05	-6.74	16.53	12.64	18.88	-4.39	26.82	23.33	26.38	2.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	0.87	0.88	0.87	0.85	0.81	0.82	0.83	0.84	0.87	0.86
Accounts Receivable Turnover	5.67	6.75	5.81	6.04	5.73	6.58	5.39	5.99	6.17	8.70	6.17
Inventory Turnover	3.81	3.51	3.40	3.30	3.11	2.70	2.65	2.74	2.85	2.82	2.94
Fixed Asset Turnover	4.26	4.37	4.39	4.35	4.16	3.98	4.03	4.11	4.17	4.33	4.33
Accounts Payable Turnover	8.22	9.82	8.86	9.34	7.94	7.95	8.31	8.91	8.04	8.54	8.38
Days Sales Outstanding (DSO)	64.40	54.09	62.79	60.41	63.68	55.44	67.67	60.96	59.14	41.95	59.13
Days Inventory Outstanding (DIO)	95.77	103.89	107.27	110.72	117.42	135.10	137.89	133.13	127.88	129.45	124.23
Days Payable Outstanding (DPO)	44.39	37.17	41.22	39.07	45.96	45.89	43.93	40.98	45.39	42.76	43.55
Cash Conversion Cycle (CCC)	115.78	120.80	128.85	132.05	135.13	144.65	161.64	153.11	141.63	128.64	139.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	970	1,009	1,059	1,021	999	962	1,024	997	950	945	995
Invested Capital Turnover	1.32	1.33	1.28	1.30	1.30	1.24	1.19	1.26	1.35	1.43	1.36
Increase / (Decrease) in Invested Capital	55	78	70	25	29	-47	-35	-23	-49	-17	-29
Enterprise Value (EV)	1,850	1,950	2,483	2,793	2,234	2,453	2,766	2,987	3,511	3,627	4,102
Market Capitalization	1,550	1,629	2,125	2,487	1,947	2,222	2,497	2,782	3,371	3,516	3,981
Book Value per Share	$4.27	$4.41	$4.49	$4.57	$4.55	$4.69	$4.83	$5.08	$5.20	$5.34	$5.58
Tangible Book Value per Share	$1.34	$1.49	$1.62	$1.76	$1.81	$1.95	$2.15	$2.44	$2.69	$2.85	$3.10
Total Capital	1,116	1,135	1,148	1,162	1,159	1,179	1,203	1,241	1,260	1,284	1,324
Total Debt	447	447	448	448	447	447	449	449	450	450	451
Total Long-Term Debt	446	446	447	447	447	447	448	448	449	449	450
Net Debt	300	321	358	306	287	231	270	206	140	111	121
Capital Expenditures (CapEx)	18	4.80	11	12	15	5.60	10	12	19	12	9.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	293	334	390	351	328	292	358	331	291	285	327
Debt-free Net Working Capital (DFNWC)	440	459	479	492	489	508	537	574	601	623	656
Net Working Capital (NWC)	439	458	478	492	488	508	536	573	600	622	655
Net Nonoperating Expense (NNE)	2.37	3.52	3.73	3.73	3.49	4.99	3.46	2.84	1.64	1.23	1.67
Net Nonoperating Obligations (NNO)	300	321	358	306	287	231	270	206	140	111	121
Total Depreciation and Amortization (D&A)	16	15	16	16	16	16	17	16	17	11	11
Debt-free, Cash-free Net Working Capital to Revenue	23.51%	25.86%	29.72%	26.89%	25.74%	23.96%	28.91%	26.07%	22.16%	20.92%	23.82%
Debt-free Net Working Capital to Revenue	35.26%	35.60%	36.52%	37.70%	38.31%	41.76%	43.38%	45.26%	45.73%	45.74%	47.79%
Net Working Capital to Revenue	35.19%	35.53%	36.45%	37.64%	38.25%	41.72%	43.33%	45.20%	45.67%	45.68%	47.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.05	$0.14	$0.14	$0.16	$0.11	$0.09	$0.28	$0.30	$0.07	$0.23	$0.33
Adjusted Weighted Average Basic Shares Outstanding	157.40M	156.40M	156.30M	156.40M	156.30M	156M	156M	155.70M	155.90M	156.30M	156.60M
Adjusted Diluted Earnings per Share	$0.04	$0.14	$0.14	$0.16	$0.11	$0.09	$0.28	$0.30	$0.07	$0.22	$0.33
Adjusted Weighted Average Diluted Shares Outstanding	158M	157M	156.90M	157.20M	156.80M	156.70M	156.70M	156.70M	156.90M	157.50M	157.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	156.11M	312.53M	156.42M	156.49M	156.11M	156.18M	155.71M	155.80M	156.25M	156.60M	156.68M
Normalized Net Operating Profit after Tax (NOPAT)	12	23	26	31	28	25	50	52	22	38	55
Normalized NOPAT Margin	3.74%	7.37%	7.68%	9.59%	9.43%	9.70%	14.20%	14.67%	6.33%	12.44%	15.04%
Pre Tax Income Margin	2.63%	9.34%	8.41%	9.46%	6.87%	6.59%	16.67%	17.72%	7.01%	15.05%	18.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.23	8.95	8.18	9.13	7.27	6.12	17.36	23.57	9.13	29.63	30.43
NOPAT to Interest Expense	2.43	7.03	6.42	7.43	6.27	5.85	13.27	17.91	3.88	22.83	23.03
EBIT Less CapEx to Interest Expense	-1.38	7.65	5.46	6.00	2.79	4.42	14.56	19.21	2.70	22.19	26.48
NOPAT Less CapEx to Interest Expense	-2.19	5.74	3.70	4.30	1.78	4.15	10.46	13.55	-2.55	15.40	19.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	47.65%	46.17%	48.06%	50.00%	44.56%	49.94%	38.98%	32.01%	34.43%	29.51%	28.42%
Augmented Payout Ratio	93.34%	46.17%	67.44%	63.26%	56.26%	49.94%	58.92%	48.25%	43.05%	29.51%	31.90%

Key Financial Trends

In Q2 2025, Mueller Water Products delivered modest top-line growth and margin expansion, though cash flow was pressured by working capital build. Key highlights and considerations for investors are:

Revenue grew 3.1% year-over-year to $364.3 million, marking the fifth straight quarter of yoy growth.
Gross margin expanded to 35.1% in Q2 from 33.8% in Q1, reflecting improved operational efficiency.
Return on invested capital (ROIC) rose to 19.8% in Q2, up from 17.2% in Q1, indicating strong capital deployment.
Current ratio remains robust at 3.79x, underscoring a strong liquidity position.
Net debt of $121 million yields a net debt/EBITDA of just 0.46x, keeping leverage conservative.
Dividend yield of ~1.03% with a 28% payout ratio demonstrates steady shareholder returns though modest income.
Net cash from operating activities plunged to $14.3 million in Q2 from $54.1 million in Q1, driven by a $51.2 million build in working capital.
Working capital build-up continues to drain cash flow, with net cash from ops nearly one-quarter of operating income.
Valuation metrics remain elevated: P/E at 27.7x and EV/EBITDA at 15.4x, above Q1 levels of 25.7x and 13.7x.
Free cash flow to firm (FCFF) declined 1.1% year-over-year in Q2, signaling potential challenges in sustaining cash generation.

06/19/25 08:36 AMAI Generated. May Contain Errors.

Frequently Asked Questions About MUELLER WATER PRODUCTS's Financials

When does MUELLER WATER PRODUCTS's fiscal year end?

According to the most recent income statement we have on file, MUELLER WATER PRODUCTS's financial year ends in September. Their financial year 2024 ended on September 30, 2024.

How has MUELLER WATER PRODUCTS's net income changed over the last 9 years?

MUELLER WATER PRODUCTS's net income appears to be on an upward trend, with a most recent value of $115.90 million in 2024, rising from $30.90 million in 2015. The previous period was $85.50 million in 2023. See MUELLER WATER PRODUCTS's forecast for analyst expectations on what’s next for the company.

What is MUELLER WATER PRODUCTS's operating income?

MUELLER WATER PRODUCTS's total operating income in 2024 was $181.70 million, based on the following breakdown:

Total Gross Profit: $459 million
Total Operating Expenses: $277.30 million

How has MUELLER WATER PRODUCTS's revenue changed over the last 9 years?

Over the last 9 years, MUELLER WATER PRODUCTS's total revenue changed from $793.40 million in 2015 to $1.31 billion in 2024, a change of 65.7%.

How much debt does MUELLER WATER PRODUCTS have?

MUELLER WATER PRODUCTS's total liabilities were at $825.80 million at the end of 2024, a 4.1% increase from 2023, and a 4.2% decrease since 2015.

How much cash does MUELLER WATER PRODUCTS have?

In the past 9 years, MUELLER WATER PRODUCTS's cash and equivalents has ranged from $0.00 in 2021 to $361.70 million in 2017, and is currently $309.90 million as of their latest financial filing in 2024.

How has MUELLER WATER PRODUCTS's book value per share changed over the last 9 years?

Over the last 9 years, MUELLER WATER PRODUCTS's book value per share changed from 2.28 in 2015 to 5.20 in 2024, a change of 127.8%.

Related Companies

This page (NYSE:MWA) was last updated on 6/19/2025 by MarketBeat.com Staff

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MUELLER WATER PRODUCTS (MWA) Financials

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MUELLER WATER PRODUCTS (MWA) Financials

Annual Income Statements for MUELLER WATER PRODUCTS

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