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Mueller Water Products (MWA) Financials

Mueller Water Products logo
$24.96 -0.17 (-0.68%)
As of 08/21/2026 03:58 PM Eastern
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Annual Income Statements for Mueller Water Products

Annual Income Statements for Mueller Water Products

This table shows Mueller Water Products' 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 2025
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 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 31 64 123 106 64 72 70 77 86 116 192
Consolidated Net Income / (Loss)		 31 64 123 106 64 72 70 77 86 116 192
Net Income / (Loss) Continuing Operations		 13 45 54 106 64 72 70 77 86 116 192
Total Pre-Tax Income 		21 69 79 96 82 94 95 99 109 163 254
Total Operating Income		 80 112 102 122 124 117 132 112 127 182 261
Total Gross Profit		 246 269 268 290 321 328 359 364 380 459 517
Total Revenue		 793 801 826 916 968 964 1,111 1,247 1,276 1,315 1,430
Operating Revenue		 793 801 826 916 968 964 1,111 1,247 1,276 1,315 1,430
Total Cost of Revenue		 547 532 558 626 647 636 753 883 896 856 913
Operating Cost of Revenue		 547 532 558 626 647 636 753 883 896 856 913
Total Operating Expenses		 167 157 166 168 197 211 227 253 252 277 256
Selling, General & Admin Expense		 155 157 166 177 199 211 227 239 242 245 247
Impairment Charge		 - - - - - 0.00 0.00 6.80 0.00 16 0.00
Restructuring Charge		 - - - - - - - 7.20 10 16 8.80
Total Other Income / (Expense), net		 -59 -43 -24 -26 -42 -23 -37 -13 -18 -18 -6.40
Interest Expense		 28 24 22 21 20 26 40 17 15 13 6.60
Other Income / (Expense), net		 - -19 -1.40 1.40 -22 2.80 3.30 3.90 -3.70 -5.60 0.20
Income Tax Expense		 8.30 24 24 -9.90 18 22 25 22 24 48 63
Basic Earnings per Share		 $0.19 $0.40 $0.77 $0.00 $0.00 $0.00 $0.44 $0.49 $0.55 $0.74 $1.23
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 156.40M
Diluted Earnings per Share		 $0.19 $0.39 $0.76 $0.00 $0.00 $0.00 $0.44 $0.48 $0.55 $0.74 $1.22
Weighted Average Diluted Shares Outstanding		 163.20M 163.40M 161.80M 159.70M 159M 158.60M 159.20M 158M 156.80M 156.90M 157.50M
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 156.35M
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 $0.27

Quarterly Income Statements for Mueller Water Products

This table shows Mueller Water Products' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 14 44 47 10 35 51 53 53 43 59 67
Consolidated Net Income / (Loss)		 14 44 47 10 35 51 53 53 43 59 67
Net Income / (Loss) Continuing Operations		 14 44 47 10 35 51 53 53 43 59 67
Total Pre-Tax Income 		17 59 63 24 46 68 72 69 56 79 80
Total Operating Income		 23 64 67 28 47 70 74 70 57 80 81
Total Gross Profit		 86 130 131 111 103 128 146 140 120 145 156
Total Revenue		 256 353 357 348 304 364 380 381 318 384 396
Operating Revenue		 256 353 357 348 304 364 380 381 318 384 396
Total Cost of Revenue		 170 223 225 237 201 236 235 241 198 240 240
Operating Cost of Revenue		 170 223 225 237 201 236 235 241 198 240 240
Total Operating Expenses		 64 67 64 83 56 58 72 70 63 64 75
Selling, General & Admin Expense		 57 64 62 63 54 56 71 67 60 60 64
Restructuring Charge		 6.60 3.20 2.90 3.10 1.70 2.40 1.00 3.70 3.30 4.40 11
Total Other Income / (Expense), net		 -5.90 -4.60 -3.80 -4.00 -1.60 -2.30 -1.70 -0.90 -1.00 -1.60 -1.50
Interest Expense		 3.30 3.60 2.80 3.00 1.60 2.30 1.70 1.00 1.00 1.60 0.70
Other Income / (Expense), net		 -2.60 -1.00 -1.00 -1.00 - - - 0.10 - - -0.80
Income Tax Expense		 2.60 15 16 14 11 16 20 16 13 20 13
Basic Earnings per Share		 $0.09 $0.28 $0.30 $0.07 $0.23 $0.33 $0.34 $0.33 $0.28 $0.38 $0.43
Weighted Average Basic Shares Outstanding		 156M 156M 155.70M 155.90M 156.30M 156.60M 156.50M 156.40M 156.30M 156.40M 156.30M
Diluted Earnings per Share		 $0.09 $0.28 $0.30 $0.07 $0.22 $0.33 $0.33 $0.34 $0.27 $0.38 $0.43
Weighted Average Diluted Shares Outstanding		 156.70M 156.70M 156.70M 156.90M 157.50M 157.50M 157.40M 157.50M 157.30M 157.40M 157.30M
Weighted Average Basic & Diluted Shares Outstanding		 156.18M 155.71M 155.80M 156.25M 156.60M 156.68M 156.29M 156.35M 156.39M 156.47M 156.13M
Cash Dividends to Common per Share		 $0.06 $0.06 $0.06 $0.06 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07

Annual Cash Flow Statements for Mueller Water Products

This table details how cash moves in and out of Mueller Water Products' 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 2025
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 9/30/2025
Net Change in Cash & Equivalents		 -48 82 167 -15 -170 31 19 -81 14 150 122
Net Cash From Operating Activities		 58 115 59 133 93 140 157 52 109 239 219
Net Cash From Continuing Operating Activities		 58 115 59 133 93 140 157 52 109 239 219
Net Income / (Loss) Continuing Operations		 13 45 54 106 64 72 70 77 86 116 192
Consolidated Net Income / (Loss)		 31 64 123 106 64 72 70 77 86 116 192
Depreciation Expense		 18 18 20 21 26 30 31 32 34 39 40
Amortization Expense		 26 21 22 23 27 28 28 29 28 27 7.20
Non-Cash Adjustments To Reconcile Net Income		 53 30 11 8.90 8.60 16 22 16 10 38 15
Changes in Operating Assets and Liabilities, net		 -50 0.40 -47 -25 -33 -5.60 4.70 -101 -49 19 -34
Net Cash From Investing Activities		 -22 -31 -66 -48 -212 -68 -82 -55 -42 -47 -47
Net Cash From Continuing Investing Activities		 -22 -31 -66 -48 -212 -68 -82 -55 -42 -47 -47
Purchase of Property, Plant & Equipment		 -27 -32 -41 -56 -87 -68 -63 -55 -48 -47 -47
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 0.20
Net Cash From Financing Activities		 -99 -24 -81 -98 -51 -41 -59 -72 -49 -46 -58
Net Cash From Continuing Financing Activities		 -99 -24 -81 -98 -51 -42 -58 -72 -49 -46 -58
Repayment of Debt		 -599 -7.60 -5.90 -493 -13 -1.50 -468 0.00 0.00 -0.90 0.00
Repurchase of Common Equity		 -5.00 0.00 -55 -30 -10 -5.00 -10 -35 -10 -10 -15
Payment of Dividends		 -12 -16 -24 -30 -32 -38 -35 -37 -38 -40 -42
Issuance of Common Equity		 3.30 3.30 5.80 7.30 5.20 3.50 5.80 2.00 2.70 7.70 4.70
Other Financing Activities, net		 0.80 -3.30 -2.70 -2.10 -1.30 -0.90 -0.60 -2.50 -3.40 -2.90 -6.10
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 7.70
Cash Interest Paid		 - - - - 22 24 25 19 15 10 5.50
Cash Income Taxes Paid		 - - - - 29 15 17 27 38 74 69

Quarterly Cash Flow Statements for Mueller Water Products

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

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 56 -38 64 67 28 -9.00 43 60 28 -39 74
Net Cash From Operating Activities		 68 -5.70 87 89 54 14 67 84 61 -13 106
Net Cash From Continuing Operating Activities		 68 -5.70 87 89 54 14 67 84 61 -13 106
Net Income / (Loss) Continuing Operations		 14 44 47 10 35 51 53 53 43 59 67
Consolidated Net Income / (Loss)		 14 44 47 10 35 51 53 53 43 59 67
Depreciation Expense		 9.50 9.70 9.60 10 9.30 9.50 9.90 11 10 11 11
Amortization Expense		 6.90 6.80 6.70 6.70 1.80 1.80 1.80 1.80 1.80 1.80 1.80
Non-Cash Adjustments To Reconcile Net Income		 6.10 -3.10 -0.60 35 7.00 2.90 -3.50 9.10 6.70 6.50 12
Changes in Operating Assets and Liabilities, net		 31 -63 24 27 0.70 -51 6.70 9.00 -0.80 -91 14
Net Cash From Investing Activities		 -5.60 -10 -12 -19 -12 -9.10 -12 -14 -17 -15 -11
Net Cash From Continuing Investing Activities		 -5.60 -10 -12 -19 -12 -9.10 -12 -14 -17 -15 -11
Purchase of Property, Plant & Equipment		 -5.70 -10 -12 -19 -12 -9.20 -12 -15 -17 -15 -12
Sale of Property, Plant & Equipment		 0.10 - - 0.10 0.00 0.10 - 0.10 0.10 - 1.10
Net Cash From Financing Activities		 -11 -20 -9.30 -5.30 -13 -14 -20 -11 -20 -11 -21
Net Cash From Continuing Financing Activities		 -11 -20 -9.30 -5.30 -13 -14 -20 -11 -20 -11 -21
Repurchase of Common Equity		 - - - - 0.00 - -10 - -5.50 - -10
Payment of Dividends		 -10 -10 -9.90 -10 -11 -11 -10 -11 -11 -11 -11
Issuance of Common Equity		 0.40 1.10 1.00 5.20 1.60 2.30 0.40 0.40 0.70 0.60 0.60
Other Financing Activities, net		 -1.70 -0.40 -0.30 -0.50 -4.20 -0.60 -0.30 -1.00 -3.90 -0.50 -0.70
Effect of Exchange Rate Changes		 5.40 -1.60 -1.70 1.90 - -0.40 7.40 1.50 3.60 -0.20 0.10
Cash Interest Paid		 7.60 -1.40 6.90 -3.10 5.80 -2.60 5.90 -3.60 5.30 -3.00 5.20
Cash Income Taxes Paid		 0.80 25 22 27 0.40 30 19 19 0.10 33 13

Annual Balance Sheets for Mueller Water Products

This table presents Mueller Water Products' 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 2025
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 9/30/2025
Total Assets		 1,230 1,281 1,258 1,292 1,337 1,395 1,518 1,498 1,505 1,636 1,839
Total Current Assets		 550 612 670 686 567 581 654 680 707 858 1,029
Cash & Equivalents		 113 195 362 347 177 209 - - 160 310 432
Accounts Receivable		 175 132 145 164 173 181 212 228 217 209 212
Inventories, net		 219 131 139 157 191 163 185 279 298 302 329
Other Current Assets		 14 13 24 18 26 29 29 27 32 38 57
Plant, Property, & Equipment, net		 149 108 122 151 217 254 283 302 312 319 336
Total Noncurrent Assets		 531 560 466 456 553 560 581 517 487 459 474
Goodwill		 507 435 439 12 96 100 115 99 94 81 89
Intangible Assets		 - - - 408 434 409 393 361 334 310 307
Other Noncurrent Operating Assets		 24 25 26 35 24 51 73 57 59 68 78
Total Liabilities & Shareholders' Equity		 1,230 1,281 1,258 1,292 1,337 1,395 1,518 1,498 1,505 1,636 1,839
Total Liabilities		 862 861 769 727 745 754 823 829 794 826 857
Total Current Liabilities		 168 186 142 167 179 155 220 241 219 258 290
Short-Term Debt		 6.10 5.60 5.60 0.70 0.90 1.10 1.00 0.80 0.70 0.80 1.20
Accounts Payable		 99 74 83 90 85 67 92 123 103 110 134
Accrued Expenses		 - - 54 76 93 87 127 117 115 147 155
Total Noncurrent Liabilities		 694 675 627 560 567 599 603 588 575 568 567
Long-Term Debt		 483 479 475 444 445 447 446 446 447 449 450
Noncurrent Deferred & Payable Income Tax Liabilities		 145 110 115 79 88 97 95 86 74 55 51
Other Noncurrent Operating Liabilities		 66 86 37 37 33 56 62 55 54 64 66
Commitments & Contingencies		 - - - - - - - 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 368 420 490 565 592 641 695 669 712 810 982
Total Preferred & Common Equity		 366 418 488 563 590 641 695 669 712 810 982
Preferred Stock		 - - - - - - - 0.00 0.00 0.00 0.00
Total Common Equity		 366 418 488 563 590 641 695 669 712 810 982
Common Stock		 1,576 1,566 1,496 1,446 1,412 1,380 1,344 1,281 1,242 1,207 1,161
Retained Earnings		 -1,143 -1,079 -956 -850 -786 -714 -644 -567 -482 -366 -174
Accumulated Other Comprehensive Income / (Loss)		 -67 -68 -52 -33 -36 -25 -5.00 -45 -49 -31 -4.60

Quarterly Balance Sheets for Mueller Water Products

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

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2023 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026 6/30/2026
Total Assets		 1,477 1,493 1,529 1,539 1,569 1,619 1,671 1,730 1,847 1,885 1,953
Total Current Assets		 670 691 729 749 786 843 891 938 1,029 1,066 1,130
Cash & Equivalents		 89 141 217 179 243 338 329 372 460 421 495
Accounts Receivable		 229 210 168 230 213 145 215 205 137 209 203
Inventories, net		 322 313 311 307 294 318 306 317 377 385 380
Other Current Assets		 29 27 34 32 35 41 41 44 56 51 52
Plant, Property, & Equipment, net		 305 307 308 309 310 321 325 328 342 344 345
Total Noncurrent Assets		 503 495 491 482 473 456 455 465 476 475 478
Goodwill		 99 97 98 97 96 82 81 88 92 92 92
Intangible Assets		 349 342 329 322 315 308 307 308 307 306 301
Other Noncurrent Operating Assets		 55 56 63 62 62 66 68 69 77 77 85
Total Liabilities & Shareholders' Equity		 1,477 1,493 1,529 1,539 1,569 1,619 1,671 1,730 1,847 1,885 1,953
Total Liabilities		 776 779 798 785 777 785 797 801 829 814 833
Total Current Liabilities		 191 200 222 212 212 220 235 243 256 233 244
Short-Term Debt		 0.90 0.80 0.60 0.70 0.70 0.80 1.00 1.00 1.40 1.40 1.60
Accounts Payable		 104 101 109 97 86 99 118 119 128 129 131
Accrued Expenses		 87 98 112 115 126 121 116 123 127 103 111
Total Noncurrent Liabilities		 585 579 576 573 565 565 562 559 573 581 589
Long-Term Debt		 447 447 447 448 448 449 450 450 451 451 451
Noncurrent Deferred & Payable Income Tax Liabilities		 87 80 71 65 56 55 53 50 58 67 70
Other Noncurrent Operating Liabilities		 52 53 58 60 60 61 59 59 64 63 68
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 701 714 731 755 792 834 874 929 1,018 1,071 1,120
Total Preferred & Common Equity		 701 714 731 755 792 834 874 929 1,018 1,071 1,120
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 701 714 731 755 792 834 874 929 1,018 1,071 1,120
Common Stock		 1,266 1,259 1,234 1,216 1,210 1,196 1,185 1,168 1,145 1,138 1,121
Retained Earnings		 -524 -499 -468 -423 -376 -331 -279 -227 -131 -72 -4.60
Accumulated Other Comprehensive Income / (Loss)		 -42 -46 -35 -39 -42 -32 -33 -12 4.50 4.40 4.30

Annual Metrics And Ratios for Mueller Water Products

This table displays calculated financial ratios and metrics derived from Mueller Water Products' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 9/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -33.03% 0.91% 3.17% 10.90% 5.68% -0.40% 15.24% 12.28% 2.27% 3.06% 8.75%
EBITDA Growth		 -31.97% 7.64% 7.70% 16.97% -7.13% 14.53% 9.70% -9.56% 5.80% 30.13% 26.99%
EBIT Growth		 -35.86% 16.71% 8.40% 22.24% -17.22% 17.37% 12.88% -14.44% 7.10% 42.36% 48.10%
NOPAT Growth		 -48.95% 52.64% -3.28% 90.15% -28.07% -7.48% 9.32% -11.26% 15.26% 28.97% 52.49%
Net Income Growth		 -44.32% 106.80% 92.96% -14.36% -39.58% 12.85% -2.22% 8.81% 11.62% 35.56% 65.40%
EPS Growth		 -44.12% 105.26% 94.87% -100.00% 0.00% 0.00% 0.00% 9.09% 14.58% 34.55% 64.86%
Operating Cash Flow Growth		 -60.64% 97.07% -48.12% 124.07% -30.50% 51.68% 11.69% -66.62% 108.41% 119.08% -8.17%
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% -18.76%
Invested Capital Growth		 1.67% -31.09% 18.71% 8.93% 30.06% 2.03% 3.97% 6.06% 2.98% -4.90% 5.49%
Revenue Q/Q Growth		 -32.41% 52.41% 1.39% 3.08% 1.32% -0.17% 2.80% 2.95% -2.30% 3.69% 2.33%
EBITDA Q/Q Growth		 -25.72% 33.74% -14.56% 4.71% 13.48% -7.07% -6.17% -8.09% 7.01% 1.68% 14.13%
EBIT Q/Q Growth		 -26.43% 33.67% -19.82% 5.94% 18.08% -10.68% -8.66% -12.23% 10.15% 1.97% 19.36%
NOPAT Q/Q Growth		 -46.51% 64.79% -13.99% 3.50% 3.01% 0.08% -8.91% -11.86% 12.67% -6.17% 26.10%
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% 28.57%
EPS Q/Q Growth		 -9.52% 5.41% -5.00% -100.00% 100.00% -100.00% 780.00% -12.73% 14.58% -5.13% 28.42%
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% -2.58%
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% -0.57%
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% -0.60%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 31.04% 33.59% 32.43% 31.65% 33.15% 34.04% 32.27% 29.20% 29.75% 34.91% 36.14%
EBITDA Margin		 15.50% 16.54% 17.26% 18.21% 16.00% 18.40% 17.52% 14.11% 14.60% 18.43% 21.52%
Operating Margin		 10.03% 14.01% 12.36% 13.29% 12.84% 12.11% 11.85% 8.95% 9.99% 13.82% 18.23%
EBIT Margin		 10.03% 11.60% 12.19% 13.44% 10.53% 12.41% 12.15% 9.26% 9.70% 13.39% 18.24%
Profit (Net Income) Margin		 3.89% 7.98% 14.93% 11.53% 6.59% 7.47% 6.34% 6.14% 6.70% 8.82% 13.41%
Tax Burden Percent		 148.56% 92.21% 157.07% 110.34% 77.71% 76.51% 74.18% 77.69% 78.44% 70.93% 75.41%
Interest Burden Percent		 26.13% 74.60% 77.95% 77.74% 80.57% 78.68% 70.30% 85.37% 88.12% 92.79% 97.47%
Effective Tax Rate		 39.90% 34.92% 30.83% -10.34% 22.29% 23.49% 25.82% 22.31% 21.56% 29.07% 24.59%
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% 20.14%
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% 14.10%
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% 1.26%
Return on Equity (ROE)		 8.59% 16.23% 27.13% 20.03% 11.03% 11.68% 10.54% 11.23% 12.38% 15.23% 21.40%
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% 14.80%
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% 15.01%
Return on Assets (ROA)		 2.43% 5.09% 9.71% 8.28% 4.85% 5.27% 4.83% 5.08% 5.69% 7.38% 11.03%
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% 21.40%
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% 0.00%
Net Operating Profit after Tax (NOPAT)		 48 73 71 134 97 89 98 87 100 129 197
NOPAT Margin		 6.03% 9.12% 8.55% 14.66% 9.98% 9.27% 8.79% 6.95% 7.83% 9.80% 13.75%
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% 6.04%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - 13.71%
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% 63.86%
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% 17.30%
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		 21.04% 19.57% 20.07% 18.36% 20.31% 21.93% 20.41% 20.26% 19.76% 21.09% 17.91%
Earnings before Interest and Taxes (EBIT)		 80 93 101 123 102 120 135 116 124 176 261
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 123 132 143 167 155 177 195 176 186 242 308
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 4.05
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 6.80
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 2.78
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 20.75
Dividend Yield		 1.14% 0.91% 1.33% 1.84% 1.97% 2.16% 1.52% 2.35% 1.96% 1.18% 1.05%
Earnings Yield		 2.91% 3.61% 6.88% 6.46% 3.94% 4.70% 3.07% 4.94% 4.39% 3.44% 4.82%
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 3.99
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 2.80
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 12.99
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 15.33
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 20.34
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 18.23
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 27.68
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 0.46
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 0.46
Financial Leverage		 1.05 0.60 0.23 0.21 0.32 0.41 0.34 0.38 0.43 0.28 0.09
Leverage Ratio		 3.53 3.19 2.79 2.42 2.27 2.22 2.18 2.21 2.17 2.06 1.94
Compound Leverage Factor		 0.92 2.38 2.18 1.88 1.83 1.74 1.53 1.89 1.92 1.92 1.89
Debt to Total Capital		 57.07% 53.59% 49.54% 44.07% 42.97% 41.13% 39.14% 40.04% 38.61% 35.69% 31.51%
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% 0.08%
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% 31.42%
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		 0.18% 0.13% 0.11% 0.15% 0.21% 0.00% 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% 68.49%
Debt to EBITDA		 3.98 3.66 3.37 2.67 2.88 2.52 2.30 2.54 2.40 1.86 1.47
Net Debt to EBITDA		 3.06 2.19 0.83 0.59 1.74 1.35 1.13 1.71 1.54 0.58 0.07
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 1.46
Debt to NOPAT		 10.22 6.63 6.81 3.31 4.62 5.01 4.57 5.15 4.48 3.49 2.30
Net Debt to NOPAT		 7.86 3.96 1.68 0.73 2.79 2.67 2.25 3.46 2.87 1.08 0.10
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 2.29
Altman Z-Score		 0.67 1.32 1.76 1.93 1.80 1.84 2.44 2.03 2.53 3.74 4.38
Noncontrolling Interest Sharing Ratio		 0.43% 0.34% 0.25% 0.25% 0.32% 0.18% 0.00% 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 3.54
Quick Ratio		 1.72 1.76 3.58 3.06 1.96 2.51 0.96 0.95 1.72 2.01 2.22
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 36 304 -25 80 -103 72 63 31 71 178 144
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% 465.61%
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 21.88
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 33.23
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 26.09
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.62 0.64 0.65 0.72 0.74 0.71 0.76 0.83 0.85 0.84 0.82
Accounts Receivable Turnover		 4.44 5.21 5.96 5.92 5.74 5.45 5.65 5.67 5.73 6.17 6.80
Inventory Turnover		 2.62 3.04 4.14 4.24 3.72 3.59 4.33 3.81 3.11 2.85 2.90
Fixed Asset Turnover		 5.38 6.22 7.16 6.71 5.26 4.09 4.14 4.26 4.16 4.17 4.37
Accounts Payable Turnover		 5.10 6.17 7.15 7.26 7.41 8.37 9.45 8.22 7.94 8.04 7.47
Days Sales Outstanding (DSO)		 82.21 70.00 61.22 61.68 63.55 66.94 64.56 64.40 63.68 59.14 53.71
Days Inventory Outstanding (DIO)		 139.14 120.06 88.16 86.13 98.15 101.57 84.20 95.77 117.42 127.88 126.01
Days Payable Outstanding (DPO)		 71.62 59.17 51.08 50.28 49.24 43.59 38.63 44.39 45.96 45.39 48.83
Cash Conversion Cycle (CCC)		 149.73 130.90 98.31 97.54 112.46 124.91 110.13 115.78 135.13 141.63 130.89
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 744 513 608 663 862 879 914 970 999 950 1,002
Invested Capital Turnover		 1.08 1.27 1.47 1.44 1.27 1.11 1.24 1.32 1.30 1.35 1.47
Increase / (Decrease) in Invested Capital		 12 -231 96 54 199 18 35 55 29 -49 52
Enterprise Value (EV)		 1,438 2,059 1,912 1,733 1,891 1,770 2,510 1,850 2,234 3,511 3,997
Market Capitalization		 1,061 1,768 1,792 1,634 1,619 1,531 2,290 1,550 1,947 3,371 3,977
Book Value per Share		 $2.28 $2.59 $3.08 $3.56 $3.75 $4.06 $4.39 $4.27 $4.55 $5.20 $6.28
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 $3.74
Total Capital		 857 904 970 1,010 1,039 1,088 1,142 1,116 1,159 1,260 1,433
Total Debt		 489 484 481 445 446 448 447 447 447 450 452
Total Long-Term Debt		 483 479 475 444 445 447 446 446 447 449 450
Net Debt		 376 289 119 98 270 239 219 300 287 140 20
Capital Expenditures (CapEx)		 23 31 40 48 84 68 62 55 42 47 47
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 275 237 173 172 213 218 207 293 328 291 308
Debt-free Net Working Capital (DFNWC)		 388 432 534 519 389 427 435 440 489 601 740
Net Working Capital (NWC)		 382 427 529 518 388 426 434 439 488 600 739
Net Nonoperating Expense (NNE)		 17 9.12 -53 29 33 17 27 10 14 13 4.83
Net Nonoperating Obligations (NNO)		 376 93 119 98 270 239 219 300 287 140 20
Total Depreciation and Amortization (D&A)		 43 40 42 44 53 58 60 61 63 66 47
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% 21.56%
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% 51.75%
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% 51.66%
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 $1.23
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 156.40M
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 $1.22
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 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		 160.56M 161.73M 158.06M 157.46M 157.62M 158.10M 158.00M 0.00 156.11M 156.25M 156.35M
Normalized Net Operating Profit after Tax (NOPAT)		 48 73 71 79 95 89 98 98 108 152 203
Normalized NOPAT Margin		 6.07% 9.12% 8.55% 8.61% 9.79% 9.27% 8.79% 7.82% 8.46% 11.53% 14.21%
Pre Tax Income Margin		 2.62% 8.66% 9.50% 10.45% 8.48% 9.76% 8.54% 7.90% 8.54% 12.43% 17.78%
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 39.52
NOPAT to Interest Expense		 1.74 3.09 3.18 6.43 4.88 3.50 2.44 5.13 6.80 10.15 29.78
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 32.38
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 22.64
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% 21.86%
Augmented Payout Ratio		 55.02% 25.20% 64.07% 56.91% 65.83% 60.14% 63.64% 93.34% 56.26% 43.05% 29.68%

Quarterly Metrics And Ratios for Mueller Water Products

This table displays calculated financial ratios and metrics derived from Mueller Water Products' official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 156,385,318.00 156,471,079.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 156,385,318.00 156,471,079.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.38 0.43
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -18.55% 6.16% 9.22% 15.53% 18.68% 3.08% 6.62% 9.36% 4.57% 5.52% 4.10%
EBITDA Growth		 -23.59% 66.67% 62.97% 9.90% 59.84% 2.91% 3.77% 85.81% 17.61% 14.29% 8.20%
EBIT Growth		 -38.97% 95.92% 90.20% 14.17% 134.65% 12.00% 11.67% 154.38% 19.62% 15.02% 8.28%
NOPAT Growth		 -25.86% 90.83% 77.65% -43.74% 89.37% 10.90% 7.17% 357.84% 20.37% 13.84% 26.49%
Net Income Growth		 -36.44% 107.98% 93.06% -41.86% 146.85% 15.80% 10.99% 426.00% 22.38% 15.20% 28.19%
EPS Growth		 -35.71% 100.00% 87.50% -36.36% 144.44% 17.86% 10.00% 385.71% 22.73% 15.15% 30.30%
Operating Cash Flow Growth		 1,144.62% 63.69% 16.87% 58.05% -20.32% 350.88% -22.80% -6.50% 13.12% -189.51% 56.97%
Free Cash Flow Firm Growth		 228.86% 284.06% 1,925.18% 837.37% -20.36% -1.08% -41.26% -98.04% -140.59% -157.27% -105.16%
Invested Capital Growth		 -4.69% -3.32% -2.28% -4.90% -1.72% -2.84% 1.06% 5.49% 6.93% 10.79% 6.97%
Revenue Q/Q Growth		 -14.93% 37.83% 0.93% -2.38% -12.61% 19.72% 4.39% 0.13% -16.44% 20.80% 2.99%
EBITDA Q/Q Growth		 -9.41% 115.85% 4.18% -46.05% 31.76% 38.97% 5.04% -3.40% -16.61% 34.88% -0.43%
EBIT Q/Q Growth		 -15.83% 209.41% 5.60% -58.48% 72.99% 47.68% 5.29% -5.43% -18.65% 41.80% -0.75%
NOPAT Q/Q Growth		 -6.75% 147.56% 4.99% -76.79% 213.88% 44.98% 1.46% -0.84% -17.48% 37.12% 12.73%
Net Income Q/Q Growth		 -16.86% 209.79% 6.77% -78.86% 253.00% 45.33% 2.34% 0.19% -17.87% 36.81% 13.87%
EPS Q/Q Growth		 -18.18% 211.11% 7.14% -76.67% 214.29% 50.00% 0.00% 3.03% -20.59% 40.74% 13.16%
Operating Cash Flow Q/Q Growth		 20.18% -108.39% 1,631.58% 2.29% -39.42% -73.57% 371.33% 23.89% -26.71% -120.92% 926.56%
Free Cash Flow Firm Q/Q Growth		 911.10% 24.58% -11.47% -17.57% -12.40% 54.75% -47.43% -97.24% -1,910.17% -118.36% 95.27%
Invested Capital Q/Q Growth		 -3.68% 6.46% -2.62% -4.76% -0.45% 5.24% 1.30% -0.60% 0.91% 9.03% -2.20%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 33.66% 36.90% 36.84% 31.85% 33.85% 35.14% 38.31% 36.76% 37.65% 37.59% 39.35%
EBITDA Margin		 14.27% 22.35% 23.07% 12.75% 19.22% 22.32% 22.46% 21.66% 21.62% 24.14% 23.34%
Operating Margin		 8.89% 17.97% 18.78% 8.16% 15.58% 19.19% 19.38% 18.28% 17.82% 20.92% 20.36%
EBIT Margin		 7.88% 17.69% 18.50% 7.87% 15.58% 19.21% 19.38% 18.30% 17.82% 20.92% 20.16%
Profit (Net Income) Margin		 5.58% 12.54% 13.26% 2.87% 11.60% 14.08% 13.80% 13.81% 13.58% 15.37% 17.00%
Tax Burden Percent		 84.62% 75.21% 74.84% 40.98% 77.07% 75.78% 72.92% 76.56% 77.56% 75.00% 84.34%
Interest Burden Percent		 83.66% 94.24% 95.76% 89.05% 96.62% 96.71% 97.69% 98.57% 98.24% 98.01% 100.00%
Effective Tax Rate		 15.38% 24.79% 25.16% 59.02% 22.93% 24.22% 27.08% 23.44% 22.44% 25.00% 15.66%
Return on Invested Capital (ROIC)		 9.29% 16.06% 17.67% 4.51% 17.15% 19.78% 19.69% 20.50% 20.40% 21.90% 24.35%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.49% 14.96% 16.56% 3.74% 16.43% 18.93% 18.82% 19.64% 18.90% 20.33% 20.65%
Return on Net Nonoperating Assets (RNNOA)		 2.91% 6.45% 5.63% 1.05% 3.59% 4.54% 3.11% 1.75% 1.06% 1.60% 0.37%
Return on Equity (ROE)		 12.21% 22.51% 23.30% 5.56% 20.74% 24.33% 22.80% 22.26% 21.46% 23.49% 24.72%
Cash Return on Invested Capital (CROIC)		 14.24% 14.48% 15.93% 18.25% 17.13% 17.96% 14.49% 14.80% 14.16% 9.92% 14.90%
Operating Return on Assets (OROA)		 6.36% 14.51% 15.32% 6.59% 13.48% 16.44% 16.41% 15.06% 14.84% 17.22% 16.19%
Return on Assets (ROA)		 4.50% 10.29% 10.98% 2.40% 10.04% 12.05% 11.69% 11.37% 11.31% 12.66% 13.65%
Return on Common Equity (ROCE)		 12.21% 22.51% 23.30% 5.56% 20.74% 24.33% 22.80% 22.26% 21.46% 23.49% 24.72%
Return on Equity Simple (ROE_SIMPLE)		 10.57% 13.29% 15.55% 0.00% 16.41% 16.47% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 19 48 50 12 37 53 54 53 44 60 68
NOPAT Margin		 7.52% 13.51% 14.06% 3.34% 12.01% 14.54% 14.13% 13.99% 13.82% 15.69% 17.17%
Net Nonoperating Expense Percent (NNEP)		 1.81% 1.10% 1.11% 0.77% 0.72% 0.85% 0.87% 0.86% 1.49% 1.57% 3.71%
Return On Investment Capital (ROIC_SIMPLE)		 1.64% - - - 2.85% 4.00% 3.89% 3.72% 2.99% 3.96% 4.32%
Cost of Revenue to Revenue		 66.34% 63.10% 63.16% 68.15% 66.15% 64.86% 61.69% 63.24% 62.35% 62.41% 60.65%
SG&A Expenses to Revenue		 22.19% 18.02% 17.24% 18.12% 17.71% 15.29% 18.67% 17.52% 18.79% 15.53% 16.17%
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		 24.77% 18.93% 18.05% 23.69% 18.27% 15.95% 18.93% 18.49% 19.83% 16.68% 18.99%
Earnings before Interest and Taxes (EBIT)		 20 63 66 27 47 70 74 70 57 80 80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 37 79 82 44 59 81 85 83 69 93 92
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.04 3.31 3.51 4.16 4.21 4.56 4.05 4.05 3.66 4.01 3.61
Price to Tangible Book Value (P/TBV)		 7.32 7.45 7.31 8.03 7.91 8.19 7.06 6.80 6.02 6.39 5.55
Price to Revenue (P/Rev)		 1.83 2.02 2.19 2.56 2.58 2.90 2.70 2.78 2.58 2.94 2.73
Price to Earnings (P/E)		 28.75 24.89 22.60 29.09 25.68 27.66 25.26 20.75 18.66 20.73 18.19
Dividend Yield		 1.74% 1.56% 1.42% 1.18% 1.15% 1.03% 1.10% 1.05% 1.14% 1.00% 1.07%
Earnings Yield		 3.48% 4.02% 4.43% 3.44% 3.89% 3.61% 3.96% 4.82% 5.36% 4.82% 5.50%
Enterprise Value to Invested Capital (EV/IC)		 2.55 2.70 3.00 3.70 3.84 4.12 3.82 3.99 3.68 3.93 3.71
Enterprise Value to Revenue (EV/Rev)		 2.02 2.23 2.36 2.67 2.66 2.99 2.75 2.80 2.57 2.96 2.70
Enterprise Value to EBITDA (EV/EBITDA)		 14.02 13.39 12.54 14.49 13.73 15.39 14.26 12.99 11.70 13.15 11.86
Enterprise Value to EBIT (EV/EBIT)		 22.14 19.56 17.30 19.94 17.84 19.46 17.60 15.33 13.77 15.44 13.92
Enterprise Value to NOPAT (EV/NOPAT)		 26.35 23.93 21.75 27.24 24.70 26.95 24.67 20.34 18.22 20.49 17.73
Enterprise Value to Operating Cash Flow (EV/OCF)		 13.37 14.30 14.50 14.70 16.12 16.74 17.08 18.23 16.42 21.73 16.82
Enterprise Value to Free Cash Flow (EV/FCFF)		 17.47 18.35 18.59 19.75 22.20 22.63 26.47 27.68 26.84 41.63 25.74
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.61 0.59 0.57 0.55 0.54 0.52 0.49 0.46 0.44 0.42 0.40
Long-Term Debt to Equity		 0.61 0.59 0.57 0.55 0.54 0.51 0.48 0.46 0.44 0.42 0.40
Financial Leverage		 0.39 0.43 0.34 0.28 0.22 0.24 0.17 0.09 0.06 0.08 0.02
Leverage Ratio		 2.13 2.07 2.03 2.06 2.01 1.97 1.92 1.94 1.87 1.83 1.80
Compound Leverage Factor		 1.78 1.95 1.95 1.84 1.94 1.91 1.87 1.91 1.84 1.79 1.80
Debt to Total Capital		 37.96% 37.29% 36.19% 35.69% 35.02% 34.02% 32.67% 31.51% 30.76% 29.70% 28.79%
Short-Term Debt to Total Capital		 0.05% 0.06% 0.06% 0.06% 0.06% 0.08% 0.07% 0.08% 0.10% 0.09% 0.10%
Long-Term Debt to Total Capital		 37.91% 37.23% 36.13% 35.62% 34.96% 33.95% 32.60% 31.42% 30.66% 29.61% 28.68%
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		 62.04% 62.71% 63.81% 64.31% 64.98% 65.98% 67.33% 68.49% 69.24% 70.30% 71.21%
Debt to EBITDA		 2.56 2.17 1.88 1.86 1.70 1.69 1.67 1.47 1.42 1.37 1.34
Net Debt to EBITDA		 1.32 1.31 0.86 0.58 0.42 0.46 0.29 0.07 -0.02 0.10 -0.13
Long-Term Debt to EBITDA		 2.55 2.17 1.88 1.85 1.70 1.69 1.67 1.46 1.42 1.37 1.34
Debt to NOPAT		 4.81 3.88 3.27 3.49 3.06 2.96 2.89 2.30 2.22 2.14 2.01
Net Debt to NOPAT		 2.48 2.33 1.50 1.08 0.76 0.80 0.51 0.10 -0.04 0.15 -0.19
Long-Term Debt to NOPAT		 4.80 3.88 3.26 3.48 3.06 2.95 2.89 2.29 2.21 2.13 2.00
Altman Z-Score		 2.48 2.88 3.20 3.44 3.80 4.19 4.07 4.04 3.98 4.56 4.35
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		 3.29 3.53 3.70 3.33 3.83 3.79 3.86 3.54 4.02 4.57 4.64
Quick Ratio		 1.74 1.93 2.15 2.01 2.19 2.31 2.38 2.22 2.33 2.70 2.87
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 67 83 73 61 53 82 43 1.19 -22 -47 -2.23
Operating Cash Flow to CapEx		 1,212.50% -56.44% 715.57% 462.69% 454.62% 157.14% 576.07% 579.86% 357.89% -87.07% 998.11%
Free Cash Flow to Firm to Interest Expense		 20.18 23.04 26.23 20.18 33.15 35.68 25.38 1.19 -21.52 -29.38 -3.18
Operating Cash Flow to Interest Expense		 20.58 -1.58 31.18 29.77 33.81 6.22 39.65 83.50 61.20 -8.00 151.14
Operating Cash Flow Less CapEx to Interest Expense		 18.88 -4.39 26.82 23.33 26.38 2.26 32.76 69.10 44.10 -17.19 136.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.81 0.82 0.83 0.84 0.87 0.86 0.85 0.82 0.83 0.82 0.80
Accounts Receivable Turnover		 6.58 5.39 5.99 6.17 8.70 6.17 6.68 6.80 10.22 6.91 7.24
Inventory Turnover		 2.70 2.65 2.74 2.85 2.82 2.94 2.98 2.90 2.62 2.65 2.64
Fixed Asset Turnover		 3.98 4.03 4.11 4.17 4.33 4.33 4.38 4.37 4.36 4.38 4.40
Accounts Payable Turnover		 7.95 8.31 8.91 8.04 8.54 8.38 8.90 7.47 8.04 7.41 7.36
Days Sales Outstanding (DSO)		 55.44 67.67 60.96 59.14 41.95 59.13 54.68 53.71 35.70 52.85 50.41
Days Inventory Outstanding (DIO)		 135.10 137.89 133.13 127.88 129.45 124.23 122.48 126.01 139.27 138.00 138.26
Days Payable Outstanding (DPO)		 45.89 43.93 40.98 45.39 42.76 43.55 40.99 48.83 45.40 49.28 49.60
Cash Conversion Cycle (CCC)		 144.65 161.64 153.11 141.63 128.64 139.82 136.17 130.89 129.57 141.58 139.08
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 962 1,024 997 950 945 995 1,008 1,002 1,011 1,102 1,078
Invested Capital Turnover		 1.24 1.19 1.26 1.35 1.43 1.36 1.39 1.47 1.48 1.40 1.42
Increase / (Decrease) in Invested Capital		 -47 -35 -23 -49 -17 -29 11 52 66 107 70
Enterprise Value (EV)		 2,453 2,766 2,987 3,511 3,627 4,102 3,845 3,997 3,717 4,330 3,999
Market Capitalization		 2,222 2,497 2,782 3,371 3,516 3,981 3,767 3,977 3,724 4,299 4,042
Book Value per Share		 $4.69 $4.83 $5.08 $5.20 $5.34 $5.58 $5.93 $6.28 $6.51 $6.85 $7.16
Tangible Book Value per Share		 $1.95 $2.15 $2.44 $2.69 $2.85 $3.10 $3.40 $3.74 $3.96 $4.30 $4.65
Total Capital		 1,179 1,203 1,241 1,260 1,284 1,324 1,380 1,433 1,471 1,523 1,573
Total Debt		 447 449 449 450 450 451 451 452 452 452 453
Total Long-Term Debt		 447 448 448 449 449 450 450 450 451 451 451
Net Debt		 231 270 206 140 111 121 79 20 -7.30 31 -42
Capital Expenditures (CapEx)		 5.60 10 12 19 12 9.10 12 14 17 15 11
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 292 358 331 291 285 327 324 308 315 413 393
Debt-free Net Working Capital (DFNWC)		 508 537 574 601 623 656 696 740 774 834 888
Net Working Capital (NWC)		 508 536 573 600 622 655 695 739 773 833 887
Net Nonoperating Expense (NNE)		 4.99 3.46 2.84 1.64 1.23 1.67 1.24 0.69 0.78 1.20 0.67
Net Nonoperating Obligations (NNO)		 231 270 206 140 111 121 79 20 -7.30 31 -42
Total Depreciation and Amortization (D&A)		 16 17 16 17 11 11 12 13 12 12 13
Debt-free, Cash-free Net Working Capital to Revenue		 23.96% 28.91% 26.07% 22.16% 20.92% 23.82% 23.19% 21.56% 21.80% 28.22% 26.55%
Debt-free Net Working Capital to Revenue		 41.76% 43.38% 45.26% 45.73% 45.74% 47.79% 49.82% 51.75% 53.64% 56.99% 60.04%
Net Working Capital to Revenue		 41.72% 43.33% 45.20% 45.67% 45.68% 47.72% 49.75% 51.66% 53.54% 56.89% 59.93%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.09 $0.28 $0.30 $0.07 $0.23 $0.33 $0.34 $0.33 $0.28 $0.38 $0.43
Adjusted Weighted Average Basic Shares Outstanding		 156M 156M 155.70M 155.90M 156.30M 156.60M 156.50M 156.40M 156.30M 156.40M 156.30M
Adjusted Diluted Earnings per Share		 $0.09 $0.28 $0.30 $0.07 $0.22 $0.33 $0.33 $0.34 $0.27 $0.38 $0.43
Adjusted Weighted Average Diluted Shares Outstanding		 156.70M 156.70M 156.70M 156.90M 157.50M 157.50M 157.40M 157.50M 157.30M 157.40M 157.30M
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		 156.18M 155.71M 155.80M 156.25M 156.60M 156.68M 156.29M 156.35M 156.39M 156.47M 156.13M
Normalized Net Operating Profit after Tax (NOPAT)		 25 50 52 22 38 55 54 56 47 64 77
Normalized NOPAT Margin		 9.70% 14.20% 14.67% 6.33% 12.44% 15.04% 14.32% 14.74% 14.62% 16.55% 19.56%
Pre Tax Income Margin		 6.59% 16.67% 17.72% 7.01% 15.05% 18.58% 18.93% 18.04% 17.50% 20.50% 20.16%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 6.12 17.36 23.57 9.13 29.63 30.43 43.35 69.70 56.70 50.25 114.00
NOPAT to Interest Expense		 5.85 13.27 17.91 3.88 22.83 23.03 31.61 53.29 43.98 37.69 97.11
EBIT Less CapEx to Interest Expense		 4.42 14.56 19.21 2.70 22.19 26.48 36.47 55.30 39.60 41.06 98.86
NOPAT Less CapEx to Interest Expense		 4.15 10.46 13.55 -2.55 15.40 19.07 24.73 38.89 26.88 28.50 81.96
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 49.94% 38.98% 32.01% 34.43% 29.51% 28.42% 27.77% 21.86% 21.19% 20.64% 19.49%
Augmented Payout Ratio		 49.94% 58.92% 48.25% 43.05% 29.51% 31.90% 37.83% 29.68% 31.46% 28.11% 26.46%

Financials Breakdown Chart

Key Financial Trends

Mueller Water Products (NYSE: MWA) showed solid earnings growth in fiscal Q2 2026, but cash flow was weak and liquidity trends were mixed. Revenue and profitability improved year over year, yet operating cash flow turned negative in the latest quarter because of a large working-capital drag. The balance sheet still looks manageable, with a strong cash position and moderate leverage, but investors should note that near-term cash generation has been volatile.

  • Revenue continued to grow: Q2 2026 revenue rose to $384.4 million from $380.8 million in Q4 2025 and $304.3 million in Q1 2025, showing continued top-line momentum year over year.
  • Profitability remained strong: Q2 2026 net income was $59.1 million, up from $43.2 million in Q1 2026 and above the $52.6 million posted in Q4 2025.
  • Operating income improved: Q2 2026 operating income reached $80.4 million, reflecting a healthy 20.9% operating margin on revenue.
  • Cash on hand is substantial: The company ended Q2 2026 with $421.0 million in cash and equivalents, providing financial flexibility.
  • Debt remains contained: Total debt was about $452.4 million in Q2 2026, which is manageable relative to $1.07 billion of equity and $1.88 billion of assets.
  • Share count has been stable to slightly lower: Weighted average diluted shares were 157.4 million in Q2 2026, close to prior quarters, limiting dilution pressure.
  • Gross margin is holding up, but not expanding dramatically: Q2 2026 gross profit was $144.5 million, or roughly 37.6% of revenue, in line with recent quarters.
  • Capex remains moderate: Capital spending was $14.7 million in Q2 2026, consistent with a business that is investing but not overextending.
  • Dividends continue: The company paid $11.0 million in dividends in Q2 2026, signaling ongoing shareholder returns.
  • Working capital swings are driving volatility: Changes in operating assets and liabilities were a large negative $90.8 million in Q2 2026, after smaller swings in prior quarters.
  • Operating cash flow turned negative in Q2 2026: Net cash from operations was -$12.8 million, a sharp deterioration from +$61.2 million in Q1 2026 and +$83.5 million in Q4 2025.
  • Cash declined during the quarter: Net change in cash and equivalents was -$38.6 million in Q2 2026, down from a positive $28.1 million in Q1 2026.
  • Working capital pressure is the main issue: The large negative change in operating assets and liabilities suggests receivables, inventory, or payables are absorbing cash.
  • Restructuring charges have persisted across periods: Q2 2026 included a $4.4 million restructuring charge, indicating ongoing cost actions rather than a clean operating picture.
  • Accrued expenses rose sharply: Accrued expenses increased to $103.3 million in Q2 2026 from $127.1 million in Q1 2026, but the broader pattern still points to uneven short-term liability management.

Longer-term trend: Over the last four years, Mueller Water Products has generally improved from the lower-profit, more cash-volatile environment seen in 2022 and early 2023. Revenue has trended higher, operating income has strengthened, and the company has repeatedly produced healthy quarterly earnings. However, cash flow has not always matched earnings, and the latest quarter is a reminder that this business can experience meaningful working-capital swings.

Bottom line: MWA looks fundamentally profitable with a decent balance sheet, but investors should watch cash conversion closely. If the company can translate its earnings into steadier operating cash flow, the stock story improves materially. If working-capital pressure continues, the market may focus more on cash generation than accounting earnings.

08/23/26 08:32 PM ETAI Generated. May Contain Errors.

Mueller Water Products Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Mueller Water Products' fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

Mueller Water Products' net income appears to be on an upward trend, with a most recent value of $191.70 million in 2025, rising from $30.90 million in 2015. The previous period was $115.90 million in 2024. See where experts think Mueller Water Products is headed by visiting Mueller Water Products' forecast page.

Mueller Water Products' total operating income in 2025 was $260.60 million, based on the following breakdown:
  • Total Gross Profit: $516.70 million
  • Total Operating Expenses: $256.10 million

Over the last 10 years, Mueller Water Products' total revenue changed from $793.40 million in 2015 to $1.43 billion in 2025, a change of 80.2%.

Mueller Water Products' total liabilities were at $857.20 million at the end of 2025, a 3.8% increase from 2024, and a 0.6% decrease since 2015.

In the past 10 years, Mueller Water Products' cash and equivalents has ranged from $0.00 in 2021 to $431.50 million in 2025, and is currently $431.50 million as of their latest financial filing in 2025.

Over the last 10 years, Mueller Water Products' book value per share changed from 2.28 in 2015 to 6.28 in 2025, a change of 175.2%.


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Financial statements for NYSE:MWA last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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