Mueller Water Products (MWA) Financials

$25.84 +0.40 (+1.55%)

Closing price 03:59 PM Eastern

Extended Trading

$26.45 +0.61 (+2.38%)

As of 07:29 PM Eastern

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

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	17	14	44	47	10	35	51	53	53	43	59
Consolidated Net Income / (Loss)	17	14	44	47	10	35	51	53	53	43	59
Net Income / (Loss) Continuing Operations	17	14	44	47	10	35	51	53	53	43	59
Total Pre-Tax Income	21	17	59	63	24	46	68	72	69	56	79
Total Operating Income	25	23	64	67	28	47	70	74	70	57	80
Total Gross Profit	88	86	130	131	111	103	128	146	140	120	145
Total Revenue	301	256	353	357	348	304	364	380	381	318	384
Operating Revenue	301	256	353	357	348	304	364	380	381	318	384
Total Cost of Revenue	213	170	223	225	237	201	236	235	241	198	240
Operating Cost of Revenue	213	170	223	225	237	201	236	235	241	198	240
Total Operating Expenses	64	64	67	64	83	56	58	72	70	63	64
Selling, General & Admin Expense	54	57	64	62	63	54	56	71	67	60	60
Restructuring Charge	9.30	6.60	3.20	2.90	3.10	1.70	2.40	1.00	3.70	3.30	4.40
Total Other Income / (Expense), net	-4.20	-5.90	-4.60	-3.80	-4.00	-1.60	-2.30	-1.70	-0.90	-1.00	-1.60
Interest Expense	3.30	3.30	3.60	2.80	3.00	1.60	2.30	1.70	1.00	1.00	1.60
Income Tax Expense	3.50	2.60	15	16	14	11	16	20	16	13	20
Basic Earnings per Share	$0.11	$0.09	$0.28	$0.30	$0.07	$0.23	$0.33	$0.34	$0.33	$0.28	$0.38
Weighted Average Basic Shares Outstanding	156.30M	156M	156M	155.70M	155.90M	156.30M	156.60M	156.50M	156.40M	156.30M	156.40M
Diluted Earnings per Share	$0.11	$0.09	$0.28	$0.30	$0.07	$0.22	$0.33	$0.33	$0.34	$0.27	$0.38
Weighted Average Diluted Shares Outstanding	156.80M	156.70M	156.70M	156.70M	156.90M	157.50M	157.50M	157.40M	157.50M	157.30M	157.40M
Weighted Average Basic & Diluted Shares Outstanding	156.11M	156.18M	155.71M	155.80M	156.25M	156.60M	156.68M	156.29M	156.35M	156.39M	156.47M
Cash Dividends to Common per Share	$0.06	$0.06	$0.06	$0.06	$0.06	$0.07	$0.07	$0.07	$0.07	$0.07	$0.07

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

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	19	56	-38	64	67	28	-9.00	43	60	28	-39
Net Cash From Operating Activities	57	68	-5.70	87	89	54	14	67	84	61	-13
Net Cash From Continuing Operating Activities	57	68	-5.70	87	89	54	14	67	84	61	-13
Net Income / (Loss) Continuing Operations	17	14	44	47	10	35	51	53	53	43	59
Consolidated Net Income / (Loss)	17	14	44	47	10	35	51	53	53	43	59
Depreciation Expense	9.30	9.50	9.70	9.60	10	9.30	9.50	9.90	11	10	11
Amortization Expense	7.10	6.90	6.80	6.70	6.70	1.80	1.80	1.80	1.80	1.80	1.80
Non-Cash Adjustments To Reconcile Net Income	-4.20	6.10	-3.10	-0.60	35	7.00	2.90	-3.50	9.10	6.70	6.50
Changes in Operating Assets and Liabilities, net	27	31	-63	24	27	0.70	-51	6.70	9.00	-0.80	-91
Net Cash From Investing Activities	-15	-5.60	-10	-12	-19	-12	-9.10	-12	-14	-17	-15
Net Cash From Continuing Investing Activities	-15	-5.60	-10	-12	-19	-12	-9.10	-12	-14	-17	-15
Purchase of Property, Plant & Equipment	-15	-5.70	-10	-12	-19	-12	-9.20	-12	-15	-17	-15
Net Cash From Financing Activities	-20	-11	-20	-9.30	-5.30	-13	-14	-20	-11	-20	-11
Net Cash From Continuing Financing Activities	-20	-11	-20	-9.30	-5.30	-13	-14	-20	-11	-20	-11
Payment of Dividends	-9.50	-10	-10	-9.90	-10	-11	-11	-10	-11	-11	-11
Issuance of Common Equity	0.80	0.40	1.10	1.00	5.20	1.60	2.30	0.40	0.40	0.70	0.60
Other Financing Activities, net	-0.90	-1.70	-0.40	-0.30	-0.50	-4.20	-0.60	-0.30	-1.00	-3.90	-0.50
Effect of Exchange Rate Changes	-3.00	5.40	-1.60	-1.70	1.90	-	-0.40	7.40	1.50	3.60	-0.20
Cash Interest Paid	-1.40	7.60	-1.40	6.90	-3.10	5.80	-2.60	5.90	-3.60	5.30	-3.00
Cash Income Taxes Paid	10	0.80	25	22	27	0.40	30	19	19	0.10	33

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

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	12/31/2022	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
Total Assets	1,487	1,477	1,493	1,529	1,539	1,569	1,619	1,671	1,730	1,847	1,885
Total Current Assets	672	670	691	729	749	786	843	891	938	1,029	1,066
Cash & Equivalents	-	89	141	217	179	243	338	329	372	460	421
Accounts Receivable	202	229	210	168	230	213	145	215	205	137	209
Inventories, net	314	322	313	311	307	294	318	306	317	377	385
Other Current Assets	30	29	27	34	32	35	41	41	44	56	51
Plant, Property, & Equipment, net	303	305	307	308	309	310	321	325	328	342	344
Total Noncurrent Assets	512	503	495	491	482	473	456	455	465	476	475
Goodwill	100	99	97	98	97	96	82	81	88	92	92
Intangible Assets	356	349	342	329	322	315	308	307	308	307	306
Other Noncurrent Operating Assets	56	55	56	63	62	62	66	68	69	77	77
Total Liabilities & Shareholders' Equity	1,487	1,477	1,493	1,529	1,539	1,569	1,619	1,671	1,730	1,847	1,885
Total Liabilities	799	776	779	798	785	777	785	797	801	829	814
Total Current Liabilities	214	191	200	222	212	212	220	235	243	256	233
Short-Term Debt	0.90	0.90	0.80	0.60	0.70	0.70	0.80	1.00	1.00	1.40	1.40
Accounts Payable	104	104	101	109	97	86	99	118	119	128	129
Accrued Expenses	109	87	98	112	115	126	121	116	123	127	103
Total Noncurrent Liabilities	585	585	579	576	573	565	565	562	559	573	581
Long-Term Debt	446	447	447	447	448	448	449	450	450	451	451
Noncurrent Deferred & Payable Income Tax Liabilities	86	87	80	71	65	56	55	53	50	58	67
Other Noncurrent Operating Liabilities	53	52	53	58	60	60	61	59	59	64	63
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	688	701	714	731	755	792	834	874	929	1,018	1,071
Total Preferred & Common Equity	688	701	714	731	755	792	834	874	929	1,018	1,071
Preferred Stock	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	688	701	714	731	755	792	834	874	929	1,018	1,071
Common Stock	1,273	1,266	1,259	1,234	1,216	1,210	1,196	1,185	1,168	1,145	1,138
Retained Earnings	-545	-524	-499	-468	-423	-376	-331	-279	-227	-131	-72
Accumulated Other Comprehensive Income / (Loss)	-40	-42	-46	-35	-39	-42	-32	-33	-12	4.50	4.40

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%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	156,385,318.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	156,385,318.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.38
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.05%	-18.55%	6.16%	9.22%	15.53%	18.68%	3.08%	6.62%	9.36%	4.57%	5.52%
EBITDA Growth	43.26%	-23.59%	66.67%	62.97%	9.90%	59.84%	2.91%	3.77%	85.81%	17.61%	14.29%
EBIT Growth	90.48%	-38.97%	95.92%	90.20%	14.17%	134.65%	12.00%	11.67%	154.38%	19.62%	15.02%
NOPAT Growth	118.55%	-25.86%	90.83%	77.65%	-43.74%	89.37%	10.90%	7.17%	357.84%	20.37%	13.84%
Net Income Growth	142.25%	-36.44%	107.98%	93.06%	-41.86%	146.85%	15.80%	10.99%	426.00%	22.38%	15.20%
EPS Growth	175.00%	-35.71%	100.00%	87.50%	-36.36%	144.44%	17.86%	10.00%	385.71%	22.73%	15.15%
Operating Cash Flow Growth	77.67%	1,144.62%	63.69%	16.87%	58.05%	-20.32%	350.88%	-22.80%	-6.50%	13.12%	-189.51%
Free Cash Flow Firm Growth	82.13%	228.86%	284.06%	1,925.18%	837.37%	-20.36%	-1.08%	-41.26%	-98.04%	-140.59%	-157.27%
Invested Capital Growth	2.98%	-4.69%	-3.32%	-2.28%	-4.90%	-1.72%	-2.84%	1.06%	5.49%	6.93%	10.79%
Revenue Q/Q Growth	-7.72%	-14.93%	37.83%	0.93%	-2.38%	-12.61%	19.72%	4.39%	0.13%	-16.44%	20.80%
EBITDA Q/Q Growth	-20.00%	-9.41%	115.85%	4.18%	-46.05%	31.76%	38.97%	5.04%	-3.40%	-16.61%	34.88%
EBIT Q/Q Growth	-30.84%	-15.83%	209.41%	5.60%	-58.48%	72.99%	47.68%	5.29%	-5.43%	-18.65%	41.80%
NOPAT Q/Q Growth	-26.70%	-6.75%	147.56%	4.99%	-76.79%	213.88%	44.98%	1.46%	-0.84%	-17.48%	37.12%
Net Income Q/Q Growth	-29.80%	-16.86%	209.79%	6.77%	-78.86%	253.00%	45.33%	2.34%	0.19%	-17.87%	36.81%
EPS Q/Q Growth	-31.25%	-18.18%	211.11%	7.14%	-76.67%	214.29%	50.00%	0.00%	3.03%	-20.59%	40.74%
Operating Cash Flow Q/Q Growth	-24.36%	20.18%	-108.39%	1,631.58%	2.29%	-39.42%	-73.57%	371.33%	23.89%	-26.71%	-120.92%
Free Cash Flow Firm Q/Q Growth	-326.39%	911.10%	24.58%	-11.47%	-17.57%	-12.40%	54.75%	-47.43%	-97.24%	-1,910.17%	-118.36%
Invested Capital Q/Q Growth	-2.15%	-3.68%	6.46%	-2.62%	-4.76%	-0.45%	5.24%	1.30%	-0.60%	0.91%	9.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.33%	33.66%	36.90%	36.84%	31.85%	33.85%	35.14%	38.31%	36.76%	37.65%	37.59%
EBITDA Margin	13.40%	14.27%	22.35%	23.07%	12.75%	19.22%	22.32%	22.46%	21.66%	21.62%	24.14%
Operating Margin	8.26%	8.89%	17.97%	18.78%	8.16%	15.58%	19.19%	19.38%	18.28%	17.82%	20.92%
EBIT Margin	7.96%	7.88%	17.69%	18.50%	7.87%	15.58%	19.21%	19.38%	18.30%	17.82%	20.92%
Profit (Net Income) Margin	5.71%	5.58%	12.54%	13.26%	2.87%	11.60%	14.08%	13.80%	13.81%	13.58%	15.37%
Tax Burden Percent	83.09%	84.62%	75.21%	74.84%	40.98%	77.07%	75.78%	72.92%	76.56%	77.56%	75.00%
Interest Burden Percent	86.25%	83.66%	94.24%	95.76%	89.05%	96.62%	96.71%	97.69%	98.57%	98.24%	98.01%
Effective Tax Rate	16.91%	15.38%	24.79%	25.16%	59.02%	22.93%	24.22%	27.08%	23.44%	22.44%	25.00%
Return on Invested Capital (ROIC)	8.90%	9.29%	16.06%	17.67%	4.51%	17.15%	19.78%	19.69%	20.50%	20.40%	21.90%
ROIC Less NNEP Spread (ROIC-NNEP)	7.71%	7.49%	14.96%	16.56%	3.74%	16.43%	18.93%	18.82%	19.64%	18.90%	20.33%
Return on Net Nonoperating Assets (RNNOA)	3.28%	2.91%	6.45%	5.63%	1.05%	3.59%	4.54%	3.11%	1.75%	1.06%	1.60%
Return on Equity (ROE)	12.18%	12.21%	22.51%	23.30%	5.56%	20.74%	24.33%	22.80%	22.26%	21.46%	23.49%
Cash Return on Invested Capital (CROIC)	7.22%	14.24%	14.48%	15.93%	18.25%	17.13%	17.96%	14.49%	14.80%	14.16%	9.92%
Operating Return on Assets (OROA)	6.77%	6.36%	14.51%	15.32%	6.59%	13.48%	16.44%	16.41%	15.06%	14.84%	17.22%
Return on Assets (ROA)	4.85%	4.50%	10.29%	10.98%	2.40%	10.04%	12.05%	11.69%	11.37%	11.31%	12.66%
Return on Common Equity (ROCE)	12.18%	12.21%	22.51%	23.30%	5.56%	20.74%	24.33%	22.80%	22.26%	21.46%	23.49%
Return on Equity Simple (ROE_SIMPLE)	0.00%	10.57%	13.29%	15.55%	0.00%	16.41%	16.47%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	21	19	48	50	12	37	53	54	53	44	60
NOPAT Margin	6.86%	7.52%	13.51%	14.06%	3.34%	12.01%	14.54%	14.13%	13.99%	13.82%	15.69%
Net Nonoperating Expense Percent (NNEP)	1.19%	1.81%	1.10%	1.11%	0.77%	0.72%	0.85%	0.87%	0.86%	1.49%	1.57%
Return On Investment Capital (ROIC_SIMPLE)	-	1.64%	-	-	-	2.85%	4.00%	3.89%	3.72%	2.99%	3.96%
Cost of Revenue to Revenue	70.67%	66.34%	63.10%	63.16%	68.15%	66.15%	64.86%	61.69%	63.24%	62.35%	62.41%
SG&A Expenses to Revenue	17.98%	22.19%	18.02%	17.24%	18.12%	17.71%	15.29%	18.67%	17.52%	18.79%	15.53%
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	21.07%	24.77%	18.93%	18.05%	23.69%	18.27%	15.95%	18.93%	18.49%	19.83%	16.68%
Earnings before Interest and Taxes (EBIT)	24	20	63	66	27	47	70	74	70	57	80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	40	37	79	82	44	59	81	85	83	69	93
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.74	3.04	3.31	3.51	4.16	4.21	4.56	4.05	4.05	3.66	4.01
Price to Tangible Book Value (P/TBV)	6.86	7.32	7.45	7.31	8.03	7.91	8.19	7.06	6.80	6.02	6.39
Price to Revenue (P/Rev)	1.53	1.83	2.02	2.19	2.56	2.58	2.90	2.70	2.78	2.58	2.94
Price to Earnings (P/E)	22.77	28.75	24.89	22.60	29.09	25.68	27.66	25.26	20.75	18.66	20.73
Dividend Yield	1.96%	1.74%	1.56%	1.42%	1.18%	1.15%	1.03%	1.10%	1.05%	1.14%	1.00%
Earnings Yield	4.39%	3.48%	4.02%	4.43%	3.44%	3.89%	3.61%	3.96%	4.82%	5.36%	4.82%
Enterprise Value to Invested Capital (EV/IC)	2.24	2.55	2.70	3.00	3.70	3.84	4.12	3.82	3.99	3.68	3.93
Enterprise Value to Revenue (EV/Rev)	1.75	2.02	2.23	2.36	2.67	2.66	2.99	2.75	2.80	2.57	2.96
Enterprise Value to EBITDA (EV/EBITDA)	12.00	14.02	13.39	12.54	14.49	13.73	15.39	14.26	12.99	11.70	13.15
Enterprise Value to EBIT (EV/EBIT)	18.06	22.14	19.56	17.30	19.94	17.84	19.46	17.60	15.33	13.77	15.44
Enterprise Value to NOPAT (EV/NOPAT)	22.35	26.35	23.93	21.75	27.24	24.70	26.95	24.67	20.34	18.22	20.49
Enterprise Value to Operating Cash Flow (EV/OCF)	20.50	13.37	14.30	14.50	14.70	16.12	16.74	17.08	18.23	16.42	21.73
Enterprise Value to Free Cash Flow (EV/FCFF)	31.45	17.47	18.35	18.59	19.75	22.20	22.63	26.47	27.68	26.84	41.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.61	0.59	0.57	0.55	0.54	0.52	0.49	0.46	0.44	0.42
Long-Term Debt to Equity	0.63	0.61	0.59	0.57	0.55	0.54	0.51	0.48	0.46	0.44	0.42
Financial Leverage	0.43	0.39	0.43	0.34	0.28	0.22	0.24	0.17	0.09	0.06	0.08
Leverage Ratio	2.17	2.13	2.07	2.03	2.06	2.01	1.97	1.92	1.94	1.87	1.83
Compound Leverage Factor	1.88	1.78	1.95	1.95	1.84	1.94	1.91	1.87	1.91	1.84	1.79
Debt to Total Capital	38.61%	37.96%	37.29%	36.19%	35.69%	35.02%	34.02%	32.67%	31.51%	30.76%	29.70%
Short-Term Debt to Total Capital	0.06%	0.05%	0.06%	0.06%	0.06%	0.06%	0.08%	0.07%	0.08%	0.10%	0.09%
Long-Term Debt to Total Capital	38.55%	37.91%	37.23%	36.13%	35.62%	34.96%	33.95%	32.60%	31.42%	30.66%	29.61%
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	61.39%	62.04%	62.71%	63.81%	64.31%	64.98%	65.98%	67.33%	68.49%	69.24%	70.30%
Debt to EBITDA	2.40	2.56	2.17	1.88	1.86	1.70	1.69	1.67	1.47	1.42	1.37
Net Debt to EBITDA	1.54	1.32	1.31	0.86	0.58	0.42	0.46	0.29	0.07	-0.02	0.10
Long-Term Debt to EBITDA	2.40	2.55	2.17	1.88	1.85	1.70	1.69	1.67	1.46	1.42	1.37
Debt to NOPAT	4.48	4.81	3.88	3.27	3.49	3.06	2.96	2.89	2.30	2.22	2.14
Net Debt to NOPAT	2.87	2.48	2.33	1.50	1.08	0.76	0.80	0.51	0.10	-0.04	0.15
Long-Term Debt to NOPAT	4.47	4.80	3.88	3.26	3.48	3.06	2.95	2.89	2.29	2.21	2.13
Altman Z-Score	2.31	2.48	2.88	3.20	3.44	3.80	4.19	4.07	4.04	3.98	4.56
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	3.23	3.29	3.53	3.70	3.33	3.83	3.79	3.86	3.54	4.02	4.57
Quick Ratio	1.72	1.74	1.93	2.15	2.01	2.19	2.31	2.38	2.22	2.33	2.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8.21	67	83	73	61	53	82	43	1.19	-22	-47
Operating Cash Flow to CapEx	381.76%	1,212.50%	-56.44%	715.57%	462.69%	454.62%	157.14%	576.07%	579.86%	357.89%	-87.07%
Free Cash Flow to Firm to Interest Expense	-2.49	20.18	23.04	26.23	20.18	33.15	35.68	25.38	1.19	-21.52	-29.38
Operating Cash Flow to Interest Expense	17.12	20.58	-1.58	31.18	29.77	33.81	6.22	39.65	83.50	61.20	-8.00
Operating Cash Flow Less CapEx to Interest Expense	12.64	18.88	-4.39	26.82	23.33	26.38	2.26	32.76	69.10	44.10	-17.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.85	0.81	0.82	0.83	0.84	0.87	0.86	0.85	0.82	0.83	0.82
Accounts Receivable Turnover	5.73	6.58	5.39	5.99	6.17	8.70	6.17	6.68	6.80	10.22	6.91
Inventory Turnover	3.11	2.70	2.65	2.74	2.85	2.82	2.94	2.98	2.90	2.62	2.65
Fixed Asset Turnover	4.16	3.98	4.03	4.11	4.17	4.33	4.33	4.38	4.37	4.36	4.38
Accounts Payable Turnover	7.94	7.95	8.31	8.91	8.04	8.54	8.38	8.90	7.47	8.04	7.41
Days Sales Outstanding (DSO)	63.68	55.44	67.67	60.96	59.14	41.95	59.13	54.68	53.71	35.70	52.85
Days Inventory Outstanding (DIO)	117.42	135.10	137.89	133.13	127.88	129.45	124.23	122.48	126.01	139.27	138.00
Days Payable Outstanding (DPO)	45.96	45.89	43.93	40.98	45.39	42.76	43.55	40.99	48.83	45.40	49.28
Cash Conversion Cycle (CCC)	135.13	144.65	161.64	153.11	141.63	128.64	139.82	136.17	130.89	129.57	141.58
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	999	962	1,024	997	950	945	995	1,008	1,002	1,011	1,102
Invested Capital Turnover	1.30	1.24	1.19	1.26	1.35	1.43	1.36	1.39	1.47	1.48	1.40
Increase / (Decrease) in Invested Capital	29	-47	-35	-23	-49	-17	-29	11	52	66	107
Enterprise Value (EV)	2,234	2,453	2,766	2,987	3,511	3,627	4,102	3,845	3,997	3,717	4,330
Market Capitalization	1,947	2,222	2,497	2,782	3,371	3,516	3,981	3,767	3,977	3,724	4,299
Book Value per Share	$4.55	$4.69	$4.83	$5.08	$5.20	$5.34	$5.58	$5.93	$6.28	$6.51	$6.85
Tangible Book Value per Share	$1.81	$1.95	$2.15	$2.44	$2.69	$2.85	$3.10	$3.40	$3.74	$3.96	$4.30
Total Capital	1,159	1,179	1,203	1,241	1,260	1,284	1,324	1,380	1,433	1,471	1,523
Total Debt	447	447	449	449	450	450	451	451	452	452	452
Total Long-Term Debt	447	447	448	448	449	449	450	450	450	451	451
Net Debt	287	231	270	206	140	111	121	79	20	-7.30	31
Capital Expenditures (CapEx)	15	5.60	10	12	19	12	9.10	12	14	17	15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	328	292	358	331	291	285	327	324	308	315	413
Debt-free Net Working Capital (DFNWC)	489	508	537	574	601	623	656	696	740	774	834
Net Working Capital (NWC)	488	508	536	573	600	622	655	695	739	773	833
Net Nonoperating Expense (NNE)	3.49	4.99	3.46	2.84	1.64	1.23	1.67	1.24	0.69	0.78	1.20
Net Nonoperating Obligations (NNO)	287	231	270	206	140	111	121	79	20	-7.30	31
Total Depreciation and Amortization (D&A)	16	16	17	16	17	11	11	12	13	12	12
Debt-free, Cash-free Net Working Capital to Revenue	25.74%	23.96%	28.91%	26.07%	22.16%	20.92%	23.82%	23.19%	21.56%	21.80%	28.22%
Debt-free Net Working Capital to Revenue	38.31%	41.76%	43.38%	45.26%	45.73%	45.74%	47.79%	49.82%	51.75%	53.64%	56.99%
Net Working Capital to Revenue	38.25%	41.72%	43.33%	45.20%	45.67%	45.68%	47.72%	49.75%	51.66%	53.54%	56.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.11	$0.09	$0.28	$0.30	$0.07	$0.23	$0.33	$0.34	$0.33	$0.28	$0.38
Adjusted Weighted Average Basic Shares Outstanding	156.30M	156M	156M	155.70M	155.90M	156.30M	156.60M	156.50M	156.40M	156.30M	156.40M
Adjusted Diluted Earnings per Share	$0.11	$0.09	$0.28	$0.30	$0.07	$0.22	$0.33	$0.33	$0.34	$0.27	$0.38
Adjusted Weighted Average Diluted Shares Outstanding	156.80M	156.70M	156.70M	156.70M	156.90M	157.50M	157.50M	157.40M	157.50M	157.30M	157.40M
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	156.18M	155.71M	155.80M	156.25M	156.60M	156.68M	156.29M	156.35M	156.39M	156.47M
Normalized Net Operating Profit after Tax (NOPAT)	28	25	50	52	22	38	55	54	56	47	64
Normalized NOPAT Margin	9.43%	9.70%	14.20%	14.67%	6.33%	12.44%	15.04%	14.32%	14.74%	14.62%	16.55%
Pre Tax Income Margin	6.87%	6.59%	16.67%	17.72%	7.01%	15.05%	18.58%	18.93%	18.04%	17.50%	20.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.27	6.12	17.36	23.57	9.13	29.63	30.43	43.35	69.70	56.70	50.25
NOPAT to Interest Expense	6.27	5.85	13.27	17.91	3.88	22.83	23.03	31.61	53.29	43.98	37.69
EBIT Less CapEx to Interest Expense	2.79	4.42	14.56	19.21	2.70	22.19	26.48	36.47	55.30	39.60	41.06
NOPAT Less CapEx to Interest Expense	1.78	4.15	10.46	13.55	-2.55	15.40	19.07	24.73	38.89	26.88	28.50
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	44.56%	49.94%	38.98%	32.01%	34.43%	29.51%	28.42%	27.77%	21.86%	21.19%	20.64%
Augmented Payout Ratio	56.26%	49.94%	58.92%	48.25%	43.05%	29.51%	31.90%	37.83%	29.68%	31.46%	28.11%

Financials Breakdown Chart

Key Financial Trends

Mueller Water Products (NYSE: MWA) has shown a generally solid liquidity position and ongoing cash generation across the four most recent years, with margin stability and a modest leverage footprint. While quarterly results have been uneven—reflecting seasonality, working capital timing, and episodic earnings swings—the company has maintained a conservative capital return policy and a strong balance sheet. Below are the key takeaways for retail investors, drawn from the quarterly statements provided.

Liquidity is solid: As of 2026 Q1, cash & equivalents were about $459.6 million, with total debt around $452.3 million (short-term debt of about $1.4 million and long-term debt about $450.9 million), yielding a small net cash position and ample liquidity for operations and capex.
Operating cash flow generally remains robust: Cash from continuing operating activities is positive in most quarters, with notable strengths in late-2024 and 2025 (for example, CFO in Q4 2025 around $83.5 million and in 2026 Q1 around $61.2 million), supporting dividends and modest capital returns without new borrowings.
Margin comfort with trend improvements: Gross margins have hovered in the mid-30s to high-30s percent range in 2024–2026, accompanied by operating margins in the mid-teens, indicating stable profitability despite revenue fluctuations.
Free cash flow potential in recent quarters: With capex typically in the mid-single digits to low-teens millions and CFO frequently above capex, Mueller Water has generated meaningful free cash flow in several periods (e.g., substantial CFO relative to capex in late-2025 and early-2026).
Balanced capitalization and leverage: Long-term debt near $450 million coupled with roughly $460 million in cash creates a near net-cash position, reducing refinancing risk and keeping near-term liquidity comfortable.
Revenue volatility and comparability: Revenue has fluctuated quarter-to-quarter and year-over-year, with some quarters showing stronger results (late-2024 into 2025) and others softer (early 2024 and late 2024), which may complicate near-term forecasting.
Working capital dynamics: Inventories and accounts receivable levels are sizable, and changes in operating assets and liabilities contributed to CFO volatility, suggesting sensitivity to demand patterns and supply-chain timing.
Occasional negative cash from operations: There are quarters with negative CFO (notably Q2 2024), highlighting working capital timing risks that can pressure quarterly cash generation.
Episodic earnings swings: Net income has shown quarterly volatility, including a relatively weak Q4 2024 showing and variable quarterly earnings across the four-year span, which may affect earnings visibility.
Financing activity drain: Several quarters show negative cash flow from financing activities due to dividends and modest share repurchases, which reduces cash on hand even with a strong balance sheet.

05/14/26 10:51 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 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Mueller Water Products (MWA) Financials

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Mueller Water Products Financials - Frequently Asked Questions

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Mueller Water Products (MWA) Financials

Annual Income Statements for Mueller Water Products

Quarterly Income Statements for Mueller Water Products

Annual Cash Flow Statements for Mueller Water Products

Quarterly Cash Flow Statements for Mueller Water Products

Annual Balance Sheets for Mueller Water Products

Quarterly Balance Sheets for Mueller Water Products

Annual Metrics And Ratios for Mueller Water Products

Quarterly Metrics And Ratios for Mueller Water Products

Financials Breakdown Chart

Key Financial Trends

Mueller Water Products Financials - Frequently Asked Questions

When does Mueller Water Products' financial year end?

How has Mueller Water Products' net income changed over the last 10 years?

What is Mueller Water Products' operating income?

How has Mueller Water Products' revenue changed over the last 10 years?

How much debt does Mueller Water Products have?

How much cash does Mueller Water Products have?

How has Mueller Water Products' book value per share changed over the last 10 years?

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