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Mueller Water Products, Inc.

Rank #259Capital Return

MWA · NYSE · Industrials

Mueller Water Products, Inc. (MWA) — Rank #259 by gross profitability (GP/assets 0.26) · ROE 19.5% · Piotroski F-Score 7 / 9.

As-of 2026-09-15 · CIK 0001350593 · all metrics point-in-time as of the filing date.

About

Mueller Water Products, Inc. manufactures and markets products and services for the transmission, distribution, and measurement of water used by municipalities, and the residential and non-residential construction industries in the United States, Canada, and internationally.

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It operates in two segments, Water Flow Solutions and Water Management Solutions. The Water Flow Solutions segment provides valves for water systems, such as iron gate, butterfly, tapping, check, knife, plug, and ball valves, which are used to control distribution and transmission of potable water and non-potable water, as well as in water transmission or distribution, water treatment facilities, or industrial applications. It also offers service brass products. The Water Management Solutions segment offers dry-barrel and wet-barrel fire hydrants for water infrastructure development; fire protection systems, and water infrastructure repair and replacement projects; pipe repair products, such as couplings, grips, and clamps used to repair leaks; residential, fire protection, and commercial water metering products and systems; water leak detection and pipe condition assessment products and services; machines and tools for tapping, drilling, extracting, installing, and stopping-off; gas valve products for use in gas distribution systems; and intelligent water solutions, including pressure control valves, advanced pressure management, network analytics, event management, and date logging. It sells its products under the Canada Valve, Centurion, Ez-Max, Hydro Gate, Hydro-Guard, HYMAX, HYMAX VERSA, Jones, Krausz, Milliken, Mueller Systems, Mueller, Pratt, Pratt Industrial, Repamax, Repaflex, Singer, Echologics, Echoshore, ePulse, Hersey, LeakFinderRT, Sentryx, and U.S. Pipe Valve and Hydrant brands. Mueller Water Products, Inc.

was founded in 1857 and is headquartered in Atlanta, Georgia.

Industry
Specialty Industrial Machinery
Sector
Industrials
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
September 30

Price History

MWA+59.0% · +9.7% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$3.57B

P/E (annual)

18.7

P/S (annual)

2.5

P/B

3.6

P/OCF (annual)

16.3

Shareholder Yield

0.8%

Employees

3,500

Industry

Specialty Industrial Machinery

Exchange

NYSE

Signal Flags

3 green1 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 3-quarter streak
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.26
Return on equity
19.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.74
Current ratio
4.64×
Net cash
$42.40M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
0.7%

Growth

2/2 pass
Revenue growth
8.7%
Piotroski F-Score
7 / 9
Share dilution
0.4%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

What Growth Is Priced In

Implied revenue growth (10Y)

8.3%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 0.4% — per-share value needs a total required return of 8.7% once share-count change is priced in.

vs. own 6-year median revenue growth: 5.9%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

4.0%

r = 10% (base)

8.3%

r = 12%

12.1%

Net debt / market cap: -1.2%

Base FCF: $172M3Y mean FCF: $141.6M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

19.0xFair
13.8xmed 26.8x33.5x

P / S

Price / revenue per share

2.5xExpensive
1.4xmed 2.0x3.0x

P / B

Price / book value per share

3.7xExpensive
2.7xmed 3.3x4.8x

P / GP

Price / gross profit per share

7.1xExpensive
4.9xmed 6.2x8.5x

P / FCF

Price / free cash flow per share

21.2xCheap
20.3xmed 24.7x294.0x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.26

Primary signal (Novy-Marx).

2nd of 5 SIC 3490 peers

Return on equity

19.5%

Gross margin

36.1%

5th of 5 SIC 3490 peers

Revenue growth (YoY)

8.7%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

4.7%

Revenue CAGR (5Y)

8.2%

Earnings CAGR (3Y)

35.8%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.74

2nd of 5 SIC 3490 peers (best = lowest)

Current ratio

4.64×

1st of 5 SIC 3490 peers

Quick ratio

2.87×

Net cash

$42.40M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$172.00M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.10

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.7%

Stock-based comp intensity.

Dividend safety

Composite score

4.8 / 5

Strong
Payout ratio
21.9%5/5 Strong
FCF coverage
4.11×5/5 Strong
Dividend growth streak
10 yr5/5 Strong
Balance-sheet health
D/E 0.74 · IC 13.03×4/5 Strong

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Value
Capital Return
View full financial statements →