Mueller Water Products, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Mueller Water Products, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024	FY2025
Revenue	801	826	916	968	964	1,111	1,247	1,276	1,315	1,430
Cost of revenue	532	558	626	647	636	753	883	896	856	913
Gross profit	269	268	290	321	328	359	364	380	459	517
Research and development	9.9	12.1	11.6	14.3	15	17.1	24.5	25.9	20.5	19.9
Selling, general and administrative	150	155	167	183	198	219	239	242	245	247
Operating expenses	157	166	168	197	211	227	253	252	277	256
Operating income	112	102	122	124	117	132	112	127	182	261
Interest expense	24	24.2	25.3	23.3	26.6	23.8	17.6	18.4	21.5	20
Interest income	0.4	2	4.4	3.5	1.1	0.4	0.7	3.7	8.8	13.4
Pre-tax income	69.7	82.7	95.7	82.1	94.1	94.9	98.6	109	163	254
Income tax	24.2	24.2	-9.9	18.3	22.1	24.5	22	23.5	47.5	62.5
Income from continuing operations	45.1	54.3	106	63.8
Net income	63.9	123	106	63.8	72	70.4	76.6	85.5	116	192
EBITDA	152	144	165	177	175	191	172	190	248	308
EPS, basic	0.40	0.77	0.67	0.40		0.44	0.49	0.55	0.74	1.23
EPS, diluted	0.39	0.76	0.66	0.40		0.44	0.48	0.55	0.74	1.22
Shares, basic (weighted)	161	160	158	158	158	158	157	156	156	156
Shares, diluted (weighted)	163	162	160	159	159	159	158	157	157	158
Dividend per share	0.10	0.15	0.19	0.20	0.21	0.22	0.23	0.24	0.26	0.27

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024	FY2025
Cash and equivalents	195	362	347	177	209	228	147	160	310	432
Receivables	132	145	164	173	181	212	228	217	209	212
Inventory	131	139	157	191	163	185	279	298	302	329
Other current assets	12.7	24.4	17.5	26	29	29.3	26.8	31.5	37.9	56.8
Total current assets	612	670	686	567	581	654	680	707	858	1,029
Property, plant and equipment	108	122	151	217	254	283	302	312	319	336
Lease right-of-use assets				0	25.6	27.1	26	23.6	26.9	27.3
Goodwill	5.4	12.9	12.1	95.7	99.8	115	98.6	93.7	80.7	89.2
Intangible assets	435	439	408	434	409	393	361	334	310	307
Other non-current assets	25.4	26.4	35.3	23.9	51.3	73.3	56.7	58.8	68.3	77.8
Total assets	1,281	1,258	1,292	1,337	1,395	1,518	1,498	1,505	1,636	1,839
Accounts payable	73.7	82.5	90	84.6	67.3	92	123	103	110	134
Accrued liabilities		53.5	76.4	93	86.6	127	117	115	147	155
Deferred revenue								9.2	7.1	7.1
Short-term debt	5.6	5.6	0.7	0.9	1.1	1	0.8	0.7	0.8	1.2
Total current liabilities	186	142	167	179	155	220	241	219	258	290
Long-term debt	479	475	444	445	447	446	446	447	449	450
Lease liabilities				0	23.3	24.6	22.4	19.8	22.5	22
Other non-current liabilities	85.8	37.1	36.5	33.2	56.3	62	55.4	54.2	63.7	65.5
Total liabilities	861	769	727	745	754	823	829	794	826	857
Total debt	491	487	452	452	453	452	452	447	450	452
Paid-in capital	1,564	1,494	1,445	1,411	1,378	1,342	1,280	1,240	1,205	1,159
Retained earnings	-1,079	-956	-850	-786	-714	-644	-567	-482	-366	-174
Other comprehensive income	-68.3	-51.8	-32.8	-36	-24.7	-5	-44.6	-48.7	-30.8	-4.6
Shareholders' equity	418	488	563	590	641	695	669	712	810	982
Minority interests	1.2	1.1	1.5	2.2	0
Total equity	420	490	565	592	641	695	669	712	810	982
Total liabilities and equity	1,281	1,258	1,292	1,337	1,395	1,518	1,498	1,505	1,636	1,839
Shares outstanding	162	159	157	157	158	158	156	156	156	156

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024	FY2025
Net income	63.6	123	106	64.5	72	70.4	76.6	85.5	116	192
Depreciation and amortization	39.5	41.9	43.7	53	57.8	59.6	60.5	62.5	66.2	46.9
Stock-based compensation	4.7	6	5.2	4.3	5.3	8.1	8.7	8.5	9	10.7
Deferred income tax	-6.6	-5.7	-43.3	1.3	7.2	-5.3	-3.5	-14.4	-21.5	-7
Change in receivables	-12.3	-9.9	-18.9	-1.4	-7.5	-29.9	-17.8	10.9	8.4	-2.4
Change in inventory	3.5	-1.9	-18.4	-19.8	24.9	-23.5	-98.3	-19.9	-8	-27.3
Change in payables	21.5	8.4	7.7	-11	-17.6	23	32.2	-19.7	6.8	17.5
Cash from operations	115	59.4	133	92.5	140	157	52.3	109	239	219
Capital expenditures	-31.5	-40.6	-55.7	-86.6	-67.7	-62.7	-54.7	-47.6	-47.4	-47.3
Acquisitions	0	-26.6	0	-128	0	-19.7	-0.2	0	0
Cash from investing	-31.2	-66.3	-47.9	-212	-67.5	-81.7	-54.9	-42.1	-47.2	-47.1
Stock issued	3.3	5.8	7.3	5.2	3.5	1.9	2	2.7	7.7	4.7
Share buybacks	0	-55	-30	-10	-5	-10	-35	-10	-10	-15
Dividends paid	-16.1	-24	-30.1	-32	-33.1	-34.8	-36.5	-38.1	-39.9	-41.9
Cash from financing	-23.7	-81.4	-98.3	-50.9	-41.4	-58.8	-72	-48.8	-46	-58.3
Exchange rate effect	-0.4	1.2	-1.5	-0.2	0.8	2.4	-6.4	-4.3	4	7.7
Net change in cash	81.9	167	-14.6	-170	32.2	18.6	-81	13.8	150	122
Free cash flow	83	18.8	77.4	5.9	72.6	94	-2.4	61.4	191	172
Interest paid	21.1	19.5	8.9	22.2	24.3	25.3	19.2	15.1	10	5.5
Income taxes paid	27.1	31.9	10.7	29.1	15.3	16.8	26.9	37.7	74.4	69.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $21.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	37.9%	Gross profit / revenue.
Operating margin	19.4%	Operating income / revenue.
EBITDA margin	22.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.1%	Pre-tax income / revenue.
Net margin	15.0%	Net income / revenue.
FCF margin	12.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.1%	Cash from operations / revenue.
Effective tax rate	21.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	11.4%	Net income / average total assets.
SG&A / revenue	16.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.9%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	43.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	32.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	24.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	21.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	65.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	35.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	64.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	36.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	61.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-10.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	18.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	21.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.64x	Current assets / current liabilities.
Quick ratio	2.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.03x	(Cash + short-term investments) / current liabilities.
Debt / assets	23.2%	Total debt / total assets.
Liabilities / assets	42.6%	Total liabilities / total assets.
Net debt	-$42.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.13x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	66.8x	Operating income / interest expense.
Working capital	$886.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.76x	Revenue / average total assets.
Fixed asset turnover	4.29x	Revenue / average property, plant and equipment.
Inventory turnover	2.42x	Cost of revenue / average inventory.
Days inventory	151 days	365 x average inventory / cost of revenue.
Receivables turnover	7.28x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	149 days	Days inventory + days sales outstanding - days payables.
FCF conversion	80.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.41	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.40	Revenue / diluted weighted shares.
FCF per share	$1.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.51	Cash from operations / diluted weighted shares.
Cash per share	$3.17	(Cash + short-term investments) / shares outstanding.
Payout ratio	19.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	24.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	8.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.38B	Share price x shares outstanding.
Enterprise value	$3.33B	Market cap + total debt - cash - short-term investments.
P/E	15.2x	Market cap / net income. Only when net income is positive.
P/S	2.28x	Market cap / revenue.
P/FCF	18.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.2x	Market cap / cash from operations, when positive.
EV/Sales	2.25x	Enterprise value / revenue.
EV/EBIT	11.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.89x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.3%	Free cash flow / market cap.
Earnings yield	6.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.
PEG	0.42x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Mueller Water Products, Inc.'s revenue in fiscal 2025?

Mueller Water Products, Inc. reported revenue of $1.43B for fiscal 2025, 8.7% higher than the year before.

Was Mueller Water Products, Inc. profitable in fiscal 2025?

Yes. Net income was $191.7M, a net margin of 13.4%.

How much free cash flow did Mueller Water Products, Inc. generate in fiscal 2025?

Cash from operations of $219.3M minus capital expenditures of $47.3M left free cash flow of $172.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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