Mueller Water Products (MWA) financial statements
Mueller Water Products reported revenue of $1.4B in fiscal 2025, up 6.7% a year over 9 years.
Net income was $192M and the operating margin 18.2%, against 14.0% in 2016.
Free cash flow was $172M, and the company returned $42M in dividends and $15M in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Mueller Water Products's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $801M | $826M | $916M | $968M | $964M | $1.1B | $1.2B | $1.3B | $1.3B | $1.4B |
| Cost of revenue | $532M | $558M | $626M | $647M | $636M | $752M | $883M | $896M | $856M | $913M |
| Gross profit | $269M | $268M | $290M | $321M | $328M | $358M | $364M | $380M | $459M | $517M |
| Research and development | $10M | $12M | $12M | $14M | $15M | $17M | $24M | $26M | $20M | $20M |
| Selling, general and admin | $150M | $155M | $167M | $183M | $198M | $219M | $239M | $242M | $245M | $247M |
| Operating income | $112M | $102M | $122M | $124M | $117M | $132M | $112M | $127M | $182M | $261M |
| Interest expense | $24M | $24M | $25M | $23M | $27M | $24M | $17M | $15M | $13M | $7M |
| Pre-tax income | $70M | $83M | $96M | $82M | $94M | $95M | $99M | $109M | $163M | $254M |
| Income tax | $24M | $24M | -$10M | $18M | $22M | $24M | $22M | $24M | $48M | $62M |
| Net income | $64M | $123M | $106M | $64M | $72M | $70M | $77M | $86M | $116M | $192M |
| EPS (diluted) | $0.39 | $0.76 | $0.66 | $0.40 | — | $0.44 | $0.48 | $0.55 | $0.74 | $1.22 |
| Diluted shares | 163M | 162M | 160M | 159M | 159M | 159M | 158M | 157M | 157M | 158M |
| Gross margin | 33.6% | 32.4% | 31.6% | 33.2% | 34.0% | 32.3% | 29.2% | 29.7% | 34.9% | 36.1% |
| Operating margin | 14.0% | 12.4% | 13.3% | 12.8% | 12.1% | 11.9% | 8.9% | 10.0% | 13.8% | 18.2% |
| Net margin | 8.0% | 14.9% | 11.5% | 6.6% | 7.5% | 6.3% | 6.1% | 6.7% | 8.8% | 13.4% |
Balance sheet
Fiscal years, from Mueller Water Products's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $195M | $362M | $347M | $177M | $209M | $228M | $146M | $160M | $310M | $432M |
| Receivables | $132M | $145M | $164M | $173M | $181M | $212M | $228M | $217M | $209M | $212M |
| Inventory | $131M | $139M | $157M | $191M | $162M | $185M | $279M | $298M | $302M | $329M |
| Total current assets | $612M | $670M | $686M | $567M | $581M | $654M | $680M | $707M | $858M | $1.0B |
| Property, plant and equipment | $108M | $122M | $151M | $217M | $254M | $283M | $302M | $312M | $319M | $336M |
| Goodwill | $5M | $13M | $12M | $96M | $100M | $115M | $99M | $94M | $81M | $89M |
| Total assets | $1.3B | $1.3B | $1.3B | $1.3B | $1.4B | $1.5B | $1.5B | $1.5B | $1.6B | $1.8B |
| Total current liabilities | $186M | $142M | $167M | $178M | $155M | $220M | $241M | $219M | $258M | $290M |
| Long-term debt | $479M | $475M | $444M | $445M | $446M | $446M | $446M | $447M | $449M | $450M |
| Total liabilities | $861M | $769M | $727M | $745M | $754M | $823M | $829M | $794M | $826M | $857M |
| Shareholders' equity | $418M | $488M | $563M | $590M | $641M | $695M | $669M | $712M | $810M | $982M |
| Net debt | $289M | $119M | $98M | $270M | $239M | $219M | $300M | $287M | $140M | $20M |
Cash flow
Fiscal years, from Mueller Water Products's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $114M | $59M | $133M | $92M | $140M | $157M | $52M | $109M | $239M | $219M |
| Capital spending | $32M | $41M | $56M | $87M | $68M | $63M | $55M | $48M | $47M | $47M |
| Free cash flow | $83M | $19M | $77M | $6M | $73M | $94M | -$2M | $61M | $191M | $172M |
| Stock-based compensation | $5M | $6M | $5M | $4M | $5M | $8M | $9M | $8M | $9M | $11M |
| Dividends paid | $16M | $24M | $30M | $32M | $33M | $35M | $36M | $38M | $40M | $42M |
| Share buybacks (net) | $0 | -$55M | -$30M | -$10M | -$5M | -$10M | -$35M | -$10M | -$10M | -$15M |
| Free cash flow margin | 10.4% | 2.3% | 8.4% | 0.6% | 7.5% | 8.5% | -0.2% | 4.8% | 14.6% | 12.0% |
| Dividends per share | $0.10 | $0.15 | $0.19 | $0.20 | $0.21 | $0.22 | $0.23 | $0.24 | $0.25 | $0.27 |
Questions
What was Mueller Water Products's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Mueller Water Products generate?
$172M in fiscal 2025 (operating cash flow minus capital spending).
From Mueller Water Products's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.