Financials

Mueller Industries Inc. financials

MLI Building Products

Mueller Industries Inc., founded in 1946 and headquartered in Memphis, Tennessee, United States, is a manufacturer and marketer of copper, brass, and plastic products serving the plumbing, industrial, and energy markets. The company, led by CEO Craig C. Maloney since 2019, achieves approximately $800 million in annual revenues through a vertically integrated business model. Its flagship offerings—such as copper tubing for HVAC and automotive applications and brass fittings for plumbing—highlight its specialized product portfolio. With an estimated 20-25% market share in North America, Mueller is focused on strategic capital investments and growth initiatives in emerging sectors.

Snapshot

Mueller Industries Inc. reported $4.18B in revenue in fiscal 2025, up 10.9% year over year, with an operating margin of 22.9%.

Revenue (FY2025): $4.18B
YoY growth: +10.9%
Operating margin: 22.9%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	4,178,550	3,768,770	3,420,350	3,982,460
Cost of Sales	2,966,080	2,724,330	2,433,510	2,864,860
Gross Profit	1,212,460	1,044,440	986,834	1,117,590
Selling, General & Administrative Expenses	248,651	226,696	208,172	203,086
Depreciation & Amortization Expenses	68,561	53,133	39,954	43,731
Other Operating Expenses	(63,290)	(5,780)	(17,345)	(6,373)
Operating Profit	958,542	770,389	756,053	877,149
Interest and Investment Income	49,647	55,624	23,387	16,568
Interest Expense	(108)	(410)	(1,221)	(810)
Non-Operating Income	12,860	(2,985)	52,192	(6,765)
Total Non-Operating Income	62,399	52,229	74,358	8,993
Income Before Provision for Income Taxes	1,012,360	820,462	845,232	876,031
Provision for Income Taxes	247,351	205,076	220,762	223,322
Consolidated Net Income	773,590	617,542	609,649	662,820
Net Income Attributable to Minority Interests and Other	8,399	12,663	6,752	4,504
Net Income Attributable to Common Shareholders	765,191	604,879	602,897	658,316
Basic EPS	6.99	5.43	5.41	5.90
Diluted EPS	6.86	5.31	5.30	5.82
Basic Weighted Average Shares Outstanding	109,475	111,385	111,420	111,558
Diluted Weighted Average Shares Outstanding	111,492	113,965	113,662	113,110
Shares Outstanding	111,180	113,751	114,158	114,003

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	1,367,000	1,037,230	1,170,890	461,018
Short-Term Investments	22,733	21,874	98,146	217,863
Total Cash and Cash Equivalents	1,389,740	1,059,100	1,269,040	678,881
Accounts Receivable	475,566	450,113	351,561	380,352
Total Trade Receivables	475,566	450,113	351,561	380,352
Inventories	510,463	462,279	380,248	448,919
Other Current Assets	69,980	40,734	39,173	26,501
Total Current Assets	2,445,750	2,012,230	2,040,020	1,534,650
Net Property, Plant & Equipment	563,677	547,833	420,335	402,842
Net Intangible Assets	287,080	306,357	46,208	54,785
Goodwill	298,188	311,165	151,820	157,588
Long-Term Investments	108,631	88,037	83,436	72,364
Other Long-Term Assets	29,708	25,285	17,481	20,167
Total Assets	3,733,030	3,290,910	2,759,300	2,242,400
Accounts Payable	180,577	173,743	120,485	128,000
Accrued Expenses	58,125	60,136	55,644	61,915
Current Portion of Long-Term Debt	—	1,094	796	811
Current Portion of Leases	8,520	8,117	7,893	4,942
Other Current Liabilities	165,912	154,897	132,320	152,627
Total Current Liabilities	413,134	397,987	317,138	348,295
Long-Term Debt	—	—	185	1,218
Leases	18,970	24,547	26,683	16,880
Other Long-Term Liabilities	65,019	63,964	56,579	62,042
Total Long-Term Liabilities	83,989	88,511	83,447	80,140
Total Liabilities	497,123	486,498	400,585	428,435
Common Stock	1,604	1,604	1,604	802
Treasury Stock	(847,411)	(586,530)	(523,409)	(502,779)
Additional Paid-in Capital	345,033	330,532	312,171	297,270
Accumulated Other Comprehensive Income	(50,835)	(80,279)	(47,221)	(64,175)
Retained Earnings	3,761,580	3,107,840	2,594,300	2,059,800
Total Common Shareholders' Equity	3,209,970	2,773,170	2,337,450	1,790,910
Minority Interests and Other	25,940	31,243	21,271	23,050
Total Shareholders' Equity	3,235,910	2,804,410	2,358,720	1,813,960
Total Liabilities and Shareholders' Equity	3,733,030	3,290,910	2,759,300	2,242,400

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	773,590	617,542	609,649	662,820
Depreciation & Amortization	68,561	53,133	39,954	43,731
Share-Based Compensation Expense	26,764	26,787	23,131	17,801
Other Adjustments	(66,051)	14,077	(36,494)	(18,038)
Changes in Trade Receivables	(19,093)	(56,565)	30,915	82,713
Changes in Inventories	(40,428)	(32,768)	67,903	(24,189)
Changes in Accounts Payable	35,078	24,360	(40,606)	(26,633)
Changes in Other Operating Activities	(22,977)	(658)	(21,686)	(14,262)
Cash from Operating Activities	755,444	645,908	672,766	723,943
Capital Expenditure	(68,805)	(80,203)	(54,025)	(37,639)
Proceeds from Sale of Property, Plant & Equipment	38,508	12,005	279	7,850
Purchases of Investments	(71,529)	(28,110)	(106,231)	(217,863)
Proceeds from Sale of Investments	88,436	98,465	273,317	—
Payments for Business Acquisitions	—	(602,692)	—	—
Other Investing Activities	(11,521)	(6,400)	21,740	5,649
Cash from Investing Activities	(24,911)	(606,935)	135,080	(242,003)
Issuance of Long-Term Debt	—	397	(30)	67
Repayments of Long-Term Debt	(185)	(222)	(241)	(204)
Net Issuance / (Repayments) of Long-Term Debt	(185)	175	(271)	(137)
Repurchases of Common Shares	(273,143)	(71,546)	(28,058)	(39,483)
Net Issuance / (Repurchases) of Common Shares	(273,143)	(71,546)	(28,058)	(39,483)
Common Share Dividends Paid	(109,050)	(89,107)	(66,868)	(55,787)
Other Financing Activities	(12,240)	—	(9,312)	(7,248)
Cash from Financing Activities	(394,618)	(160,478)	(104,509)	(102,655)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	10,347	(13,823)	5,590	(4,365)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	346,262	(135,328)	708,927	374,920

Key metrics

$13.13B

Market Cap

17.22x

P/E

3.14x

P/S

11.49x

EV/EBITDA

25.6%

Return on Equity

35.3%

Return on Invested Capital

5.92x

Current Ratio

0.8%

Dividend Yield

16.4%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$1.19B	+19.3%	26.2%	$312M
Q4 2025	$962M	+4.2%	17.9%	$172M
Q3 2025	$1.08B	+8.0%	25.6%	$276M
Q2 2025	$1.14B	+14.1%	26.7%	$304M
Q1 2025	$1.00B	—	20.6%	$206M
Q4 2024	$924M	—	18.4%	$170M
Q3 2024	$998M	—	20.7%	$207M
Q2 2024	$998M	—	21.0%	$210M

Margins

29.0%

Gross margin

22.9%

Operating margin

18.5%

Net margin

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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