Business Description

Mueller Industries, Inc. is a global manufacturer of copper, brass, aluminum, and plastic products. The company primarily produces piping systems, industrial metals, and climate equipment for the plumbing, HVACR, appliance, and industrial manufacturing markets. Operating across North America, Europe, Asia, and the Middle East, Mueller Industries is a vertically integrated supplier of essential components for critical infrastructure and construction.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues4,178,5473,768,7663,420,3453,982,455
Cost of Sales2,966,0832,724,3282,433,5112,864,862
Gross Profit1,212,4641,044,438986,8341,117,593
Selling, General & Administrative Expenses248,651226,696208,172203,086
Depreciation & Amortization Expenses68,56153,13339,95443,731
Other Operating Expenses(63,290)(5,780)(17,345)(6,373)
Operating Profit958,542770,389756,053877,149
Interest and Investment Income49,64755,62423,38716,568
Interest Expense(108)(410)(1,221)(810)
Non-Operating Income12,860(2,985)52,192(6,765)
Total Non-Operating Income62,39952,22974,3588,993
Income Before Provision for Income Taxes1,012,362820,462845,232876,031
Provision for Income Taxes247,351205,076220,762223,322
Consolidated Net Income773,590617,542609,649662,820
Net Income Attributable to Minority Interests and Other8,39912,6636,7524,504
Net Income Attributable to Common Shareholders765,191604,879602,897658,316
Basic EPS3.502.712.712.95
Diluted EPS3.432.652.652.91
Basic Weighted Average Shares Outstanding218,950222,770222,840223,116
Diluted Weighted Average Shares Outstanding222,984227,930227,324226,220
Shares Outstanding222,360227,502228,316228,006
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents1,367,0031,037,2291,170,893461,018
Short-Term Investments22,73321,87498,146217,863
Total Cash and Cash Equivalents1,389,7361,059,1031,269,039678,881
Accounts Receivable475,566450,113351,561380,352
Total Trade Receivables475,566450,113351,561380,352
Inventories510,463462,279380,248448,919
Other Current Assets69,98040,73439,17326,501
Total Current Assets2,445,7452,012,2292,040,0211,534,653
Net Property, Plant & Equipment563,677547,833420,335402,842
Net Intangible Assets287,080306,35746,20854,785
Goodwill298,188311,165151,820157,588
Long-Term Investments108,63188,03783,43672,364
Other Long-Term Assets29,70825,28517,48120,167
Total Assets3,733,0293,290,9062,759,3012,242,399
Accounts Payable180,577173,743120,485128,000
Accrued Expenses58,12560,13655,64461,915
Current Portion of Long-Term Debt—1,094796811
Current Portion of Leases8,5208,1177,8934,942
Other Current Liabilities165,912154,897132,320152,627
Total Current Liabilities413,134397,987317,138348,295
Long-Term Debt——1851,218
Leases18,97024,54726,68316,880
Other Long-Term Liabilities65,01963,96456,57962,042
Total Long-Term Liabilities83,98988,51183,44780,140
Total Liabilities497,123486,498400,585428,435
Common Stock1,6041,6041,604802
Treasury Stock(847,411)(586,530)(523,409)(502,779)
Additional Paid-in Capital345,033330,532312,171297,270
Accumulated Other Comprehensive Income(50,835)(80,279)(47,221)(64,175)
Retained Earnings3,761,5753,107,8382,594,3002,059,796
Total Common Shareholders' Equity3,209,9662,773,1652,337,4451,790,914
Minority Interests and Other25,94031,24321,27123,050
Total Shareholders' Equity3,235,9062,804,4082,358,7161,813,964
Total Liabilities and Shareholders' Equity3,733,0293,290,9062,759,3012,242,399
FY 2025FY 2024FY 2023FY 2022
Net Income773,590617,542609,649662,820
Depreciation & Amortization68,56153,13339,95443,731
Share-Based Compensation Expense26,76426,78723,13117,801
Other Adjustments(66,051)14,077(36,494)(18,038)
Changes in Trade Receivables(19,093)(56,565)30,91582,713
Changes in Inventories(40,428)(32,768)67,903(24,189)
Changes in Accounts Payable35,07824,360(40,606)(26,633)
Changes in Other Operating Activities(22,977)(658)(21,686)(14,262)
Cash from Operating Activities755,444645,908672,766723,943
Capital Expenditure(68,805)(80,203)(54,025)(37,639)
Proceeds from Sale of Property, Plant & Equipment38,50812,0052797,850
Purchases of Investments(71,529)(28,110)(106,231)(217,863)
Proceeds from Sale of Investments88,43698,465273,317—
Payments for Business Acquisitions—(602,692)——
Other Investing Activities(11,521)(6,400)21,7405,649
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 Equivalents10,347(13,823)5,590(4,365)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash346,262(135,328)708,927374,920

Key Metrics & Ratios

MetricValue
Market Cap$13.13B
P/E17.22x
P/S3.14x
EV/EBITDA11.49x
Return on Equity25.6%
Return on Invested Capital38.3%
Current Ratio5.92x
Dividend Yield0.8%
Free Cash Flow Margin16.4%

Margins

Gross margin
29.0%
Operating margin
22.9%
Net margin
18.3%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q2 2026 $1.43B +25.5% 21.7% $310M
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 — 26.7% $304M
Q1 2025 $1.00B — 20.6% $206M
Q4 2024 $924M — 18.4% $170M
Q3 2024 $998M — 20.7% $207M

More on Mueller Industries, Inc.

Figures compiled from public company filings.

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