Detailed financial statements for Mueller Industries, Inc. (MLI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Mueller Industries, Inc., established in 1917 and based in Collierville, Tennessee, is a global manufacturer and distributor of various products crafted from copper, brass, aluminum, and plastic. The company operates internationally, with a presence in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. Its business is divided into three key segments: Piping Systems, Industrial Metals, and Climate.
Analysis Summary
Mueller Industries, Inc. reported revenue of $4.18B in the most recent fiscal year, growing at a 5-year CAGR of 11.7%. Net income reached $765.2M, with a 40.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 26.5%, operating margin 20.8%, net margin 17.3%. Free cash flow grew at 27.8% CAGR over 5 years.
At $54.56 (closing price, October 30, 2026), MLI trades at a P/E of 13.99 and an ROE of 26.80%. Market capitalisation stands at $11.9B, placing it among large-cap names.
Balance sheet quality for MLI: current ratio of 5.9, net cash position of $1.34B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $686.6M represents 90% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.06B | $2.27B | $2.51B | $2.43B | $2.40B | $3.77B | $3.98B | $3.42B | $3.77B | $4.18B |
| Cost of Revenue | $1.72B | $1.94B | $2.15B | $2.04B | $1.97B | $2.94B | $2.86B | $2.43B | $2.72B | $3.03B |
| Gross Profit | $332.1M | $325.5M | $357.5M | $395.0M | $431.9M | $830.4M | $1.12B | $986.8M | $1.04B | $1.14B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $135.8M | $140.7M | $148.9M | $162.4M | $159.5M | $184.1M | $203.1M | $208.2M | $226.7M | $248.7M |
| Operating Expenses | $177.7M | $174.6M | $184.5M | $203.6M | $186.0M | $174.5M | $240.4M | $230.8M | $274.0M | $248.7M |
| Operating Income | $154.4M | $150.8M | $173.0M | $191.4M | $245.8M | $655.8M | $877.1M | $756.1M | $770.4M | $895.3M |
| EBITDA | $188.6M | $180.4M | $215.2M | $234.5M | $273.3M | $694.2M | $920.6M | $886.4M | $874.0M | $1.09B |
| Interest Expense | $7.4M | $19.5M | $25.2M | $25.7M | $19.2M | $7.7M | $810,000 | $1.2M | $410,000 | $108,000 |
| Pre-tax Income | $147.9M | $124.9M | $137.8M | $141.5M | $199.0M | $641.0M | $886.1M | $830.4M | $822.6M | $1.02B |
| Income Tax | $48.1M | $37.9M | $31.0M | $35.3M | $55.3M | $165.9M | $223.3M | $220.8M | $205.1M | $247.4M |
| Net Income | $99.7M | $85.6M | $104.5M | $101.0M | $139.5M | $468.5M | $658.3M | $602.9M | $604.9M | $765.2M |
| EPS | $0.44 | $0.38 | $0.46 | $0.46 | $0.62 | $2.09 | $2.95 | $2.71 | $2.71 | $3.50 |
| EPS (Diluted) | $0.43 | $0.38 | $0.46 | $0.45 | $0.62 | $2.06 | $2.91 | $2.65 | $2.66 | $3.43 |
| Shares Outstanding (Diluted) | 229.3 M | 229.9 M | 229.1 M | 225.4 M | 225.6 M | 227.2 M | 226.2 M | 227.3 M | 227.6 M | 221.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $962.4M | $1.19B | $1.43B | $1.42B |
| Gross Profit | $207.9M | $358.4M | $395.3M | $361.4M |
| Operating Income | $135.5M | $312.2M | $310.0M | $281.6M |
| EBITDA | $215.2M | $337.5M | $343.7M | $320.5M |
| Net Income | $153.7M | $239.0M | $249.7M | $221.2M |
| EPS | $0.70 | $1.10 | $1.15 | $1.02 |
| EPS (Diluted) | $0.69 | $1.08 | $1.13 | $1.00 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $351.3M | $120.3M | $72.6M | $97.9M | $119.1M | $87.9M | $461.0M | $1.17B | $1.04B | $1.37B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $217.9M | $98.1M | $21.9M | $22.7M |
| Receivables | $256.3M | $244.8M | $273.4M | $269.9M | $357.5M | $471.9M | $380.4M | $351.6M | $450.1M | $475.6M |
| Inventory | $242.0M | $327.9M | $329.8M | $292.1M | $315.0M | $430.2M | $448.9M | $380.2M | $462.3M | $510.5M |
| Total Current Assets | $894.3M | $739.1M | $702.6M | $693.8M | $825.4M | $1.02B | $1.53B | $2.04B | $2.01B | $2.45B |
| Property, Plant & Equipment | $295.2M | $304.3M | $370.6M | $390.1M | $405.9M | $409.1M | $402.8M | $420.3M | $547.8M | $563.7M |
| Goodwill | $124.0M | $130.3M | $150.3M | $153.3M | $167.8M | $171.3M | $157.6M | $151.8M | $311.2M | 0 |
| Intangible Assets | $36.2M | $42.0M | $62.0M | $60.1M | $77.2M | $61.7M | $54.8M | $46.2M | $306.4M | 0 |
| Total Assets | $1.45B | $1.32B | $1.37B | $1.37B | $1.53B | $1.73B | $2.24B | $2.76B | $3.29B | $3.02B |
| Accounts Payable | $103.2M | $102.5M | $103.8M | $85.6M | $147.7M | $180.8M | $128.0M | $120.5M | $173.7M | $180.6M |
| Short-term Debt | $13.7M | $16.5M | $7.1M | $7.5M | $41.3M | $811,000 | $811,000 | $796,000 | $1.1M | $8.5M |
| Total Current Liabilities | $219.0M | $242.3M | $232.8M | $234.3M | $339.6M | $382.4M | $348.3M | $317.1M | $398.0M | $413.1M |
| Long-term Debt | $213.7M | $448.6M | $489.6M | $378.7M | $286.6M | $1.1M | $1.2M | $185,000 | 0 | $19.0M |
| Total Liabilities | $511.0M | $784.1M | $806.3M | $708.8M | $727.5M | $472.0M | $428.4M | $400.6M | $486.5M | $497.1M |
| Retained Earnings | $1.14B | $743.5M | $824.7M | $903.1M | $1.02B | $1.46B | $2.06B | $2.59B | $3.11B | 0 |
| Total Equity | $898.7M | $522.1M | $548.4M | $643.5M | $776.7M | $1.22B | $1.79B | $2.34B | $2.77B | $2.49B |
| Total Debt | $227.4M | $465.1M | $496.7M | $413.9M | $355.7M | $25.0M | $23.9M | $35.6M | $33.8M | $46.5M |
| Net Debt | -$124.0M | $344.8M | $424.1M | $315.9M | $236.7M | -$62.9M | -$655.0M | -$1.23B | -$1.03B | -$1.34B |
| Working Capital | $675.3M | $496.9M | $469.8M | $459.5M | $485.7M | $636.6M | $1.19B | $1.72B | $1.61B | $2.03B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.37B | $1.38B | $1.39B | $1.45B |
| Total Assets | $3.02B | $3.94B | $4.26B | $4.30B |
| Total Liabilities | $497.1M | $581.5M | $683.3M | $755.3M |
| Total Equity | $2.49B | $3.33B | $3.55B | $3.51B |
| Total Debt | $46.5M | $22.8M | $24.7M | $26.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $99.8M | $87.0M | $106.8M | $106.2M | $143.6M | $475.1M | $662.8M | $602.9M | $617.5M | $765.2M |
| Depreciation & Amortization | $35.1M | $33.9M | $39.6M | $42.7M | $44.8M | $45.4M | $43.7M | $40.0M | $53.1M | $68.6M |
| Stock-based Compensation | $6.4M | $7.5M | $8.0M | $8.7M | $8.6M | $9.8M | $17.8M | $23.1M | $26.8M | $26.8M |
| Change in Working Capital | $4.7M | -$83.5M | $2.0M | $15.8M | $24.8M | -$177.7M | $17.6M | $36.5M | -$65.6M | -$47.4M |
| Operating Cash Flow | $157.8M | $44.0M | $167.9M | $200.5M | $245.1M | $311.7M | $723.9M | $672.8M | $645.9M | $755.4M |
| Capital Expenditure | -$37.5M | -$46.1M | -$38.5M | -$31.2M | -$43.9M | -$31.8M | -$37.6M | -$54.0M | -$80.2M | -$68.8M |
| Acquisitions | -$20.5M | -$21.7M | -$169.3M | -$12.5M | -$72.6M | $50.1M | $7.8M | -$4.0M | -$611.4M | $39.1M |
| Stock Repurchased | 0 | 0 | -$33.6M | -$1.8M | -$5.6M | -$4.9M | -$38.1M | -$19.3M | -$48.7M | -$243.6M |
| Dividends Paid | -$21.2M | -$196.9M | -$22.7M | -$22.3M | -$22.3M | -$29.1M | -$55.8M | -$66.9M | -$89.1M | -$109.0M |
| Free Cash Flow | $120.3M | -$2.1M | $129.4M | $169.4M | $201.2M | $279.9M | $686.3M | $618.7M | $565.7M | $686.6M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $141.2M | $79.7M | -$80.0M | $337.0M |
| Capital Expenditure | -$19.8M | -$17.2M | -$21.6M | -$22.0M |
| Free Cash Flow | $121.4M | $62.5M | -$101.5M | $315.0M |
| Dividends Paid | -$27.3M | -$38.0M | -$38.1M | -$37.8M |
| Stock-based Compensation | 0 | $7.3M | $8.5M | $7.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.2% | +10.7% | -3.1% | -1.3% | +57.2% | +5.7% | -14.1% | +10.2% | +10.9% | |
| Net Income Growth (YoY) | -14.2% | +22.0% | -3.3% | +38.2% | +235.9% | +40.5% | -8.4% | +0.3% | +26.5% | |
| EPS Growth (YoY) | -14.8% | +22.7% | -1.1% | +37.4% | +234.4% | +41.1% | -8.3% | +0.4% | +28.7% | |
| Shares Change (YoY) | +0.3% | -0.4% | -1.6% | +0.1% | +0.7% | -0.4% | +0.5% | +0.1% | -2.5% | |
| FCF Growth (YoY) | -101.8% | +6,158.6% | +30.9% | +18.8% | +39.1% | +145.2% | -9.8% | -8.6% | +21.4% | |
| Gross Margin | 16.2% | 14.4% | 14.3% | 16.3% | 18.0% | 22.0% | 28.1% | 28.9% | 27.7% | 27.4% |
| Operating Margin | 7.5% | 6.7% | 6.9% | 7.9% | 10.3% | 17.4% | 22.0% | 22.1% | 20.4% | 21.4% |
| EBITDA Margin | 9.2% | 8.0% | 8.6% | 9.6% | 11.4% | 18.4% | 23.1% | 25.9% | 23.2% | 26.1% |
| Net Margin | 4.9% | 3.8% | 4.2% | 4.2% | 5.8% | 12.4% | 16.5% | 17.6% | 16.0% | 18.3% |
| FCF Margin | 5.9% | -0.1% | 5.2% | 7.0% | 8.4% | 7.4% | 17.2% | 18.1% | 15.0% | 16.4% |
| Effective Tax Rate | 32.5% | 30.3% | 22.5% | 24.9% | 27.8% | 25.9% | 25.2% | 26.6% | 24.9% | 24.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.52 | $-0.01 | $0.56 | $0.75 | $0.89 | $1.23 | $3.03 | $2.72 | $2.49 | $3.09 |
| Dividends Per Share | $0.09 | $0.86 | $0.10 | $0.10 | $0.10 | $0.13 | $0.25 | $0.29 | $0.39 | $0.49 |
| Shares Outstanding (Basic) | 228.7 M | 229.8 M | 227.1 M | 223.2 M | 223.3 M | 224.0 M | 223.1 M | 222.8 M | 222.7 M | 218.2 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 26.80% |
| Return on Invested Capital | 21.46% |
| Return on Assets | 20.09% |
| Gross Margin | 26.45% |
| Operating Margin | 20.78% |
| Net Margin | 17.27% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 4.39 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 18.73 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.70 | 23.63 | 12.70 | 17.45 | 13.97 | 7.00 | 5.00 | 8.72 | 14.73 | 16.90 |
| P/B | 2.54 | 3.90 | 2.42 | 2.75 | 2.51 | 2.68 | 1.84 | 2.25 | 3.21 | 5.17 |
| P/S | 1.11 | 0.90 | 0.53 | 0.73 | 0.81 | 0.87 | 0.83 | 1.54 | 2.36 | 3.08 |
| Gross Margin | 16.2% | 14.4% | 14.3% | 16.3% | 18.0% | 22.0% | 28.1% | 28.9% | 27.7% | 27.4% |
| Operating Margin | 7.5% | 6.7% | 6.9% | 7.9% | 10.3% | 17.4% | 22.0% | 22.1% | 20.4% | 21.4% |
| Net Margin | 4.9% | 3.8% | 4.2% | 4.2% | 5.8% | 12.4% | 16.5% | 17.6% | 16.0% | 18.3% |
Related companies: ATI · WOR · DPC · GPGI
Explore sector: Industrials · Manufacturing - Metal Fabrication
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