At a glance
Mueller Industries Inc is worth $12.05B, about 16 times its fiscal 2025 earnings. Revenue grew 10.9% to $4.18B in fiscal 2025, with 18.3% kept as profit; over 5 years it has grown 11.7% a year. It pays a 1.18% dividend yield, raised every year for at least 5 years, and returned $704.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +7.1% over the past year with dividends reinvested and +35.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.1% in the 2020 crash (S&P 500: 33.7%) and 18.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 1 month after the lows.
The business in plain English
Mueller Industries makes copper, brass and aluminum products, and much of what it makes goes into homes and commercial buildings. Its range includes copper tube and fittings, line sets (the copper tubing that links an air conditioner's indoor and outdoor units), brass rod and forgings, refrigeration valves, flexible air ducts, and wire and cable. It also resells other makers' valves, faucets and plumbing fittings.
Most customers are plumbing and refrigeration wholesalers, building-material retailers, and original equipment manufacturers (OEMs, companies that build products such as air conditioners using Mueller's parts). Demand follows new housing starts, commercial construction, and repair and remodeling. Automotive and industrial customers add to sales. Copper is the main raw material, and Mueller tries to pass higher metal and energy costs on to customers.
Revenue for the fiscal year ended December 27, 2025 was about $4.18 billion. Piping Systems makes copper tube, fittings and line sets in the US, Canada, the UK, South Korea and Bahrain, and it made up 64.8% of sales. Industrial Metals made up 24.5%. It includes brass rod, forgings and Nehring, a wire and cable business bought in May 2024. Climate made up 11.9%. It makes valves, heat exchangers and flexible duct for heating, cooling and refrigeration. About 78.6% of revenue came from the US, 8.3% from Canada and 6.8% from the UK.
Price history
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MLI +7.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Tube and fittings | $2.22B | 53.1% |
| Brass rod, forgings, wire and cable | $886.6M | 21.2% |
| Valves and plumbing specialties | $491.8M | 11.8% |
| Flex duct and other HVAC components | $366.2M | 8.8% |
| OEM components, tube & assemblies | $209.7M | 5% |
By business segment
| Piping Systems | $2.71B | 64.8% |
| Industrial Metals | $1.02B | 24.5% |
| Climate | $497.9M | 11.9% |
By geography
| United States | $3.29B | 78.6% |
| Canada | $347.7M | 8.3% |
| United Kingdom | $283.3M | 6.8% |
| Asia and the Middle East | $186.6M | 4.5% |
| Mexico | $75.5M | 1.8% |
Latest results
- In Q3 FY2026 (ended Sep 26, 2026), revenue was $1.42B, up 31.6% from a year earlier, and net income was $221.2M (+6.3%).
- For fiscal 2025, revenue was $4.18B (+10.9% year over year; +11.7% a year from FY2020 to FY2025) with a 18.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.7% good |
|---|---|
| Operating margin | 22.9% good |
| Free cash flow margin | 16.4% good |
| Return on equity (FY2025) | 23.8% good |
| Return on assets (FY2025) | 20.5% good |
| Net cash (cash minus debt) | $1.48B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.40B | $139.5M | $201.2M |
| FY2021 | $3.77B | $468.5M | $279.9M |
| FY2022 | $3.98B | $658.3M | $686.3M |
| FY2023 | $3.42B | $602.9M | $618.7M |
| FY2024 | $3.77B | $604.9M | $565.7M |
| FY2025 | $4.18B | $765.2M | $686.6M |
Valuation snapshot
| Market value | $12.05B |
|---|---|
| P/E ratio | 16.1 |
| Dividend yield | 1.18% |
Rank among 1514 US companies
Market value at each year end
Mueller Industries’s market value went from $2.29B at the end of 2016 to $12.05B on Oct 28, 2026, about 5.3 times as much; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $12.05B | -5.4% |
| 2025 | $12.74B | +41.2% |
| 2024 | $9.03B | +68.6% |
| 2023 | $5.35B | +59.5% |
| 2022 | $3.36B | -1.5% |
| 2021 | $3.41B | +69.9% |
| 2020 | $2.00B | +10.8% |
| 2019 | $1.81B | +34.2% |
| 2018 | $1.35B | -34.2% |
| 2017 | $2.05B | -10.7% |
| 2016 | $2.29B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MLI price data to Oct 28, 2026 | -2.8% | +7.1% | +44.7% | +35.1% | +24.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.8% |
| 2025 | +46.3% |
| 2024 | +70.5% |
| 2023 | +62.3% |
| 2022 | +1.4% |
| 2021 | +71.0% |
| 2020 | +12.2% |
| 2019 | +37.8% |
| 2018 | -33.1% |
| 2017 | -2.1% |
| 2016 | +49.2% |
| 2015 | -19.9% |
| 2014 | +9.5% |
| 2013 | +27.1% |
| 2012 | +31.5% |
| 2011 | +18.8% |
| 2010 | +33.7% |
| 2009 | +0.9% |
| 2008 | -12.3% |
| 2007 | -7.4% |
| 2006 | +16.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.5% over that stretch · deepest drop along the way 55.5%, back to its old high 28.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.6% over that stretch · deepest drop along the way 46.1%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 6.5% over that stretch · deepest drop along the way 18.4%, back to its old high 1.1 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 11 sales ($44.6M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 27, 2026 | Gregory L. Christopher Chairman of the Board & CEO, Director | sell | $14.2M |
| Aug 11, 2026 | Gregory L. Christopher Chairman of the Board & CEO, Director | sell | $13.7M |
| Aug 13, 2026 | Jeffrey Andrew Martin EVP, CFO & Treasurer | sell | $5.8M |
| Aug 11, 2026 | Gregory L. Christopher Chairman of the Board & CEO, Director | sell | $4.9M |
| Aug 10, 2026 | Gregory L. Christopher Chairman of the Board & CEO, Director | sell | $4.8M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.8% | Jun 30, 2025 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
ETFs with the most weight in MLI
| CWS AdvisorShares Focused Equity ETF | 3.76% |
| ZIG Acquirers Fund | 3.48% |
| PHO Invesco Water Resources ETF | 3.3% |
| AIRR First Trust RBA American Industrial Renaissance ETF | 3.3% |
| FIW First Trust Water ETF | 3.05% |
| BCUS Bancreek U.S. Large Cap ETF | 3.04% |
| GDIV Harbor Dividend Growth Leaders ETF | 2.95% |
| ECML Euclidean Fundamental Value ETF | 2.24% |
What could go wrong
- Copper and energy cost swings. Copper, brass, zinc, aluminum and energy prices have been volatile. Mueller tries to pass higher costs to customers, but if it cannot, profit margins shrink. A supply shortfall could also disrupt production.
- Depends on housing and construction cycles. Much of what Mueller makes goes into new homes and commercial buildings. Higher interest rates, tight credit or a building slowdown can cut both demand and prices, which have historically been cyclical.
- Imports and plastic substitutes. Mueller competes with Cerro Flow Products, Cambridge-Lee and NIBCO in copper tube and fittings, plus foreign makers. Plastic and other-metal piping can replace copper, which can hurt demand and margins.
- Tariffs and shifting trade rules. Mueller has operations in Canada, Mexico and China, among other countries. During 2025, the US threatened or imposed tariffs on all three, and some threatened tariffs in return. Changing tariffs could raise costs and weaken demand.
- Union contracts and work stoppages. As of December 27, 2025, unions represented about 1,820 of roughly 4,832 employees, with contracts expiring between 2026 and 2029. A strike or costly renewal could disrupt plants and raise costs.
- Acquisitions must be integrated well. Mueller acquired Nehring (wire and cable) and Elkhart Products in 2024. If it fails to run, integrate and grow acquired companies well, its financial results could suffer.
Recent events
- Quarterly results released
- Executive or board change; Other company announcement
- Quarterly results released
- Bylaws or fiscal year changed
- Other company announcement
- Shareholder vote results; Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
For income and retirement investors
Mueller pays a small but fast-growing dividend. Adjusted for stock splits, dividends per share rose from $0.10 in fiscal 2020 to $0.50 in fiscal 2025, five straight annual increases. That payout used only 14.3% of fiscal 2025 earnings and 15.9% of free cash flow (cash left after running and investing in the business). The yield was 1.18% as of October 28, 2026, so the stock offers more dividend growth than income. From fiscal 2021 to 2025, Mueller spent about $355 million on buybacks, slightly more than the $350 million it paid in dividends.
Downturns have hit the shares hard. They dropped 55.5% in the 2008 financial crisis and took about 28 months to recover. They fell 46.1% in the 2020 COVID crash but recovered by November 2020. In the 2022 bear market they fell 18.4% at worst, yet gained 6.5% from the market's January peak to its October low. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Mueller Industries make money?
Mueller makes and sells copper, brass and aluminum products, mainly for plumbing, heating, air conditioning and refrigeration. Revenue was about $4.18 billion in the fiscal year ended December 27, 2025, and net profit was $765 million, or 18.3% of revenue. Tube and fittings were 53.1% of sales, and brass rod, forgings, wire and cable were 21.2%. Buyers include plumbing wholesalers, building-material retailers and equipment makers. About 78.6% of revenue came from the United States.
Does Mueller Industries raise its dividend every year?
It has raised its regular dividend five years in a row through fiscal 2025, which is a short streak. Adjusted for stock splits, dividends per share grew from $0.10 in fiscal 2020 to $0.50 in fiscal 2025, about 38% a year. The fiscal 2017 total appears to include a one-time special dividend. The payout used just 14.3% of fiscal 2025 earnings. The yield was 1.18% as of October 28, 2026.
How do copper prices affect Mueller Industries?
Copper prices directly affect Mueller's costs and margins because copper is its main raw material. The company gets refined copper through short-term supply contracts and copper scrap on the open market. It tries to pass higher metal and energy costs on to customers, but it warns that its margins could suffer if it cannot. Gross margin, the share of sales left after production costs, was 29% in fiscal 2025. Supply disruptions could also hurt results.
Does Mueller Industries have a lot of debt?
No. As of September 26, 2026, Mueller reported total debt of about $5.2 million against cash and investments of about $1.48 billion, so net cash was roughly $1.48 billion. Shareholders' equity was about $3.51 billion. That cushion gives the company room to keep paying dividends, buying back shares and making acquisitions. It does not protect sales or profits from a slowdown in construction.
How has Mueller Industries stock performed?
Strongly over the long run, though with sharp drops. As of October 28, 2026, the share price had gained an average of 24.9% a year over 10 years and 35.1% a year over five years. It rose 62.3% in 2023, 70.5% in 2024 and 46.3% in 2025. It was down 2.8% for 2026 through that date and down 18% over six months. The stock traded at about 16.1 times fiscal 2025 earnings. Past returns do not predict future ones.