Mueller Water Products

Mueller Water Products makes valves, fire hydrants and related equipment that carry, control and measure water in underground pipe networks, mainly in the United States and Canada. Its products are used by city water systems and by home and commercial builders. Most sales go through distributors, though some technology products are sold directly to end users. Net sales were $1,429.7 million in the fiscal year ended September 30, 2025.

The company has two segments. Water Flow Solutions brought in about 58% of fiscal 2025 sales ($824.9 million). It makes iron gate valves, specialty valves and service brass (fittings for the pipes linking buildings to water mains) under brands such as Mueller, Pratt and U.S. Pipe Valve and Hydrant. Water Management Solutions brought in about 42% ($604.8 million). It sells fire hydrants, pipe repair products, natural gas tools, water meters, and leak detection and pressure management systems under names including Jones, Krausz, Echologics and Singer Valve.

Its two main markets are repair and replacement of water systems, typically funded by local taxes and water rates, and new water lines for home construction. Mueller says it has one of the largest installed bases of iron gate valves and fire hydrants in the United States. Because most cities approve only a few hydrant brands, that installed base brings repeat sales of replacement hydrants and parts.

• In Q3 FY2026 (ended Jun 30, 2026), revenue was $395.9M, up 4.1% from a year earlier, and net income was $67.3M (+28.2%).
• For fiscal 2025, revenue was $1.43B (+8.7% year over year; +8.2% a year from FY2020 to FY2025) with a 13.4% net margin.

• Over FY2021–FY2025: $80.0M in buybacks and $191.2M in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +5.0% a year over 5 years (FY2020–FY2025).
• Dividends took 21.9% of earnings and 24.4% of free cash flow in the latest fiscal year.
• Shares outstanding changed -1.2% from Nov 10, 2021 to Jul 31, 2026.

Rank among 1514 US companies

Market value at each year end

Mueller Water Products’s market value went from $2.15B at the end of 2016 to $3.46B on Oct 28, 2026, up 61%; since the end of 2025 it is down 7%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 4 open-market purchases ($829K) and 8 sales ($3.7M), 6 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in MWA

1. Depends on local water infrastructure budgets. Repair and replacement projects are typically paid for with local taxes, water fees and rates. Tight budgets, higher interest rates or federal spending cuts can delay or shrink those projects, cutting Mueller's sales.
2. Housing slowdowns hit new installations. New water lines depend heavily on home building, which rises and falls with interest rates, mortgage availability and consumer confidence. Weak housing markets have hurt Mueller's sales and profits before.
3. Reliance on a few large distributors. Most products are sold through distributors, and the largest ones also carry rival brands. Continued distributor consolidation could squeeze prices and margins, and losing a key distributor could hurt results.
4. Big factory investments may not pay off. Since 2018, Mueller has prioritized spending to modernize aging plants, including a new brass foundry in Decatur, Illinois. Rising capital spending or poor capital allocation could strain cash and weigh on returns.
5. Volatile material costs, tariffs and inflation. Prices of raw materials and purchased parts can swing sharply, and US tariffs may raise costs further. Mueller has at times been unable to raise its own prices fast enough to offset inflation.
6. High fixed costs amplify downturns. Running factories involves large costs that don't shrink when orders fall. That makes it harder for Mueller to adjust to economic cycles, so profits can drop faster than sales in a slowdown.

• Oct 22, 2026 Other company announcement
• Oct 13, 2026 Executive or board change; Investor presentation or announcement
• Aug 5, 2026 Quarterly results released
• Jun 18, 2026 Executive or board change
• May 5, 2026 Quarterly results released
• Feb 25, 2026 Investor presentation or announcement
• Feb 23, 2026 Executive or board change
• Feb 12, 2026 Shareholder vote results
• Feb 4, 2026 Quarterly results released
• Nov 10, 2025 Investor presentation or announcement

Mueller pays a small but steadily rising dividend. It has raised its dividend at least nine years in a row, through fiscal 2025. Dividends per share grew from $0.21 in fiscal 2020 to $0.268 in fiscal 2025, about 5% a year. In fiscal 2025 the dividend used about 22% of earnings and 24% of free cash flow (cash left after capital spending). The yield was 1.27% as of October 28, 2026. Buybacks are modest: $80 million over fiscal 2021–2025, and the share count fell just 1.2% between November 2021 and July 2026.

Shares have fallen hard in downturns. They lost about 89% in the 2008 financial crisis and did not regain their prior peak until August 2016. They fell 44% in the 2020 COVID crash and 29% in the 2022 bear market, recovering within about eight months and four months, respectively. As a single stock, MWA carries more risk than a diversified fund.