Mueller Water Products (MWA) Company Report

Mueller Water Products announced a CEO succession, with Paul McAndrew, current President and COO, named as the next CEO, effective after Marty Zakas's tenure ends on February 9th.
The company reported a record-breaking fiscal year 2025 (September fiscal year-end), achieving over 8% organic net sales growth and 22.8% EBITDA. Free cash flow was approximately 84% of adjusted net income.
Strategic investments include the completion of a new brass foundry (the old one closed in January 2025) and consolidation of specialty valve manufacturing, with plans to modernize two iron foundries for increased capacity and productivity. A new "hydrant renewal" product, offering faster and cheaper hydrant replacement with optional leak detection, was also soft-launched.
Capital allocation priorities include a dividend increase for 11 consecutive years, share repurchases ($15 million in 2025, with $65 million remaining at the end of September), and a high priority on acquisitions. The company expects to benefit from cost elimination and anticipates about 100 basis points of year-over-year margin expansion at the midpoint of its 2026 guidance.

Nov 11, 2025, 4:50 PM

Transcript

Mueller Water Products Reports Record FY2025 Results and Provides FY2026 Outlook

MWA

Earnings

Guidance Update

New Projects/Investments

Mueller Water Products reported record FY2025 financial results, with net sales of $1,429.7 million and Adjusted EBITDA of $326.2 million, reflecting 5-year CAGRs of 8.2% and 11.3% respectively.
The company demonstrated strong profitability and financial health in FY2025, achieving a 22.8% Adjusted EBITDA margin and $172.0 million in Free Cash Flow, with net debt of $20.1 million and a 0.1x net debt to Adjusted EBITDA ratio as of September 30, 2025.
For FY2026, Mueller Water Products forecasts net sales between $1,450 million and $1,470 million and Adjusted EBITDA between $345 million and $350 million, targeting a 23.8% Adjusted EBITDA margin at the midpoint.
The company plans to accelerate strategic capital investments, with $60 million to $65 million allocated for capital expenditures in FY2026 to expand capacity and drive efficiencies, while also returning capital to shareholders, including $15 million in share repurchases in FY2025.

Nov 10, 2025, 10:10 PM

8-K

Mueller Water Products Reports Record FY2025 Results and Provides FY2026 Outlook

MWA

Earnings

Guidance Update

New Projects/Investments

Mueller Water Products achieved record consolidated net sales of $1,430 million and adjusted EBITDA of $326 million in FY2025, marking its second consecutive year of record results.
The company projects FY2026 net sales between $1,450 million and $1,470 million and adjusted EBITDA between $345 million and $350 million, representing year-over-year growth of 1.4% to 2.8% and 5.8% to 7.1% respectively.
As of September 30, 2025, Mueller Water Products maintained a strong balance sheet with net debt leverage at 0.1x and total liquidity of $595.2 million.
The company has a sustainability vision, having identified an estimated 7.7 billion gallons in water loss savings for clients through EchoShore® leak detection since 2020 and setting a new goal of 18 billion gallons by 2029.

Nov 10, 2025, 12:00 PM

Presentation

Mueller Reports Record Q4 and Full-Year 2025 Results, Provides 2026 Guidance, and Announces CEO Retirement

MWA

Earnings

Guidance Update

CEO Change

Mueller (MWA) delivered record-breaking performance in Q4 and full-year 2025, with Q4 net sales growth of 9.4% and FY 2025 net sales increasing 8.7% to over $1.4 billion.
For FY 2025, the company achieved record adjusted EBITDA of $326 million, a 14.6% year-over-year increase, and record adjusted net income per diluted share of $1.31, up approximately 37%.
Mueller provided fiscal year 2026 guidance, expecting consolidated net sales between $1.45 billion and $1.47 billion (representing 1.4% to 2.8% growth) and adjusted EBITDA between $345 million and $350 million (representing 5.8% to 7.3% growth).
The current CEO announced retirement effective February 9th, 2026, with Paul taking over, and will serve as a special advisor through calendar 2026 to ensure a smooth transition.
The company anticipates a slowdown in residential construction in 2026, which is expected to be offset by growth in municipal repair and replacement and project-based specialty valves.

Nov 7, 2025, 3:00 PM

Transcript

MWA Reports Q4 and Full-Year 2025 Financial Results

MWA

Earnings

Guidance Update

Revenue Acceleration/Inflection

MWA reported Q4 2025 net sales of $380.8 million, net income of $52.6 million, and adjusted net income per diluted share of $0.38.
For fiscal year 2025, the company generated $172.0 million in free cash flow, which exceeded expectations, and $219.3 million in net cash provided by operating activities.
The company achieved gross margin improvement and double-digit net sales growth for iron gate and specialty valves, hydrants, and repair products in FY2025, with commercial investments contributing to mid-single-digit volume growth.
As of September 30, 2025, MWA reported $20.1 million in net debt, a net debt leverage of 0.1x, and $595.2 million in total liquidity.
MWA anticipates continued year-over-year gross margin benefits from its new brass foundry in the first half of 2026 and plans to increase capital expenditures to 4% to 5% of net sales over the next 3 years.

Nov 7, 2025, 3:00 PM

Presentation

Mueller Water Products Reports Record Q4 and FY 2025 Results, Introduces FY 2026 Guidance

MWA

Earnings

Guidance Update

Share Buyback

Mueller Water Products (MWA) reported record fourth quarter 2025 net sales of $380.8 million, a 9.4% increase year-over-year, with adjusted net income per diluted share of $0.38.
For the full fiscal year 2025, the company achieved record net sales of $1,429.7 million, an 8.7% increase from the prior year, and adjusted net income per diluted share of $1.31.
Adjusted EBITDA for Q4 2025 increased 26.6% to $91.8 million, and for the full fiscal year 2025, it rose 14.6% to $326.2 million.
The company introduced fiscal year 2026 guidance, forecasting consolidated net sales between $1,450 million and $1,470 million and adjusted EBITDA between $345 million and $350 million.
In fiscal year 2025, MWA returned $56.9 million to shareholders through dividends and common stock repurchases.

Nov 6, 2025, 9:20 PM

8-K

Mueller Water Products Reports Record Q3 2025 Results and Raises Full-Year Guidance

MWA

Earnings

Guidance Update

New Projects/Investments

Mueller Water Products achieved record financial results in Q3 FY2025, with net sales reaching $380.3 million and adjusted EBITDA at $86.4 million, driven by higher volumes, pricing, and manufacturing efficiencies.
The company raised its full-year FY2025 guidance, now expecting consolidated net sales between $1,405 million and $1,415 million and adjusted EBITDA between $318 million and $322 million, reflecting strong Q3 performance and current market expectations.
Mueller Water Products maintains a strong balance sheet with $78.8 million in net debt and a net debt to adjusted EBITDA ratio of 0.3x as of June 30, 2025, providing ample liquidity and flexibility for strategic priorities.
The company is well-positioned to benefit from significant long-term end market dynamics, including the estimated $50 billion to $80 billion lead service line replacement market in the U.S. and ongoing efforts to address aging water infrastructure.

Sep 2, 2025, 9:02 PM

8-K

Mueller Water Products Reports Record Q2 FY2025 Results & Strategic Updates

MWA

Earnings

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Record Q2 performance: Achieved record consolidated net sales of $364.3M (up 3.1%), adjusted EBITDA of $84.5M, and record adjusted net income per diluted share of $0.34, reflecting robust operational outcomes .
FY2025 guidance update: Raised annual net sales guidance to between $1.39B and $1.4B and maintained adjusted EBITDA expectations at $310M to $315M, driven by proactive pricing measures and operational initiatives .
Strategic initiatives & operational improvements: Focused on higher pricing, lower SG&A expenses, efficient supply chain measures, and significant capital investments including a new brass foundry and facility consolidations .
Tariff mitigation strategies: Implemented targeted double-digit price increases for specialty valves and repair products alongside supply chain initiatives to counter tariff-induced cost pressures, with benefits expected in later quarters .
Segment strength: Water Flow Solutions and Water Management Solutions delivered improved net sales and margin performance in Q2 FY2025 .

May 7, 2025, 12:00 AM

8-K Transcript Presentation

Mueller Water Products Reports Q2 2025 Results

MWA

Earnings

Guidance Update

Share Buyback

Net sales increased by 3.1% to $364.3 million, with stronger operating income compared to the prior year quarter.
The company reported a net income per diluted share of $0.33 and an adjusted net income per diluted share of $0.34, reflecting improved profitability.
Mueller raised its annual guidance for fiscal 2025 consolidated net sales and reaffirmed its adjusted EBITDA guidance, indicating robust demand and effective cost management.

May 5, 2025, 12:00 AM

8-K

Mueller Water Products Reports Strong Q1 Fiscal 2025 Results at Symposium

MWA

Earnings

Guidance Update

Revenue Acceleration/Inflection

Record Q1 performance: The company delivered record first quarter results with net sales of $304.3M (+18.7% y/y) and record adjusted EBITDA, driven by disciplined operational execution and strong order levels ( ).
Strategic focus: Mueller emphasized enhancing customer experience, product innovation, and digital transformation to further boost growth and margins ( , ).
Robust fiscal guidance: The updated fiscal 2025 outlook anticipates net sales between $1,370M and $1,390M and adjusted EBITDA of $310M to $315M, reflecting ongoing momentum from Q1 ( ).