Latest Ratios: P/E Ratio 17.8x · EV/EBITDA 11.4x · ROE 21.4%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $4.0B | $3.4B | $2.0B | $1.6B | $2.4B | $1.6B | $1.8B | $1.8B | $2.1B | $2.1B |
| Enterprise Value | $3.4B | $4.0B | $3.6B | $2.3B | $1.9B | $2.7B | $1.9B | $2.1B | $1.9B | $2.2B | $2.3B |
| P/E Ratio → | 17.80 | 20.92 | 29.32 | 23.05 | 21.40 | 34.59 | 23.09 | 28.10 | 17.44 | 16.84 | 32.18 |
| P/S Ratio | 2.38 | 2.81 | 2.59 | 1.56 | 1.30 | 2.18 | 1.71 | 1.85 | 2.01 | 2.51 | 2.56 |
| P/B Ratio | 3.48 | 4.09 | 4.20 | 2.79 | 2.42 | 3.49 | 2.57 | 3.02 | 3.25 | 4.23 | 4.89 |
| P/FCF | 19.76 | 23.37 | 17.79 | 32.38 | — | 25.78 | 22.70 | 302.91 | 23.87 | — | 18.05 |
| P/OCF | 15.50 | 18.33 | 14.26 | 18.24 | 31.03 | 15.46 | 11.75 | 19.32 | 13.85 | 128.64 | 14.13 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.83 | 2.72 | 1.80 | 1.56 | 2.40 | 1.99 | 2.12 | 2.11 | 2.65 | 2.92 |
| EV / EBITDA | 11.38 | 13.45 | 14.41 | 12.11 | 11.33 | 13.96 | 10.96 | 11.60 | 11.71 | 15.36 | 17.68 |
| EV / EBIT | 13.12 | 15.49 | 19.43 | 18.20 | 16.93 | 22.71 | 16.02 | 19.72 | 16.60 | 21.75 | 25.61 |
| EV / FCF | — | 23.49 | 18.66 | 37.46 | — | 28.42 | 26.36 | 348.60 | 25.14 | — | 20.61 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.1% | 36.1% | 34.9% | 29.7% | 29.2% | 32.3% | 34.0% | 33.2% | 31.6% | 32.4% | 33.5% |
| Operating Margin | 18.2% | 18.2% | 13.8% | 10.0% | 8.9% | 11.9% | 12.1% | 12.8% | 13.3% | 12.2% | 11.6% |
| Net Profit Margin | 13.4% | 13.4% | 8.8% | 6.7% | 6.1% | 6.3% | 7.5% | 6.6% | 11.5% | 14.9% | 8.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.4% | 21.4% | 15.2% | 12.4% | 11.2% | 10.5% | 11.7% | 11.0% | 20.0% | 27.1% | 16.2% |
| ROA | 11.0% | 11.0% | 7.4% | 5.7% | 5.1% | 4.8% | 5.3% | 4.9% | 8.3% | 9.7% | 5.1% |
| ROIC | 19.7% | 19.7% | 13.6% | 9.5% | 8.6% | 10.7% | 9.9% | 12.2% | 14.4% | 11.5% | 9.6% |
| ROCE | 17.8% | 17.8% | 13.6% | 10.0% | 8.7% | 10.4% | 9.7% | 10.9% | 10.9% | 9.1% | 8.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.59 | 0.66 | 0.71 | 0.68 | 0.74 | 0.75 | 0.79 | 0.98 | 1.16 |
| Debt / EBITDA | 1.50 | 1.50 | 1.93 | 2.49 | 2.75 | 2.49 | 2.72 | 2.52 | 2.69 | 3.37 | 3.66 |
| Net Debt / Equity | — | 0.02 | 0.21 | 0.44 | 0.49 | 0.36 | 0.42 | 0.46 | 0.17 | 0.24 | 0.69 |
| Net Debt / EBITDA | 0.07 | 0.07 | 0.68 | 1.64 | 1.90 | 1.30 | 1.52 | 1.52 | 0.59 | 0.83 | 2.19 |
| Debt / FCF | — | 0.12 | 0.88 | 5.08 | — | 2.64 | 3.66 | 45.69 | 1.27 | — | 2.55 |
| Interest Coverage | 13.04 | 13.04 | 8.55 | 6.87 | 6.55 | 4.94 | 4.49 | 4.48 | 4.72 | 4.52 | 3.81 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.54 | 3.54 | 3.33 | 3.23 | 2.82 | 2.97 | 3.75 | 3.18 | 4.10 | 4.73 | 3.30 |
| Quick Ratio | 2.41 | 2.41 | 2.12 | 1.83 | 1.65 | 2.12 | 2.68 | 2.10 | 3.17 | 3.75 | 2.14 |
| Cash Ratio | 1.49 | 1.49 | 1.20 | 0.73 | 0.61 | 1.03 | 1.35 | 0.99 | 2.08 | 2.55 | 1.05 |
| Asset Turnover | — | 0.78 | 0.80 | 0.85 | 0.83 | 0.73 | 0.69 | 0.72 | 0.71 | 0.66 | 0.63 |
| Inventory Turnover | 2.78 | 2.78 | 2.75 | 2.93 | 3.14 | 4.01 | 3.83 | 3.38 | 4.00 | 4.02 | 2.49 |
| Days Sales Outstanding | — | 63.29 | 59.83 | 63.46 | 68.09 | 73.56 | 73.75 | 67.53 | 65.47 | 64.21 | 85.12 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.0% | 1.2% | 1.9% | 2.2% | 1.4% | 2.0% | 1.8% | 1.6% | 1.2% | 0.8% |
| Payout Ratio | 21.9% | 21.9% | 34.4% | 44.6% | 47.7% | 49.4% | 46.0% | 50.2% | 28.5% | 19.5% | 25.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 4.8% | 3.4% | 4.3% | 4.7% | 2.9% | 4.3% | 3.6% | 5.7% | 5.9% | 3.1% |
| FCF Yield | 5.1% | 4.3% | 5.6% | 3.1% | — | 3.9% | 4.4% | 0.3% | 4.2% | — | 5.5% |
| Buyback Yield | 0.4% | 0.4% | 0.3% | 0.5% | 2.2% | 0.4% | 0.3% | 0.6% | 1.7% | 2.8% | 0.2% |
| Total Shareholder Yield | 1.7% | 1.4% | 1.5% | 2.4% | 4.4% | 1.8% | 2.3% | 2.4% | 3.4% | 3.9% | 0.9% |
| Shares Outstanding | — | $158M | $157M | $157M | $158M | $159M | $159M | $159M | $160M | $162M | $163M |
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying MWA stock.
Mueller Water Products, Inc.'s current P/E ratio is 17.8x. The historical average is 26.5x. This places it at the 13th percentile of its historical range.
Mueller Water Products, Inc.'s current EV/EBITDA is 11.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Mueller Water Products, Inc.'s return on equity (ROE) is 21.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 1.8%.
Based on historical data, Mueller Water Products, Inc. is trading at a P/E of 17.8x. This is at the 13th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mueller Water Products, Inc.'s current dividend yield is 1.22% with a payout ratio of 21.9%.
Mueller Water Products, Inc. has 36.1% gross margin and 18.2% operating margin. Operating margin between 10-20% is typical for established companies.
Mueller Water Products, Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Residential cyclicality and input costs
Metrics are mathematically derived from official filings.
Foundry Ramp Drives Margin Expansion
Gross margin expanded 760 bps from 31.8% in Q4 2024 to 39.4% in Q3 2026, per reported figures, with operating margin reaching 20.4%, indicating the new brass foundry is delivering operational leverage.
The sequential and year-over-year gross margin improvements, from 36.8% to 39.4% in Q3 2026, suggest the foundry ramp is progressing as planned, though full yield benefits may still be ahead. Operating margin of 20.4% in Q3 2026, up from 18.3% a year earlier, reflects both gross margin expansion and disciplined SG&A control, as SG&A declined 9.9% year-over-year. Net margin of 17.0% in Q3 2026, up from 13.8% in Q3 2025, indicates that the company is converting revenue growth into bottom-line earnings at an accelerating rate, though investors should monitor whether this is sustainable or partly driven by temporary price realization.
Returns on Capital Inflect Higher
ROIC improved from 2.1% in Q4 2024 to 5.5% in Q3 2026, according to financial statements, while ROE rose from 1.2% to 6.1%, suggesting the foundry investment is beginning to generate adequate returns.
The improvement in ROIC from 2.1% to 5.5% over eight quarters indicates that the capital deployed in the new brass foundry is starting to earn its cost of capital, though the absolute level remains modest. ROE of 6.1% in Q3 2026, up from 1.2% in Q4 2024, reflects both margin expansion and a cleaner balance sheet, as equity grew 45% over ten quarters. The gap between ROIC and ROE suggests that leverage is not amplifying returns significantly, which is consistent with the conservative debt-to-equity ratio of 0.40, but also implies that future returns will depend on operational efficiency rather than financial engineering.
Working Capital Drags on Cash Conversion
Cash conversion cycle lengthened to 143 days in Q3 2026 from 139 days a year earlier, per reported data, driven by DIO of 145 days, indicating inventory buildup that may be strategic but warrants monitoring.
The cash conversion cycle of 143 days in Q3 2026 is elevated, primarily due to days inventory outstanding of 145 days, which is high for an industrial manufacturer and may reflect the foundry ramp or anticipation of demand. DSO improved to 47 days from 52 days a year earlier, suggesting better receivables collection, while DPO rose to 49 days from 46 days, indicating slightly more favorable payment terms with suppliers. The working capital volatility, with a $100.1M outflow in Q2 2026 followed by a $11.3M inflow in Q3 2026, suggests timing effects that obscure the underlying efficiency, but the persistent high DIO may indicate that inventory is not being converted to cash as quickly as peers.
Leverage Declines as Cash Piles Up
Debt-to-equity fell from 0.63 to 0.40 over ten quarters, with cash covering 109% of total debt, according to SEC filings, while interest coverage improved to 115x in Q3 2026, indicating minimal refinancing risk.
The reduction in debt-to-equity from 0.63 in Q2 2024 to 0.40 in Q3 2026, combined with a stable debt level near $452.9M, suggests that the company is deleveraging through earnings retention rather than debt repayment. Interest coverage of 115x in Q3 2026, up from 4.89x in Q4 2024, reflects both higher operating income and lower interest expense, making debt service highly comfortable. The D/EBITDA ratio of 4.86 in Q3 2026, down from 10.52 in Q4 2024, indicates that leverage is now moderate, and with cash nearly tripling to $495.3M, the balance sheet appears to be in a fortress-like position, though investors should monitor whether this cash is deployed efficiently.
Liquidity Buffer Reaches Record High
Current ratio improved to 4.64 in Q3 2026 from 3.53 a year earlier, with quick ratio at 3.08, per reported figures, indicating a strong liquidity position that can withstand severe stress.
The current ratio of 4.64 and quick ratio of 3.08 in Q3 2026 suggest that MWA has ample short-term assets to cover liabilities, even if inventory becomes illiquid. Cash and equivalents now represent 24.8% of total assets, up from 11.9% a year ago, providing a significant buffer against operational disruptions or economic downturns. The improvement in liquidity ratios, driven by cash accumulation, indicates that the company is well-positioned to fund its foundry ramp and potential acquisitions without straining its balance sheet, though the high cash balance may also signal a lack of attractive investment opportunities.
Misapplied Metric: P/E on Cyclical Earnings
The P/E ratio of 21.45 may mislead investors because MWA's earnings are cyclical and currently benefiting from foundry ramp and federal tailwinds, per reported data, obscuring the true earning power.
The trailing P/E of 21.45 and forward P/E of 17.72 appear reasonable, but they are based on earnings that have been temporarily boosted by the foundry ramp and federal infrastructure spending, which may not be sustainable. A more appropriate metric would be EV/EBITDA, which at 13.70 (or 9.92 forward) better captures the company's operating performance and is less distorted by depreciation and non-cash items. Additionally, investors should adjust for the one-time costs associated with the foundry modernization and ERP implementation, which have historically appeared as restructuring charges, to get a clearer picture of normalized earnings. The PEG ratio of 0.97 suggests the stock is undervalued relative to growth, but this relies on the assumption that the current growth rate is sustainable, which may be overly optimistic given the cyclicality of residential construction and commodity prices.