Revenue growth of 5.5% in 2026Q2 and a gross margin of 37.6% suggest that foundry modernization is effectively scaling profitability despite raw material cost pressures.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 |
|---|
| Sales/Revenue | 1.46B | 1.43B | 1.31B | 1.28B | 1.25B | 1.11B | 964.1M | 968M | 916M | 826M | 800.6M | 1.16B | 1.18B | 1.12B | 1.02B | 1.34B | 1.34B | 1.43B | 1.86B | 1.85B | 1.93B |
| Revenue Growth % | 6.57% | 8.75% | 3.06% | 2.27% | 12.28% | 15.24% | -0.4% | 5.68% | 10.9% | 3.17% | -31.25% | -1.71% | 5.7% | 9.46% | -23.54% | 0.13% | -6.33% | -23.2% | 0.56% | -4.37% | - |
| Cost of Goods Sold | 913.7M | 913M | 855.7M | 896.2M | 883.1M | 752.5M | 635.9M | 647.1M | 626.1M | 558.5M | 532.7M | 817.2M | 836.8M | 807.6M | 752.8M | 1.1B | 1.1B | 1.17B | 1.42B | 1.39B | 1.53B |
| COGS % of Revenue | - | 63.86% | 65.09% | 70.25% | 70.8% | 67.73% | 65.96% | 66.85% | 68.35% | 67.62% | 66.54% | 70.18% | 70.63% | 72.06% | 73.52% | 82.35% | 82.33% | 82.01% | 76.39% | 74.95% | 78.91% |
| Gross Profit | 550M | 516.7M | 459M | 379.5M | 364.3M | 358.5M | 328.2M | 320.9M | 289.9M | 267.5M | 267.9M | 347.3M | 347.9M | 313.2M | 271.1M | 236.4M | 236.4M | 256.9M | 439M | 463.2M | 407.7M |
| Gross Margin % | 37.58% | 36.14% | 34.91% | 29.75% | 29.2% | 32.27% | 34.04% | 33.15% | 31.65% | 32.39% | 33.46% | 29.82% | 29.37% | 27.94% | 26.48% | 17.65% | 17.67% | 17.99% | 23.61% | 25.05% | 21.09% |
| Gross Profit Growth % | - | 12.57% | 20.95% | 4.17% | 1.62% | 9.23% | 2.27% | 10.69% | 8.37% | -0.15% | -22.86% | -0.17% | 11.08% | 15.53% | 14.68% | 0% | -7.98% | -41.48% | -5.22% | 13.61% | - |
| Operating Expenses | 266.3M | 256.1M | 277.3M | 252.1M | 252.7M | 226.8M | 211.4M | 182.7M | 166.7M | 166.8M | 175M | 228.5M | 220.7M | 214.4M | 204.2M | 218.9M | 219.3M | 239.1M | 274.6M | 216.7M | 250.1M |
| OpEx % of Revenue | - | 17.91% | 21.09% | 19.76% | 20.26% | 20.41% | 21.93% | 18.87% | 18.2% | 20.19% | 21.86% | 19.62% | 18.63% | 19.13% | 19.94% | 16.35% | 16.4% | 16.74% | 14.77% | 11.72% | 12.94% |
| Selling, General & Admin | 257.2M | 247.3M | 245.2M | 241.9M | 238.7M | 218.8M | 198.4M | 183.1M | 167.7M | 155.4M | 168.8M | 146.7M | 223.2M | 214.4M | 204.2M | 218.9M | 219.3M | 239.1M | 274.6M | 253.2M | 250.1M |
| SG&A % of Revenue | - | 17.3% | 18.65% | 18.96% | 19.14% | 19.69% | 20.58% | 18.92% | 18.31% | 18.81% | 21.08% | 12.6% | 18.84% | 19.13% | 19.94% | 16.35% | 16.4% | 16.74% | 14.77% | 13.69% | 12.94% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.3M | 11.6M | 12.1M | 9.9M | 13.7M | 15.5M | 17.1M | 14.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 1.48% | 1.27% | 1.46% | 1.24% | 1.18% | 1.31% | 1.53% | 1.39% | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 8.8M | 32.1M | 10.2M | 14M | 8M | 13M | -22.4M | -1M | 0 | 8.3M | 11.6M | 3.1M | 1.5M | 2.8M | 0 | 0 | 0 | 0 | -36.5M | 0 |
| Operating Income | 283.7M | 260.6M | 181.7M | 127.4M | 111.6M | 131.7M | 116.8M | 124.3M | 121.7M | 100.7M | 92.9M | 109.6M | 124.1M | 97.3M | 64.1M | 10M | 4M | -1B | 146.1M | 210M | 129M |
| Operating Margin % | 19.38% | 18.23% | 13.82% | 9.99% | 8.95% | 11.85% | 12.11% | 12.84% | 13.29% | 12.19% | 11.6% | 9.41% | 10.48% | 8.68% | 6.26% | 0.75% | 0.3% | -70.1% | 7.86% | 11.36% | 6.67% |
| Operating Income Growth % | - | 43.42% | 42.62% | 14.16% | -15.26% | 12.76% | -6.03% | 2.14% | 20.85% | 8.4% | -15.24% | -11.68% | 27.54% | 51.79% | 541% | 150% | 100.4% | -785.08% | -30.43% | 62.79% | - |
| EBITDA | 332.7M | 300.3M | 247.9M | 189.9M | 172.1M | 191.3M | 174.6M | 177.3M | 165.4M | 142.6M | 132.4M | 167.7M | 180.8M | 156.5M | 124.7M | 91.6M | 88.6M | -910.7M | 239.2M | 313.9M | 229M |
| EBITDA Margin % | 22.73% | 21% | 18.86% | 14.89% | 13.8% | 17.22% | 18.11% | 18.32% | 18.06% | 17.26% | 16.54% | 14.4% | 15.26% | 13.96% | 12.18% | 6.84% | 6.62% | -63.78% | 12.87% | 16.98% | 11.84% |
| EBITDA Growth % | 23.96% | 21.14% | 30.54% | 10.34% | -10.04% | 9.56% | -1.52% | 7.19% | 15.99% | 7.7% | -21.05% | -7.25% | 15.53% | 25.5% | 36.14% | 3.39% | 109.73% | -480.73% | -23.8% | 37.07% | - |
| D&A (Non-Cash Add-back) | 49M | 39.7M | 66.2M | 62.5M | 60.5M | 59.6M | 57.8M | 53M | 43.7M | 41.9M | 39.5M | 58.1M | 56.7M | 59.2M | 60.6M | 81.6M | 84.6M | 90.2M | 93.1M | 103.9M | 100M |
| EBIT | 287.3M | 260.8M | 183.9M | 126.4M | 115.2M | 117.6M | 119.5M | 104.3M | 116.6M | 100.7M | 91.4M | 78.6M | 121.5M | 98.8M | 55.6M | -1M | -300K | -1.05B | 164.4M | 176.7M | 166.1M |
| Net Interest Income | -5.3M | -6.6M | -12.7M | -14.7M | -16.9M | -23.4M | -25.5M | -19.8M | -20.3M | -20.3M | -23.6M | -27.5M | -49.6M | -51.7M | -59.9M | -63.3M | -39.2M | -32.2M | 0 | 0 | 0 |
| Interest Income | 7.2M | 13.4M | 8.8M | 3.7M | 700K | 400K | 1.1M | 3.5M | 4.4M | 2M | 400K | 300K | 0 | 0 | 300K | 300K | 300K | 1.7M | 0 | 0 | 0 |
| Interest Expense | 12.5M | 20M | 21.5M | 18.4M | 17.6M | 23.8M | 26.6M | 23.3M | 24.7M | 22.3M | 24M | 27.6M | 49.6M | 51.7M | 60.2M | 65.6M | 36.6M | 78.3M | 109M | 232.8M | 173.1M |
| Other Income/Expense | -8.5M | -6.4M | -18.3M | -18.4M | -13M | -36.8M | -22.7M | -42.2M | -26M | -23.6M | -23.6M | -28.9M | -50.6M | -53.1M | -61.4M | -22.9M | -72.6M | -82.1M | -72.4M | -123.3M | -115.9M |
| Pretax Income | 275.2M | 254.2M | 163.4M | 109M | 98.6M | 94.9M | 94.1M | 82.1M | 95.7M | 78.5M | 69.3M | 50.7M | 73.5M | 44.2M | 2.6M | -55.6M | -68.6M | -1.08B | 73.7M | 86.7M | 13.1M |
| Pretax Margin % | 18.8% | 17.78% | 12.43% | 8.54% | 7.9% | 8.54% | 9.76% | 8.48% | 10.45% | 9.5% | 8.66% | 4.35% | 6.2% | 3.94% | 0.25% | -4.15% | -5.13% | -75.85% | 3.96% | 4.69% | 0.68% |
| Income Tax | 67.8M | 62.5M | 47.5M | 23.5M | 22M | 24.5M | 22.1M | 18.3M | -9.9M | 24.2M | 24.2M | 19.8M | 18M | 8.8M | 8.2M | -19.5M | -23.4M | -86.3M | 31.7M | 38.5M | 8M |
| Effective Tax Rate % | 24.64% | 24.59% | 29.07% | 21.56% | 22.31% | 25.82% | 23.49% | 22.29% | -10.34% | 30.83% | 34.92% | 39.05% | 24.49% | 19.91% | 315.38% | 35.07% | 34.11% | 7.97% | 43.01% | 44.41% | 61.07% |
| Net Income | 207.4M | 191.7M | 115.9M | 85.5M | 76.6M | 70.4M | 72M | 63.8M | 105.6M | 123.3M | 63.9M | 30.9M | 55.5M | 40.8M | -107.9M | -36.1M | -45.2M | -996.7M | 42M | 48.2M | 5.1M |
| Net Margin % | 14.17% | 13.41% | 8.82% | 6.7% | 6.14% | 6.34% | 7.47% | 6.59% | 11.53% | 14.93% | 7.98% | 2.65% | 4.68% | 3.64% | -10.54% | -2.7% | -3.38% | -69.8% | 2.26% | 2.61% | 0.26% |
| Net Income Growth % | 44.13% | 65.4% | 35.56% | 11.62% | 8.81% | -2.22% | 12.85% | -39.58% | -14.36% | 92.96% | 106.8% | -44.32% | 36.03% | 137.81% | -198.89% | 20.13% | 95.47% | -2473.1% | -12.86% | 845.1% | - |
| Net Income (Continuing) | 207.4M | 191.7M | 115.9M | 85.5M | 76.6M | 70.4M | 72M | 63.8M | 105.6M | 54.3M | 45.1M | 12.5M | 55.5M | 35.4M | -5.2M | -38.1M | -45.2M | -996.7M | 42M | 48.2M | 5.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69M | 18.8M | 18.4M | 0 | 5.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M | 1.5M | 1.1M | 1.2M | 1.5M | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.32 | 1.22 | 0.74 | 0.55 | 0.48 | 0.44 | 0.45 | 0.40 | 0.66 | 0.76 | 0.39 | 0.19 | 0.34 | 0.25 | -0.69 | -0.23 | -0.29 | -8.55 | 0.36 | 0.42 | 0.05 |
| EPS Growth % | 43.4% | 64.86% | 34.55% | 14.58% | 9.09% | -2.22% | 12.5% | -39.39% | -13.16% | 94.87% | 105.26% | -44.12% | 36% | 136.23% | -200% | 20.69% | 96.61% | -2475% | -14.29% | 740% | - |
| EPS (Basic) | - | 1.23 | 0.74 | 0.55 | 0.49 | 0.44 | 0.46 | 0.40 | 0.67 | 0.77 | 0.40 | 0.19 | 0.35 | 0.26 | -0.69 | -0.23 | -0.29 | -8.55 | 0.36 | 0.42 | 0.05 |
| Diluted Shares Outstanding | 157.4M | 157.5M | 156.9M | 156.8M | 158M | 159.2M | 158.6M | 159M | 159.7M | 161.8M | 163.4M | 163.2M | 162.2M | 160.3M | 156.5M | 155.3M | 154.3M | 116.6M | 115.5M | 114.76M | 102M |
| Basic Shares Outstanding | 156.4M | 156.4M | 155.9M | 156.3M | 157.4M | 158.4M | 157.8M | 157.8M | 158.2M | 160.1M | 161.3M | 160.5M | 159.2M | 157.7M | 156.5M | 155.3M | 154.3M | 116.6M | 115.1M | 114.76M | 102M |
| Dividend Payout Ratio | - | 21.86% | 34.43% | 44.56% | 47.65% | 49.43% | 45.97% | 50.16% | 28.5% | 19.46% | 25.2% | 38.83% | 20.18% | 26.96% | - | - | - | - | 19.29% | 16.6% | 8950.98% |
Commodity Input Cost Volatility
As reported in recent financial statements, MWA achieved a 5.5% year-over-year revenue increase in 2026Q2, reflecting a resilient demand profile for municipal water infrastructure that appears to be successfully offsetting the cyclical headwinds typically associated with residential construction activity in the current high-interest rate environment.
The company's ability to maintain positive top-line growth suggests that the non-discretionary nature of municipal replacement cycles is providing a reliable floor for performance. Investors should monitor whether this growth trajectory remains durable as federal infrastructure funding cycles begin to mature and potentially shift the mix toward larger, long-cycle projects.
Based on reported figures, MWA's gross margin reached 37.6% in 2026Q2, indicating that recent investments in foundry modernization are likely yielding the anticipated operational efficiencies and improved manufacturing throughput necessary to sustain profitability despite ongoing volatility in raw material costs like scrap steel and brass.
The expansion of gross margins from the 33-34% range seen in early 2024 suggests that management is successfully executing on its operational transformation strategy. This trend warrants further investigation to determine if these gains are permanent structural improvements or if they remain sensitive to future inflationary pressures on energy and metal inputs.
According to quarterly income statements, operating income scaled to $80.4 million in 2026Q2, demonstrating significant operating leverage as the company effectively managed its SG&A expenses while simultaneously capturing higher gross profit margins during a period of moderate revenue expansion across its core infrastructure and technology segments.
The ability to grow operating income faster than revenue suggests that the company is successfully leveraging its fixed-cost foundry base. This operational discipline appears to be a key driver of recent earnings growth, though analysts should remain cautious regarding the sustainability of these efficiencies if volume growth were to decelerate unexpectedly.
Analysis of recent filings reveals that stock-based compensation remains a recurring line item, reaching $3.5 million in 2026Q1, which suggests that while net income growth appears robust, investors should adjust for these non-cash expenses when evaluating the true underlying profitability and cash-generating capacity of the business.
The presence of consistent stock-based compensation warrants careful scrutiny to ensure that management incentives are appropriately aligned with long-term shareholder value creation. Furthermore, the variability in quarterly net income suggests that non-operating items and tax rate fluctuations may occasionally obscure the core operational performance of the firm.
Quick answers to the most common questions about buying MWA stock.
For fiscal year 2025, Mueller Water Products, Inc. (MWA) reported total revenue of $1.43B. This represents a 26.1% decline compared to $1.93B in 2006.
Mueller Water Products, Inc. (MWA) is profitable, generating $191.7M in net income for the fiscal year ending 2025 with a net profit margin of 13.4%.
Mueller Water Products, Inc. (MWA) reported an operating income of $260.6M, resulting in an operating profit margin of 18.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Mueller Water Products, Inc. (MWA) generated $516.7M in gross profit for the year, representing a gross profit margin of 36.1%. This demonstrates the company's core pricing power and production efficiency.