MLIMueller Industries, Inc.
Is the business good?
The checks split: earnings fully cash-backed (1.0×) and elite returns on assets, but margins compressing.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 24% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MLI?
Mueller Industries, Inc. earns 42% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 33 points above what the capital costs: growth creates value
- Operating margin
- 22%
Operating margin · Metal Fabrication median 7.6% · 12 months to Q3 2026
- Cash conversion
- 0.95×
Cash conversion · 1.05× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.79%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 10% |
| FY2021 | 17% |
| FY2022 | 22% |
| FY2023 | 22% |
| FY2024 | 20% |
| FY2025 | 23% |
Details›
- Gross margin12 months to Q3 2026
- 27%
- Operating margin12 months to Q3 2026
- 22%
- Net margin12 months to Q3 2026
- 17%
- Free cash flow margin
- 14%
- Revenue, trailing twelve months
- $5.00B
- Free cash flow, trailing twelve months
- $690M
- Net income, trailing twelve months
- $864M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 42%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.