MWAMueller Water Products, Inc.
Is the business good?
A genuinely good business: 7 of 9 health tests passed, earnings fully cash-backed (1.1×), and margins widening.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 20% = 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 MWA?
Mueller Water Products, Inc. earns 21% 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% · 12 points above what the capital costs: growth creates value
- Operating margin
- 19%
Operating margin · Specialty Industrial Machinery median 14% · 12 months to Q3 2026
- Cash conversion
- 1.05×
Cash conversion · 1.44× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.06%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 12% |
| FY2021 | 12% |
| FY2022 | 8.9% |
| FY2023 | 10.0% |
| FY2024 | 14% |
| FY2025 | 18% |
Details›
- Gross margin12 months to Q3 2026
- 38%
- Operating margin12 months to Q3 2026
- 19%
- Net margin12 months to Q3 2026
- 15%
- Free cash flow margin
- 12%
- Revenue, trailing twelve months
- $1.48B
- Free cash flow, trailing twelve months
- $180M
- Net income, trailing twelve months
- $222M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 21%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from MWA and who it buys from, as the companies report it.
- Two largest distributors37%
Combined share of revenue · FY2025 10-K
- Major customers, group one20%
Combined share of revenue · FY2025 10-K
- Major customers, group two17%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; MWA’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Specialty Industrial Machinery
Ranks #3 of 34 by RyuScore