olivLaw · US equity research
Mueller Water Products, Inc. MWA
Miscellaneous Fabricated Metal Products · SIC 3490 · Vertical: Miscellaneous Fabricated Metal Products (SIC 3490)
Mueller Water Products makes valves, fire hydrants, meters and leak detection solutions for North American water systems, selling mainly to municipalities and distributors. In the third quarter of fiscal 2026 the company reported higher sales and adjusted margins, while new residential construction remained constrained. Net sales in fiscal 2025 reached 1,429.7 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Mueller Water Products, Inc. (MWA) stock was 24.04 USD (+1.99% on the day), with market capitalisation 3.8 bn USD, P/E 17.0 on diluted EPS of 1.41 USD over the last 12 months, dividend yield 1.15%, beta 0.89, 52-week range 21.24–30.37 USD. Latest reported quarter (Q3 2026): revenue of 395.9 m USD (+4.1% YoY), net income of 67.3 m USD (+28.2% YoY), diluted EPS 0.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.5
- strong (55–70)
- Bollinger (20, 2)
- 20.81 – 23.82
- above the upper band · %B 1.07 · band width 13.5%
- SMA 50 / 200
- 22.58 / 25.83
- mixed trend
- MACD (12, 26, 9)
- 0.33 / 0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.5% | −1.1% | +11.6 pp | — |
| 3 months | −9.0% | −0.5% | −8.5 pp | — |
| 6 months | −11.4% | +4.4% | −15.8 pp | — |
| Year to date | +0.9% | +12.3% | −11.4 pp | — |
| 1 year | −6.9% | +13.5% | −20.4 pp | +9.4% |
| 3 years | +84.6% | +76.4% | +8.2 pp | +76.9% |
| 5 years | +42.6% | +63.7% | −21.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 348.2 m | 304.3 m | 364.3 m | 380.3 m | 380.8 m | 318.2 m | 384.4 m | 395.9 m |
| Cost of revenue | 237.3 m | 201.3 m | 236.3 m | 234.6 m | 240.8 m | 198.4 m | 239.9 m | 240.1 m |
| Gross profit | 110.9 m | 103.0 m | 128.0 m | 145.7 m | 140.0 m | 119.8 m | 144.5 m | 155.8 m |
| SG&A | 63.1 m | 53.9 m | 55.7 m | 71.0 m | 66.7 m | 59.8 m | 59.7 m | 64.0 m |
| Operating income | 28.4 m | 47.4 m | 69.9 m | 73.7 m | 69.6 m | 56.7 m | 80.4 m | 80.6 m |
| Depreciation & amortisation | 17.0 m | 11.1 m | 11.3 m | 11.7 m | 12.8 m | 12.1 m | 12.4 m | 12.6 m |
| Interest expense | — | 1.6 m | 2.3 m | 1.7 m | 14.4 m | 1.0 m | 1.6 m | 700.0 k |
| Pre-tax income | 24.4 m | 45.8 m | 67.7 m | 72.0 m | 68.7 m | 55.7 m | 78.8 m | 79.8 m |
| Income tax | 14.4 m | 10.5 m | 16.4 m | 19.5 m | 16.1 m | 12.5 m | 19.7 m | 12.5 m |
| Net income | 10.0 m | 35.3 m | 51.3 m | 52.5 m | 52.6 m | 43.2 m | 59.1 m | 67.3 m |
| Diluted EPS | 0.06 ≈ | 0.22 | 0.33 | 0.33 | 0.33 ≈ | 0.27 | 0.38 | 0.43 |
| Operating cash flow | 89.3 m | 54.1 m | 14.3 m ≈ | 67.4 m ≈ | 83.5 m | 61.2 m | -12.8 m ≈ | 105.8 m ≈ |
| Capex | 19.4 m | 11.9 m | 9.2 m | 11.7 m | 14.5 m | 17.2 m | 14.7 m | 11.7 m ≈ |
| Dividends paid | 10.0 m | 10.5 m | 10.5 m ≈ | 10.4 m ≈ | 10.5 m | 10.9 m | 11.0 m ≈ | 10.9 m ≈ |
| Share repurchases | 0 | 0 | 5.0 m ≈ | 10.0 m ≈ | 0 | 5.5 m | 0 ≈ | 10.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 8 percentile of its own 36-quarter history (min 11.8, median 25.0, max 50.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 916.0 m | 968.0 m | 964.1 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn |
| Revenue YoY | +10.9% | +5.7% | −0.4% | +15.2% | +12.3% | +2.3% | +3.1% | +8.7% |
| Net income | 105.6 m | 63.8 m | 72.0 m | 70.4 m | 76.6 m | 85.5 m | 115.9 m | 191.7 m |
| Net income YoY | −14.4% | −39.6% | +12.9% | −2.2% | +8.8% | +11.6% | +35.6% | +65.4% |
| Diluted EPS | 0.66 | 0.40 | unavailable | 0.44 | 0.48 | 0.55 | 0.74 | 1.22 |
| Diluted EPS YoY | −13.2% | −39.4% | unavailable | unavailable | +9.1% | +14.6% | +34.5% | +64.9% |
| net % | 11.5% | 6.6% | 7.5% | 6.3% | 6.1% | 6.7% | 8.8% | 13.4% |
| Free cash flow | 77.4 m | 5.9 m | 72.6 m | 94.0 m | -2.4 m | 61.4 m | 191.4 m | 172.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 431.5 m USD
- Financial debt
- 451.6 m USD
- Net debt
- 20.1 m USD
- Equity
- 981.7 m USD
- Total assets
- 1.8 bn USD
- Debt / equity
- 0.46x
- Current ratio
- 3.54x
- ROE
- 21.4%
- ROA
- 11.0%
- FCF margin
- 12.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 964.1 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 19 Nov 2025verified |
| Cost of revenue | 635.9 m | 752.5 m | 883.1 m | 896.2 m | 855.7 m | 913.0 m | SEC (XBRL)· 19 Nov 2025verified |
| Gross profit | 328.2 m | 358.5 m | 364.3 m | 379.5 m | 459.0 m | 516.7 m | SEC (XBRL)· 19 Nov 2025verified |
| Research & development | 15.0 m | 17.1 m | 24.5 m | 25.9 m | 20.5 m | 19.9 m | SEC (XBRL)· 19 Nov 2025verified |
| SG&A | 198.4 m | 218.8 m | 238.7 m | 241.9 m | 245.2 m | 247.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Operating income | 116.8 m | 131.7 m | 111.6 m | 127.4 m | 181.7 m | 260.6 m | SEC (XBRL)· 19 Nov 2025verified |
| Depreciation & amortisation | 57.8 m | 59.6 m | 60.5 m | 62.5 m | 66.2 m | 46.9 m | SEC (XBRL)· 19 Nov 2025verified |
| EBITDA | 174.6 m ≈ | 191.3 m ≈ | 172.1 m ≈ | 189.9 m ≈ | 247.9 m ≈ | 307.5 m ≈ | SEC (XBRL)· 19 Nov 2025derived |
| Interest expense | 26.6 m | 23.8 m | 17.6 m | 18.4 m | 21.5 m | 20.0 m | SEC (XBRL)· 19 Nov 2025verified |
| Pre-tax income | 94.1 m | 94.9 m | 98.6 m | 109.0 m | 163.4 m | 254.2 m | SEC (XBRL)· 19 Nov 2025verified |
| Income tax | 22.1 m | 24.5 m | 22.0 m | 23.5 m | 47.5 m | 62.5 m | SEC (XBRL)· 19 Nov 2025verified |
| Net income | 72.0 m | 70.4 m | 76.6 m | 85.5 m | 115.9 m | 191.7 m | SEC (XBRL)· 19 Nov 2025verified |
| Diluted EPS | — | 0.44 | 0.48 | 0.55 | 0.74 | 1.22 | SEC (XBRL)· 19 Nov 2025verified |
| Weighted average diluted shares | 158.6 m | 159.2 m | 158.0 m | 156.8 m | 156.9 m | 157.5 m | SEC (XBRL)· 19 Nov 2025verified |
| Dividend per share | 0.21 | 0.22 | 0.23 | 0.24 | 0.26 | 0.27 | SEC (XBRL)· 19 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 208.9 m | 227.5 m | 146.5 m | 160.3 m | 309.9 m | 431.5 m | SEC (XBRL)· 19 Nov 2025verified |
| Receivables | 180.8 m | 212.2 m | 228.0 m | 217.1 m | 208.9 m | 211.9 m | SEC (XBRL)· 19 Nov 2025verified |
| Inventories | 162.5 m | 184.7 m | 278.7 m | 297.9 m | 301.7 m | 328.7 m | SEC (XBRL)· 19 Nov 2025verified |
| Current assets | 581.2 m | 653.7 m | 680.0 m | 706.8 m | 858.4 m | 1.0 bn | SEC (XBRL)· 19 Nov 2025verified |
| Property, plant & equipment, net | 253.8 m | 283.4 m | 301.6 m | 311.7 m | 318.8 m | 335.7 m | SEC (XBRL)· 19 Nov 2025verified |
| Goodwill | 99.8 m | 115.1 m | 98.6 m | 93.7 m | 80.7 m | 89.2 m | SEC (XBRL)· 19 Nov 2025verified |
| Intangibles (excl. goodwill) | 408.9 m | 392.5 m | 361.2 m | 334.0 m | 309.7 m | 307.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Total assets | 1.4 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.8 bn | SEC (XBRL)· 19 Nov 2025verified |
| Accounts payable | 67.3 m | 92.0 m | 122.8 m | 102.9 m | 109.9 m | 134.4 m | SEC (XBRL)· 19 Nov 2025verified |
| Short-term debt | 1.1 m | 1.0 m | 800.0 k | 700.0 k | 800.0 k | 1.2 m | SEC (XBRL)· 19 Nov 2025verified |
| Long-term debt | 446.5 m | 445.9 m | 446.1 m | 446.7 m | 448.7 m | 450.4 m | SEC (XBRL)· 19 Nov 2025verified |
| Current liabilities | 155.0 m | 220.1 m | 241.0 m | 218.8 m | 258.0 m | 290.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Total liabilities | 754.3 m | 823.1 m | 828.8 m | 793.5 m | 825.8 m | 857.2 m | SEC (XBRL)· 19 Nov 2025verified |
| Equity | 640.7 m | 694.9 m | 669.3 m | 711.5 m | 810.1 m | 981.7 m | SEC (XBRL)· 05 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 140.3 m | 156.7 m | 52.3 m | 109.0 m | 238.8 m | 219.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Capex | 67.7 m | 62.7 m | 54.7 m | 47.6 m | 47.4 m | 47.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Free cash flow | 72.6 m ≈ | 94.0 m ≈ | -2.4 m ≈ | 61.4 m ≈ | 191.4 m ≈ | 172.0 m ≈ | SEC (XBRL)· 19 Nov 2025derived |
| Investing cash flow | -67.5 m | -81.7 m | -54.9 m | -42.1 m | -47.2 m | -47.1 m | SEC (XBRL)· 19 Nov 2025verified |
| Financing cash flow | -41.4 m | -58.8 m | -72.0 m | -48.8 m | -46.0 m | -58.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Dividends paid | 33.1 m | 34.8 m | 36.5 m | 38.1 m | 39.9 m | 41.9 m | SEC (XBRL)· 19 Nov 2025verified |
| Share repurchases | 5.0 m | 10.0 m | 35.0 m | 10.0 m | 10.0 m | 15.0 m | SEC (XBRL)· 19 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 77 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation66
- Quality89
- Growth69
- Returns53
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.64 – 44.65 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)17.64 – 27.58 (Mid 21.43)WACC 8.8% · starting FCFF 193.5 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 9.9%
- Peers: EV/EBITDA30.73 – 40.51 (Mid 34.13)3 companies used · median multiple 15.7x · quartiles 14.1x – 18.6xCR, CXT, HLIO
- Peers: P/E43.88 – 44.65 (Mid 44.12)3 companies used · median multiple 31.2x · quartiles 31.0x – 31.6xHLIO, PH, WTS
- Dividend discount (DDM)outside the aggregate3.52 – 4.74 (Mid 4.04)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 77/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 21.6% | 100 (vs peers) | 10% |
| Net margin · Quality | 15.0% | 86 (vs peers) | 6% |
| FCF conversion · Quality | 80.8% | 73 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 4.7% | 39 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 36.5% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -0.1x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 16.2x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 4.6x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 17.0x | 100 (vs peers) | 10% |
| EV/EBITDA · Valuation | 11.0x | 36 (on a fixed band) | 10% |
| FCF yield · Valuation | 4.8% | 60 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.6% | 22 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 24.1% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth69/100 · 2/2 factors with a value
- Quality89/100 · 3/3 factors with a value
- Returns53/100 · 2/2 factors with a value
- Valuation66/100 · 3/3 factors with a value
Memo
Mueller Water Products, Inc. (MWA). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 8.7%; net margin 15.0%; ROE 21.7%; net debt/EBITDA -0.1x.
The estimated value range is 30.73–40.51 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 34.13 USD, the price of 24.04 USD leaves a potential of 42.0% (value / price − 1) and a margin of safety of 29.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 77/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 21.6%
- Net margin: 15.0%
- FCF conversion: 80.8%
- EPS CAGR 3Y: 36.5%
- Net debt / EBITDA: -0.1x
- Interest coverage: 16.2x
- Current ratio: 4.6x
- P/E (TTM): 17.0x
- Payout ratio (FCF): 24.1%
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 1.6%
- The valuation methods diverge
Versus the vertical median
Miscellaneous Fabricated Metal Products (SIC 3490) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PHParker-Hannifin Corporation | 114.7 bn | 32.0 | 25.1% | 17.0% | +8.3% | +6% / +110% |
| CRCrane Company | 11.9 bn | 35.4 | 16.2% | 12.4% | +8.2% | +13% / +95% |
| MWAMueller Water Products, Inc. | 3.8 bn | 17.0 | 21.7% | 15.0% | +8.7% | −7% / +85% |
| CXTCrane Nxt, Co. | 3.5 bn | 27.3 | 10.5% | 7.1% | +11.4% | +9% / +20% |
| HLIOHelios Technologies, Inc. | 2.2 bn | 31.2 | 7.7% | 8.0% | unavailable | +24% / +74% |
| ZKINZk International Group Co., Ltd. | 10.6 m | — | -15.1% | -5.6% | −34.2% | −25% / +77% |
| HIHOHighway Holdings Limited | 3.9 m | — | -27.3% | -31.7% | −35.2% | −26% / −58% |
| WTSWatts Water Technologies Inc | — | 30.9 | 18.8% | 14.3% | +8.3% | +28% / +84% |
1- and 3-year price returns: for MWA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.32 Total return -39% · Per year -39% | 25.32 Total return 7% · Per year 7% | 38.14 Total return 60% · Per year 60% |
| 3 years | 13.94 Total return -39% · Per year -15% | 27.73 Total return 19% · Per year 6% | 45.86 Total return 96% · Per year 25% |
| 5 years | 13.57 Total return -39% · Per year -9% | 30.37 Total return 33% · Per year 6% | 55.14 Total return 138% · Per year 19% |
- Exit P/E± 6.93
- Net margin± 4.85
- Annual revenue growth± 3.98
- Annual dilution± 0.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Mueller Water Products makes valves, fire hydrants, meters and leak detection solutions for North American water systems, selling mainly to municipalities and distributors. In the third quarter of fiscal 2026 the company reported higher sales and adjusted margins, while new residential construction remained constrained 13. Net sales in fiscal 2025 reached 1,429.7 million USD 1.
SWOT
Strengths
- The Mueller brand and a large installed base of hydrants and valves support durable relationships with distributors and utilities 1.
- Margins have improved in recent quarters, and cash generation has remained solid 13.
- The balance sheet holds substantial liquidity and has no debt maturities until 2029, giving flexibility 3.
Weaknesses
- Dependence on a few large distributors means pricing pressure or the loss of one partner could quickly affect results 1.
- Pronounced construction seasonality makes the first quarters weak and hard to offset 1.
- Newer technology products such as smart metering have a short market history and have grown more slowly than expected 1.
Opportunities
Risks
- Dependence on residential constructionmedium
A significant part of sales depends on new construction, which is sensitive to interest rates and consumer confidence 1.
- Customer concentrationhigh
Two distributors accounted for a major share of sales, and losing either could affect results 1.
- Trade tariffshigh
Higher tariffs on imports can raise costs and compress margins, even if part of the effect is recovered through pricing 2.
- Warranty and product defectsmedium
Complex products can carry defects that lead to warranty costs, recalls and reputational damage 1.
- Adoption of new technologieslow
If utilities adopt smart meters and leak detection slowly, investments in these products could take longer to pay off 1.
Investment thesis
What would need to be true (bull case)
- If adjusted margins keep rising, the company could convert volume growth into higher profit more efficiently 3.
- Ageing infrastructure and the need for replacement could support municipal demand over a long period 1.
- A balance sheet without near-term debt maturities provides flexibility for investment and acquisitions 3.
What to watch
- Delivery of the fiscal 2026 adjusted EBITDA guidance of 367 to 372 million USDnext 10-K
- Effect of Section 232 tariffs on margins in the repair product linesQ4 2026
- Trend in new residential construction and volumes in Water Management Solutions2027
- Leadership change and the strategy of the new chief executivenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Mueller Water Products, Inc. (NYSE: MWA) manufactures and markets products used to transmit, distribute and measure water in North America 13. The business runs through two segments, Water Flow Solutions (iron gate valves, specialty valves and service brass products) and Water Management Solutions (fire hydrants, repair and installation, natural gas, metering, leak detection and pressure management) 1. The company says it has one of the largest installed bases of iron gate valves and fire hydrants in the United States, which has supported long-standing relationships with distributors and utilities 1.
Key customers are municipal utilities and water distributors, and a large part of sales depends on public spending on infrastructure replacement and on new residential construction 1. The company sells mainly through national and regional distributors, the two largest of which accounted for about 37% of gross sales in fiscal 2025 1. Sales are seasonal, lowest in the first two fiscal quarters, when weather limits construction 1.
The stated strategy includes modernising plants, such as the new brass foundry in Decatur, Illinois, growing sales through stronger customer relationships, and acquiring technologies that extend the portfolio 1. Paul McAndrew became President and Chief Executive Officer in 2026 1.
Segments
Market context
Demand from municipal repair and replacement remains solid, supported by ageing infrastructure and rising water rates, but is moderated by municipal budget pressures 12. New residential construction, which made up about 25% to 30% of fiscal 2025 net sales, is still constrained by economic uncertainty, affordability and interest rates 1.
The North American water equipment market is competitive, and tariffs and raw material prices affect costs and margins 12. If residential construction picks up, volumes in the valve business could benefit, though this depends on interest rates and tariff policy 2.
Trends
- Replacement of ageing infrastructuretailwind
Demand to repair and replace old pipes and valves supports long-term sales, especially in urban areas 1.
- Tariffs on steel and aluminium importsheadwind
Higher Section 232 tariffs raise the cost of components and raw materials, and the company says it may partly recover these costs through pricing and supply chain actions 2.
- Residential construction cyclemixed
New construction remains constrained by interest rates and economic uncertainty, which could delay new water infrastructure projects if conditions do not change 13.
- Plant modernisation and automationtailwind
Investment in foundries and domestic production could lower costs and support margin growth if the expected efficiencies materialise 13.
Competitive position
The company says its valve and hydrant markets have a few competitors, many of them well-established firms with strong brand recognition, and competition is based on quality, price and availability 1. In US water metering, competition is intense and utilities adopt new technology slowly 1.
Competition from outside North America can intensify if the dollar strengthens or trade measures change, and North American producers may move operations to lower-cost countries 1.
- Well-established US and Canadian competitors (not named in the source)
The source describes several established competitors with strong brand recognition without naming them.
- Producers outside North America
Foreign competitors can gain share depending on exchange rates, shipping costs and trade measures.
- Leading competitors in US water metering
Competitors with strong market positions that could slow adoption of the company's newer products.
- Producers relocating operations to lower-cost countries
Cost relocation strategies could put pressure on prices in the North American market.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Do Online Job Postings Capture Job Vacancies? -- by Michael Dalton, Lisa B. Kahn, Andreas I. MuellerNBER — New Working Papers · 09 Sept 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Exit or disposal costs · Regulation FD disclosure · Financial statements and exhibits
- Current report22 Oct 2026Other events
- Current report13 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report18 Jun 2026Departure or appointment of officers
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Current report25 Feb 2026Regulation FD disclosure · Financial statements and exhibits
- Current report23 Feb 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Mueller Water Products, Inc. · 19 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Mueller Water Products, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Mueller Water Products, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.