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Mueller Water Products
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Latest analysis
Updated Nov 5, 2026
Mueller Water Products reports record margins and exits metering; guides FY2027 EBITDA growth despite residential weakness.
Mueller Water Products delivered record full-year adjusted EBITDA of $372 million (25.2% margin), expanding 240 basis points and achieving cumulative three-year margin expansion of 940 basis points, driven by manufacturing performance, pricing realization, and SG&A productivity. The company announced an agreement to transition its metering business to Zenner USA, incurring $26 million in one-time transition costs but generating an annualized EBITDA benefit of $8 million at the midpoint, reflecting management's decision to exit a subscale, declining business and concentrate on specialty valves and industrial flow control growth. FY2027 guidance projects net sales of $1.44–$1.47 billion (excluding metering) and adjusted EBITDA of $378–$388 million (26.3% margin at midpoint), supported by low-to-mid single-digit pricing, double-digit specialty valve growth, and manufacturing performance, partially offset by residential construction headwinds and cautious municipal spending.
Tone: bullishRevenue
$1.4B
MWA 10-K · FY 2025
Employees
3,500
Revenue growth YoY
+8.7%
EBITDA margin
25.2%
Profile
MWA 10-K Item 1 · Nov 19, 2025Mueller Water Products is a leading manufacturer and marketer of products and solutions used in the transmission, distribution, and measurement of water in North America, serving municipalities and the residential and non-residential construction industries. The company operates through two segments, Water Flow Solutions and Water Management Solutions, offering iron gate valves, fire hydrants, metering systems, leak detection, and pressure management products. Mueller holds one of the largest installed bases of iron gate valves and fire hydrants in the United States, with products specified for use in the largest 100 metropolitan areas.
Read filing description ↓ Collapse description ↑
Mueller Water Products, Inc. is a leading manufacturer and marketer of products and solutions used in the transmission, distribution and measurement of water in North America. Our products and solutions are used by municipalities and the residential and non-residential construction industries. Some of our products have leading positions as a result of their strong brand recognition and reputation for quality, service and innovation. We believe we have one of the largest installed bases of iron gate valves and fire hydrants in the United States. Our iron gate valve and hydrant products are specified for use in the largest 100 metropolitan areas in the United States. Our large installed base, broad product range and well-known brands have led to long-standing relationships with the key distributors and end users of our products. We operate our business through two segments, Water Flow Solutions and Water Management Solutions. Water Flow Solutions sells iron gate and specialty valves, and service brass products. Water Management Solutions sells fire hydrants, repair and installation, natural gas, metering, leak detection and pressure management and control products and solutions. Our products are designed, manufactured and tested in compliance with relevant industry standards. Our water distribution products are manufactured to meet or exceed American Water Works Association standards and, where applicable, certified to National Science Foundation/American National Standards Institute Standard 61 for potable water conveyance. We estimate approximately 60% to 65% of the Company's 2025 net sales were associated with the repair and replacement of municipal water infrastructure, approximately 25% to 30% were related to residential construction activity and approximately 10% were related to natural gas utilities and industrial applications.
Primary products
- iron gate valves
- specialty valves
- service brass products
- fire hydrants
- repair and installation products
- natural gas distribution products
Business segments
End markets
Geographies
Named competitors
“We believe we have one of the largest installed bases of iron gate valves and fire hydrants in the United States.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales for 2025 increased $115.0 million or 8.7% versus the prior year, driven by higher sales volumes and higher prices across most product lines.
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