MLIMUELLER INDUSTRIES INC

Rolling Drawing & Extruding Of Nonferrous Metals

Revenue: $4.2B; 11% YoY
Operating margin: 22.9%; 12% YoY
EBITDA: $1.0B; 25% YoY
Market cap: $11.9B
Employees: 4,832; $865K revenue each
Net debt / EBITDA: -1.4×; −$1.4B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
99% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
47% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentYes
68% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$865K · 71st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$45M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.8B	$4.0B	$3.4B	$3.8B	$4.2B	11%
Operating income	$656M	$877M	$756M	$770M	$959M	24%
Net income	$469M	$658M	$603M	$605M	$765M	27%
Operating cash flow	$312M	$724M	$673M	$646M	$755M	17%
Capex	$32M	$38M	$54M	$80M	$69M	14%
Stock-based comp	$10M	$18M	$23M	$27M	$27M	0.1%
Buybacks	$5M	$38M	$19M	$49M	$244M	400%
Dividends	$29M	$56M	$67M	$89M	$109M	22%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 31, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.1%	Passive
Apr 23, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	5.1%	Passive
Jun 30, 2023	GAMCO INVESTORS, INC. ET AL	SC 13D/A	6.1%	Passive
Feb 15, 2023	GAMCO INVESTORS, INC. ET AL	SC 13D/A	3.9%	Active
Aug 23, 2022	GAMCO INVESTORS, INC. ET AL	SC 13D/A	8.1%	Passive
Oct 7, 2021	GAMCO INVESTORS, INC. ET AL	SC 13D/A	—	Passive
Aug 25, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	10.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $45M · 12
Net: −$45M

Pay vs performance

No pay-versus-performance disclosure yet.