MWAMueller Water Products, Inc.

Miscellaneous Fabricated Metal Products

Revenue: $1.4B; 8.7% YoY
Operating margin: 18.2%; 32% YoY
EBITDA: $308M; 24% YoY
Market cap: $3.6B
Employees: 3,500; $408K revenue each
Net debt / EBITDA: 1.0×; $297M net debt
AI in 10-K: 2.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 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
114% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
26% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$408K · 48th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 68th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.2B	$1.3B	$1.3B	$1.4B	8.7%
Operating income	$132M	$112M	$127M	$182M	$261M	43%
Net income	$70M	$77M	$86M	$116M	$192M	65%
Operating cash flow	$157M	$52M	$109M	$239M	$219M	8.2%
Capex	$63M	$55M	$48M	$47M	$47M	0.2%
Stock-based comp	$8M	$9M	$9M	$9M	$11M	19%
Buybacks	$10M	$35M	$10M	$10M	$15M	50%
Dividends	$35M	$37M	$38M	$40M	$42M	5.0%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 24, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.0%	Active

Insider trading

Open-market buys, 12 mo: $857K · 5
Open-market sells, 12 mo: $5M · 12
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.