Mueller Water Products, Inc. (MWA) intrinsic value & 10-year financials
Mueller Water Products, Inc. (MWA) has a Graham intrinsic value of $37.39 per share. At $21.77 on Oct 17, 2026, the stock trades 42% below that value. Over the last 10 fiscal years revenue grew 6.7% a year to $1.4B, with an average return on invested capital of 12.8%.
- Graham intrinsic value
- $37.39
- Share price (Oct 17, 2026)
- $21.77
- Price vs Graham value
- 42% below
- Market cap
- $3.4B
- Revenue (FY2025)
- $1.4B
- Revenue growth (10-yr CAGR)
- 6.7%
- ROIC (10-yr avg)
- 12.8%
- Free cash flow (FY2025)
- $172.0M
MWA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.4B | $191.7M | $1.22 | $172.0M | 18.2% | 19.6% |
| FY2024 | $1.3B | $115.9M | $0.74 | $191.4M | 13.8% | 12.9% |
| FY2023 | $1.3B | $85.5M | $0.55 | $61.4M | 10.0% | 9.9% |
| FY2022 | $1.2B | $76.6M | $0.48 | -$2.4M | 8.9% | 9.0% |
| FY2021 | $1.1B | $70.4M | $0.44 | $94.0M | 11.9% | 10.6% |
| FY2020 | $964.1M | $72.0M | — | $72.6M | 12.1% | 10.1% |
| FY2019 | $968.0M | $63.8M | $0.40 | $5.9M | 12.8% | 12.7% |
| FY2018 | $916.0M | $105.6M | $0.66 | $77.4M | 13.3% | 19.2% |
| FY2017 | $826.0M | $123.3M | $0.76 | $18.8M | 12.2% | 12.8% |
| FY2016 | $800.6M | $63.9M | $0.39 | $105.7M | 15.1% | 11.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Mueller Water Products, Inc. has demonstrated mature, steady growth, with revenue compounding at 6.7% annually over the past decade.
Mueller Water Products, Inc. returns on capital have been average, hovering around 12.8% ROIC over the decade.
Mueller Water Products, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Mueller Water Products, Inc. is modeled at 13.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $37.39 per share.