Latest Ratios: P/E Ratio 20.6x · EV/EBITDA 13.1x · ROE 21.4%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $4.0B | $3.4B | $2.0B | $1.6B | $2.4B | $1.6B | $1.8B | $1.8B | $2.1B | $2.1B |
| Enterprise Value | $3.9B | $4.0B | $3.6B | $2.3B | $1.9B | $2.7B | $1.9B | $2.1B | $1.9B | $2.2B | $2.3B |
| P/E Ratio → | 20.57 | 20.92 | 29.32 | 23.05 | 21.40 | 34.59 | 23.09 | 28.10 | 17.44 | 16.84 | 32.18 |
| P/S Ratio | 2.75 | 2.81 | 2.59 | 1.56 | 1.30 | 2.18 | 1.71 | 1.85 | 2.01 | 2.51 | 2.56 |
| P/B Ratio | 4.03 | 4.09 | 4.20 | 2.79 | 2.42 | 3.49 | 2.57 | 3.02 | 3.25 | 4.23 | 4.89 |
| P/FCF | 22.82 | 23.37 | 17.79 | 32.38 | — | 25.78 | 22.70 | 302.91 | 23.87 | — | 18.05 |
| P/OCF | 17.90 | 18.33 | 14.26 | 18.24 | 31.03 | 15.46 | 11.75 | 19.32 | 13.85 | 128.64 | 14.13 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.83 | 2.72 | 1.80 | 1.56 | 2.40 | 1.99 | 2.12 | 2.11 | 2.65 | 2.92 |
| EV / EBITDA | 13.14 | 13.45 | 14.41 | 12.11 | 11.33 | 13.96 | 10.96 | 11.60 | 11.71 | 15.36 | 17.68 |
| EV / EBIT | 15.14 | 15.49 | 19.43 | 18.20 | 16.93 | 22.71 | 16.02 | 19.72 | 16.60 | 21.75 | 25.61 |
| EV / FCF | — | 23.49 | 18.66 | 37.46 | — | 28.42 | 26.36 | 348.60 | 25.14 | — | 20.61 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.1% | 36.1% | 34.9% | 29.7% | 29.2% | 32.3% | 34.0% | 33.2% | 31.6% | 32.4% | 33.5% |
| Operating Margin | 18.2% | 18.2% | 13.8% | 10.0% | 8.9% | 11.9% | 12.1% | 12.8% | 13.3% | 12.2% | 11.6% |
| Net Profit Margin | 13.4% | 13.4% | 8.8% | 6.7% | 6.1% | 6.3% | 7.5% | 6.6% | 11.5% | 14.9% | 8.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.4% | 21.4% | 15.2% | 12.4% | 11.2% | 10.5% | 11.7% | 11.0% | 20.0% | 27.1% | 16.2% |
| ROA | 11.0% | 11.0% | 7.4% | 5.7% | 5.1% | 4.8% | 5.3% | 4.9% | 8.3% | 9.7% | 5.1% |
| ROIC | 19.7% | 19.7% | 13.6% | 9.5% | 8.6% | 10.7% | 9.9% | 12.2% | 14.4% | 11.5% | 9.6% |
| ROCE | 17.8% | 17.8% | 13.6% | 10.0% | 8.7% | 10.4% | 9.7% | 10.9% | 10.9% | 9.1% | 8.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.59 | 0.66 | 0.71 | 0.68 | 0.74 | 0.75 | 0.79 | 0.98 | 1.16 |
| Debt / EBITDA | 1.50 | 1.50 | 1.93 | 2.49 | 2.75 | 2.49 | 2.72 | 2.52 | 2.69 | 3.37 | 3.66 |
| Net Debt / Equity | — | 0.02 | 0.21 | 0.44 | 0.49 | 0.36 | 0.42 | 0.46 | 0.17 | 0.24 | 0.69 |
| Net Debt / EBITDA | 0.07 | 0.07 | 0.68 | 1.64 | 1.90 | 1.30 | 1.52 | 1.52 | 0.59 | 0.83 | 2.19 |
| Debt / FCF | — | 0.12 | 0.88 | 5.08 | — | 2.64 | 3.66 | 45.69 | 1.27 | — | 2.55 |
| Interest Coverage | 13.04 | 13.04 | 8.55 | 6.87 | 6.55 | 4.94 | 4.49 | 4.48 | 4.72 | 4.52 | 3.81 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.54 | 3.54 | 3.33 | 3.23 | 2.82 | 2.97 | 3.75 | 3.18 | 4.10 | 4.73 | 3.30 |
| Quick Ratio | 2.41 | 2.41 | 2.12 | 1.83 | 1.65 | 2.12 | 2.68 | 2.10 | 3.17 | 3.75 | 2.14 |
| Cash Ratio | 1.49 | 1.49 | 1.20 | 0.73 | 0.61 | 1.03 | 1.35 | 0.99 | 2.08 | 2.55 | 1.05 |
| Asset Turnover | — | 0.78 | 0.80 | 0.85 | 0.83 | 0.73 | 0.69 | 0.72 | 0.71 | 0.66 | 0.63 |
| Inventory Turnover | 2.78 | 2.78 | 2.75 | 2.93 | 3.14 | 4.01 | 3.83 | 3.38 | 4.00 | 4.02 | 2.49 |
| Days Sales Outstanding | — | 63.29 | 59.83 | 63.46 | 68.09 | 73.56 | 73.75 | 67.53 | 65.47 | 64.21 | 85.12 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 1.0% | 1.2% | 1.9% | 2.2% | 1.4% | 2.0% | 1.8% | 1.6% | 1.2% | 0.8% |
| Payout Ratio | 21.9% | 21.9% | 34.4% | 44.6% | 47.7% | 49.4% | 46.0% | 50.2% | 28.5% | 19.5% | 25.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 4.8% | 3.4% | 4.3% | 4.7% | 2.9% | 4.3% | 3.6% | 5.7% | 5.9% | 3.1% |
| FCF Yield | 4.4% | 4.3% | 5.6% | 3.1% | — | 3.9% | 4.4% | 0.3% | 4.2% | — | 5.5% |
| Buyback Yield | 0.4% | 0.4% | 0.3% | 0.5% | 2.2% | 0.4% | 0.3% | 0.6% | 1.7% | 2.8% | 0.2% |
| Total Shareholder Yield | 1.4% | 1.4% | 1.5% | 2.4% | 4.4% | 1.8% | 2.3% | 2.4% | 3.4% | 3.9% | 0.9% |
| Shares Outstanding | — | $158M | $157M | $157M | $158M | $159M | $159M | $159M | $160M | $162M | $163M |
Working capital volatility
Based on current market data, MWA trades at a forward P/E of 18.07, which suggests that investors are pricing in a moderate growth trajectory that appears to discount the long-term durability of municipal water infrastructure replacement cycles compared to pure-play technology peers like Badger Meter.
The current P/E ratio of 21.89 relative to a PEG of 0.99 indicates that the market may be undervaluing the company's earnings growth potential, particularly as the Technologies segment scales. Investors should monitor whether this valuation gap narrows as the company successfully integrates smart-metering solutions into its legacy iron-works customer base.
As reported in recent financial statements, MWA's ROIC has trended toward 5.7% in 2026Q2, a figure that highlights the capital-intensive nature of foundry operations and suggests that returns are currently struggling to consistently exceed the company's weighted average cost of capital in a volatile commodity environment.
The modest ROIC trend reflects the heavy investment required for foundry modernization, which temporarily suppresses capital efficiency. While these investments are intended to drive long-term margin expansion, the current returns suggest that management must improve asset utilization to justify the significant capital expenditure deployed over the last several quarters.
According to quarterly data, the cash conversion cycle reached 135 days in 2026Q2, driven largely by an elevated days inventory outstanding of 143, which indicates that the company's reliance on heavy manufacturing creates significant working capital drag that periodically pressures free cash flow generation.
The high inventory levels appear to be a structural necessity for maintaining service levels for municipal clients, yet they remain a primary source of cash flow volatility. Investors should investigate whether the recent reduction in CCC from the 182-day peak in 2024Q1 represents a sustainable improvement in supply chain management or merely a temporary shift in production timing.
Based on reported figures, MWA has maintained a disciplined debt-to-equity ratio of 0.42 as of 2026Q2, which provides a robust balance sheet buffer that appears to insulate the company from interest rate sensitivity while allowing for continued investment in infrastructure modernization and shareholder dividend commitments.
The interest coverage ratio of 50.25 in 2026Q2 demonstrates a comfortable margin of safety for debt service, suggesting that the company is well-positioned to navigate potential economic downturns. This conservative capital structure is a key differentiator, providing the necessary dry powder for potential bolt-on acquisitions in the smart-water technology space.
Market participants frequently over-rely on residential housing starts as a primary valuation driver for MWA, a metric that obscures the more stable, non-discretionary demand profile provided by the multi-decade municipal water infrastructure replacement cycle that currently serves as the company's true fundamental floor.
Using residential construction as the sole proxy for MWA's growth potential ignores the significant tailwinds from federal infrastructure funding and the aging US water grid. Analysts should instead focus on municipal budget health and the adoption rates of Advanced Metering Infrastructure, which provide a more accurate assessment of the company's long-term revenue durability.
Includes 30+ ratios · 20 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MWA stock.
Mueller Water Products, Inc.'s current P/E ratio is 20.6x. The historical average is 26.5x. This places it at the 13th percentile of its historical range.
Mueller Water Products, Inc.'s current EV/EBITDA is 13.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Mueller Water Products, Inc.'s return on equity (ROE) is 21.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 1.8%.
Based on historical data, Mueller Water Products, Inc. is trading at a P/E of 20.6x. This is at the 13th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mueller Water Products, Inc.'s current dividend yield is 1.06% with a payout ratio of 21.9%.
Mueller Water Products, Inc. has 36.1% gross margin and 18.2% operating margin. Operating margin between 10-20% is typical for established companies.
Mueller Water Products, Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.