Mueller Industries, Inc.
- Open
- 59.47
- Day high
- 60.01
- Day low
- 58.35
- Prev close
- 59.13
- Volume
- 1.6M
- Mkt cap
- $6.5B
- P/E (TTM)
- 15.2
- EPS (TTM)
- $3.88
- P/B
- 2.0
- P/S
- 1.5
- Yield
- 2.03%
- Per share
- $1.20
- ▼Insiders net selling -$14.4M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Mueller Industries, Inc. (MLI) is a Industrials company listed on NYSE. The stock is up 41% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Mueller Industries, Inc. (MLI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MLI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $1.50 | $2.16 | +44.0% | $1.2B | +8.3% |
| Feb 3, 2026 | $1.79 | $1.39 | -22.3% | $962M | -11.9% |
| Oct 21, 2025 | $1.67 | $1.88 | +12.6% | $1.1B | +16.1% |
| Jul 22, 2025 | $1.65 | $1.96 | +18.8% | $1.1B | +1.6% |
| Apr 22, 2025 | $1.31 | $1.39 | +6.1% | $1.0B | -0.3% |
| Feb 4, 2025 | $1.12 | $1.21 | +8.0% | $924M | -7.9% |
| Oct 22, 2024 | $1.32 | $1.48 | +12.1% | $998M | +11.7% |
| Jul 23, 2024 | $1.29 | $1.41 | +9.3% | $998M | +9.5% |
| Jul 25, 2023 | $2.40 | $1.56 | -35.0% | $897M | -13.3% |
| Feb 7, 2023 | $2.18 | $1.23 | -43.6% | $878M | -3.9% |
| Oct 18, 2022 | $2.35 | $1.37 | -41.7% | $945M | -8.4% |
| Jul 19, 2022 | $1.12 | $1.83 | +63.4% | $1.2B | +7.1% |
MLI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 29, 2026 | GOLDMAN SCOTT JAYdirector | Sell | 2,000 | $127.91 |
| May 11, 2026 | HERMANSON TERRYdirector | Grant | 1,222 | — |
| May 11, 2026 | Drummond William C.director | Grant | 1,222 | — |
| May 11, 2026 | GLADSTEIN GARY Sdirector | Grant | 1,222 | — |
| May 11, 2026 | Herzog Charles P Jrdirector | Grant | 1,222 | — |
| May 11, 2026 | HANSEN JOHN Bdirector | Grant | 1,222 | — |
| May 11, 2026 | DONOVAN ELIZABETH Mdirector | Grant | 1,222 | — |
| May 11, 2026 | GOLDMAN SCOTT JAYdirector | Grant | 1,222 | — |
| May 4, 2026 | GLADSTEIN GARY Sdirector | Option | 9,778 | $12.63 |
| May 4, 2026 | GLADSTEIN GARY Sdirector | Tax | 919 | $134.24 |
| Apr 29, 2026 | Christopher Gregory L.director, officer: Chairman of the Board & CEO | Sell | 103,266 | $137.29 |
| Feb 13, 2026 | GOLDMAN SCOTT JAYdirector | Sell | 4,430 | $118.97 |
| Feb 9, 2026 | HANSEN JOHN Bdirector | Sell | 1,000 | $116.71 |
| Feb 6, 2026 | GOLDMAN SCOTT JAYdirector | Tax | 548 | $114.64 |
| Feb 6, 2026 | GOLDMAN SCOTT JAYdirector | Option | 4,978 | $12.63 |
Source: MLI SEC Form 4 filings, latest May 29, 2026. For informational purposes only — not investment advice.
See the full MLI insider & 13F page →Mueller Industries, Inc. company profile
Overview
Mueller Industries, Inc. (NYSE:MLI) is a leading American manufacturer of copper, brass, aluminum, and plastic products founded in 1917 and headquartered in Collierville, Tennessee. The company went public in 1991 and has grown into a diversified industrial manufacturer serving critical infrastructure markets across North America, Europe, Asia, and the Middle East. Mueller operates through three primary business segments and has established itself as a key supplier to the plumbing, HVAC, refrigeration, and industrial markets over its century-plus history.
Business
Mueller Industries operates in the metal fabrication manufacturing sector, producing essential components for building infrastructure and industrial applications. The company's business is organized into three distinct segments that serve different but complementary markets. The Piping Systems segment represents the company's largest revenue contributor, manufacturing copper tubes, fittings, line sets, and pipe nipples that form the backbone of residential and commercial plumbing systems. This segment also produces PEX (cross-linked polyethylene) plumbing systems, which are flexible plastic pipes used as an alternative to traditional copper plumbing, and radiant heating systems that circulate heated water through floors for space heating. The segment resells complementary products including steel pipes, brass and plastic valves, and various plumbing specialties to provide comprehensive solutions to customers. These products are sold primarily to wholesalers who distribute to plumbing contractors, building material retailers like Home Depot and Lowe's, and original equipment manufacturers (OEMs) in the air conditioning industry. The Industrial Metals segment focuses on manufacturing precision-engineered metal components including brass, bronze, and copper alloy rods used in industrial applications, as well as specialized brass fittings and valves. This segment also produces cold-formed aluminum and copper products through processes that shape metal without heating, and provides machining services for various metals including aluminum, steel, brass, and cast iron. The segment serves OEMs across industrial, construction, HVAC, plumbing, and refrigeration markets with custom-engineered solutions. The Climate segment specializes in components for heating, ventilation, air conditioning, and refrigeration (HVACR) systems. This includes manufacturing valves and protection devices for commercial HVAC systems, high-pressure components for air conditioning and refrigeration equipment, and specialized heat exchangers including coaxial designs used in geothermal systems, swimming pool heat pumps, and commercial boilers. The segment also produces insulated flexible ductwork systems that distribute conditioned air throughout buildings, and brazed manifolds that distribute refrigerant in HVAC systems. Based on typical industry patterns and the company's product focus, the Piping Systems segment likely accounts for approximately 50-60% of total revenue, with Industrial Metals contributing 25-35% and Climate representing 15-25% of revenues.
Revenue model
Mueller Industries generates revenue primarily through the direct sale of manufactured metal products to distributors, wholesalers, retailers, and original equipment manufacturers. The company operates on a traditional manufacturing business model where it purchases raw materials (primarily copper, brass, aluminum, and plastics), processes them through various manufacturing techniques including extrusion, machining, and forming, and sells the finished products at a markup that covers manufacturing costs and provides profit margins. The company's customers include plumbing and HVAC wholesalers who distribute products to contractors, large building material retailers who sell to consumers and contractors, and OEMs who incorporate Mueller's components into their finished products like air conditioners, water heaters, and industrial equipment. Revenue is generated on a per-unit basis for products sold, with pricing typically following commodity metal prices plus manufacturing value-add. Several factors significantly impact Mueller's profitability margins. Commodity price volatility represents the most significant risk, as copper prices can fluctuate dramatically based on global supply and demand, economic conditions, and geopolitical events. When copper prices rise rapidly, Mueller may face margin compression if it cannot immediately pass through cost increases to customers due to existing contracts or competitive pressures. Conversely, falling copper prices can benefit margins if the company has inventory purchased at higher prices. Construction and housing market cycles directly affect demand for Mueller's products, as new construction and renovation projects drive consumption of plumbing and HVAC components. Economic recessions typically reduce construction activity and pressure margins. Energy efficiency regulations and building codes can create both opportunities and challenges, as stricter standards may increase demand for Mueller's high-efficiency products but also require ongoing investment in product development. Manufacturing efficiency and capacity utilization significantly impact margins, as Mueller's facilities have substantial fixed costs that are spread across production volumes. Higher utilization rates improve profitability, while excess capacity during market downturns pressures margins. Competition from international manufacturers, particularly in Asia, can pressure pricing, especially for commodity-like products where differentiation is limited.
Competitive moat
Mueller Industries possesses a moderate but meaningful competitive moat built primarily on its manufacturing scale, distribution relationships, and technical expertise, though the moat faces ongoing challenges from commodity price volatility and international competition. The company's strongest competitive advantage lies in its established distribution network and customer relationships built over more than a century of operations. Mueller has developed deep partnerships with major wholesalers, retailers, and OEMs who value reliable supply, consistent quality, and technical support. These relationships create switching costs for customers who would need to re-qualify suppliers and potentially modify their operations to work with alternative providers. Manufacturing scale and operational efficiency provide another layer of competitive protection. Mueller's large production facilities benefit from economies of scale that smaller competitors cannot match, particularly in high-volume commodity products like copper tubing. The company's integrated operations, where it can produce both raw materials and finished products, provide cost advantages and supply chain control that pure distributors or smaller manufacturers lack. Technical expertise and product innovation offer differentiation in more specialized applications, particularly in the Climate segment where Mueller produces custom-engineered heat exchangers and specialized HVAC components. The company's ability to work closely with OEMs to develop application-specific solutions creates some customer stickiness and pricing power. However, Mueller's moat faces significant limitations. The company operates largely in commodity-adjacent markets where products are often standardized and price competition is intense. Many of Mueller's products, particularly basic copper tubing and fittings, offer limited differentiation opportunities, making the business vulnerable to low-cost international competitors, especially from Asia. Commodity price exposure creates ongoing margin pressure and limits pricing power, as customers are highly sensitive to metal price fluctuations and expect pricing to move with underlying commodity costs. The cyclical nature of construction and industrial markets also creates periodic demand volatility that even strong market positions cannot fully protect against. Potential disruption could come from alternative materials gaining broader acceptance, such as PEX and other plastic piping systems replacing copper in certain applications, or new technologies in HVAC systems that require different components. Additionally, vertical integration by large customers or new entrants with significant capital could challenge Mueller's market position over time.
Risks & safety
Mueller Industries demonstrates a strong margin of safety with excellent financial health, though valuation metrics suggest the market recognizes the company's quality. **Financial Strength:** • Cash position of $830 million provides substantial liquidity buffer • Current ratio of 4.29 indicates very strong short-term liquidity • Debt-to-equity ratio of just 1.2% shows minimal financial leverage • Strong free cash flow generation of $97 million in Q1 2025 and $566 million for full year 2024 • No meaningful solvency risk given strong balance sheet and cash generation **Valuation Metrics:** • P/E ratio of 13.6 appears reasonable for a cyclical industrial company • EV/EBITDA of 8.5 suggests moderate valuation relative to earnings power • Price-to-book ratio of 3.2 reflects premium to tangible assets but reasonable for profitable manufacturer • Graham number analysis suggests stock trading near fair value range **Other Considerations:** • High return on equity of 21.8% for 2024 demonstrates efficient capital deployment • Cyclical nature of end markets creates earnings volatility risk • Commodity exposure adds unpredictability to future margins • Strong competitive position in established markets provides some downside protection
Recent development
Based on the financial data trends over recent years, Mueller Industries has demonstrated remarkable resilience and growth despite challenging market conditions. The company has successfully navigated the volatile commodity price environment and supply chain disruptions that characterized the 2022-2024 period. **Financial Performance Evolution:** Mueller achieved exceptional profitability in 2022 with revenues of $4.0 billion and net income of $663 million, representing a 36.8% return on equity. While revenues moderated to $3.4 billion in 2023, the company maintained strong profitability with $603 million in net income. The 2024 performance of $3.8 billion in revenue and $618 million in net income demonstrates the company's ability to sustain high profitability levels across different market conditions. **Cash Management and Capital Allocation:** The company has built an exceptionally strong cash position, growing from $461 million at the end of 2022 to over $1 billion by late 2024. This cash accumulation, combined with consistently strong free cash flow generation exceeding $500 million annually, indicates disciplined capital allocation and preparation for future opportunities or market downturns. **Operational Efficiency Improvements:** Mueller has demonstrated improving operational efficiency through the cycle, maintaining EBITDA margins above 20% even as market conditions fluctuated. The company's ability to generate strong cash flows from operations consistently above $600 million annually shows effective working capital management and operational execution. **Market Position Strengthening:** The sustained high profitability and strong financial metrics suggest Mueller has strengthened its competitive position, likely through market share gains, operational improvements, or both during a period when many competitors may have struggled with commodity volatility and supply chain challenges.
MLI company profile · for informational purposes only — not investment advice.
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