Is the business good?
How good a business is MLI?
Mueller Industries, Inc. earns 40% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
40%
Return on invested capital · cost of capital 9.0% · 31 points above what the capital costs: growth creates value
- Operating margin
- 23%
Operating margin · Metal Fabrication median 11% · 12 months to Q2 2026
- Cash conversion
- 0.78×
Cash conversion · 0.83× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- −0.31%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 10% |
| FY2021 | 17% |
| FY2022 | 22% |
| FY2023 | 22% |
| FY2024 | 20% |
| FY2025 | 23% |
Details›
- Gross margin12 months to Q2 2026
- 29%
- Operating margin12 months to Q2 2026
- 23%
- Net margin12 months to Q2 2026
- 18%
- Free cash flow margin
- 14%
- Revenue, trailing twelve months
- $4.66B
- Free cash flow, trailing twelve months
- $666M
- Net income, trailing twelve months
- $851M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 40%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.