# Mueller Industries, Inc. (MLI)

> Source: Nexqual · https://nexqual.com/MLI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Mueller Industries, Inc. (MLI), nexqual.com/MLI" · informational, not investment advice.

**Price:** USD 54.53 (-5.23% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 57.54 · day 53.65–56.5 · 52w 51.2–71.12 · market cap $12.1B · NYQ

## Key facts
- Last four reported quarters (through Sep 26, 2026): revenue $5.00B, net income $864M (17.3% margin), free cash flow $690M (SEC filings).
- Valuation: P/E 14.0x (avg 13.5x at the last 3 fiscal year-ends), EV/EBITDA 9.2x, net cash $1.48B.
- 1 of 80 tracked superinvestors hold MLI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $44.0M; 4 not under a Rule 10b5-1 plan ($43.6M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (2 analysts), mean target USD 78 (range 76–80).
- Total return with dividends: 1Y +5.8% vs S&P 500 +14.9%; 5Y +374.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-20, EPS estimate USD 0.94, revenue estimate $1.17B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.77B | $3.98B | $3.42B | $3.77B | $4.18B | $5.00B |
| Operating income | $656M | $877M | $756M | $770M | $959M | $1.08B |
| Net income | $469M | $658M | $603M | $605M | $765M | $864M |
| EPS (diluted) | $2.06 | $2.91 | $2.65 | $2.65 | $3.43 | — |
| Free cash flow | $280M | $686M | $619M | $566M | $687M | $690M |
| Operating margin | 17.4% | 22.0% | 22.1% | 20.4% | 22.9% | 21.5% |
| Net margin | 12.4% | 16.5% | 17.6% | 16.0% | 18.3% | 17.3% |
| Revenue growth | +57.2% | +5.7% | -14.1% | +10.2% | +10.9% | — |
| Cash + short-term investments | $87.9M | $679M | $1.27B | $1.06B | $1.39B | — |
| Total debt | $2.9M | $2.7M | $981K | $1.1M | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 26, 2026)
P/E 14.0x · P/S 2.4x · EV/EBITDA 9.2x · EV/Sales 2.1x · P/FCF 17.5x · P/B 3.4x · FCF yield 5.72% · Earnings yield 7.16% · Dividend yield (paid, TTM) 1.17% · Buyback yield (TTM) 2.31% · Net cash $1.48B · EV $10.6B
P/E at fiscal year-ends: Dec 2025 16.7x, Dec 2024 15.0x, Dec 2023 8.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MLI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | <0.01% | $318K | Added +86.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-27 | Goldman Scott Jay | Director | 2,000 | $128K | 2.4% | Yes | Too little history (no open-market trades in 2024) |
| 2026-08-13 | Martin Jeffrey Andrew | EVP, CFO & Treasurer | 86,209 | $5.8M | 13.1% | No | Too little history (no open-market trades in 2023) |
| 2026-08-10…2026-08-11 | Christopher Gregory L. | Chairman of the Board & CEO | 340,000 | $23.4M | 14.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Hansen John B | Director | 3,444 | $234K | 1.6% | No | Routine (sold in May & Aug each year 2023–2025) |
| 2026-05-29 | Goldman Scott Jay | Director | 2,000 | $256K | 4.7% | Yes | Too little history (no open-market trades in 2024) |
| 2026-04-27 | Christopher Gregory L. | Chairman of the Board & CEO | 103,266 | $14.2M | 8.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 2 analysts; mean target USD 78 (low 76, high 80).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Freedom Broker | Target lowered | Buy | $80 → $76 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.8% | +374.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.8% | +36.4% |
| Volatility (annualized) | 34.1% | 31.9% |
| Max drawdown | -22.3% (Feb 2026→Mar 2026) | -24.8% (Nov 2024→Mar 2025) |

## Peers (Metal Fabrication)
CRS (Carpenter Technology Corporatio) USD 292.26 -20.62% · ATI (ATI Inc.) USD 161.84 -10.43% · ESAB (ESAB Corporation) USD 66.89 +0.80% · GPGI (GPGI, Inc.) USD 12.55 -2.86% · WOR (Worthington Enterprises, Inc.) USD 64.44 -1.01% · PRLB (Proto Labs, Inc.) USD 84.36 -5.94%

## More
Full page: https://nexqual.com/MLI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MLI's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/89439/000008943926000008/mli-20251227.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Heatlink Group | "We disposed of Die-Mold on September 2, 2021 and Heatlink Group on July 3, 2023 in a contribution agreement with a limited liability company operating in the retail distribution business." |

Other companies that name MLI in their own reports (relationship from MLI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | WATSCO INC (WSO) | 10-K 2026-02-27 | "We distribute products manufactured by Copeland Corporation, LLC ("Copeland"), The Chemours Company ("Chemours"), Mueller Industries, Inc. ("Mueller"), and Pentair, Inc. ("Pentair"), among others." |

## Revenue by business segment (quarter ended 2026-09-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Piping Systems | $890.6M | 61.7% | +24.0% |
| Industrial Metals | $409.4M | 28.4% | +64.4% |
| Climate | $142.8M | 9.9% | +12.8% |
| Total revenue | $1.44B | 100% | — |

## Revenue by product line (quarter ended 2026-09-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Tube and fittings | $757.8M | 52.5% | +28.2% |
| Valves and plumbing specialties | $132.8M | 9.2% | +4.4% |
| Total revenue | $1.44B | 100% | — |
The lines above cover 61.7% of total revenue.

## Revenue by region (fiscal year ended 2025-12-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $3.29B | 78.6% | +16.2% |
| Canada | $347.7M | 8.3% | +0.9% |
| United Kingdom | $283.3M | 6.8% | +0.9% |
| Asia & Middle East | $186.6M | 4.5% | -19.2% |
| Mexico | $75.5M | 1.8% | -12.0% |
| Total revenue | $4.18B | 100% | — |

## Company outlook (8-K filed 2026-10-20)

- "Our team has done an excellent job adjusting to shifts in demand and mix, as well as managing price relative to cost escalation." Regarding the outlook, he added "As we approach the finish line for 2026 and look ahead, we remain optimistic as we execute on our key strategic priorities."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.94 | $0.90 | +4.4% | $1.17B | 1 |
| Next quarter (ends 2027-03-31) | $1.09 | $0.99 | +10.1% | $1.35B | 1 |
| Current fiscal year (ends 2026-12-31) | $4.15 | $4.20 | -1.2% | $5.21B | 1 |
| Next fiscal year (ends 2027-12-31) | $4.65 | $4.38 | +6.2% | $5.77B | 1 |