Mueller Industries

MLI

Manufacturing - Metal Fabrication · Industrials

Price

$59.13

+0.16 (+0.27%)

Market Cap

$13.07B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−2.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 227.2M (2021) → 221.9M (2025)

Mueller Industries makes copper and brass products used in buildings, appliances, and industrial equipment. Its main products include copper tubes, fittings, and valves — the kind found inside walls carrying water or refrigerant in homes and commercial buildings. The company is one of the largest manufacturers of copper fittings in North America.

Mueller earns money by selling these metal components to wholesalers, contractors, and manufacturers across the United States, Canada, and Europe. It operates dozens of manufacturing facilities and generates roughly $3–4 billion in annual revenue. Its competitive edge comes from its scale, low-cost manufacturing, and long-standing customer relationships in a market where switching suppliers is uncommon. The main risk the company faces is the price of copper, its key raw material, which can swing sharply and pressure profit margins even when demand stays steady.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+54.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

2.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Mueller Industries is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

28.6%

Modest — 28.6% gross margin

Operating Margin

26.2%

Excellent — 26.2% operating margin

ROCE

9.3%

Below par — 9.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+11.5%

Steady sales growth (11.5% YoY)

EPS YoY

+38.6%

Earnings growing fast (38.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

85%

Modest — 85% of profit becomes cash

FCF Margin

14.9%

Converts sales into free cash efficiently (14.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

12062.87x

Comfortably covers interest (12062.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

7.6x

Attractive valuation — P/E 7.6

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-5.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

1.46%

Small dividend — 1.46% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+33.3%

Dividend growing fast (33.3% YoY)

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