MUELLER WATER PRODUCTS
MWA Industrials Specialty Industrial Machinery
MUELLER WATER PRODUCTS’s revenue for fiscal 2025 (year ended September 2025) was $1.4 billion, up 8.75% from fiscal 2024. In the quarter to June 2026, revenue grew 4.10%, EPS grew 26.5%, free cash flow grew 70.9% and total debt was flat, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five; insiders bought in the last twelve months.
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MUELLER WATER PRODUCTS (MWA) Altman Z-score
MUELLER WATER PRODUCTS's Altman Z-score for fiscal 2025 is 4.39, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.39 | 0.63 |
| FY2024 | 3.76 | 1.19 |
| FY2023 | 2.57 | 0.50 |
| FY2022 | 2.07 | (0.45) |
| FY2021 | 2.52 | 0.60 |
| FY2020 | 1.92 | (0.06) |
| FY2019 | 1.98 | (0.10) |
| FY2018 | 2.08 | 0.12 |
| FY2017 | 1.96 | 0.42 |
| FY2016 | 1.54 | 0.76 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.40 | — | 0.48 | |
| Retained earnings / total assets | (0.09) | — | −0.13 | |
| EBIT / total assets | 0.14 | — | 0.47 | |
| Market value of equity / total liabilities | 4.66 | — | 2.79 | |
| Sales / total assets | 0.78 | — | 0.78 | |
| Altman Z-score | Safe zone | 4.39 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.48 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FELE Franklin Electric Co., Inc. compare | 6.9× |
| SXI Standex International Corporation compare | 5.4× |
| KAI Kadant Inc compare | 4.7× |
| MWA MUELLER WATER PRODUCTS | 4.4× |
| CSW CSW Industrials, Inc. compare | 3.4× |
| SMR NuScale Power Corporation compare | 3.2× |
| MIDD The Middleby Corporation compare | 3.1× |
| MIR Mirion Technologies, Inc. compare | 2.2× |
| CXT Crane NXT, Co. compare | 1.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets