Mueller Industries (MLI)
Market Price (6/28/2026): $128.115 | Market Cap: $14.0 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Mueller Industries (MLI)
Market Price (6/28/2026): $128.115Market Cap: $14.0 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable & Green Buildings, and Electrification of Everything. Themes include Water Treatment & Delivery, Show more. | Key risksMLI key risks include [1] its sensitivity to cyclical housing and commercial construction markets, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable & Green Buildings, and Electrification of Everything. Themes include Water Treatment & Delivery, Show more. |
| Key risksMLI key risks include [1] its sensitivity to cyclical housing and commercial construction markets, Show more. |
Qualitative Assessment
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Updated on 6/26/2026
Mueller Industries (MLI) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2026 Earnings Performance.
Mueller Industries reported its best first fiscal quarter earnings in the company's history for fiscal Q1 2026, which ended March 28, 2026. Net sales increased 19.3% year-over-year to $1.19 billion, while diluted earnings per share (EPS) rose 55.4% year-over-year to $2.16. Operating income also saw a significant increase of 51.4% year-over-year, reaching $312.2 million. This strong financial performance was a primary driver for the stock's positive movement.
2. Strategic Acquisition and Enhanced Shareholder Returns.
The company completed the acquisition of Bison Metals Technologies on March 30, 2026, an action anticipated to provide significant synergies and increase copper tube manufacturing capacities. Concurrently, Mueller Industries demonstrated a commitment to shareholder returns by increasing its quarterly dividend by 40% to $0.35 per share and repurchasing 650,000 shares for $75.0 million during fiscal Q1 2026.
Show more
Mueller Industries (MLI) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2026 Earnings Performance.
Mueller Industries reported its best first fiscal quarter earnings in the company's history for fiscal Q1 2026, which ended March 28, 2026. Net sales increased 19.3% year-over-year to $1.19 billion, while diluted earnings per share (EPS) rose 55.4% year-over-year to $2.16. Operating income also saw a significant increase of 51.4% year-over-year, reaching $312.2 million. This strong financial performance was a primary driver for the stock's positive movement.
2. Strategic Acquisition and Enhanced Shareholder Returns.
The company completed the acquisition of Bison Metals Technologies on March 30, 2026, an action anticipated to provide significant synergies and increase copper tube manufacturing capacities. Concurrently, Mueller Industries demonstrated a commitment to shareholder returns by increasing its quarterly dividend by 40% to $0.35 per share and repurchasing 650,000 shares for $75.0 million during fiscal Q1 2026.
Show more
Updated on 6/26/2026
Mueller Industries (MLI) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2026 Earnings Performance.
Mueller Industries reported its best first fiscal quarter earnings in the company's history for fiscal Q1 2026, which ended March 28, 2026. Net sales increased 19.3% year-over-year to $1.19 billion, while diluted earnings per share (EPS) rose 55.4% year-over-year to $2.16. Operating income also saw a significant increase of 51.4% year-over-year, reaching $312.2 million. This strong financial performance was a primary driver for the stock's positive movement.
2. Strategic Acquisition and Enhanced Shareholder Returns.
The company completed the acquisition of Bison Metals Technologies on March 30, 2026, an action anticipated to provide significant synergies and increase copper tube manufacturing capacities. Concurrently, Mueller Industries demonstrated a commitment to shareholder returns by increasing its quarterly dividend by 40% to $0.35 per share and repurchasing 650,000 shares for $75.0 million during fiscal Q1 2026.
3. Favorable Macroeconomic Tailwinds from Rising Copper Prices.
A macroeconomic factor contributing to the positive trend was the significant increase in raw material costs, specifically COMEX copper. The average price of COMEX copper rose by 26.8% to $5.80 per pound during fiscal Q1 2026. This increase allowed Mueller Industries to implement higher selling prices, which contributed to the overall rise in net sales.
4. Announced Two-for-One Stock Split.
On June 1, 2026, Mueller Industries announced a two-for-one forward stock split, effective July 1, 2026, for shareholders of record on June 25, 2026. Stock splits typically aim to make shares more accessible to a broader investor base and can improve trading liquidity, often leading to increased investor interest and a positive market reaction.
Show less
Mueller Industries (MLI) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2026 Earnings Performance.
Mueller Industries reported its best first fiscal quarter earnings in the company's history for fiscal Q1 2026, which ended March 28, 2026. Net sales increased 19.3% year-over-year to $1.19 billion, while diluted earnings per share (EPS) rose 55.4% year-over-year to $2.16. Operating income also saw a significant increase of 51.4% year-over-year, reaching $312.2 million. This strong financial performance was a primary driver for the stock's positive movement.
2. Strategic Acquisition and Enhanced Shareholder Returns.
The company completed the acquisition of Bison Metals Technologies on March 30, 2026, an action anticipated to provide significant synergies and increase copper tube manufacturing capacities. Concurrently, Mueller Industries demonstrated a commitment to shareholder returns by increasing its quarterly dividend by 40% to $0.35 per share and repurchasing 650,000 shares for $75.0 million during fiscal Q1 2026.
3. Favorable Macroeconomic Tailwinds from Rising Copper Prices.
A macroeconomic factor contributing to the positive trend was the significant increase in raw material costs, specifically COMEX copper. The average price of COMEX copper rose by 26.8% to $5.80 per pound during fiscal Q1 2026. This increase allowed Mueller Industries to implement higher selling prices, which contributed to the overall rise in net sales.
4. Announced Two-for-One Stock Split.
On June 1, 2026, Mueller Industries announced a two-for-one forward stock split, effective July 1, 2026, for shareholders of record on June 25, 2026. Stock splits typically aim to make shares more accessible to a broader investor base and can improve trading liquidity, often leading to increased investor interest and a positive market reaction.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 9.3% change in MLI stock from 2/28/2026 to 6/27/2026 was primarily driven by a 5.8% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 117.28 | 128.20 | 9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,179 | 4,371 | 4.6% |
| Net Income Margin (%) | 18.3% | 19.4% | 5.8% |
| P/E Multiple | 16.8 | 16.5 | -1.4% |
| Shares Outstanding (Mil) | 109 | 109 | 0.2% |
| Cumulative Contribution | 9.3% |
Market Drivers
2/28/2026 to 6/27/2026| Return | Correlation | |
|---|---|---|
| MLI | 9.3% | |
| Market (SPY) | 6.6% | 39.9% |
| Sector (XLI) | 2.6% | 52.2% |
Fundamental Drivers
The 17.6% change in MLI stock from 11/30/2025 to 6/27/2026 was primarily driven by a 7.0% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 108.99 | 128.20 | 17.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,140 | 4,371 | 5.6% |
| Net Income Margin (%) | 18.1% | 19.4% | 7.0% |
| P/E Multiple | 15.9 | 16.5 | 4.0% |
| Shares Outstanding (Mil) | 109 | 109 | 0.0% |
| Cumulative Contribution | 17.6% |
Market Drivers
11/30/2025 to 6/27/2026| Return | Correlation | |
|---|---|---|
| MLI | 17.6% | |
| Market (SPY) | 7.3% | 39.8% |
| Sector (XLI) | 18.6% | 46.8% |
Fundamental Drivers
The 66.9% change in MLI stock from 5/31/2025 to 6/27/2026 was primarily driven by a 21.7% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.80 | 128.20 | 66.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,919 | 4,371 | 11.5% |
| Net Income Margin (%) | 15.9% | 19.4% | 21.7% |
| P/E Multiple | 13.6 | 16.5 | 21.2% |
| Shares Outstanding (Mil) | 111 | 109 | 1.5% |
| Cumulative Contribution | 66.9% |
Market Drivers
5/31/2025 to 6/27/2026| Return | Correlation | |
|---|---|---|
| MLI | 66.9% | |
| Market (SPY) | 25.1% | 42.9% |
| Sector (XLI) | 28.6% | 51.1% |
Fundamental Drivers
The 259.9% change in MLI stock from 5/31/2023 to 6/27/2026 was primarily driven by a 180.3% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.62 | 128.20 | 259.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,944 | 4,371 | 10.8% |
| Net Income Margin (%) | 17.1% | 19.4% | 13.5% |
| P/E Multiple | 5.9 | 16.5 | 180.3% |
| Shares Outstanding (Mil) | 111 | 109 | 2.1% |
| Cumulative Contribution | 259.9% |
Market Drivers
5/31/2023 to 6/27/2026| Return | Correlation | |
|---|---|---|
| MLI | 259.9% | |
| Market (SPY) | 81.3% | 51.6% |
| Sector (XLI) | 95.7% | 59.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MLI Return | 71% | 1% | 62% | 71% | 46% | 18% | 724% |
| Peers Return | 40% | -7% | 34% | -2% | 10% | 41% | 163% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| MLI Win Rate | 75% | 33% | 58% | 75% | 75% | 50% | |
| Peers Win Rate | 68% | 38% | 53% | 43% | 62% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MLI Max Drawdown | -18% | -18% | -23% | -18% | -17% | -22% | |
| Peers Max Drawdown | -16% | -28% | -22% | -22% | -29% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WLK, WTS, FELE, MTRN, CR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | MLI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.9% | -18.8% |
| % Gain to Breakeven | 18.8% | 23.1% |
| Time to Breakeven | 71 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.9% | -9.5% |
| % Gain to Breakeven | 17.5% | 10.5% |
| Time to Breakeven | 23 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.9% | -24.5% |
| % Gain to Breakeven | 16.2% | 32.4% |
| Time to Breakeven | 49 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.7% | -33.7% |
| % Gain to Breakeven | 84.0% | 50.9% |
| Time to Breakeven | 237 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.9% | -19.2% |
| % Gain to Breakeven | 29.6% | 23.8% |
| Time to Breakeven | 43 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.1% | -3.7% |
| % Gain to Breakeven | 15.1% | 3.9% |
| Time to Breakeven | 123 days | 6 days |
In The Past
Mueller Industries's stock fell -15.9% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.
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| Event | MLI | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -45.7% | -33.7% |
| % Gain to Breakeven | 84.0% | 50.9% |
| Time to Breakeven | 237 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.9% | -19.2% |
| % Gain to Breakeven | 29.6% | 23.8% |
| Time to Breakeven | 43 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.4% | -12.2% |
| % Gain to Breakeven | 35.9% | 13.9% |
| Time to Breakeven | 102 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.8% | -17.9% |
| % Gain to Breakeven | 26.3% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -23.1% | -15.4% |
| % Gain to Breakeven | 30.1% | 18.2% |
| Time to Breakeven | 121 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -45.1% | -53.4% |
| % Gain to Breakeven | 82.3% | 114.4% |
| Time to Breakeven | 518 days | 1085 days |
In The Past
Mueller Industries's stock fell -15.9% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Mueller Industries (MLI)
Mueller Industries, Inc. (MLI) is a long-established manufacturer specializing in a broad range of products made primarily from copper, brass, aluminum, and plastic. Founded in 1917, the company provides essential components and systems that are fundamental to various industrial, construction, and climate control applications.
The company's offerings are diverse, spanning piping systems, industrial metals, and climate control solutions. For piping systems, Mueller Industries supplies copper tubes, fittings, and PEX plumbing systems for residential and commercial plumbing and refrigeration markets. Its industrial metals segment manufactures brass, bronze, and copper alloy rods, along with complex brass and aluminum forgings, valves, and fluid control solutions crucial for original equipment manufacturers (OEMs) in industrial, construction, HVAC, and general plumbing sectors.
Furthermore, Mueller Industries has a significant presence in the HVAC and refrigeration industries through its Climate segment. Here, it produces high-pressure components, specialized valves, protection devices, and advanced heat exchangers used in commercial HVAC, refrigeration, and even niche applications like geothermal and swimming pool heat pumps. Its primary customers include wholesalers, distributors, building material retailers, and a wide array of OEMs across these critical infrastructure and climate management markets.
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Mueller Industries is like Parker-Hannifin, but focused on manufacturing the essential copper, brass, and plastic pipes, fittings, and valves that form the backbone of plumbing, HVAC, and industrial fluid systems.
Mueller Industries is like Corning Inc., but instead of specialty glass, it manufactures the fundamental copper, brass, and plastic pipes, fittings, and valves that serve as essential 'ingredients' for plumbing, HVAC, and industrial equipment.
Imagine Mueller Industries as Owens Corning, but supplying the hidden infrastructure of buildings – the essential copper and plastic piping, brass fittings, and specialty metal components for plumbing and HVAC systems.
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- Piping and Plumbing Systems: Manufactures and resells copper, PEX, and steel pipes, along with fittings, valves, and related plumbing fixtures for water and refrigeration applications.
- Industrial Metal Products: Produces brass, bronze, and copper alloy rods, alongside custom-fabricated aluminum, copper, and brass components created through cold-forming, machining, and forging processes.
- Specialized Valves and Fluid Control: Develops and manufactures brass, aluminum, and stainless-steel valves, fluid control solutions, and gas train assemblies for industrial and HVAC markets.
- Heat Exchangers and HVAC/R Components: Offers coaxial heat exchangers, twisted tubes, high-pressure components, and various fittings and assemblies essential for HVAC and refrigeration systems.
- Insulated Flexible Duct Systems: Provides insulated HVAC flexible duct systems designed for efficient air distribution in climate control applications.
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Major Customers of Mueller Industries (MLI)
Mueller Industries (MLI) primarily operates on a Business-to-Business (B2B) model, selling its products to other companies rather than directly to individuals. The provided company description does not list specific names of customer companies, nor their public symbols. Instead, it identifies the following major categories of businesses that Mueller Industries serves:
- Wholesalers in the plumbing and refrigeration markets.
- Distributors to the manufactured housing and recreational vehicle industries.
- Building material retailers.
- Original Equipment Manufacturers (OEMs) across various sectors, including industrial, construction, HVAC, plumbing, and refrigeration markets, as well as air-conditioning OEMs and those in commercial HVAC and refrigeration markets.
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Gregory L. Christopher, Chairman of the Board and Chief Executive Officer
Mr. Christopher joined Mueller Industries in 1992. He has served as Chief Executive Officer since October 2008 and as Chairman of the Board of Directors since January 2016. Prior to his appointment as CEO, he held various leadership roles within the company and the industry, encompassing sales, manufacturing, distribution, and supply chain management.
Jeffrey A. Martin, Executive Vice President, Chief Financial Officer & Treasurer
Mr. Martin joined Mueller Industries in 1996 and has served as the Executive Vice President, Chief Financial Officer & Treasurer since February 2013. Before joining Mueller Industries, he worked at PricewaterhouseCoopers LLP. Within Mueller Industries, he has held progressively responsible roles in accounting, finance, and operations management, including Interim Chief Financial Officer and Vice President of Corporate Development.
Christopher J. Miritello, Executive Vice President, General Counsel & Secretary
Mr. Miritello joined Mueller Industries in September 2015 and has served as Executive Vice President, General Counsel & Secretary since January 1, 2017. Previously, he worked with the New York office of Willkie Farr & Gallagher LLP.
Steffen Sigloch, Chief Manufacturing Officer
Mr. Sigloch is also President of Piping Systems North America. He has 8 years of company and industry experience.
Nicholas William Moss, President of B&K LLC
Mr. Moss has served as the President of B&K LLC at Mueller Industries Inc. since May 7, 2015.
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Mueller Industries (MLI) faces several key risks primarily due to its reliance on raw material prices and the cyclical nature of its end markets.
- Commodity Price Volatility: Mueller Industries' business heavily depends on the prices of raw materials, particularly copper, brass, and aluminum. Fluctuations in these commodity prices directly impact the company's cost of goods sold and, consequently, its operating margins and profitability. For instance, a significant increase in copper prices, as seen in Q1 2025, can adversely affect operating margins if these costs cannot be fully passed on to customers. While the company is considered a "value-added manufacturer with commodity pass-through," meaning its economics are shaped more by fabrication and product complexity, extreme volatility in metal prices remains a significant factor influencing its financial performance.
- Sensitivity to Cyclical End Markets: The demand for Mueller Industries' products is closely tied to cyclical industries such as residential and commercial construction, HVAC, refrigeration, and industrial manufacturing. Downturns in these sectors, driven by factors like interest rate changes, economic recessions, or reduced spending on new housing and infrastructure, can lead to decreased demand for the company's piping systems, industrial metals, and climate control components. Although Mueller Industries serves a diversified portfolio of these markets, including replacement-driven demand which can dampen cyclicality, its overall business performance remains highly susceptible to broader economic and industry-specific cycles.
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Mueller Industries (MLI) participates in several significant addressable markets for its diverse product offerings across Piping Systems, Industrial Metals, and Climate segments.
Piping Systems Segment
- Copper Tubes, Pipes, and Fittings: The global market for copper tubes, pipes, and fittings was valued at $62.3 billion in 2024 and is projected to grow to $93.2 billion by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 3.7%. Another estimate places the global copper pipes and tubes market size at approximately USD 37.4 billion in 2024, with a forecast to reach USD 60.3 billion by 2034 at a CAGR of 4.9% from 2025 to 2034. In terms of volume, the global copper pipes and tubes market reached 5.17 million tons in 2025 and is estimated to reach 6.74 million tons by 2034, growing at a CAGR of 2.88% from 2026 to 2034. The global copper pipes and tubes market generated a revenue of USD 24,805.1 million in 2024 and is expected to reach USD 35,052.7 million by 2030, with a CAGR of 4.9% from 2025 to 2030.
- PEX Plumbing Systems: The global PEX pipe market size was estimated at USD 15,230.75 million in 2025 and is projected to reach USD 27,580.40 million by 2032, with a CAGR of 7.25% from 2026 to 2032. Another source reported the global PEX pipe market size as US$7.5 billion in 2023. The global PEX market was estimated at USD 16.34 billion in 2025 and is expected to reach USD 28.70 billion by 2032, at a CAGR of 8.38%. The North American PEX Pipe Market was valued at USD 673.15 million in 2025 and is projected to reach USD 1163.54 million by 2034, growing at a CAGR of 6.21%.
Industrial Metals Segment
- Brass Rods: The global brass rods market size was valued at USD 8.19 billion in 2024 and is projected to reach USD 10.08 billion by 2032, growing at a CAGR of 2.90% from 2026 to 2032. Another report estimated the global brass rods market size at USD 5.42 billion in 2025, with an expectation to reach USD 9.85 billion by the end of 2034, growing at a CAGR of 6.9% between 2026 and 2034. The global lead-free brass rods market, a specific sub-segment, is valued at USD 1,704.4 million in 2025 and is set to reach USD 2,404.2 million by 2035, at a CAGR of 3.5%.
- Industrial Valves: The global industrial valves market size was calculated at USD 86.67 billion in 2025 and is predicted to increase to approximately USD 273.49 billion by 2035, expanding at a CAGR of 12.18% from 2026 to 2035. Other estimates for the global industrial valves market include USD 82.9 billion in 2025, reaching USD 136.0 billion by 2034 with a CAGR of 5.70% from 2026 to 2034, and USD 95.58 billion in 2024, projected to grow to USD 121.67 billion by 2029 with a CAGR of 4.9%.
Climate Segment
- HVAC Components and Systems: The global HVAC market was valued at $263.6 billion in 2023 and is projected to reach $346.7 billion by 2028, growing at a CAGR of 5.6%. Another report indicates the HVAC market is projected to grow from USD 328.6 billion in 2025 to USD 577.5 billion by 2035, reflecting a CAGR of 5.8%. The global HVAC components market size was recorded at $57.8 billion by the end of 2025 and is expected to reach $86.181 billion by 2033, with a CAGR of 5.12% during 2025 to 2033. The HVAC system market size is also projected to reach US$158.33 billion in 2024 and is expected to reach US$243.86 billion by 2031.
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Mueller Industries (MLI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
- Strategic Acquisitions: The company has a demonstrated history and ongoing strategy of growth through acquisitions that strengthen its core operations and expand into complementary markets. Notably, the acquisitions of Nehring Electrical Works and Elkhart Products Corporation are expected to contribute significantly to earnings in 2025, expanding Mueller Industries' presence in the energy transmission and electrical infrastructure sectors, while bolstering its Piping Systems segment.
- Rebound in Residential Construction Demand: Mueller Industries anticipates a positive long-term outlook for its business, driven by a projected rebound in demand for residential housing. The company expects that as persistent inflation and high interest rates begin to recede, building construction activity will reignite, leading to increased demand for its products primarily consumed in residential building.
- Investment in Infrastructure: Needed investment in U.S. infrastructure is a significant driver for Mueller Industries. The company's products support critical infrastructure, and its strategic acquisitions, such as Nehring Electrical Works, position it to capitalize on growth in sectors like energy transmission and electrification, which are integral to infrastructure development.
- Operational Enhancements and Efficiency: Through ongoing rationalization actions and investments in its operations, Mueller Industries aims to maintain its position as a low-cost producer and sustain strong operating margins. These efficiency gains, potentially from automation and pricing power, enable the company to remain competitive and capture market share, indirectly supporting revenue growth.
- Exposure to Secular Tailwinds: Mueller Industries benefits from a diversified product portfolio serving critical end markets that are supported by strong secular tailwinds. These include megatrends such as water infrastructure, sustainable and green buildings, and the electrification of everything, which are expected to drive long-term demand for the company's plumbing, HVAC, and electrical components.
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Share Repurchases
- Mueller Industries repurchased $243.6 million in shares year-to-date as of the third quarter of 2025.
- The company repurchased $244 million in fiscal year 2025, a notable increase from $49 million in fiscal year 2024.
- Mueller Industries operates under a long-standing 40 million share buyback program, with approximately 19.0 million shares repurchased to date under this authorization as of February 2026.
Share Issuance
- Mueller Industries executed a two-for-one stock split on October 20, 2023, resulting in approximately 113.5 million outstanding shares.
- Shares outstanding declined by 2.17% in 2025 to 0.111 billion, indicating that share repurchases in that year outpaced any issuances.
Outbound Investments
- In April 2024, Mueller Industries agreed to acquire Nehring Electrical Works Company and its affiliates for approximately $575 million, with an additional $25 million earn-out clause, to boost growth in the electrical and power infrastructure sectors.
- The company acquired Elkhart Products Corporation (EPC) in August 2024, significantly enhancing its copper fittings business and expanding manufacturing capabilities.
- Fiscal year 2024 saw the company spend $602.692 million on the acquisition of businesses.
Capital Expenditures
- Capital expenditures totaled $68.8 million for fiscal year 2025.
- For fiscal year 2024, capital expenditures were $80.2 million.
- The company expects capital expenditures to remain around 1.5% of revenue in the coming years (2026-2030), primarily focused on investing in and improving its business platforms.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 173.63 |
| Mkt Cap | 10.9 |
| Rev LTM | 2,501 |
| Op Inc LTM | 350 |
| FCF LTM | 243 |
| FCF 3Y Avg | 231 |
| CFO LTM | 388 |
| CFO 3Y Avg | 319 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.5% |
| Rev Chg 3Y Avg | 4.0% |
| Rev Chg Q | 20.3% |
| QoQ Delta Rev Chg LTM | 4.8% |
| Op Inc Chg LTM | 13.3% |
| Op Inc Chg 3Y Avg | 3.2% |
| Op Mgn LTM | 15.0% |
| Op Mgn 3Y Avg | 14.3% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 12.1% |
| CFO/Rev 3Y Avg | 12.7% |
| FCF/Rev LTM | 10.1% |
| FCF/Rev 3Y Avg | 10.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.9 |
| P/S | 3.2 |
| P/Op Inc | 20.6 |
| P/EBIT | 23.4 |
| P/E | 32.3 |
| P/CFO | 26.3 |
| Total Yield | 3.3% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Piping Systems | 2,709 | 2,514 | 2,383 | 2,730 | 2,600 |
| Industrial Metals | 1,024 | 818 | 578 | 645 | 703 |
| Climate | 498 | 488 | 501 | 650 | 495 |
| Elimination of intersegment net sales | -52 | -52 | |||
| Corporate and Eliminations | -41 | -43 | -29 | ||
| Total | 4,179 | 3,769 | 3,420 | 3,982 | 3,769 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Piping Systems | 772 | 617 | 569 | 671 | 486 |
| Climate | 145 | 146 | 172 | 188 | 86 |
| Industrial Metals | 105 | 93 | 76 | 82 | 85 |
| Corporate expenses | -64 | -86 | |||
| Corporate and Eliminations | -61 | -64 | -1 | ||
| Total | 959 | 770 | 756 | 877 | 656 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate and Unallocated | 1,392 | 1,045 | 1,319 | ||
| Piping Systems | 1,227 | 1,168 | 1,030 | 1,089 | 1,160 |
| Industrial Metals | 849 | 813 | 158 | 161 | 173 |
| Climate | 265 | 265 | 253 | 280 | 250 |
| Corporate and Eliminations | 713 | 145 | |||
| Total | 3,733 | 3,291 | 2,759 | 2,242 | 1,729 |
Price Behavior
Price Behavior
| Market Price | $128.20 | |
| Market Cap ($ Bil) | 14.0 | |
| First Trading Date | 02/25/1991 | |
| Distance from 52W High | -8.7% | |
| 50 Days | 200 Days | |
| DMA Price | $133.89 | $117.31 |
| DMA Trend | up | up |
| Distance from DMA | -4.3% | 9.3% |
| 3M | 1YR | |
| Volatility | 39.9% | 30.2% |
| Downside Capture | 77.16 | 79.40 |
| Upside Capture | 99.00 | 121.13 |
| Correlation (SPY) | 31.6% | 41.6% |
MLI Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.21 | 1.24 | 1.12 | 1.19 | 1.12 | 1.11 |
| Up Beta | 3.12 | 2.36 | 1.69 | 1.40 | 1.37 | 1.30 |
| Down Beta | 1.13 | -1.78 | 0.71 | 1.08 | 1.11 | 1.13 |
| Up Capture | 81% | 94% | 97% | 127% | 132% | 136% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 22 | 31 | 67 | 138 | 394 |
| Down Capture | 399% | 81% | 102% | 109% | 89% | 94% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 13 | 19 | 32 | 56 | 109 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLI | |
|---|---|---|---|---|
| MLI | 68.2% | 30.2% | 1.73 | - |
| Sector ETF (XLI) | 27.5% | 16.5% | 1.29 | 50.5% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 42.1% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 1.1% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -15.1% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 25.2% |
| Bitcoin (BTCUSD) | -44.2% | 42.5% | -1.25 | 22.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLI | |
|---|---|---|---|---|
| MLI | 45.3% | 33.0% | 1.19 | - |
| Sector ETF (XLI) | 14.5% | 17.6% | 0.65 | 62.9% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 55.3% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 5.6% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 13.2% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 45.9% |
| Bitcoin (BTCUSD) | 10.9% | 54.0% | 0.39 | 23.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLI | |
|---|---|---|---|---|
| MLI | 24.8% | 36.0% | 0.72 | - |
| Sector ETF (XLI) | 14.5% | 20.1% | 0.63 | 67.3% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 60.1% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 3.6% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 23.5% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 51.8% |
| Bitcoin (BTCUSD) | 54.7% | 66.4% | 0.95 | 18.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | 11.4% | 12.9% | 9.0% |
| 2/3/2026 | -11.2% | -16.7% | -14.7% |
| 10/21/2025 | -0.2% | 0.0% | 2.4% |
| 7/22/2025 | 1.6% | 2.6% | 7.0% |
| 4/22/2025 | 2.8% | 3.6% | 10.1% |
| 2/4/2025 | 2.7% | 6.0% | 4.3% |
| 10/22/2024 | 14.1% | 15.2% | 25.8% |
| 7/23/2024 | -1.9% | 5.1% | 4.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 20 |
| # Negative | 8 | 7 | 3 |
| Median Positive | 2.7% | 4.7% | 6.4% |
| Median Negative | -1.5% | -2.8% | -7.0% |
| Max Positive | 14.1% | 15.2% | 30.5% |
| Max Negative | -11.2% | -16.7% | -14.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | 11.4% | 12.9% | 9.0% |
| 2/3/2026 | -11.2% | -16.7% | -14.7% |
| 10/21/2025 | -0.2% | 0.0% | 2.4% |
| 7/22/2025 | 1.6% | 2.6% | 7.0% |
| 4/22/2025 | 2.8% | 3.6% | 10.1% |
| 2/4/2025 | 2.7% | 6.0% | 4.3% |
| 10/22/2024 | 14.1% | 15.2% | 25.8% |
| 7/23/2024 | -1.9% | 5.1% | 4.8% |
| 4/24/2024 | 0.9% | -2.8% | 1.6% |
| 2/6/2024 | 1.4% | -0.5% | 7.4% |
| 10/24/2023 | 3.5% | 6.8% | 16.3% |
| 7/25/2023 | -1.1% | -3.9% | -7.0% |
| 4/25/2023 | -0.8% | 2.4% | 5.8% |
| 2/7/2023 | -2.3% | -3.5% | -1.8% |
| 10/18/2022 | -2.5% | -1.9% | 5.7% |
| 7/19/2022 | 1.1% | 4.2% | 9.6% |
| 4/19/2022 | 7.4% | 9.2% | 3.0% |
| 2/1/2022 | 0.1% | 3.0% | 5.3% |
| 10/19/2021 | 2.4% | 14.0% | 30.5% |
| 7/20/2021 | 3.3% | 2.1% | 5.7% |
| 4/20/2021 | 1.9% | 3.5% | 3.9% |
| 2/3/2021 | 3.0% | 7.5% | 18.0% |
| 7/21/2020 | -0.4% | -1.2% | 7.6% |
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 20 |
| # Negative | 8 | 7 | 3 |
| Median Positive | 2.7% | 4.7% | 6.4% |
| Median Negative | -1.5% | -2.8% | -7.0% |
| Max Positive | 14.1% | 15.2% | 30.5% |
| Max Negative | -11.2% | -16.7% | -14.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/22/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/19/2022 | 10-Q |
| 06/30/2022 | 07/20/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/22/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/19/2022 | 10-Q |
| 06/30/2022 | 07/20/2022 | 10-Q |
| 03/31/2022 | 04/20/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 10/20/2021 | 10-Q |
| 06/30/2021 | 07/21/2021 | 10-Q |
| 03/31/2021 | 04/21/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 10/21/2020 | 10-Q |
| 06/30/2020 | 07/22/2020 | 10-Q |
| 03/31/2020 | 04/22/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 10/23/2019 | 10-Q |
| 06/30/2019 | 07/24/2019 | 10-Q |
Insider Activity
Updated 5/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Goldman, Scott Jay | Direct | Sell | 5292026 | 127.91 | 2,000 | 255,820 | 5,227,298 | Form | |
| 2 | Christopher, Gregory L | Chairman of the Board & CEO | Direct | Sell | 4292026 | 137.29 | 103,266 | 14,177,389 | 110,506,231 | Form |
| 3 | Goldman, Scott Jay | Direct | Sell | 2132026 | 118.97 | 4,430 | 527,037 | 4,954,506 | Form | |
| 4 | Hansen, John B | Direct | Sell | 2092026 | 116.71 | 1,000 | 116,710 | 10,581,395 | Form | |
| 5 | Goldman, Scott Jay | Direct | Sell | 11252025 | 108.64 | 4,234 | 459,964 | 4,535,006 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Goldman, Scott Jay | Direct | Sell | 5292026 | 127.91 | 2,000 | 255,820 | 5,227,298 | Form | |
| 2 | Christopher, Gregory L | Chairman of the Board & CEO | Direct | Sell | 4292026 | 137.29 | 103,266 | 14,177,389 | 110,506,231 | Form |
| 3 | Goldman, Scott Jay | Direct | Sell | 2132026 | 118.97 | 4,430 | 527,037 | 4,954,506 | Form | |
| 4 | Hansen, John B | Direct | Sell | 2092026 | 116.71 | 1,000 | 116,710 | 10,581,395 | Form | |
| 5 | Goldman, Scott Jay | Direct | Sell | 11252025 | 108.64 | 4,234 | 459,964 | 4,535,006 | Form | |
| 6 | Christopher, Gregory L | Chairman of the Board & CEO | Direct | Sell | 10272025 | 103.42 | 50,000 | 5,171,000 | 110,580,904 | Form |
| 7 | Christopher, Gregory L | Chairman of the Board & CEO | by trust where he is beneficiary | Sell | 10272025 | 103.60 | 70,000 | 7,252,000 | 7,720,272 | Form |
| 8 | Christopher, Gregory L | Chairman of the Board & CEO | by trust where wife is beneficiary | Sell | 10272025 | 103.79 | 72,000 | 7,472,880 | 7,057,720 | Form |
| 9 | Christopher, Gregory L | Chairman of the Board & CEO | Direct | Sell | 10272025 | 104.32 | 158,000 | 16,482,560 | 116,759,221 | Form |
| 10 | Hansen, John B | Direct | Sell | 10232025 | 105.71 | 1,000 | 105,710 | 9,689,801 | Form | |
| 11 | Martin, Jeffrey Andrew | EVP, CFO & Treasurer | Direct | Sell | 9022025 | 95.61 | 66,029 | 6,312,729 | 29,193,874 | Form |
| 12 | Hansen, John B | Direct | Sell | 8122025 | 91.97 | 1,000 | 91,975 | 8,522,771 | Form | |
| 13 | Hansen, John B | by a trust where his wife and children serve as beneficiaries | Sell | 8122025 | 91.94 | 1,000 | 91,940 | 1,379,100 | Form | |
| 14 | Sigloch, Steffen | Chief Manufacturing Officer | Direct | Sell | 7022025 | 82.62 | 17,831 | 1,473,251 | 9,945,744 | Form |
| 15 | Sigloch, Steffen | Chief Manufacturing Officer | Direct | Sell | 7022025 | 82.50 | 1,754 | 144,705 | 11,401,995 | Form |
| 16 | Sigloch, Steffen | Chief Manufacturing Officer | Direct | Sell | 5142025 | 77.67 | 19,584 | 1,521,128 | 10,870,973 | Form |
| 17 | Hansen, John B | Direct | Sell | 5122025 | 78.07 | 3,130 | 244,353 | 7,331,678 | Form | |
| 18 | Hermanson, Terry | Direct | Sell | 5072025 | 74.34 | 10,000 | 743,422 | 7,440,316 | Form | |
| 19 | Goldman, Scott Jay | Direct | Sell | 4302025 | 73.46 | 16,483 | 1,210,901 | 2,910,261 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Industrial Machinery & Supplies & Components Resources |
| Machine Design |
| Modern Machine Shop |
| Industrial Equipment News (IEN) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/27/2026