• Like Hubbell for water utilities.
• Eaton for municipal water infrastructure.
• A specialized W.W. Grainger for city water systems.

• Valves & Hydrants: Manufactures and sells a comprehensive line of water distribution valves, fire hydrants, and related fittings for water infrastructure.
• Water Meters & Systems: Provides advanced water meters, Automatic Meter Reading (AMR), and Advanced Metering Infrastructure (AMI) systems for accurate water measurement and data collection.
• Leak Detection & Condition Assessment: Offers technologies and services, including acoustic leak detection and pipe condition assessment, to help utilities identify water leaks and evaluate infrastructure health.
• Pipe Repair & Flow Control Products: Supplies various products such as repair clamps, couplings, and tapping sleeves used for maintaining and repairing water pipelines.

• Municipal Water Utilities: These are local government departments or agencies responsible for water supply, treatment, and distribution within a municipality. They constitute a significant portion of MWA's customer base, purchasing products like fire hydrants, valves, and water meters for infrastructure development, repair, and maintenance.
• Private Water Utilities: Companies such as American Water Works Company, Inc. (AWK), Essential Utilities, Inc. (WTRG), and California Water Service Group (CWT) are large, publicly traded water utility providers. While MWA's disclosures indicate no single customer is "major" in terms of revenue concentration, these types of companies are among the many purchasing MWA's products for their extensive water networks across various regions.
• Waterworks Distributors and Contractors: MWA sells to wholesale distributors who then supply water infrastructure products to contractors and utilities. Contractors involved in civil engineering, plumbing, and general construction (who build and maintain water infrastructure) also directly purchase MWA's products for their projects.

Martie Zakas, Chief Executive Officer

Martie Zakas has served as CEO and President of Mueller Water Products since August 2023, and as President and CEO from August 2023 to May 2024. She will retire as CEO effective February 9, 2026, and will continue as a Senior Advisor through the end of 2026. Prior to her current role, she was the Executive Vice President and Chief Financial Officer of Mueller Water Products since 2018. Ms. Zakas joined Mueller in 2006 and directed the company’s strategic planning, corporate development, investor relations, and corporate communications activities. Before joining Mueller, she served as Corporate Vice President, Director of Investor Relations and Corporate Secretary for Equifax, Inc. from 1993 to 2000, and began her career as an investment banker at Morgan Stanley. She is a Director of Mueller Water Products and BlueLinx Holdings, Inc., and a former Director of Atlantic Capital Bancshares, Inc.

Melissa Rasmussen, Senior Vice President and Chief Financial Officer

Melissa Rasmussen has served as Senior Vice President and Chief Financial Officer of Mueller Water Products since March 2025. Before joining Mueller, she was the Chief Financial Officer of National Vision Holdings, Inc. from January 2023 to March 2025, and Chief Accounting Officer from August 2019 to January 2023. Ms. Rasmussen also held various financial management roles of increasing responsibility at Lexmark International, Inc. from 1998 to 2019, culminating in service as the Global Corporate Controller. Her experience includes mergers and acquisitions, capital market transactions, financial planning and analysis, international operations, investor relations, and systems implementation.

Paul McAndrew, President and Chief Operating Officer

Paul McAndrew has been the President and Chief Operating Officer of Mueller Water Products since May 2024, and Chief Operating Officer since August 2023. He is slated to become the company’s next CEO, effective February 9, 2026. Mr. McAndrew joined Mueller in 2022. Prior to his current role, he was the Senior Vice President of Global Operations and Supply Chain. Before joining Mueller, Mr. McAndrew worked at Emerson as a Vice President and General Manager of Professional Tools, where he held full P&L responsibility. He also played a pivotal role in Emerson's acquisition of Textron's Tools and Test business, Greenlee, in 2018.

Kenji Takeuchi, Senior Vice President of Technology Solutions

Kenji Takeuchi serves as the Senior Vice President of Technology Solutions at Mueller Water Products, a role he has held since joining the company in 2021.

Todd P. Helms, Senior Vice President and Chief Human Resources Officer

Todd P. Helms serves as the Senior Vice President and Chief Human Resources Officer of Mueller Water Products. He joined Mueller in 2020.

Mueller Water Products (MWA) operates in several key segments within the water infrastructure industry. The addressable markets for their main products and services are primarily focused on North America, with specific figures available for the U.S. and global markets.

• U.S. Water Infrastructure and Management Market: This broad market, which encompasses many of Mueller Water Products' offerings like valves, hydrants, pipe connection, and repair products, was valued at USD 120.2 billion in 2024 and is projected to grow to USD 179.6 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 5.3% from 2025–2032.
• North American Water and Wastewater Treatment Market: This market, which includes infrastructure products and solutions for water and wastewater, had a value of USD 125.02 billion in 2023. The U.S. component of this market is projected to reach USD 314.96 billion by 2032.
• Global Pipe Valve Market: Valued at USD 72.7 billion in 2024, this market is expected to reach USD 102.3 billion by 2035, growing at a CAGR of 3.2% from 2025 to 2035. North America's share of this market was USD 28 billion in 2024 and is projected to increase to USD 38 billion by 2035.
• Global Pipe Fittings Market: This market, which includes components for connecting and repairing pipes, was estimated at USD 16.39 billion in 2024 and is projected to reach USD 25.02 billion by 2030, with a CAGR of 7.3% from 2025 to 2030. The U.S. pipe fittings market is significantly influenced by the country's extensive infrastructure and aging water supply networks.
• U.S. Valves Market: This market is estimated to generate USD 20.4 billion in revenue in 2024 and is anticipated to reach USD 28.4 billion by 2030, exhibiting a CAGR of 5.6% during 2024–2030.
• U.S. Smart Water Management Market: This market, relevant to Mueller Water Products' metering, leak detection, and software solutions, reached approximately USD 4.84 billion (USD 4,837.5 million) in 2024 and is expected to grow to approximately USD 12.71 billion (USD 12,707.5 million) by 2033, with a CAGR of 11.33% from 2025-2033. Another estimate places the U.S. market size at USD 6.23 billion. North America, as a whole, held a dominant position in the global smart water management market with a share of over 35% in 2024, translating to USD 6.65 billion in revenue.
• Global Water Infrastructure Repair Technologies Market: This market, directly related to Mueller Water Products' pipe repair products and services, was valued at around USD 70.17 billion in 2024 and is predicted to grow to approximately USD 166.43 billion by 2034, with a CAGR of roughly 8.3% between 2025 and 2034.

Expected Drivers of Future Revenue Growth for Mueller Water Products (MWA)

Over the next 2-3 years, Mueller Water Products (MWA) is expected to drive future revenue growth through several key factors:

1. Sustained Demand for North American Water Infrastructure: Mueller Water Products anticipates continued net sales growth by leveraging its strong market position and benefiting from the ongoing investments required to address aging water infrastructure across North America. This fundamental need for maintaining and upgrading water systems provides a robust underlying demand for the company's products and solutions.
2. Strategic Pricing Initiatives: The company has demonstrated success in implementing higher pricing across most of its product lines, which has been a significant contributor to increased net sales in both its Water Flow Solutions and Water Management Solutions segments. This ability to enact and sustain price increases is expected to continue supporting revenue growth.
3. Volume Growth Across Key Product Segments: Increased volumes of specific products, such as iron gate and specialty valves, as well as hydrants and repair products, have been identified as drivers of sales growth. This indicates healthy demand and market penetration for Mueller's core offerings.
4. Expansion of Water Management Solutions, particularly Leak Detection Technologies: Mueller Water Products is actively focusing on and achieving targets in its leak detection technologies, notably through its Ecrosure system. The company has even increased its targets for helping clients identify water loss savings, indicating this specialized service offering is a growing area for future revenue.

Share Repurchases

• Mueller Water Products repurchased $56.9 million of common stock in fiscal year 2025, which also includes dividend payments.
• In fiscal year 2024, the company repurchased an estimated $15.0 million of common stock.
• Quarterly repurchases in fiscal year 2025 included $9.99 million in June, $5.33 million in March, and $3.97 million in December.

Share Issuance

• Mueller Water Products issued common stock valued at $4.7 million in fiscal year 2025 and $7.7 million in fiscal year 2024.

Outbound Investments

• In June 2021, Mueller Water Products acquired i2O Water Ltd, a provider of pressure management solutions, for approximately $20 million in cash.
• The acquisition of i2O Water was intended to expand Mueller's pressure management solutions and analytics portfolio and accelerate its software offerings.

Capital Expenditures

• Capital expenditures were $47.3 million in fiscal year 2025, similar to the prior year.
• The company anticipates capital expenditures for fiscal year 2026 to be between $60 million and $65 million, or 4% to 5% of net sales.
• The primary focus of these expenditures includes foundry upgrades, particularly iron foundries, investments in operational efficiencies, and expanding domestic capacity.