Mueller Industries Inc

muellerindustries.com

What Do They Do?

Makes copper tube and fittings and related plumbing products for plumbing and refrigeration wholesalers and distributors, building-material retailers, and air-conditioning equipment makers.

How Do They Make Money?

Customers generally pay for products after they ship; the company mainly earns money from product sales rather than ongoing services.

revenue

Segment	Share	How money arrives
Tube and fittings Sold outright	53% FY2022: 56%	Sold outright
Brass rod, forgings, wire and cable Sold outright	21% FY2022: 13%	Sold outright
OEM components, tube & assemblies Sold outright	5.0% FY2022: 4.9%	Sold outright
Valves and plumbing specialties Sold outright	12% FY2022: 13%	Sold outright
Flex duct and other HVAC components Sold outright	8.8% FY2022: 13%	Sold outright
Other Sold outright	1.4% FY2022: 1.5%	Sold outright

Who Are Their Customers?

Markets through its own sales and distribution organization and agents; Industrial Metals sells primarily to domestic OEMs in industrial, utility, telecommunications, and electrical distribution markets.

Do Revenues Turn Into Profits?

Yes. It kept 18 cents of every revenue dollar as net income in FY2025 and turned 16 cents into free cash flow.

Operating income, FY2025

23% of revenue

▲ +24% vs FY2024 ($770.4M, 20%)

Net income, FY2025

18% of revenue

▲ +27% vs FY2024 ($604.9M, 16%)

Free cash flow, FY2025

16% of revenue

▲ +21% vs FY2024 ($565.7M, 15%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 26, 2026

Revenue: ▲ +32%; vs $1.1B in Q3 FY2025
Net income: ▲ +6%; vs $208.1M in Q3 FY2025

Tube and fittings share of revenue vs 54.9% in Q3 FY2025

Jul 21, 2026 Completed two acquisitions in core metals businesses The company completed Bison Metals Technologies and Chicago Extruded Metals and expects both to contribute meaningfully in the near term.

Growing. Revenue grew 11% in 4 years, from $3.8B in FY2021 to $4.2B in FY2025, about 3% a year.

Added wire and cable Expanded its industrial metals business into wire and cable for utility, municipal, telecommunications, electrical distribution, and OEM customers through Nehring.

Exited PEX plumbing products Stopped selling PEX plumbing and radiant-system products after disposing of Heatlink.

Revenue over time

Tube and fittings Brass rod, forgings, wire and cable OEM components, tube & assemblies Valves and plumbing specialties Flex duct and other HVAC components Other Brass rod and forgings

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Cerro Flow Products, Cambridge-Lee Industries, NIBCO, Wieland Chase, Prysmian, and Southwire

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