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Mueller Industries MLI Piping Systems — Reductions

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Industrial Metals
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Other financials

Income statement

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Revenue$1.4B+25.5%
Gross profit$395.3M+12.0%
Operating income$310.0M+1.9%
Net income$249.7M+1.5%
EPS (diluted)$1.13+1.8%

Balance sheet

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Cash & equivalents$1.4B+38.1%
Total debt$24.7M-20.2%
Total equity$3.5B+21.6%
Total assets$4.3B+22.1%

Cash flow

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Operating cash flow$212.3M+11.4%
CapEx$21.6M+52.9%
Free cash flow$190.7M+8.0%

Valuation

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Market cap$15.32B+58.5%
Enterprise value$13.95B+60.5%
P/E18×+4.4×
P/S3.3×+0.9×

Profitability

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Gross margin28.8%+0.3pp
Operating margin23%+1.1pp
Net margin18.2%+0.8pp
FCF margin14.3%-0.2pp

Returns & leverage

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Return on equity26.3%+0.3pp
Debt / equity0.0×
Current ratio4.8×-0.1×

Where this comes from

Reported directly by Mueller Industries in its filing.

Tagged under the XBRL concept us-gaap:GoodwillOtherIncreaseDecrease.

The source filing: Mueller Industries’s 10-K, filed February 25, 2026.

Filed
Feb 25, 2026, 4:44 PM EST
Fiscal year
FY2025
Accession
0000089439-26-000008
(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Additions (1)15,107146,137161,244
Currency translation(1,899)(1,899)
Balance at December 28, 2024:145,462146,13819,565311,165
Reductions (2)(14,449)(14,449)
Currency translation1,4721,472
Balance at December 27, 2025:
Goodwill173,037154,99121,652349,680
Accumulated impairment charges(40,552)(8,853)(2,087)(51,492)

ITEM 16. Form 10-K Summary

FAQ

What is Mueller Industries's piping systems — reductions?
Mueller Industries (MLI) reported piping systems — reductions of -$3.61M in Q4 2025.
What is the long-term trend for Mueller Industries's piping systems — reductions?
Over 3 years (2021 to 2025), Mueller Industries's piping systems — reductions has grown at a 48.6% compound annual growth rate (CAGR), from -$4.4M to -$14.45M.
What does piping systems — reductions mean?
This represents the decrease in the carrying value of assets or goodwill within the Piping Systems segment, often due to disposals, write-offs, or divestitures. It reflects the removal of assets from the balance sheet that are no longer productive or have been sold. Monitoring this helps track the segment's asset rationalization and efficiency efforts.

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