Mueller Industries, Inc. (MLI) Stock

Mueller Industries, Inc. (MLI) is a Materials stock trading at $62.08 (as of 2026-09-02), with a market capitalization of $13.73B and a trailing P/E of 16.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Mueller Industries, Inc. manufactures and sells copper, brass, aluminum, and plastic products, operating through Piping Systems, Industrial Metals, and Climate segments. Its products are distributed to customers including plumbing and refrigeration wholesalers, manufactured housing and RV distributors, building material retailers, and air-conditioning OEMs.

Understand Mueller Industries, Inc.: how it makes money

Mueller Industries buys copper, brass, aluminum, and plastic raw materials and sells them back as shaped plumbing pipes, fittings, PEX systems, and industrial metal components to contractors and OEMs. Most revenue comes from the residential and commercial plumbing channel, with industrial metals and HVAC climate products rounding out the mix.

Mueller is a metals processor at heart: it purchases commodity copper, brass, and aluminum, converts them into shaped plumbing and industrial components, and earns the spread between raw-material cost and resale price. Revenue scales with metal prices, but the profit is in processing, tooling, and distribution, not in the metal itself.

Revenue by segment (latest quarter)
Piping Systems$0.8B
Industrial Metals$0.3B
Climate$0.1B

Valuation: At 16× earnings, MLI trades 24% below the Steel Works average (22×).

Bull case

  • Trades well below peers: At a P/E of 16.5x versus a Steel Works industry average of 22x, Mueller sits 24% below sector, even though company revenue is growing 25% year over year. The market is pricing in a commodity-cyclical discount to what is effectively a growing, marginable business.
  • Scaling into a 22% margin base: Quarterly revenue of $1.4B carried a 22% operating margin, meaning the processing-and-distribution model still converts a large share of top-line dollar into operating profit even at scale. That is not typical of a thin-spread metals trader.

Bear case

  • Housing cycle drives most earnings: Piping Systems is $760M, or 54% of total revenue, and is directly tied to residential and commercial construction activity. Climate, at $120M and 9% of revenue, is too small to absorb a building-permit slowdown, leaving the majority of earnings exposed to a single macro cycle.
Valuation — source: SEC EDGAR (first-party)
Price$62.08
Market Cap$13.73B
P/E Ratio16.1
EV / EBITDA10.8
Price / Book3.84
Price / Sales2.95
FCF Yield5.0%
DCF Value (model)$135.75
DCF Upside vs Price118.7%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$4.18B
Net Margin18.3%
Revenue Growth (YoY)25.5%
EPS Growth (YoY)-49.1%
FCF Growth (YoY)8.0%
Financial Health — source: SEC EDGAR
Altman Z-Score12.21 (safe)
Valuation vs Sector & Industry
Stock P/E16.1
Sector P/E (Materials)23.9
Industry P/E (Steel Works)21.0
vs Sector-32.5%
vs Industry-23.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($1.29B)
Institutional Holders Tracked10
Company
SectorMaterials
IndustrySteel Works
CEOGregory L. Christopher
Employees5,168
CountryUS
IPO Date1991-02-25

Related Companies (Steel Works; 8 comparable companies)

  • Core Natural Resources, Inc. (CNR)
  • Peabody Energy Corporation (BTU)
  • ATI Inc. (ATI)
  • Worthington Steel, Inc. (WS)
  • Carpenter Technology Corporation (CRS)
  • Cal-Maine Foods, Inc. (CALM)
  • Tronox Holdings plc (TROX)
  • Century Aluminum Company (CENX)
MLI earnings history · MLI institutional & insider holders · MLI KPIs & operating metrics · MLI financials · MLI investor presentations & press releases · MLI SEC filings · MLI peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.