Mueller Water Products Q1 2026 earnings snapshot

Mueller Water Products (MWA) opened fiscal 2026 with Q1 revenue of US$318.2 million and basic EPS of US$0.28, alongside trailing twelve month revenue of about US$1.4 billion and EPS of US$1.28. This sets a clear baseline for its recent performance. The company has seen quarterly revenue move from US$304.3 million in Q1 2025 to US$318.2 million in Q1 2026, while basic EPS has shifted from US$0.23 to US$0.28 over the same period. Trailing twelve month net income reached US$199.6 million against a 13.8% margin backdrop. For investors, the focus now is on how durable that margin profile appears after this set of results.

See our full analysis for Mueller Water Products.

With the latest numbers on the table, the next step is to see how they align with the prevailing stories around Mueller Water Products, and where those narratives might be sharpened or challenged by the recent margin and earnings trends.

13.8% net margin puts profitability in focus

• Over the last 12 months, Mueller Water Products converted US$1.4b of revenue into US$199.6 million of net income, which works out to a 13.8% net profit margin compared to 10% in the prior year period.
• What stands out for a more bullish view is that earnings grew 45.8% over the past year while revenue is only forecast to grow 2.7% per year. This suggests margin and mix are doing a lot of the work and invites questions about how consistently a 13.8% margin can be held if top line momentum stays relatively modest.

TTM EPS of US$1.28 versus 20.8% five year growth

• Trailing twelve month basic EPS sits at US$1.28, alongside a five year earnings growth rate of about 20.8% per year. This gives you a sense of how current earnings levels compare with the pace of growth that has been achieved over a longer stretch.
• Supporters of a more bullish angle often point to that 20.8% five year earnings growth and the 45.8% earnings growth in the last year. Yet the forecast earnings growth rate of 16.25% per year is lower than that recent history, which creates a gap between the past growth story and the more moderate expectations that analysts have built into their models.

To see how that shift from past growth rates to forward expectations lines up with a fuller narrative, and how other investors are thinking about it, you can check out the broader market story around the company: 📊 Read the full Mueller Water Products Consensus Narrative.

P/E of 21.9x with price just above DCF fair value

• The shares trade on a trailing P/E of 21.9x, below the Machinery industry average of 28.2x and the peer average of 42.8x. The current share price of US$27.93 sits slightly above the DCF fair value of about US$26.71, so the stock screens cheaper than many peers but is a little above that cash flow based estimate.
• Skeptics often hone in on the slower 2.7% forecast revenue growth and the share price sitting a touch above that DCF fair value. Yet the combination of improved net margin at 13.8% and a P/E that is still below both industry and peer averages pulls in the opposite direction and means the valuation picture is not purely about the DCF gap.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Mueller Water Products's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Mueller Water Products pairs a 21.9x P/E with relatively modest 2.7% forecast revenue growth and a share price sitting slightly above its DCF fair value.

If that mix of slower top line expectations and a price near fair value feels tight, it is a good time to run through 55 high quality undervalued stocks that combine stronger value signals with clearer upside potential.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.