Mueller Water Products, Inc.MWA
Mueller Water Products, Inc. Segments Disclosure
Segment Information
Our business units and reportable segments are Water Flow Solutions and Water Management Solutions. Water Flow Solutions’ portfolio includes iron gate valves, specialty valves and service brass products. Water Management Solutions’ portfolio includes fire hydrants, repair and installation, natural gas, metering, leak detection, as well as pressure management and control products and solutions.
Our segments are determined by internally reported financial information regularly reported to the company’s chief operating decision maker (“CODM”), who is our Chief Executive Officer. Segment operating income is the primary measure used by the CODM to assess performance and allocate resources. Operating income is also used to monitor budget versus actual results and provide insight into underlying trends comparing past financial performance with current performance of each segment. The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
Segment results are not reflective of their results on a stand-alone basis and exclude intersegment sales. The determination of segment results excludes certain expenses designated as Corporate because they are not directly attributable to segment operations and are not allocated to the segments. Items such as interest expense, loss on early extinguishment of debt, pension expense or benefit, and income taxes are not allocated to the segments. Corporate expenses include those costs incurred by our corporate function, such as accounting, treasury, risk management, human resources, legal, tax and other administrative functions. Corporate assets principally consist of our cash, operating lease assets, and certain real property previously owned by U.S. Pipe and Anvil.
Financial information by reportable segment is included in the following summary:
| 2025 | Water Flow Solutions | Water Management Solutions | Total | ||||||||||||||
| (in millions) | |||||||||||||||||
| Net sales | $ | 824.9 | $ | 604.8 | $ | 1,429.7 | |||||||||||
| Cost of sales | 528.6 | 384.4 | 913.0 | ||||||||||||||
| Gross profit | 296.3 | 220.4 | 516.7 | ||||||||||||||
| Selling, general and administrative expenses | 90.3 | 96.9 | |||||||||||||||
| Strategic reorganization and other charges | 1.0 | 0.7 | |||||||||||||||
| Segment operating income | $ | 205.0 | $ | 122.8 | 327.8 | ||||||||||||
| Reconciliation of segment operating income to consolidated income before income taxes | |||||||||||||||||
| Corporate general and administrative expenses | 60.1 | ||||||||||||||||
| Corporate strategic reorganization and other charges | 7.1 | ||||||||||||||||
| Pension benefit other than service | (0.2) | ||||||||||||||||
| Interest expense, net | 6.6 | ||||||||||||||||
| Income before income taxes | $ | 254.2 | |||||||||||||||
| 2024 | Water Flow Solutions | Water Management Solutions | Total | ||||||||||||||
| (in millions) | |||||||||||||||||
| Net sales | $ | 755.5 | $ | 559.2 | $ | 1,314.7 | |||||||||||
| Cost of sales | 483.6 | 372.1 | 855.7 | ||||||||||||||
| Gross profit | 271.9 | 187.1 | 459.0 | ||||||||||||||
| Selling, general and administrative expenses | 92.5 | 95.0 | |||||||||||||||
| Strategic reorganization and other charges | 0.2 | 1.8 | |||||||||||||||
| Goodwill impairment | — | 16.3 | |||||||||||||||
| Segment operating income | $ | 179.2 | $ | 74.0 | 253.2 | ||||||||||||
| Reconciliation of segment operating income to consolidated income before income taxes | |||||||||||||||||
| Corporate general and administrative expenses | 57.7 | ||||||||||||||||
| Corporate strategic reorganization and other charges | 13.8 | ||||||||||||||||
| Pension expense other than service | 4.0 | ||||||||||||||||
| Interest expense, net | 12.7 | ||||||||||||||||
| Other expense | 1.6 | ||||||||||||||||
| Income before income taxes | $ | 163.4 | |||||||||||||||
| 2023 | Water Flow Solutions | Water Management Solutions | Total | ||||||||||||||
| (in millions) | |||||||||||||||||
| Net sales | $ | 634.4 | $ | 641.3 | $ | 1,275.7 | |||||||||||
| Cost of sales | 469.5 | 426.7 | 896.2 | ||||||||||||||
| Gross profit | 164.9 | 214.6 | 379.5 | ||||||||||||||
| Selling, general and administrative expenses | 85.3 | 106.9 | |||||||||||||||
| Strategic reorganization and other charges | — | 1.7 | |||||||||||||||
| Segment operating income | $ | 79.6 | $ | 106.0 | 185.6 | ||||||||||||
| Reconciliation of segment operating income to consolidated income before income taxes | |||||||||||||||||
| Corporate general and administrative expenses | 49.7 | ||||||||||||||||
| Corporate strategic reorganization and other charges | 8.5 | ||||||||||||||||
| Pension expense other than service | 3.7 | ||||||||||||||||
| Interest expense, net | 14.7 | ||||||||||||||||
| Income before income taxes | $ | 109.0 | |||||||||||||||
Business segment assets primarily consist of inventories and intangible assets. Other relevant segment information is presented below:
| Water Flow Solutions | Water Management Solutions | Corporate | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Depreciation and amortization: | |||||||||||||||||||||||
| 2025 | $ | 26.6 | $ | 20.2 | $ | 0.1 | $ | 46.9 | |||||||||||||||
| 2024 | 38.3 | 27.7 | 0.2 | 66.2 | |||||||||||||||||||
| 2023 | $ | 32.8 | $ | 29.5 | $ | 0.2 | $ | 62.5 | |||||||||||||||
| Capital expenditures: | |||||||||||||||||||||||
| 2025 | $ | 24.1 | $ | 23.2 | $ | — | $ | 47.3 | |||||||||||||||
| 2024 | 31.1 | 16.3 | — | 47.4 | |||||||||||||||||||
| 2023 | $ | 33.4 | $ | 14.2 | $ | — | $ | 47.6 | |||||||||||||||
| Intangible assets, net and goodwill | |||||||||||||||||||||||
| September 30, 2025 | $ | 264.5 | $ | 132.0 | $ | — | $ | 396.5 | |||||||||||||||
| September 30, 2024 | $ | 264.9 | $ | 125.5 | $ | — | $ | 390.4 | |||||||||||||||
| Inventories, net: | |||||||||||||||||||||||
| September 30, 2025 | $ | 197.2 | $ | 131.5 | $ | — | $ | 328.7 | |||||||||||||||
| September 30, 2024 | $ | 187.3 | $ | 114.4 | $ | — | $ | 301.7 | |||||||||||||||
Geographical area information is presented below:
| United States | Israel | Other | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Property, plant and equipment, net: | |||||||||||||||||||||||
| September 30, 2025 | $ | 318.9 | $ | 12.8 | $ | 4.0 | $ | 335.7 | |||||||||||||||
| September 30, 2024 | $ | 302.8 | $ | 11.9 | $ | 4.1 | $ | 318.8 | |||||||||||||||
Year ended September 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
Water Flow Solutions disaggregated net revenue: | |||||||||||||||||
| Central | $ | 227.7 | $ | 196.8 | $ | 176.0 | |||||||||||
| Northeast | 148.9 | 139.2 | 130.6 | ||||||||||||||
| Southeast | 189.2 | 181.6 | 118.4 | ||||||||||||||
| West | 203.5 | 185.5 | 160.9 | ||||||||||||||
| United States | 769.3 | 703.1 | 585.9 | ||||||||||||||
| Canada | 44.0 | 42.2 | 36.2 | ||||||||||||||
| Other international locations | 11.6 | 10.2 | 12.3 | ||||||||||||||
| $ | 824.9 | $ | 755.5 | $ | 634.4 | ||||||||||||
Water Management Solutions disaggregated net revenue: | |||||||||||||||||
| Central | $ | 161.4 | $ | 149.4 | $ | 169.2 | |||||||||||
| Northeast | 122.7 | 120.3 | 151.2 | ||||||||||||||
| Southeast | 136.0 | 132.4 | 137.4 | ||||||||||||||
| West | 124.4 | 103.6 | 119.0 | ||||||||||||||
| United States | 544.5 | 505.7 | 576.8 | ||||||||||||||
| Canada | 33.6 | 33.3 | 38.3 | ||||||||||||||
| Other international locations | 26.7 | 20.2 | 26.2 | ||||||||||||||
| $ | 604.8 | $ | 559.2 | $ | 641.3 | ||||||||||||
The Company has two significant customers that comprise greater than 10% of gross sales. One customer comprised 20% of gross sales for each of the fiscal years ended September 30, 2025 and 2024, and 18% of gross sales for fiscal year ended September 30, 2023. The Company had outstanding Accounts receivable from this customer of $56.5 million and $59.1 million as of September 30, 2025 and 2024, respectively. Another customer comprised 17% of gross sales for the fiscal year ended September 30, 2025, and 18% of gross sales for each of the fiscal years ended September 30, 2024, and 2023, respectively. The Company had outstanding Accounts receivable from this customer of $42.4 million and $36.9 million as of September 30, 2025 and 2024, respectively. The Company reports revenue for these customers in both reportable segments, Water Flow Solutions and Water Management Solutions.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 19, 2025 | Showing above |
| 2024 | Nov 20, 2024 | |
| 2023 | Dec 14, 2023 | |
| 2022 | Nov 18, 2022 | |
| 2021 | Nov 19, 2021 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.