Mueller Water Products, Inc. (MWA) Balance Sheet
MWA balance sheet, FY2025
September 30, 2025 · U.S. dollars$1.84B assets = $857.2M liabilities + $981.7M equity
Both columns are drawn to the same scale: what MWA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MWA financial health
Descriptive bands, not a rating. Fiscal FY2025.
MWA balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.28BFY2016 | $1.84BFY2025 | +4.1%/yr | |
| Total liabilities | $861.1MFY2016 | $857.2MFY2025 | −0.1%/yr | |
| Shareholders’ equity | $418.3MFY2016 | $981.7MFY2025 | +9.9%/yr | |
| Cash & short-term investments | $195.0MFY2016 | $431.5MFY2025 | +9.2%/yr | |
| Total debt | $485.1MFY2016 | $451.6MFY2025 | −0.8%/yr | |
| Net cash (debt) | −$290.1MFY2016 | −$20.1MFY2025 | +$270.0M | |
| Working capital | $426.5MFY2016 | $738.6MFY2025 | +$312.1M | |
| Book value per share | $2.56FY2016 | $6.23FY2025 | +10.4%/yr | |
| Current ratio | 3.30FY2016 | 3.54FY2025 | +0.25 | |
| Debt / equity | 1.16FY2016 | 0.46FY2025 | −0.70 | |
| Shares outstanding | 163.4MFY2016 | 157.5MFY2025 | −0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MWA assets
MWA liabilities and equity
MWA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MWA balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $431.5M | $309.9M | $160.3M | $146.5M | $227.5M | $208.9M | $176.7M | $347.1M | $361.7M | $195.0M |
| Cash & equivalents | $431.5M | $309.9M | $160.3M | $146.5M | $227.5M | $208.9M | $176.7M | $347.1M | $361.7M | $195.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $247.9M | $215.5M | $221.8M | $232.7M | $223.9M | $194.8M | $179.1M | $164.3M | $145.3M | $131.8M |
| Inventory | $328.7M | $311.3M | $305.9M | $281.5M | $187.6M | $166.2M | $191.4M | $156.6M | $138.9M | $213.8M |
| Other current assets | $20.8M | $21.7M | $18.8M | $19.3M | $14.7M | $11.3M | $19.7M | $17.5M | $24.4M | $71.7M |
| Total current assets | $1.03B | $858.4M | $706.8M | $680.0M | $653.7M | $581.2M | $566.9M | $685.5M | $670.3M | $612.3M |
| Property, plant & equipment (net) | $335.7M | $345.7M | $335.3M | $327.6M | $310.5M | $279.4M | $217.1M | $150.9M | $122.3M | $155.1M |
| Goodwill & intangible assets | $396.5M | $390.4M | $427.7M | $459.8M | $507.6M | $508.6M | $529.4M | $420.2M | $439.3M | $486.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $77.8M | $41.4M | $35.2M | $30.7M | $46.2M | $25.8M | $23.9M | $35.3M | $26.4M | $27.2M |
| Total assets | $1.84B | $1.64B | $1.50B | $1.50B | $1.52B | $1.40B | $1.34B | $1.29B | $1.26B | $1.28B |
| Liabilities | ||||||||||
| Accounts payable | $134.4M | $109.9M | $102.9M | $122.8M | $92.0M | $67.3M | $84.6M | $90.0M | $82.5M | $73.7M |
| Short-term debt | $1.2M | $6.3M | $5.6M | $5.2M | $5.0M | $5.1M | $900,000 | $700,000 | $5.6M | $5.6M |
| Deferred revenue | $19.9M | $24.0M | $23.8M | $24.3M | $25.0M | $15.2M | $8.7M | $9.7M | $6.5M | $17.3M |
| Total current liabilities | $290.3M | $258.0M | $218.8M | $241.0M | $220.1M | $155.0M | $178.5M | $167.1M | $141.6M | $185.8M |
| Long-term debt | $450.4M | $448.7M | $446.7M | $446.1M | $445.9M | $446.5M | $445.4M | $444.3M | $475.0M | $479.2M |
| Lease obligations | — | $28.0M | $24.7M | $26.8M | $28.6M | $27.3M | — | — | — | — |
| Other long-term liabilities | $116.5M | $119.1M | $128.0M | $141.7M | $157.1M | $152.8M | $121.1M | $115.7M | $152.2M | $196.1M |
| Total liabilities | $857.2M | $825.8M | $793.5M | $828.8M | $823.1M | $754.3M | $745.0M | $727.1M | $768.8M | $861.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.50B | $1.57B |
| Retained earnings (deficit) | −$174.2M | −$365.9M | −$481.8M | −$567.3M | −$643.9M | −$714.2M | −$786.2M | −$850.0M | −$955.6M | −$1.08B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$4.6M | −$30.8M | −$48.7M | −$44.6M | −$5.0M | −$24.7M | −$36.0M | −$32.8M | −$51.8M | −$68.3M |
| Minority interest | — | — | — | — | — | — | — | $1.5M | $1.1M | $1.2M |
| Total shareholders' equity | $981.7M | $810.1M | $711.5M | $669.3M | $694.9M | $640.7M | $590.1M | $563.3M | $488.4M | $418.3M |
| Key figures | ||||||||||
| Total debt | $451.6M | $477.5M | $472.1M | $473.7M | $475.5M | $474.9M | $446.3M | $445.0M | $480.6M | $485.1M |
| Net cash (debt) | −$20.1M | −$167.6M | −$311.8M | −$327.2M | −$248.0M | −$266.0M | −$269.6M | −$97.9M | −$118.9M | −$290.1M |
| Working capital | $738.6M | $600.4M | $488.0M | $439.0M | $433.6M | $426.2M | $388.4M | $518.4M | $528.7M | $426.5M |
| Tangible book value | $585.2M | $419.7M | $283.8M | $209.5M | $187.3M | $132.1M | $60.7M | $143.1M | $49.1M | −$67.7M |
| Book value per share | $6.23 | $5.16 | $4.54 | $4.24 | $4.36 | $4.04 | $3.71 | $3.53 | $3.02 | $2.56 |
| Shares outstanding | 157.5M | 156.9M | 156.8M | 158.0M | 159.2M | 158.6M | 159.0M | 159.7M | 161.8M | 163.4M |
| Current ratio | 3.54 | 3.33 | 3.23 | 2.82 | 2.97 | 3.75 | 3.18 | 4.10 | 4.73 | 3.30 |
| Quick ratio | 2.34 | 2.04 | 1.75 | 1.57 | 2.05 | 2.60 | 1.99 | 3.06 | 3.58 | 1.76 |
| Debt / equity | 0.46 | 0.59 | 0.66 | 0.71 | 0.68 | 0.74 | 0.76 | 0.79 | 0.98 | 1.16 |
| Equity / assets | 53.4% | 49.5% | 47.3% | 44.7% | 45.8% | 45.9% | 44.1% | 43.6% | 38.8% | 32.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $495.3M | $421.0M | $459.6M | $431.5M | $372.0M | $329.2M | $338.2M | $309.9M | $243.3M | $179.2M | $216.7M | $160.3M |
| Cash & equivalents | $495.3M | $421.0M | $459.6M | $431.5M | $372.0M | $329.2M | $338.2M | $309.9M | $243.3M | $179.2M | $216.7M | $160.3M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $64.3M | — |
| Receivables | $203.2M | $208.6M | $137.1M | $247.9M | $212.8M | $221.6M | $151.4M | $215.5M | $218.7M | $234.1M | $172.9M | $221.8M |
| Inventory | $379.8M | $385.4M | $376.7M | $328.7M | $323.9M | $312.5M | $326.9M | $311.3M | $303.6M | $312.5M | $315.7M | $305.9M |
| Other current assets | $52.0M | $51.0M | $55.5M | $20.8M | $29.1M | $27.4M | $26.2M | $21.7M | $19.9M | $22.8M | $24.1M | $18.8M |
| Total current assets | $1.13B | $1.07B | $1.03B | $1.03B | $937.8M | $890.7M | $842.7M | $858.4M | $785.5M | $748.6M | $729.4M | $706.8M |
| Property, plant & equipment (net) | $345.1M | $343.7M | $341.7M | $335.7M | $354.9M | $351.4M | $347.1M | $345.7M | $337.8M | $337.3M | $338.3M | $335.3M |
| Goodwill & intangible assets | $392.7M | $397.8M | $399.1M | $396.5M | $395.7M | $387.5M | $389.4M | $390.4M | $410.9M | $419.3M | $427.6M | $427.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $85.2M | $77.3M | $77.1M | $77.8M | $42.0M | $41.0M | $40.0M | $41.4M | $34.4M | $34.2M | $33.5M | $35.2M |
| Total assets | $1.95B | $1.88B | $1.85B | $1.84B | $1.73B | $1.67B | $1.62B | $1.64B | $1.57B | $1.54B | $1.53B | $1.50B |
| Liabilities | ||||||||||||
| Accounts payable | $131.2M | $128.6M | $127.5M | $134.4M | $118.6M | $118.1M | $98.9M | $109.9M | $85.7M | $96.7M | $108.9M | $102.9M |
| Short-term debt | $1.6M | $1.4M | $1.4M | $1.2M | $7.1M | $6.9M | $6.5M | $6.3M | $6.2M | $5.9M | $5.9M | $5.6M |
| Deferred revenue | $17.0M | $6.5M | $7.2M | $19.9M | $22.2M | $28.6M | $28.8M | $24.0M | $19.7M | $18.2M | $26.4M | $23.8M |
| Total current liabilities | $243.8M | $233.3M | $256.0M | $290.3M | $242.8M | $235.3M | $220.3M | $258.0M | $212.4M | $212.3M | $221.6M | $218.8M |
| Long-term debt | $451.3M | $451.0M | $450.9M | $450.4M | $449.8M | $449.5M | $448.7M | $448.7M | $448.2M | $448.0M | $446.8M | $446.7M |
| Lease obligations | — | — | — | — | $28.3M | $27.8M | $27.7M | $28.0M | $29.1M | $29.3M | $31.1M | $24.7M |
| Other long-term liabilities | $137.8M | $129.7M | $121.7M | $116.5M | $108.8M | $112.2M | $116.1M | $119.1M | $116.4M | $124.6M | $129.2M | $128.0M |
| Total liabilities | $832.9M | $814.0M | $828.6M | $857.2M | $801.4M | $797.0M | $785.1M | $825.8M | $777.0M | $784.9M | $797.6M | $793.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M |
| Retained earnings (deficit) | −$4.6M | −$71.9M | −$131.0M | −$174.2M | −$226.8M | −$279.3M | −$330.6M | −$365.9M | −$375.9M | −$423.2M | −$467.5M | −$481.8M |
| Accumulated other comprehensive income | $4.3M | $4.4M | $4.5M | −$4.6M | −$11.9M | −$32.5M | −$31.7M | −$30.8M | −$42.4M | −$38.6M | −$34.8M | −$48.7M |
| Total shareholders' equity | $1.12B | $1.07B | $1.02B | $981.7M | $929.0M | $873.6M | $834.1M | $810.1M | $791.6M | $754.5M | $731.2M | $711.5M |
| Key figures | ||||||||||||
| Total debt | $452.9M | $452.4M | $452.3M | $451.6M | $479.1M | $478.3M | $477.2M | $477.5M | $478.0M | $478.0M | $478.5M | $472.1M |
| Net cash (debt) | $42.4M | −$31.4M | $7.3M | −$20.1M | −$107.1M | −$149.1M | −$139.0M | −$167.6M | −$234.7M | −$298.8M | −$261.8M | −$311.8M |
| Working capital | $886.5M | $832.7M | $772.9M | $738.6M | $695.0M | $655.4M | $622.4M | $600.4M | $573.1M | $536.3M | $507.8M | $488.0M |
| Tangible book value | $727.7M | $673.0M | $619.1M | $585.2M | $533.3M | $486.1M | $444.7M | $419.7M | $380.7M | $335.2M | $303.6M | $283.8M |
| Book value per share | $7.12 | $6.80 | $6.47 | $6.24 | $5.90 | $5.55 | $5.30 | $5.16 | $5.05 | $4.81 | $4.67 | $4.53 |
| Shares outstanding | 157.3M | 157.4M | 157.3M | 157.4M | 157.4M | 157.5M | 157.5M | 156.9M | 156.7M | 156.7M | 156.7M | 157.0M |
| Current ratio | 4.64 | 4.57 | 4.02 | 3.54 | 3.86 | 3.79 | 3.83 | 3.33 | 3.70 | 3.53 | 3.29 | 3.23 |
| Quick ratio | 2.87 | 2.70 | 2.33 | 2.34 | 2.41 | 2.34 | 2.22 | 2.04 | 2.18 | 1.95 | 1.76 | 1.75 |
| Debt / equity | 0.40 | 0.42 | 0.44 | 0.46 | 0.52 | 0.55 | 0.57 | 0.59 | 0.60 | 0.63 | 0.65 | 0.66 |
| Equity / assets | 57.4% | 56.8% | 55.1% | 53.4% | 53.7% | 52.3% | 51.5% | 49.5% | 50.5% | 49.0% | 47.8% | 47.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 19, 2025); data from EODHD.
MWA financial position
At the end of fiscal 2025 (September 30, 2025), Mueller Water Products had total assets of $1.8 billion (up 12.4% from a year earlier), total liabilities of $857.2 million and shareholders' equity of $981.7 million. It held $431.5 million in cash and short-term investments against $451.6 million of debt, net debt of $20.1 million. Its current ratio was 3.54. In the latest quarter (ended June 30, 2026) total assets were $2.0 billion and equity $1.1 billion.
Related: MWA income statement, MWA cash flow statement, MWA key metrics. See the MWA stock overview for the latest quote and news.
MWA balance sheet FAQ
What are Mueller Water Products's total assets?
Mueller Water Products reported total assets of $1.8 billion at the end of fiscal 2025 (September 30, 2025), compared with $1.6 billion a year earlier.
How much debt does Mueller Water Products have?
Mueller Water Products had $451.6 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.46.
How much cash does Mueller Water Products have?
Mueller Water Products held $431.5 million in cash and short-term investments at the end of fiscal 2025; with $451.6 million of debt that is net debt of $20.1 million.
What is Mueller Water Products's book value?
Mueller Water Products's shareholders' equity (book value) was $981.7 million at the end of fiscal 2025, or $6.23 per share.
What is Mueller Water Products's current ratio?
Mueller Water Products had current assets of $1.0 billion and current liabilities of $290.3 million, a current ratio of 3.54 (it can cover its short-term obligations).
How much goodwill does Mueller Water Products have?
Mueller Water Products carried $396.5 million of goodwill and intangible assets, 21.6% of total assets, at the end of fiscal 2025.