Mueller Water Products (MWA)
Working capital turnover
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 1,373,500 | 1,362,600 | 1,314,700 | 1,267,900 | 1,237,800 | 1,217,300 | 1,275,700 | 1,305,700 | 1,312,300 | 1,289,900 | 1,247,400 | 1,211,600 | 1,188,900 | 1,145,900 | 1,111,000 | 1,080,700 | 998,700 | 988,900 | 964,100 | 965,700 |
| Total current assets | US$ in thousands | 890,700 | 842,700 | 858,400 | 785,500 | 748,600 | 729,400 | 706,800 | 691,400 | 669,600 | 671,900 | 680,000 | 659,100 | 647,100 | 628,000 | 653,700 | 632,400 | 614,200 | 577,900 | 581,200 | 534,400 |
| Total current liabilities | US$ in thousands | 235,300 | 220,300 | 258,000 | 212,400 | 212,300 | 221,600 | 218,800 | 199,900 | 191,300 | 213,600 | 241,000 | 202,300 | 201,500 | 199,300 | 220,100 | 188,900 | 160,200 | 136,300 | 155,000 | 145,000 |
| Working capital turnover | 2.10 | 2.19 | 2.19 | 2.21 | 2.31 | 2.40 | 2.61 | 2.66 | 2.74 | 2.81 | 2.84 | 2.65 | 2.67 | 2.67 | 2.56 | 2.44 | 2.20 | 2.24 | 2.26 | 2.48 |
March 31, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,373,500K ÷ ($890,700K – $235,300K)
= 2.10
The analysis of Mueller Water Products’ working capital turnover ratio from June 30, 2020, through March 31, 2025, reveals several noteworthy trends. Initially, the ratio decreased from 2.48 in June 2020 to a low of 2.20 in March 2021, indicating a somewhat diminished efficiency in utilizing working capital during this period. Subsequently, the ratio experienced a consistent upward trajectory, reaching a peak of 2.84 as of September 30, 2022, signifying an increased efficiency in generating sales relative to working capital.
From this peak, the ratio demonstrates a gradual decline, descending to 2.40 by December 2023. This downward trend continues into 2024 and 2025, reaching 2.10 as of March 2025. Overall, the data illustrates a significant expansion in working capital efficiency during the 2021-2022 period, followed by a moderate contraction in subsequent years.
This fluctuation may be reflective of changes in operational efficiencies, inventory management, receivables, or payables management. A rising working capital turnover ratio suggests improved utilization of working capital to support sales, whereas the subsequent decline indicates a possible slowdown or a strategic shift affecting liquidity management. The trend over the period indicates periods of both operational strengthening and easing, emphasizing the importance of reviewing underlying operational and financial strategies to contextualize these ratios fully.
Peer comparison
Mar 31, 2025