Mueller Water Products (MWA)
Pretax margin
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 201,100 | 192,300 | 163,400 | 159,700 | 127,400 | 96,500 | 109,000 | 97,000 | 99,700 | 102,400 | 98,600 | 114,200 | 100,600 | 98,000 | 94,900 | 106,100 | 100,700 | 103,200 | 94,100 | 110,200 |
| 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 |
| Pretax margin | 14.64% | 14.11% | 12.43% | 12.60% | 10.29% | 7.93% | 8.54% | 7.43% | 7.60% | 7.94% | 7.90% | 9.43% | 8.46% | 8.55% | 8.54% | 9.82% | 10.08% | 10.44% | 9.76% | 11.41% |
March 31, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $201,100K ÷ $1,373,500K
= 14.64%
The pretax margin of Mueller Water Products has exhibited notable fluctuations over the analyzed period, reflecting varying profitability levels across different fiscal quarters. At the beginning of the period, as of June 30, 2020, the pretax margin was recorded at approximately 11.41%. This figure declined through the subsequent quarters, reaching a low point around September 30, 2021, with a margin of approximately 8.54%, and maintaining a generally decreasing trend until the end of 2022, where margins hovered near 7.9%.
From the first quarter of 2023 onwards, there was a reversal in the trend, with margins showing signs of recovery. By March 31, 2023, the pretax margin had slightly declined to 7.60%, but subsequently increased significantly in the following quarters. The quarter ending June 30, 2024, marked a substantial rise to approximately 12.60%, followed by marginal adjustments in subsequent periods, culminating in a peak of roughly 14.64% as of March 31, 2025.
This overall pattern indicates an initial period of margin contraction, possibly attributable to factors such as increased cost pressures, market challenges, or strategic investments that temporarily compressed profitability. The subsequent sharp improvement in margins suggests enhancements in operational efficiency, favorable market conditions, or strategic adjustments leading to increased profitability before stabilizing at higher levels by early 2025.
Peer comparison
Mar 31, 2025