Generac vs Mueller Industries
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The short version
- Generac is the larger business, with $4.2B of revenue in fiscal 2025 against $4.2B for Mueller Industries.
- Mueller Industries grew revenue faster (10.9%, against −2.0%).
- Mueller Industries kept more of each dollar of sales as operating profit (22.9% operating margin, against 6.9%).
- Mueller Industries turned more of its sales into free cash flow (16.4% FCF margin, against 6.4%).
- Mueller Industries earned a higher return on the capital invested in it (40.3%, against 6.5%).
| Latest fiscal year | GNRC · FY25 | MLI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.1B | $11.9B |
| Revenue | $4.2B | $4.2B |
| Free cash flow | $268M | $687M |
| Net income | $160M | $765M |
| Growth | ||
| Revenue growth | −2.0% | 10.9% |
| 5-year growth | 11.1% | 11.8% |
| Share count change | −1.8% | −2.2% |
| Profitability | ||
| Gross margin | 38.3% | — |
| Operating margin | 6.9% | 22.9% |
| Net margin | 3.8% | 18.3% |
| FCF margin | 6.4% | 16.4% |
| Return on capital | 6.5% | 40.3% |
| Return on equity | 6.2% | 25.6% |
| Balance sheet | ||
| Net debt | $1.0B | −$1.4B |
| Net debt / EBITDA | 2.1x | −1.4x |
| Dividends and buybacks | $148M | $353M |
| Valuation & quality | ||
| P/E | 43.0x | — |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
GNRC $1.4B
MLI $2.1B
FY17
GNRC $1.7B
MLI $2.3B
FY18
GNRC $2.0B
MLI $2.5B
FY19
GNRC $2.2B
MLI $2.4B
FY20
GNRC $2.5B
MLI $2.4B
FY21
GNRC $3.7B
MLI $3.8B
FY22
GNRC $4.6B
MLI $4.0B
FY23
GNRC $4.0B
MLI $3.4B
FY24
GNRC $4.3B
MLI $3.8B
FY25
GNRC $4.2B
MLI $4.2B
GNRC
MLI
Operating margin
FY16
GNRC 14.0%
MLI 7.5%
FY17
GNRC 14.9%
MLI 6.7%
FY18
GNRC 17.7%
MLI 6.9%
FY19
GNRC 16.9%
MLI 7.9%
FY20
GNRC 19.3%
MLI 10.3%
FY21
GNRC 19.3%
MLI 17.4%
FY22
GNRC 12.4%
MLI 22.0%
FY23
GNRC 9.6%
MLI 22.1%
FY24
GNRC 12.5%
MLI 20.4%
FY25
GNRC 6.9%
MLI 22.9%
GNRC
MLI
Free cash flow
FY16
GNRC $211M
MLI $120M
FY17
GNRC $224M
MLI −$2.1M
FY18
GNRC $200M
MLI $129M
FY19
GNRC $248M
MLI $169M
FY20
GNRC $424M
MLI $201M
FY21
GNRC $301M
MLI $280M
FY22
GNRC −$27.7M
MLI $686M
FY23
GNRC $393M
MLI $619M
FY24
GNRC $605M
MLI $566M
FY25
GNRC $268M
MLI $687M
GNRC
MLI
Return on capital
FY16
GNRC 10.0%
MLI 12.8%
FY17
GNRC 14.9%
MLI 12.5%
FY18
GNRC 19.3%
MLI 14.7%
FY19
GNRC 18.8%
MLI 15.6%
FY20
GNRC 22.8%
MLI 18.4%
FY21
GNRC 24.7%
MLI 44.6%
FY22
GNRC 13.7%
MLI 56.6%
FY23
GNRC 7.9%
MLI 50.1%
FY24
GNRC 11.3%
MLI 40.7%
FY25
GNRC 6.5%
MLI 40.3%
GNRC
MLI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.