MLIMEDIUM SIGNALFINANCIAL10-K

MLI delivered strong financial performance with double-digit revenue growth and meaningfully expanded profitability metrics across the board.

The company demonstrated robust operational execution with revenue growth of 10.9% translating into even stronger bottom-line expansion, indicating effective margin management. The substantial improvement in cash position and operating cash flow generation suggests the business is generating strong returns while maintaining financial flexibility for future investments or shareholder returns.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

MLI reported solid top-line growth with revenue expanding 10.9% to $4.2B, while operating income and net income grew notably faster at 24.4% and 26.5% respectively, demonstrating strong operational leverage. The balance sheet strengthened considerably with cash and equivalents increasing 31.8% to $1.4B and operating cash flow growing 17% to $755.4M. Interest expense increased substantially but remained modest in absolute terms, while the overall financial profile reflects a company successfully scaling operations and converting growth into improved profitability and cash generation.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+50.7%
$810K$1.2M

Interest expense surged 50.7% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+31.8%
$1.0B$1.4B

Cash position surged 31.8% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+26.5%
$604.9M$765.2M

Net income grew 26.5% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+24.4%
$770.4M$958.5M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Current Assets
Balance Sheet
+21.5%
$2.0B$2.4B

Current assets grew 21.5% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
+17%
$645.9M$755.4M

Operating cash flow grew 17% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+15.8%
$2.8B$3.2B

Equity base grew 15.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+13.4%
$3.3B$3.7B

Asset base grew 13.4% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+10.9%
$3.8B$4.2B

Revenue growing 10.9% — solid top-line momentum, watch margins for quality of growth.

Inventory
Balance Sheet
+10.4%
$462.3M$510.5M

Inventory built 10.4% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
Form 10-K Summary 21 Signatures 22 Index to Consolidated Financial Statements F- 1 2 PART I ITEM 1.
The total amount of order backlog for the Piping Systems segment as of December 27, 2025 was not significant.
Our wire and cable business competitors include Prysmian S.p.A.
This acquisition complements our existing businesses in the Climate segment.
The total amount of order backlog for the Climate segment as of December 27, 2025 was not significant.
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REMOVED
Form 10-K Summary 24 Signatures 25 Index to Consolidated Financial Statements F- 1 2 PART I ITEM 1.
The total amount of order backlog for the Industrial Metals Segment as of December 28, 2024 was not significant.
(Shoals) on January 17, 2020 and H C Flex on January 29, 2021.
These acquisitions complement our existing businesses in the Climate segment.
The total amount of order backlog for the Climate segment as of December 28, 2024 was not significant.
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