ESAB Corp (ESAB) is slightly overvalued and Mueller Industries Inc (MLI) is undervalued.
Against our estimates of intrinsic value, MLI trades at the wider discount: a margin of safety of +21%, against -13% for ESAB.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.4% (average of 3 methods) values the shares at $60.32; the price of $68.44 is 13% above that value, and 78% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 10.3% (average of 3 methods) values the shares at $76.07; the price of $59.90 is 21% below that value, and 72% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | ESAB | MLI |
|---|---|---|
| Verdict | Slightly overvalued | Undervalued |
| Price | $68.44 | $59.90 |
| Intrinsic value | $60.32 | $76.07 |
| Margin of safety | -13% | +21% |
| Leak Score | 14/100 (3/12) | 100/100 (3/12) |
| Market cap | $4.3B | $13.2B |
| Revenue growth, 5 years | 7.8% | 11.8% |
| Operating margin | 14.2% | 21.3% |
| Net margin | 5.7% | 18.3% |
| Return on equity | 8.6% | 26.3% |
| Debt to equity | 1.00 | 0.01 |
| P/E | 24.6x | 15.6x |
| Forward P/E | 10.7x | 13.6x |
| P/B | 1.8x | 3.7x |
| Dividend yield | 0.3% | 1.1% |