Walters' four-goal haul in the club's 45-point victory over Gold Coast was one of his best performances in a Fremantle jumper - and it came less than a year after he was banished to the WAFL for failing to meet the club's fitness standards.
Walters, a fourth-round draft pick from 2008 who had only played 11 matches in his first three seasons, has kicked 37 goals in 16 games since earning an AFL recall in round 16 last season.
He has publicly attributed his recent success to Lyon's influence but the Dockers coach would have none of it, declaring the 22-year-old was reaping the rewards of his own hard work.
Lyon said he was really pleased with the progress Walters had made, not only with his football but also in his life.
"It's a bit of a cliché but football clubs, we want to produce great footballers, but we want to produce great young men," he said on Tuesday.
"To see Michael turn his AFL career around and create opportunities in his life is, for me, pleasing.
"But I take no credit.
"All of the decisions and choices he's starting to make away from the club are disciplined hard choices.
"He embraces discipline rather than indulging himself. Clearly for a period as a young person he was indulging.
"He's harnessing talent with hard work."
Walters' teammate Michael Barlow said the player nicknamed 'Son Son' had formed a potent combination with fellow goalsneak Hayden Ballantyne.
"I don't know what to call them, little ninjas down there working in tandem," Barlow said.
"We really value them.
"Michael Walters was able to hit the scoreboard hard on the weekend."
Barlow echoed his coach's thoughts, saying both Walters and Ballantyne had stood up in the absence of Matthew Pavlich.
"'Ballas' (Ballantyne) and 'Son Son' working together is a fantastic combination," he said.
"I think the forward line throws up something different at the opposition when Pav's not there at the moment."
Fremantle is hoping the pair can be just as damaging against Collingwood on Saturday night.
Essendon's small forwards David Zaharakis, Jason Winderlich, and Alwyn Davey kicked nine goals between them against Collingwood in the Bombers' win on Anzac Day.
"The diversity of our forward line is a real strength for us," Barlow said.
"Hopefully 'Son Son' can back it up this weekend, or if not, 'Ballas' pops up."
