NYSE : BMI
Badger Meter, Inc. — Financial statements
Technology · Scientific & Technical Instruments · United States
Last price 149.68 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.28B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Badger Meter, Inc. (BMI) reported revenue of 881.24M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 881.24M | 916.66M | 826.56M | 703.59M | 565.57M | 505.20M |
| Cost of Revenue | 514.31M | 534.59M | 497.37M | 427.15M | 345.60M | 299.71M |
| Gross Profit | 366.94M | 382.07M | 329.18M | 276.44M | 219.97M | 205.48M |
| Selling, General & Admin | 201.49M | 198.54M | 171.30M | 158.52M | 132.81M | 126.88M |
| Operating Expenses | 201.49M | 198.54M | 171.30M | 158.52M | 132.81M | 126.88M |
| Operating Income | 165.45M | 183.53M | 157.89M | 117.92M | 87.17M | 78.60M |
| Interest & Investment Income | 3.21M | 5.12M | 8.61M | 4.05M | 552.00K | 20.00K |
| EBT Excluding Unusual Items | 168.66M | 188.66M | 166.50M | 121.97M | 87.72M | 78.62M |
| Pretax Income | 168.66M | 188.66M | 166.50M | 121.97M | 87.72M | 78.62M |
| Income Tax Expense | 42.13M | 47.02M | 41.56M | 29.37M | 21.22M | 17.74M |
| Net Income | 126.53M | 141.63M | 124.94M | 92.60M | 66.50M | 60.88M |
| Net Income to Common | 126.53M | 141.63M | 124.94M | 92.60M | 66.50M | 60.88M |
| Shares Outstanding (Basic) | 29.09M | 29.40M | 29.36M | 29.28M | 29.22M | 29.14M |
| Shares Outstanding (Diluted) | 29.23M | 29.57M | 29.53M | 29.46M | 29.38M | 29.34M |
| EPS (Basic) | 4.35 | 4.82 | 4.26 | 3.16 | 2.28 | 2.09 |
| EPS (Diluted) | 4.33 | 4.79 | 4.23 | 3.14 | 2.26 | 2.08 |
| Free Cash Flow | 142.39M | 169.67M | 142.22M | 98.11M | 76.56M | 80.76M |
| Free Cash Flow Per Share | 4.87 | 5.74 | 4.82 | 3.33 | 2.61 | 2.75 |
| Dividend Per Share | 1.64 | 1.48 | 1.22 | 0.99 | 0.85 | 0.76 |
| Gross Margin | 41.64% | 41.68% | 39.83% | 39.29% | 38.89% | 40.67% |
| Operating Margin | 18.77% | 20.02% | 19.10% | 16.76% | 15.41% | 15.56% |
| Profit Margin | 14.36% | 15.45% | 15.12% | 13.16% | 11.76% | 12.05% |
| Free Cash Flow Margin | 16.16% | 18.51% | 17.21% | 13.94% | 13.54% | 15.99% |
| EBITDA | 199.85M | 214.62M | 186.67M | 142.73M | 109.61M | 101.97M |
| EBITDA Margin | 22.68% | 23.41% | 22.58% | 20.29% | 19.38% | 20.18% |
| D&A For EBITDA | 34.40M | 31.08M | 28.79M | 24.81M | 22.44M | 23.36M |
| EBIT | 165.45M | 183.53M | 157.89M | 117.92M | 87.17M | 78.60M |
| EBIT Margin | 18.77% | 20.02% | 19.10% | 16.76% | 15.41% | 15.56% |
| Effective Tax Rate | 24.98% | 24.93% | 24.96% | 24.08% | 24.19% | 22.56% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 67.93M | 226.02M | 295.31M | 191.78M | 138.05M | 87.17M |
| Cash & Short-Term Investments | 67.93M | 226.02M | 295.31M | 191.78M | 138.05M | 87.17M |
| Receivables | 111.83M | 112.36M | 84.33M | 83.51M | 76.65M | 65.87M |
| Inventory | 166.43M | 151.94M | 143.41M | 153.67M | 119.86M | 99.61M |
| Prepaid Expenses | 21.72M | 16.77M | 17.08M | 13.21M | 13.27M | 8.71M |
| Total Current Assets | 367.90M | 507.08M | 540.12M | 442.18M | 347.83M | 261.36M |
| Property, Plant & Equipment | 83.47M | 92.17M | 80.12M | 79.40M | 80.08M | 83.93M |
| Goodwill | 302.81M | 235.57M | 111.77M | 113.16M | 101.26M | 104.31M |
| Other Intangible Assets | 157.51M | 122.20M | 48.87M | 57.44M | 58.41M | 69.78M |
| Long-Term Deferred Tax Assets | 14.11M | 14.14M | 32.52M | 22.71M | 12.76M | 7.53M |
| Other Long-Term Assets | 17.85M | 2.42M | 3.02M | 2.03M | 2.71M | 3.91M |
| Total Assets | 943.65M | 973.58M | 816.41M | 716.92M | 603.05M | 530.82M |
| Accrued Expenses | 21.90M | 37.62M | 34.91M | 29.87M | 20.51M | 20.64M |
| Current Portion of Leases | 3.52M | 1.21M | 1.00M | 1.22M | ||
| Current Unearned Revenue | 24.04M | 24.27M | 14.12M | 10.21M | ||
| Other Current Liabilities | 102.35M | 85.30M | 67.96M | 90.87M | 88.58M | 61.50M |
| Total Current Liabilities | 148.30M | 150.72M | 118.20M | 131.95M | 110.31M | 82.15M |
| Long-Term Leases | 22.82M | 9.17M | 4.80M | 4.76M | 5.57M | 6.18M |
| Long-Term Unearned Revenue | 79.70M | 72.77M | 64.15M | 49.76M | 32.24M | |
| Pension & Post-Retirement Benefits | 9.34M | 9.16M | 9.96M | 8.91M | 7.86M | 10.41M |
| Long-Term Deferred Tax Liabilities | 16.62M | 3.48M | 3.65M | 5.06M | 4.65M | 5.38M |
| Other Long-Term Liabilities | 15.73M | 14.99M | 9.41M | 23.63M | ||
| Total Liabilities | 292.52M | 260.28M | 210.18M | 200.44M | 160.62M | 127.75M |
| Common Stock | 37.22M | 37.22M | 37.22M | 37.22M | 37.22M | 37.22M |
| Additional Paid-In Capital | 82.60M | 75.29M | 65.82M | 59.19M | 53.28M | 49.22M |
| Retained Earnings | 702.90M | 645.88M | 547.80M | 458.72M | 395.15M | 353.54M |
| Treasury Stock | -169.93M | -51.57M | -36.70M | -37.00M | -37.25M | -37.05M |
| Comprehensive Income & Other | -1.66M | 6.47M | -7.91M | -1.65M | -5.98M | 136.00K |
| Shareholders' Equity | 651.13M | 713.29M | 606.23M | 516.48M | 442.42M | 403.07M |
| Total Liabilities & Equity | 943.65M | 973.58M | 816.41M | 716.92M | 603.05M | 530.82M |
| Total Debt | 22.82M | 12.69M | 6.01M | 5.76M | 6.79M | 6.18M |
| Net Cash (Debt) | 45.10M | 213.33M | 289.29M | 186.02M | 131.26M | 81.00M |
| Net Cash Per Share | 1.54 | 7.21 | 9.80 | 6.32 | 4.47 | 2.76 |
| Filing Date Shares Outstanding | 28.56M | 29.18M | 29.41M | 29.35M | 29.29M | 29.25M |
| Total Common Shares Outstanding | 28.56M | 29.39M | 29.41M | 29.35M | 29.29M | 29.25M |
| Working Capital | 219.60M | 356.36M | 421.91M | 310.23M | 237.52M | 179.21M |
| Book Value Per Share | 22.80 | 24.27 | 20.61 | 17.60 | 15.10 | 13.78 |
| Tangible Book Value | 190.81M | 355.52M | 445.60M | 345.88M | 282.75M | 228.98M |
| Tangible Book Value Per Share | 6.68 | 12.10 | 15.15 | 11.79 | 9.65 | 7.83 |
| Land | 9.54M | 9.24M | 9.26M | 8.95M | 9.18M | |
| Buildings | 74.96M | 71.53M | 72.15M | 70.84M | 71.10M | |
| Machinery | 163.95M | 152.44M | 144.58M | 141.15M | 136.51M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 126.53M | 141.63M | 124.94M | 92.60M | 66.50M | 60.88M |
| Depreciation & Amortization | 34.40M | 31.08M | 28.79M | 24.81M | 22.44M | 23.36M |
| Other Amortization | 3.50M | 3.50M | 3.40M | 3.30M | 3.80M | 4.50M |
| Stock-Based Compensation | 10.57M | 9.19M | 6.18M | 5.19M | 3.15M | 2.33M |
| Other Operating Activities | -903.00K | -718.00K | -11.23M | -9.99M | -6.27M | -3.29M |
| Change in Accounts Receivable | 3.38M | -20.11M | -1.44M | -6.35M | -11.33M | -1.24M |
| Change in Inventory | -9.76M | -987.00K | 10.32M | -32.47M | -21.02M | -13.63M |
| Change in Accounts Payable | -1.05M | 14.40M | -12.16M | 8.51M | 28.01M | 7.00M |
| Change in Other Net Operating Assets | -7.99M | 5.71M | 6.24M | 24.52M | -2.83M | 7.59M |
| Operating Cash Flow | 158.68M | 183.70M | 155.03M | 110.12M | 82.45M | 87.51M |
| Capital Expenditures | -16.29M | -14.03M | -12.82M | -12.00M | -5.89M | -6.75M |
| Cash Acquisitions | -94.38M | -184.02M | -3.00M | -17.13M | -45.27M | |
| Other Investing Activities | 454.00K | 596.00K | ||||
| Investing Cash Flow | -110.21M | -198.05M | -15.82M | -29.13M | -5.89M | -51.42M |
| Issuance of Common Stock | 140.00K | 554.00K | 751.00K | 967.00K | 703.00K | 2.11M |
| Repurchase of Common Stock | -134.02M | -15.00M | -427.00K | -460.00K | ||
| Common Dividends Paid | -47.67M | -43.53M | -35.85M | -29.05M | -24.88M | -22.16M |
| Financing Cash Flow | -181.55M | -57.98M | -35.10M | -28.09M | -24.61M | -20.51M |
| Foreign Exchange Rate Adjustments | -682.00K | 3.04M | -597.00K | 828.00K | -1.08M | -679.00K |
| Net Cash Flow | -133.76M | -69.29M | 103.52M | 53.73M | 50.88M | 14.90M |
| Free Cash Flow | 142.39M | 169.67M | 142.22M | 98.11M | 76.56M | 80.76M |
| Free Cash Flow Margin | 16.16% | 18.51% | 17.21% | 13.94% | 13.54% | 15.99% |
| Free Cash Flow Per Share | 4.87 | 5.74 | 4.82 | 3.33 | 2.61 | 2.75 |
| Levered Free Cash Flow | 123.38M | 138.41M | 115.86M | 76.24M | 69.78M | 64.28M |
| Unlevered Free Cash Flow | 123.38M | 138.41M | 115.86M | 76.24M | 69.78M | 64.28M |
| Cash Interest Paid | 118.00K | |||||
| Cash Income Tax Paid | 48.75M | 48.75M | 56.04M | 38.93M | 24.04M | 19.98M |
| Change in Working Capital | -15.42M | -992.00K | 2.95M | -5.79M | -7.17M | -277.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.50B | 5.14B | 6.24B | 4.53B | 3.19B | 3.12B |
| Enterprise Value | 4.46B | 4.94B | 5.99B | 4.37B | 3.08B | 3.06B |
| Last Close Price | 157.69 | 172.83 | 208.61 | 150.86 | 105.80 | 102.49 |
| PE Ratio | 36.41 | 36.29 | 49.93 | 48.92 | 47.99 | 51.19 |
| Forward PE | 32.41 | 33.12 | 44.37 | 44.52 | 43.77 | 53.35 |
| PS Ratio | 5.11 | 5.61 | 7.55 | 6.44 | 5.64 | 6.17 |
| PB Ratio | 6.92 | 7.21 | 10.29 | 8.77 | 7.21 | 7.73 |
| P/TBV Ratio | 23.61 | 14.46 | 14.00 | 13.10 | 11.29 | 13.61 |
| P/FCF Ratio | 31.63 | 30.29 | 43.87 | 46.17 | 41.68 | 38.59 |
| P/OCF Ratio | 28.39 | 27.98 | 40.24 | 41.14 | 38.70 | 35.62 |
| PEG Ratio | 2.00 | 2.46 | 2.18 | 3.65 | 5.67 | |
| EV/Sales Ratio | 5.06 | 5.39 | 7.24 | 6.22 | 5.45 | 6.05 |
| EV/EBITDA Ratio | 22.31 | 23.01 | 32.07 | 30.64 | 28.13 | 29.98 |
| EV/EBIT Ratio | 26.95 | 26.91 | 37.91 | 37.09 | 35.38 | 38.89 |
| EV/FCF Ratio | 31.32 | 29.10 | 42.09 | 44.58 | 40.28 | 37.85 |
| Debt / Equity Ratio | 0.04 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA Ratio | 0.11 | 0.06 | 0.03 | 0.04 | 0.06 | 0.06 |
| Debt / FCF Ratio | 0.16 | 0.07 | 0.04 | 0.06 | 0.09 | 0.08 |
| Net Debt / Equity Ratio | -0.07 | -0.30 | -0.48 | -0.36 | -0.30 | -0.20 |
| Net Debt / EBITDA Ratio | -0.23 | -0.99 | -1.55 | -1.30 | -1.20 | -0.79 |
| Net Debt / FCF Ratio | -0.32 | -1.26 | -2.03 | -1.90 | -1.71 | -1.00 |
| Asset Turnover | 0.92 | 1.02 | 1.08 | 1.07 | 1.00 | 1.01 |
| Inventory Turnover | 3.22 | 3.62 | 3.35 | 3.12 | 3.15 | 3.31 |
| Quick Ratio | 1.21 | 2.25 | 3.21 | 2.09 | 1.95 | 1.86 |
| Current Ratio | 2.48 | 3.36 | 4.57 | 3.35 | 3.15 | 3.18 |
| Return on Equity (ROE) | 18.70% | 21.47% | 22.26% | 19.31% | 15.73% | 15.93% |
| Return on Assets (ROA) | 10.76% | 12.82% | 12.87% | 11.17% | 9.61% | 9.80% |
| Return on Invested Capital (ROIC) | 20.40% | 33.73% | 36.60% | 27.91% | 20.87% | 19.69% |
| Return on Capital Employed (ROCE) | 20.80% | 22.30% | 22.60% | 20.20% | 17.70% | 17.50% |
| Earnings Yield | 2.75% | 2.76% | 2.00% | 2.04% | 2.08% | 1.95% |
| FCF Yield | 3.16% | 3.30% | 2.28% | 2.17% | 2.40% | 2.59% |
| Dividend Yield | 1.12% | 0.85% | 0.57% | 0.64% | 0.78% | 0.71% |
| Payout Ratio | 40.64% | 30.73% | 28.69% | 31.37% | 37.42% | 36.39% |
| Buyback Yield / Dilution | 1.16% | -0.12% | -0.27% | -0.27% | -0.13% | -0.37% |
| Total Shareholder Return | 2.28% | 0.73% | 0.31% | 0.37% | 0.65% | 0.34% |