BMI · Badger Meter Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q1 '25 | Q3 '25 | Q2 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $202.28M | - | $222.21M | - | $238.09M | - | $208.44M | $216.66M | $196.28M | - |
| Cost of Revenue | $117.95M | - | $126.77M | $139.81M | $140.28M | - | $124.56M | $131.29M | $119.10M | - |
| Gross Profit | $84.33M | - | $95.44M | $95.84M | $97.81M | - | $83.88M | $85.37M | $77.18M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $49.16M | - | $46.01M | $49.75M | $52.95M | - | $43.26M | $43.86M | $40.60M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $2.82M | - | $2.80M | - | - | - | - | - | $2.89M | - |
| Operating Income | $35.17M | - | $49.42M | $46.08M | $44.86M | - | $40.62M | $41.51M | $36.58M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $9.00M | - | $12.39M | $12.37M | $11.20M | - | $10.87M | $10.31M | $8.96M | - |
| Net Income | $27.34M | - | $38.40M | $35.08M | $34.58M | - | $32.04M | $33.06M | $29.13M | - |
| EPS - Basic | $0.94 | - | $1.31 | $1.19 | $1.18 | - | $1.09 | $1.13 | $0.99 | - |
| EPS - Diluted | $0.93 | - | $1.30 | $1.19 | $1.17 | - | $1.08 | $1.12 | $0.99 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q1 '25 | Q3 '25 | Q2 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $205.45M | $226.02M | $131.36M | $201.69M | $165.21M | $295.31M | $258.95M | $226.21M | $199.31M | $191.78M |
| Accounts Receivable | $110.29M | $112.36M | $111.86M | $115.06M | $117.67M | $84.33M | $93.43M | $106.23M | $92.29M | $83.51M |
| Inventory | $175.19M | $151.94M | $149.41M | $152.63M | $147.26M | $143.41M | $158.52M | $161.27M | $160.44M | $153.67M |
| Accounts Payable | $106.49M | $72.30M | $73.79M | $69.79M | $74.13M | $55.66M | $77.38M | $96.01M | $90.62M | $81.81M |
| Current Assets | $508.30M | $507.08M | $411.58M | $494.59M | $448.27M | $540.12M | $529.30M | $509.22M | $470.60M | $442.18M |
| Total Assets | $970.81M | $973.58M | $899.60M | $978.27M | $936.42M | $816.41M | $802.86M | $781.26M | $743.47M | $716.92M |
| Current Liabilities | $169.42M | $150.72M | $141.02M | $153.42M | $138.71M | $118.20M | $129.16M | $138.12M | $135.09M | $131.95M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $690.43M | $713.29M | $641.69M | $702.51M | $677.59M | $606.23M | $591.18M | $563.14M | $535.57M | $516.48M |
| Retained Earnings | $661.54M | $645.88M | $576.20M | $624.05M | $600.76M | $547.80M | $527.08M | $505.04M | $479.93M | $458.72M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q1 '25 | Q3 '25 | Q2 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $33.89M | - | $33.03M | - | - | - | - | - | $21.46M | - |
| Investing Cash Flow | ($4.43M) | - | ($187.90M) | - | - | - | - | - | ($5.68M) | - |
| Financing Cash Flow | ($49.78M) | - | ($9.95M) | - | - | - | - | - | ($7.71M) | - |
| CapEx | $4.43M | - | $2.97M | - | - | - | - | - | $2.68M | - |
| Free Cash Flow | $29.47M | - | $30.06M | - | - | - | - | - | $18.78M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q1 '25 | Q3 '25 | Q2 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 41.7% | - | 42.9% | - | 41.1% | - | 40.2% | 39.4% | 39.3% | - |
| Operating margin | 17.4% | - | 22.2% | - | 18.8% | - | 19.5% | 19.2% | 18.6% | - |
| EBITDA margin | 18.8% | - | 23.5% | - | - | - | - | - | 20.1% | - |
| Net margin | 13.5% | - | 17.3% | - | 14.5% | - | 15.4% | 15.3% | 14.8% | - |
| Free cash flow margin | 14.6% | - | 13.5% | - | - | - | - | - | 9.6% | - |
| FCF / Net income | 1.08 | - | 0.78 | - | - | - | - | - | 0.64 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 24.3% | - | 20.7% | - | 22.2% | - | 20.8% | 20.2% | 20.7% | - |
| Effective tax rate | 24.8% | - | 24.4% | 26.1% | 24.5% | - | 25.3% | 23.8% | 23.5% | - |
| Return on assets | 2.8% | - | 4.3% | 3.6% | 3.7% | - | 4.0% | 4.2% | 3.9% | - |
| Return on equity | 4.0% | - | 6.0% | 5.0% | 5.1% | - | 5.4% | 5.9% | 5.4% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 3.00 | 3.36 | 2.92 | 3.22 | 3.23 | 4.57 | 4.10 | 3.69 | 3.48 | 3.35 |
| Quick ratio | 1.97 | 2.36 | 1.86 | 2.23 | 2.17 | 3.36 | 2.87 | 2.52 | 2.30 | 2.19 |
| Cash ratio | 1.21 | 1.50 | 0.93 | 1.31 | 1.19 | 2.50 | 2.00 | 1.64 | 1.48 | 1.45 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.41 | 1.36 | 1.40 | 1.39 | 1.38 | 1.35 | 1.36 | 1.39 | 1.39 | 1.39 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.21 | - | 0.25 | - | 0.25 | - | 0.26 | 0.28 | 0.26 | - |
| Inventory turnover | 0.67 | - | 0.85 | 0.92 | 0.95 | - | 0.79 | 0.81 | 0.74 | - |
| Days sales outstanding | 199d | - | 184d | - | 180d | - | 164d | 179d | 172d | - |
| Days inventory outstanding | 542d | - | 430d | 398d | 383d | - | 465d | 448d | 492d | - |
| Days payable outstanding | 330d | - | 212d | 182d | 193d | - | 227d | 267d | 278d | - |
| Cash conversion cycle | 412d | - | 401d | - | 371d | - | 401d | 360d | 386d | - |
| Valuation | ||||||||||
| P / E | 163.8x | - | 137.4x | 150.1x | 209.4x | - | 202.2x | 166.4x | 163.4x | - |
| P / B | 6.5x | - | 8.2x | 7.5x | 10.7x | - | 10.9x | 9.8x | 8.9x | - |
| P / S | 22.1x | - | 23.8x | - | 30.4x | - | 31.0x | 25.4x | 24.3x | - |
| EV / EBITDA | 112.4x | - | 98.6x | - | - | - | - | - | 115.9x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -9.0% | - | 13.2% | - | 9.9% | - | 11.9% | 23.2% | 23.4% | - |
| Revenue CAGR (3y) | 8.3% | - | 18.8% | - | 20.0% | - | 17.4% | 20.8% | 18.5% | - |
| Revenue CAGR (5y) | 11.4% | - | 15.4% | - | 21.2% | - | 13.9% | 15.9% | 13.4% | - |
| Gross profit growth (YoY) | -11.6% | - | 23.7% | 14.3% | 14.6% | - | 15.3% | 22.9% | 22.9% | - |
| Operating income growth (YoY) | -28.8% | - | 35.1% | 13.4% | 8.1% | - | 29.3% | 40.7% | 46.0% | - |
| Net income growth (YoY) | -28.8% | - | 31.8% | 9.5% | 4.6% | - | 23.4% | 47.0% | 50.0% | - |
| EPS growth (YoY) | -28.5% | - | 31.3% | 10.2% | 4.5% | - | 22.7% | 47.4% | 50.0% | - |
| EPS CAGR (3y) | 12.1% | - | 38.4% | 25.0% | 27.1% | - | 26.0% | 32.6% | 28.2% | - |
| EPS CAGR (5y) | 14.6% | - | 26.0% | 18.5% | 28.8% | - | 19.7% | 23.5% | 21.8% | - |
| FCF growth (YoY) | -2.0% | - | 60.0% | - | - | - | - | - | 37.1% | - |
| FCF CAGR (5y) | 0.5% | - | 1.0% | - | - | - | - | - | 3.7% | - |
| Book value growth (YoY) | 7.6% | 17.7% | 19.8% | 18.8% | 20.3% | 17.4% | 20.0% | 18.4% | 16.9% | 16.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$73.64M totalSoftware As AService$73.64M · 100.0%
Geographic
$916.66M totalUS$825.94M · 90.1%
Europe$43.91M · 4.8%
CA$15.23M · 1.7%
Asia$14.28M · 1.6%
Middle East$10.98M · 1.2%
Other Geographical Areas$3.62M · 0.4%
MX$2.69M · 0.3%
Peer comparison
Same SIC group: Totalizing Fluid Meters & Counting Devices
| Company | Revenue (last FY) | Net margin | ROE |
|---|---|---|---|
| VNT | $3.08B | 13.2% | 32.6% |
Comparing BADGER METER INC against the 1 most active filer in the same SIC group.
Dividends
$1.60/share trailing 12 months · +17.6% YoY
| Ex-date | Per share |
|---|---|
| May 22, 2026 | $0.4000 |
| Feb 27, 2026 | $0.4000 |
| Nov 21, 2025 | $0.4000 |
| Aug 22, 2025 | $0.4000 |
| May 23, 2025 | $0.3400 |
| Feb 28, 2025 | $0.3400 |
| Nov 22, 2024 | $0.3400 |
| Aug 23, 2024 | $0.3400 |
| May 23, 2024 | $0.2700 |
| Feb 22, 2024 | $0.2700 |
| Nov 22, 2023 | $0.2700 |
| Aug 24, 2023 | $0.2700 |
| May 25, 2023 | $0.2250 |
| Feb 23, 2023 | $0.2250 |
| Nov 23, 2022 | $0.2250 |
| Aug 25, 2022 | $0.2250 |
| May 26, 2022 | $0.2000 |
| Feb 24, 2022 | $0.2000 |
| Nov 24, 2021 | $0.2000 |
| Aug 26, 2021 | $0.2000 |
| May 27, 2021 | $0.1800 |
| Feb 25, 2021 | $0.1800 |
| Nov 25, 2020 | $0.1800 |
| Aug 27, 2020 | $0.1800 |