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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $916.66M | $826.56M | $703.59M | $565.57M | $505.20M | $425.54M |
| Cost of Revenue | $534.59M | $497.37M | $427.15M | $345.60M | $299.71M | $257.30M |
| Gross Profit | $382.07M | $329.18M | $276.44M | $219.97M | $205.48M | $168.25M |
| R&D | $21.60M | $19.20M | $19.00M | $15.80M | $14.70M | $11.60M |
| SG&A | $198.65M | $171.25M | $158.39M | $132.68M | $126.76M | $103.09M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $11.10M | $11.10M | $10.94M | $11.09M | $11.29M | $12.25M |
| Operating Income | $183.42M | $157.94M | $118.05M | $87.30M | $78.72M | $65.16M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $47.02M | $41.56M | $29.37M | $21.22M | $17.74M | $15.64M |
| Net Income | $141.63M | $124.94M | $92.60M | $66.50M | $60.88M | $49.34M |
| EPS - Basic | $4.82 | $4.26 | $3.16 | $2.28 | $2.09 | $1.70 |
| EPS - Diluted | $4.79 | $4.23 | $3.14 | $2.26 | $2.08 | $1.69 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $226.02M | $295.31M | $191.78M | $138.05M | $87.17M | $11.16M |
| Accounts Receivable | $112.36M | $84.33M | $83.51M | $76.65M | $65.87M | $61.69M |
| Inventory | $151.94M | $143.41M | $153.67M | $119.86M | $99.61M | $81.59M |
| Accounts Payable | $72.30M | $55.66M | $81.81M | $71.44M | $41.86M | $34.92M |
| Current Assets | $507.08M | $540.12M | $442.18M | $347.83M | $261.36M | $220.85M |
| Total Assets | $973.58M | $816.41M | $716.92M | $603.05M | $530.82M | $468.38M |
| Current Liabilities | $150.72M | $118.20M | $131.95M | $110.31M | $82.15M | $65.20M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $713.29M | $606.23M | $516.48M | $442.42M | $403.07M | $361.26M |
| Retained Earnings | $645.88M | $547.80M | $458.72M | $395.15M | $353.54M | $314.85M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $183.70M | $155.03M | $110.12M | $82.45M | $87.51M | $89.58M |
| Investing Cash Flow | ($198.05M) | ($15.82M) | ($29.13M) | ($5.89M) | ($51.42M) | ($38.19M) |
| Financing Cash Flow | ($57.98M) | ($35.10M) | ($28.09M) | ($24.61M) | ($20.51M) | ($27.82M) |
| CapEx | $14.03M | $12.82M | $12.00M | $5.89M | $6.75M | $9.06M |
| Free Cash Flow | $169.67M | $142.22M | $98.11M | $76.56M | $80.76M | $80.52M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 41.7% | 39.8% | 39.3% | 38.9% | 40.7% | 39.5% |
| Operating margin | 20.0% | 19.1% | 16.8% | 15.4% | 15.6% | 15.3% |
| EBITDA margin | 21.2% | 20.5% | 18.3% | 17.4% | 17.8% | 18.2% |
| Net margin | 15.5% | 15.1% | 13.2% | 11.8% | 12.1% | 11.6% |
| Free cash flow margin | 18.5% | 17.2% | 13.9% | 13.5% | 16.0% | 18.9% |
| FCF / Net income | 1.20 | 1.14 | 1.06 | 1.15 | 1.33 | 1.63 |
| R&D / Revenue | 2.4% | 2.3% | 2.7% | 2.8% | 2.9% | 2.7% |
| SG&A / Revenue | 21.7% | 20.7% | 22.5% | 23.5% | 25.1% | 24.2% |
| Effective tax rate | 24.9% | 25.0% | 24.1% | 24.2% | 22.6% | 24.1% |
| Return on assets | 14.5% | 15.3% | 12.9% | 11.0% | 11.5% | 10.5% |
| Return on equity | 19.9% | 20.6% | 17.9% | 15.0% | 15.1% | 13.7% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 3.36 | 4.57 | 3.35 | 3.15 | 3.18 | 3.39 |
| Quick ratio | 2.36 | 3.36 | 2.19 | 2.07 | 1.97 | 2.14 |
| Cash ratio | 1.50 | 2.50 | 1.45 | 1.25 | 1.06 | 0.17 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.36 | 1.35 | 1.39 | 1.36 | 1.32 | 1.30 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.94 | 1.01 | 0.98 | 0.94 | 0.95 | 0.91 |
| Inventory turnover | 3.52 | 3.47 | 2.78 | 2.88 | 3.01 | 3.15 |
| Days sales outstanding | 45d | 37d | 43d | 49d | 48d | 53d |
| Days inventory outstanding | 104d | 105d | 131d | 127d | 121d | 116d |
| Days payable outstanding | 49d | 41d | 70d | 75d | 51d | 50d |
| Cash conversion cycle | 99d | 102d | 105d | 101d | 118d | 119d |
| Valuation | ||||||
| P / E | 36.4x | 50.1x | 49.2x | 48.2x | 51.2x | 55.7x |
| P / B | 7.2x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| P / S | 5.6x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| EV / EBITDA | 25.3x | -1.7x | -1.5x | -1.4x | -0.9x | -0.1x |
| Growth | ||||||
| Revenue growth (YoY) | 10.9% | 17.5% | 24.4% | 11.9% | 18.7% | 0.2% |
| Revenue CAGR (3y) | 17.5% | 17.8% | 18.2% | 10.0% | 8.7% | 2.6% |
| Revenue CAGR (5y) | 16.6% | 14.2% | 12.3% | 7.5% | 6.7% | 5.0% |
| Gross profit growth (YoY) | 16.1% | 19.1% | 25.7% | 7.0% | 22.1% | 2.9% |
| Operating income growth (YoY) | 16.1% | 33.8% | 35.2% | 10.9% | 20.8% | 4.8% |
| Net income growth (YoY) | 13.4% | 34.9% | 39.3% | 9.2% | 23.4% | 4.6% |
| EPS growth (YoY) | 13.2% | 34.7% | 38.9% | 8.7% | 23.1% | 5.0% |
| EPS CAGR (3y) | 28.5% | 26.7% | 22.9% | 12.0% | 23.3% | - |
| EPS CAGR (5y) | 23.2% | 21.3% | 23.1% | - | - | - |
| FCF growth (YoY) | 19.3% | 44.9% | 28.2% | -5.2% | 0.3% | 10.0% |
| FCF CAGR (5y) | 16.1% | 14.2% | 13.7% | 17.2% | 12.1% | 38.0% |
| Book value growth (YoY) | 17.7% | 17.4% | 16.7% | 9.8% | 11.6% | 9.1% |
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%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
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 |