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Badger Meter Inc

BMI NYSE Totalizing Fluid Meters & Counting Devices Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$917M
10.9% vs prior year
Operating margin Operating income as a share of revenue.
20.0%
0.9 pts
Net income Profit after all expenses, interest and tax.
$142M
13.4%
Free cash flow Cash from operations minus capital spending.
$170M
19.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
28.3%
9.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
—
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On $4.33 EPS (TTM)

What Badger Meter Inc does

No business description yet.

Legal name
BADGER METER INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 17, 2026
Accession · CIK
0001193125-26-054739
0000009092

Revenue and margins

Badger Meter Inc had $917M of revenue in fiscal 2025, up 10.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 17.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $170M in fiscal 2025, 18.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Badger Meter Inc returned $58.5M to shareholders in fiscal 2025, 34% of free cash flow. The diluted share count rose 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Badger Meter Inc can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $87.2M$138M$192M$295M$226M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −1.0x−1.4x−1.5x−1.7x−1.2x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 3.2x3.2x3.4x4.6x3.4x
Quick ratio 2.0x2.1x2.2x3.4x2.4x
Total assets $531M$603M$717M$816M$974M
Total liabilities $128M$161M$200M$210M$260M
Shareholders' equity $403M$442M$516M$606M$713M
Net debt (− = net cash) −$87.2M−$138M−$192M−$295M−$226M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Return on assets rose — ✕ ✕ ✓ ✕ ✓ ✕ ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Debt fell relative to assets — ✕ ✓ ✓ ✓ ✕ ✕ ✕ ✕ ✕
Current ratio rose — ✕ ✓ ✓ ✕ ✕ ✕ ✓ ✓ ✕
Share count didn't rise — ✓ ✕ ✓ ✓ ✕ ✕ ✕ ✕ ✕
Gross margin rose — ✓ ✕ ✓ ✓ ✓ ✕ ✓ ✓ ✓
Revenue rose relative to assets — ✕ ✓ ✕ ✕ ✓ ✕ ✓ ✓ ✕
F-score — / 35 / 96 / 98 / 96 / 96 / 93 / 97 / 97 / 94 / 9
Accruals ratio −6.8%−4.1%−8.3%−8.2%−9.0%−5.3%−2.8%−2.7%−3.9%−4.7%
Altman Z'' 7.396.658.439.258.728.708.588.749.918.71

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $394M $402M $434M $425M $426M $505M $566M $704M $827M $917M
Net interest income −$0.9M −$0.8M −$1.2M −$0.3M −$0.0M $0.0M $0.6M $4.0M $8.6M $5.1M
Gross profit $151M $156M $162M $164M $168M $205M $220M $276M $329M $382M
Research and development $10.6M $10.6M $11.1M $11.9M $11.6M $14.7M $15.8M $19.0M $19.2M $21.6M
Operating income $52.7M $56.6M $56.9M $62.1M $65.2M $78.7M $87.3M $118M $158M $183M
Pretax income $49.8M $54.8M $35.9M $61.6M $65.0M $78.6M $87.7M $122M $167M $189M
Income tax $17.5M $20.3M $8.1M $14.4M $15.6M $17.7M $21.2M $29.4M $41.6M $47.0M
Net income $32.3M $34.6M $27.8M $47.2M $49.3M $60.9M $66.5M $92.6M $125M $142M
Diluted EPS $1.11 $1.19 $0.95 $1.61 $1.69 $2.08 $2.26 $3.14 $4.23 $4.79
Diluted shares 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B 0.03B 0.03B 0.03B
Cash flow
Cash from operations $56.2M $49.8M $60.4M $80.7M $89.6M $87.5M $82.5M $110M $155M $184M
Capital expenditure $10.6M $15.1M $8.6M $7.5M $9.1M $6.7M $5.9M $12.0M $12.8M $14.0M
Free cash flow $45.6M $34.7M $51.7M $73.2M $80.5M $80.8M $76.6M $98.1M $142M $170M
Depreciation and amortization $10.7M $12.1M $11.4M $11.6M $12.3M $11.3M $11.1M $10.9M $11.1M $11.1M
Stock-based compensation $1.5M $1.7M $4.2M $1.2M $1.4M $2.3M $3.1M $5.2M $6.2M $9.2M
Acquisitions $1.8M $20.4M $8.0M — $29.1M $45.3M $0.0M $17.1M $3.0M $184M
Share buybacks $0.0M $4.4M $4.8M $5.2M $3.1M $0.5M $0.4M $0.0M $0.0M $15.0M
Dividends paid $12.5M $14.2M $16.3M $18.6M $20.3M $22.2M $24.9M $29.1M $35.8M $43.5M
Dividends and buybacks $12.5M $18.6M $21.1M $23.8M $23.5M $22.6M $25.3M $29.1M $35.8M $58.5M
Balance sheet
Cash and short-term investments $7.3M $11.2M $13.1M $48.9M $72.3M $87.2M $138M $192M $295M $226M
Total debt $38.0M $44.6M $18.1M $4.5M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $151M $159M $165M $200M $224M $261M $348M $442M $540M $507M
Current liabilities $75.8M $93.1M $60.0M $57.2M $68.0M $82.1M $110M $132M $118M $151M
Inventory $77.7M $85.2M $80.8M $81.9M $81.6M $99.6M $120M $154M $143M $152M
Property and equipment, net $90.2M $93.6M $90.3M $85.8M $82.7M $78.1M $73.5M $73.9M $74.3M $79.6M
Goodwill $49.3M $67.4M $71.3M $71.3M $88.7M $104M $101M $113M $112M $236M
Intangible assets $51.9M $59.3M $55.4M $48.2M $53.6M $64.2M $53.6M $53.7M $45.1M $118M
Total assets $350M $392M $393M $422M $471M $531M $603M $717M $816M $974M
Total liabilities $93.5M $114M $89.2M $90.8M $110M $128M $161M $200M $210M $260M
Shareholders' equity $256M $277M $304M $331M $361M $403M $442M $516M $606M $713M
Margins
Gross margin 38.2% 38.7% 37.4% 38.5% 39.5% 40.7% 38.9% 39.3% 39.8% 41.7%
Operating margin 13.4% 14.1% 13.1% 14.6% 15.3% 15.6% 15.4% 16.8% 19.1% 20.0%
EBITDA margin 16.1% 17.1% 15.7% 17.4% 18.2% 17.8% 17.4% 18.3% 20.5% 21.2%
Net margin 8.2% 8.6% 6.4% 11.1% 11.6% 12.1% 11.8% 13.2% 15.1% 15.5%
FCF margin 11.6% 8.6% 11.9% 17.2% 18.9% 16.0% 13.5% 13.9% 17.2% 18.5%
Net interest share of revenue −0.2% −0.2% −0.3% −0.1% −0.0% 0.0% 0.1% 0.6% 1.0% 0.6%
Returns
Return on capital 11.9% 11.8% 14.3% 16.6% 17.1% 19.3% 21.7% 27.6% 38.1% 28.3%
Return on capital employed 19.2% 19.0% 17.1% 17.0% 16.2% 17.5% 17.7% 20.2% 22.6% 22.3%
Return on equity 12.6% 13.0% 9.6% 14.9% 14.3% 15.9% 15.7% 19.3% 22.3% 21.5%
Return on assets 9.2% 9.3% 7.1% 11.6% 11.0% 12.2% 11.7% 14.0% 16.3% 15.8%
Return on tangible equity 20.8% 22.9% 15.7% 22.3% 22.5% 26.0% 23.1% 26.5% 27.8% 39.4%
Growth
Revenue growth — 2.2% 7.8% −2.1% 0.2% 18.7% 11.9% 24.4% 17.5% 10.9%
Net income growth — 7.0% −19.6% 69.8% 4.6% 23.4% 9.2% 39.3% 34.9% 13.4%
EPS growth — 7.2% −20.2% 69.5% 5.0% 23.1% 8.7% 38.9% 34.7% 13.2%
FCF growth — −23.9% 49.1% 41.6% 10.0% 0.3% −5.2% 28.2% 44.9% 19.3%
Share count change — 0.0% 0.3% 0.0% 0.0% 0.3% 0.3% 100,090.5% 0.3% 0.1%
Financial health
Net debt / EBITDA 0.5x 0.5x 0.1x −0.6x −0.9x −1.0x −1.4x −1.5x −1.7x −1.2x
Debt / equity 0.1x 0.2x 0.1x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio 2.0x 1.7x 2.7x 3.5x 3.3x 3.2x 3.2x 3.4x 4.6x 3.4x
Quick ratio 1.0x 0.8x 1.4x 2.1x 2.1x 2.0x 2.1x 2.2x 3.4x 2.4x
Capital allocation
Capex / revenue 2.7% 3.7% 2.0% 1.8% 2.1% 1.3% 1.0% 1.7% 1.6% 1.5%
Stock comp / revenue 0.4% 0.4% 1.0% 0.3% 0.3% 0.5% 0.6% 0.7% 0.7% 1.0%
Payouts / FCF 27.3% 53.7% 40.7% 32.5% 29.1% 28.0% 33.1% 29.6% 25.2% 34.5%
Quality scores
Piotroski F-score — 5.0 6.0 8.0 6.0 6.0 3.0 7.0 7.0 4.0
Altman Z'' 7.4 6.6 8.4 9.2 8.7 8.7 8.6 8.7 9.9 8.7
Accruals ratio −6.8% −4.1% −8.3% −8.2% −9.0% −5.3% −2.8% −2.7% −3.9% −4.7%

Source: SEC EDGAR XBRL filings (CIK 0000009092). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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