Badger Meter, Inc. (BMI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$1.01	$1.02	+1.0%	—	—	—
Q2 26	$1.22	$0.93	-23.8%	—	—	—
Q1 26	$1.16	$1.14	-1.7%	—	—	—
Q4 25	$1.25	$1.17	-6.4%	—	—	—
Q3 25	$1.05	$1.3	+23.8%	—	—	—
Q2 25	$1.1	$1.04	-5.5%	—	—	—
Q1 25	$1.11	$1.08	-2.7%	—	—	—
Q4 24	$0.97	$1.12	+15.5%	—	—	—
Q3 24	$0.82	$0.99	+20.7%	—	—	—
Q2 24	$0.82	$0.84	+2.4%	—	—	—
Q1 24	$0.81	$0.88	+8.6%	—	—	—
Q4 23	$0.65	$0.76	+16.9%	—	—	—
Q3 23	$0.55	$0.66	+20.0%	—	—	—
Q2 23	$0.6	$0.6	0.0%	—	—	—
Q1 23	$0.57	$0.61	+7.0%	—	—	—
Q4 22	$0.52	$0.57	+9.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.82	—	—	$916.7M	—
FY24	—	$4.26	—	—	$826.6M	—
FY23	—	$3.16	—	—	$703.6M	—
FY22	—	$2.28	—	—	$565.6M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$393.8M	$402.4M	$433.7M	$424.6M	$425.5M	$505.2M	$565.6M	$703.6M	$826.6M	$916.7M
YoY change	+4.25%	+2.2%	+7.78%	-2.1%	+0.22%	+18.7%	+11.9%	+24.4%	+17.5%	+10.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	393.8M	402.4M	433.7M	424.6M	425.5M	505.2M	565.6M	703.6M	826.6M	916.7M
Cost of revenue	243.2M	246.7M	271.4M	261.1M	257.3M	299.7M	345.6M	427.2M	497.4M	534.6M
Gross profit	150.6M	155.7M	162.3M	163.5M	168.2M	205.5M	220M	276.4M	329.2M	382.1M
Gross margin	38.2%	38.7%	37.4%	38.5%	39.5%	40.7%	38.9%	39.3%	39.8%	41.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	99.8M	100.1M	125.3M	101.7M	103.2M	126.9M	132.8M	158.5M	171.2M	198.6M
Operating expenses	99.8M	100.1M	125.3M	101.7M	103.2M	126.9M	132.8M	158.5M	171.2M	198.6M
Operating income	50.8M	55.6M	37M	61.9M	65M	78.6M	87.2M	117.9M	157.9M	183.4M
Operating margin	12.9%	13.8%	8.53%	14.6%	15.3%	15.6%	15.4%	16.8%	19.1%	20%
Non-operating income, net	-1.9M	-973K	-19.9M	-288K	-145K	-120K	—	—	-49K	112K
Pretax income	49.8M	54.8M	35.9M	61.6M	65M	78.6M	87.7M	122M	166.5M	188.7M
Income tax	17.5M	20.3M	8.1M	14.4M	15.6M	17.7M	21.2M	29.4M	41.6M	47M
Net income	32.3M	34.6M	27.8M	47.2M	49.3M	60.9M	66.5M	92.6M	124.9M	141.6M
Net margin	8.2%	8.59%	6.41%	11.1%	11.6%	12.1%	11.8%	13.2%	15.1%	15.5%
EBITDA	73.2M	80M	61.3M	86M	90.2M	106.5M	113.4M	146M	190.1M	218M
EPS	1.12	1.2	0.96	1.63	1.7	2.09	2.28	3.16	4.26	4.82
Diluted EPS	1.11	1.19	0.95	1.61	1.69	2.08	2.26	3.14	4.23	4.79

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	186.2M	182.4M	196.3M	216.7M	208.4M	205.2M	222.2M	238.1M	235.7M	220.7M	202.3M	222.3M
Cost of revenue	113.5M	111M	119.1M	131.3M	124.6M	122.4M	126.8M	140.3M	139.8M	127.7M	118M	131.5M
Gross profit	72.7M	71.5M	77.2M	85.4M	83.9M	82.8M	95.4M	97.8M	95.8M	93M	84.3M	90.8M
Gross margin	39.1%	39.2%	39.3%	39.4%	40.2%	40.3%	42.9%	41.1%	40.7%	42.1%	41.7%	40.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	41.3M	39.4M	40.6M	43.9M	43.3M	43.5M	46M	52.9M	49.8M	49.9M	49.2M	51.4M
Operating expenses	41.3M	39.4M	40.6M	43.9M	43.3M	43.5M	46M	52.9M	49.8M	49.9M	49.2M	51.4M
Operating income	31.4M	32M	36.6M	41.5M	40.6M	39.2M	49.4M	44.9M	46.1M	43M	35.2M	39.4M
Operating margin	16.9%	17.6%	18.6%	19.2%	19.5%	19.1%	22.2%	18.8%	19.6%	19.5%	17.4%	17.7%
Non-operating income, net	—	—	-12K	-12K	-13K	-12K	28K	28K	28K	28K	28K	28K
Pretax income	32.6M	33.4M	38.1M	43.4M	42.9M	42.1M	50.8M	45.8M	47.4M	44.6M	36.3M	39.7M
Income tax	6.6M	8.7M	9M	10.3M	10.9M	11.4M	12.4M	11.2M	12.4M	11.1M	9M	10M
Net income	26M	24.7M	29.1M	33.1M	32M	30.7M	38.4M	34.6M	35.1M	33.6M	27.3M	29.7M
Net margin	13.9%	13.6%	14.8%	15.3%	15.4%	15%	17.3%	14.5%	14.9%	15.2%	13.5%	13.4%
EBITDA	38.5M	39.2M	44.6M	49.6M	48.6M	47.3M	57.7M	53.7M	54.8M	51.8M	44.2M	49.2M
EPS	0.89	0.84	0.99	1.13	1.09	1.05	1.31	1.18	1.19	1.14	0.94	1.02
Diluted EPS	0.88	0.84	0.99	1.12	1.08	1.04	1.3	1.17	1.19	1.14	0.93	1.02

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.1B	1.4B	1.4B	1.9B	2.7B	3.1B	3.2B	4.5B	6.2B	5.1B	3.7B
Enterprise value	1.1B	1.4B	1.4B	1.8B	2.7B	3B	3B	4.3B	5.9B	4.9B	3.7B
Shares outstanding	28.9M	28.9M	29M	29M	29.1M	29.1M	29.2M	29.3M	29.4M	29.4M	29.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	33.1	40	51.3	40	55.4	51	47.9	48.8	49.8	36.2	29.6
P/S	2.71	3.44	3.29	4.44	6.42	6.15	5.63	6.43	7.53	5.59	4.15
P/B	4.17	4.98	4.7	5.69	7.56	7.7	7.2	8.75	10.3	7.19	5.36
EV/EBITDA	15	17.7	23.3	21.4	29.5	28.4	26.9	29.6	31.2	22.5	18.7
EV/Sales	2.79	3.52	3.3	4.33	6.25	5.97	5.39	6.15	7.18	5.35	4.18
Earnings yield	3.03%	2.5%	1.95%	2.5%	1.81%	1.96%	2.09%	2.05%	2.01%	2.76%	3.38%
FCF yield	4.27%	2.51%	3.62%	3.88%	2.95%	2.6%	2.4%	2.17%	2.28%	3.31%	3.5%
PEG	—	—	—	—	—	—	—	—	—	—	-2.18

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.2%	38.7%	37.4%	38.5%	39.5%	40.7%	38.9%	39.3%	39.8%	41.7%	40.8%
Operating margin	12.9%	13.8%	8.53%	14.6%	15.3%	15.6%	15.4%	16.8%	19.1%	20%	17.7%
Net margin	8.2%	8.59%	6.41%	11.1%	11.6%	12.1%	11.8%	13.2%	15.1%	15.5%	14.3%
ROE	12.6%	12.5%	9.16%	14.2%	13.7%	15.1%	15%	17.9%	20.6%	19.9%	18.5%
ROA	9.24%	8.83%	7.08%	11.2%	10.5%	11.5%	11%	12.9%	15.3%	14.5%	10.6%
ROIC	11.5%	11.3%	9.3%	16.5%	17.1%	19.3%	21.7%	27.6%	38.1%	28.3%	20.8%
Return on tangible assets	21.9%	27.4%	21.6%	27.5%	28.3%	33.3%	22.7%	24.2%	25.2%	54.9%	185.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.99	1.7	2.74	3.5	3.29	3.18	3.15	3.35	4.57	3.36	2.42
Quick ratio	0.97	0.79	1.4	2.06	2.09	1.97	2.07	2.19	3.36	2.36	1.39
Debt / equity	0.15	0.16	0.06	0.01	—	—	—	—	—	—	0.03
Debt / assets	0.11	0.11	0.05	0.01	—	—	—	—	—	—	—
Net debt / EBITDA	0.42	0.42	0.08	-0.52	—	—	—	—	—	—	-0.36
Interest coverage	55.1	70.5	32	244.5	2.2K	—	—	—	—	—	—
Effective tax rate	35.2%	37%	22.5%	23.4%	24.1%	22.6%	24.2%	24.1%	25%	24.9%	25.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	13.6	13.9	15	14.6	14.6	17.3	19.4	24	28.2	31.2	30.1
EPS (basic)	1.12	1.2	0.96	1.63	1.7	2.09	2.28	3.16	4.26	4.82	4.82
EPS (diluted)	1.11	1.19	0.95	1.61	1.69	2.08	2.26	3.14	4.23	4.79	4.27
Book value per share	8.87	9.59	10.5	11.4	12.4	13.8	15.1	17.6	20.7	24.3	23.6
FCF per share	1.58	1.2	1.78	2.52	2.77	2.77	2.62	3.35	4.84	5.77	5.16
Cash per share	0.25	0.39	0.45	1.68	2.49	2.99	4.72	6.55	10.1	7.69	3.3
Capex per share	0.37	0.52	0.3	0.26	0.31	0.23	0.2	0.41	0.44	0.48	0.48

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.69%	3.74%	1.99%	1.77%	2.13%	1.34%	1.04%	1.71%	1.55%	1.53%	1.53%
Capex / operating cash flow	18.8%	30.1%	11.6%	9.75%	9.71%	7.58%	8.97%	11%	7.02%	7.64%	7.64%
Payout ratio	38.6%	41.1%	58.5%	39.4%	41.2%	36.4%	37.4%	31.4%	28.7%	30.7%	37.5%
Dividend yield	1.17%	1.03%	1.14%	0.99%	0.74%	0.71%	0.78%	0.64%	0.58%	0.85%	1.39%

Yield

1.39%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.44

ex-dividend Aug 28, 2026

Payout ratio

37%

of earnings

Dividend growth

16 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 28, 2026	$0.44
May 22, 2026	$0.40
Feb 27, 2026	$0.40

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$186.2M	$182.4M	$196.3M	$216.7M	$208.4M	$205.2M	$222.2M	$238.1M	$235.7M	$220.7M	$202.3M	$222.3M
YoY change	+25.8%	+23.8%	+23.4%	+23.2%	+11.9%	+12.5%	+13.2%	+9.89%	+13.1%	+7.57%	-8.97%	-6.63%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	7.3M	11.2M	13.1M	48.9M	72.3M	87.2M	138.1M	191.8M	295.3M	226M
Receivables	59.8M	58.2M	66.3M	61.4M	61.7M	65.9M	76.7M	83.5M	84.3M	112.4M
Inventory	77.7M	85.2M	80.8M	81.9M	81.6M	99.6M	119.9M	153.7M	143.4M	151.9M
Total current assets	151M	158.6M	164.7M	200.1M	223.7M	261.4M	347.8M	442.2M	540.1M	507.1M
Property, plant & equipment	25M	26M	22.4M	17.3M	13M	6.9M	2.7M	1.7M	2.7M	4.7M
Goodwill & intangibles	202.4M	265.5M	263.8M	250.2M	296.6M	348.2M	309.7M	333.8M	321.3M	715.5M
Total assets	349.7M	391.7M	392.7M	421.9M	471.2M	530.8M	603M	716.9M	816.4M	973.6M
Accounts payable	18.4M	28.6M	22.5M	31.5M	34.9M	41.9M	71.4M	81.8M	55.7M	72.3M
Short-term debt	38M	44.5M	18.1M	4.5M	—	—	—	—	—	—
Total current liabilities	75.8M	93.1M	60M	57.2M	68M	82.1M	110.3M	131.9M	118.2M	150.7M
Long-term debt	—	—	—	—	—	—	—	—	—	—
Total liabilities	93.5M	114.3M	89.2M	90.8M	110M	127.7M	160.6M	200.4M	210.2M	260.3M
Shareholders' equity	256.2M	277.5M	303.5M	331.1M	361.3M	403.1M	442.4M	516.5M	606.2M	713.3M
Total debt	38M	44.5M	18.1M	4.5M	—	—	—	—	—	—
Net debt	30.6M	33.4M	5M	-44.4M	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	162.9M	191.8M	199.3M	226.2M	259M	295.3M	131.4M	165.2M	201.7M	226M	205.5M	95.7M
Receivables	89.1M	83.5M	92.3M	106.2M	93.4M	84.3M	111.9M	117.7M	115.1M	112.4M	110.3M	121.2M
Inventory	147.8M	153.7M	160.4M	161.3M	158.5M	143.4M	149.4M	147.3M	152.6M	151.9M	175.2M	178.1M
Total current assets	423M	442.2M	470.6M	509.2M	529.3M	540.1M	411.6M	448.3M	494.6M	507.1M	508.3M	416.2M
Property, plant & equipment	-153.6M	1.7M	-154.1M	-157M	-158.5M	2.7M	-162.3M	-166.8M	-167.9M	4.7M	-171.1M	-173.1M
Goodwill & intangibles	334.7M	333.8M	331.9M	327.1M	327.9M	321.3M	725.3M	723.6M	717.4M	715.5M	698.1M	930.3M
Total assets	689.8M	716.9M	743.5M	781.3M	802.9M	816.4M	899.6M	936.4M	978.3M	973.6M	970.8M	998.2M
Accounts payable	85M	81.8M	90.6M	96M	77.4M	55.7M	73.8M	74.1M	69.8M	72.3M	106.5M	97.8M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	128.8M	131.9M	135.1M	138.1M	129.2M	118.2M	141M	138.7M	153.4M	150.7M	169.4M	171.9M
Long-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total liabilities	197.1M	200.4M	207.9M	218.1M	211.7M	210.2M	257.9M	258.8M	275.8M	260.3M	280.4M	315.3M
Shareholders' equity	492.7M	516.5M	535.6M	563.1M	591.2M	606.2M	641.7M	677.6M	702.5M	713.3M	690.4M	682.9M
Total debt	—	—	—	—	—	—	—	—	—	—	—	—
Net debt	—	—	—	—	—	—	—	—	—	—	—	—

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	32.3M	34.6M	27.8M	47.2M	49.3M	60.9M	66.5M	92.6M	124.9M	141.6M
Depreciation & amortization	22.4M	24.4M	24.3M	24.1M	25.2M	27.9M	26.2M	28.1M	32.2M	34.6M
Stock-based compensation	1.5M	1.7M	4.2M	1.2M	1.4M	2.3M	3.1M	5.2M	6.2M	9.2M
Change in working capital	502K	-5.6M	6.8M	5.8M	20.4M	999K	-24.6M	-7.3M	30.4M	-11.6M
Operating cash flow	56.5M	50.1M	74.8M	76.8M	93.3M	89M	65.6M	109M	182.7M	183.7M
Capital expenditure	-10.6M	-15.1M	-8.6M	-7.5M	-9.1M	-6.7M	-5.9M	-12M	-12.8M	-14M
Investing cash flow	-12.4M	-35.4M	-16.7M	-7.5M	-38.2M	-51.4M	-5.9M	-29.1M	-15.8M	-198.1M
Dividends paid	-12.5M	-14.2M	-16.3M	-18.6M	-20.3M	-22.2M	-24.9M	-29.1M	-35.8M	-43.5M
Share repurchases	0	-4.4M	-4.8M	-5.2M	-3.1M	-460K	-427K	0	0	-15M
Financing cash flow	-45M	-11.6M	-64.6M	-53.2M	-33.5M	-22.5M	-25.3M	-29.1M	-35.8M	-58.5M
Net change in cash	-949K	3M	-6.5M	16.2M	21.6M	15.1M	34.5M	50.8M	131M	-72.9M
Free cash flow	45.6M	34.7M	51.7M	73.2M	80.5M	80.8M	76.6M	98.1M	142.2M	169.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	26M	24.7M	29.1M	33.1M	32M	30.7M	38.4M	34.6M	35.1M	33.6M	27.3M	29.7M
Depreciation & amortization	7.1M	7.2M	8M	8.1M	8M	8.1M	8.3M	8.8M	8.7M	8.8M	9.1M	9.9M
Stock-based compensation	1.4M	1.2M	1.3M	2M	1.3M	1.6M	1.8M	2.6M	2M	2.7M	2.2M	3.2M
Change in working capital	-4.8M	17.6M	-16.8M	-11.7M	21.6M	37.4M	-27.7M	-2.3M	9.9M	8.5M	-35.7M	-1.3M
Operating cash flow	29.6M	41.5M	21.6M	31.5M	62.9M	66.7M	20.8M	43.7M	51.3M	54.8M	33.9M	26.7M
Capital expenditure	-3M	-2.1M	-2.7M	-2.3M	-3.1M	-4.7M	—	—	—	—	-4.4M	-4.8M
Investing cash flow	-3M	-2.1M	-5.7M	-2.3M	-3.1M	-4.7M	-184.9M	913K	0	0	-4.4M	-99.2M
Dividends paid	-7.9M	-7.9M	-7.9M	-7.9M	-10M	-10M	-10M	-10M	-11.8M	-11.7M	-11.7M	-11.6M
Share repurchases	0	0	—	—	—	—	—	—	—	—	-38.2M	-25.3M
Financing cash flow	-7.9M	-7.9M	-7.9M	-7.9M	-10M	-10M	-10M	-10M	-11.8M	-11.7M	-49.9M	-36.8M
Net change in cash	18.7M	31.5M	7.9M	21.2M	49.8M	52M	-174.2M	34.6M	39.5M	43.1M	-20.5M	-109.3M
Free cash flow	28.4M	35.9M	18.8M	34.1M	42M	47.4M	30.1M	40.6M	48.2M	50.8M	29.5M	21.9M

Date	Ratio
Sep 16, 2016	2:1
Jun 16, 2006	2:1
Dec 13, 2004	2:1
Apr 21, 1997	2:1

Badger Meter, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history