Badger Meter (BMI) Financials

$243.71 +0.04 (+0.02%)

Closing price 05/23/2025 03:59 PM Eastern

Extended Trading

$243.63 -0.08 (-0.03%)

As of 05/23/2025 04:04 PM Eastern

Annual Income Statements for Badger Meter

This table shows Badger Meter's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	125	93	66	61	49	47	28	35	32	26
Consolidated Net Income / (Loss)	125	93	66	61	49	47	28	35	32	26
Net Income / (Loss) Continuing Operations	125	93	66	61	49	47	28	35	32	26
Total Pre-Tax Income	167	122	88	79	65	62	36	55	50	41
Total Operating Income	158	118	87	79	65	62	57	57	53	42
Total Gross Profit	329	276	220	205	168	164	162	156	151	136
Total Revenue	827	704	566	505	426	425	434	402	394	378
Operating Revenue	827	704	566	505	426	425	434	402	394	378
Total Cost of Revenue	497	427	346	300	257	261	271	247	243	242
Operating Cost of Revenue	497	427	346	300	257	261	271	247	243	242
Total Operating Expenses	171	158	133	127	103	101	105	99	98	93
Selling, General & Admin Expense	171	158	133	127	103	101	105	99	98	93
Other Special Charges / (Income)	0.05	-	0.13	0.12	0.15	-	-	-	-	-
Total Other Income / (Expense), net	8.61	3.92	0.55	0.02	-0.03	-0.54	-21	-1.76	-2.83	-1.22
Interest Expense	-8.61	-4.05	-0.55	-0.02	0.03	0.25	1.16	0.79	0.92	1.22
Income Tax Expense	42	29	21	18	16	14	8.06	20	18	15
Basic Earnings per Share	$4.26	$3.16	$2.28	$2.09	$1.70	$1.63	$0.96	$1.20	$1.12	$0.90
Weighted Average Basic Shares Outstanding	29.36M	29.28M	29.22M	29.14M	29.05M	29.03M	28.99M	28.93M	28.89M	28.76M
Diluted Earnings per Share	$4.23	$3.14	$2.26	$2.08	$1.69	$1.61	$0.95	$1.19	$1.11	-
Weighted Average Diluted Shares Outstanding	29.53M	29.46M	29.38M	29.34M	29.23M	29.22M	29.19M	29.11M	29.05M	28.89M
Weighted Average Basic & Diluted Shares Outstanding	29.41M	29.35M	29.29M	29.25M	29.15M	28.90M	28.90M	28.80M	29.11M	14.52M
Cash Dividends to Common per Share	$1.22	-	$0.85	$0.76	$0.70	$0.64	$0.56	$0.49	$0.43	$0.78

This table shows Badger Meter's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	38	31	32	33	29	25	26	22	19	18	18
Consolidated Net Income / (Loss)	38	31	32	33	29	25	26	22	19	18	18
Net Income / (Loss) Continuing Operations	38	31	32	33	29	25	26	22	19	18	18
Total Pre-Tax Income	51	42	43	43	38	33	33	30	26	23	24
Total Operating Income	49	39	41	42	37	32	31	30	25	22	24
Total Gross Profit	95	83	84	85	77	71	73	69	63	57	58
Total Revenue	222	205	208	217	196	182	186	176	159	147	148
Operating Revenue	222	205	208	217	196	182	186	176	159	147	148
Total Cost of Revenue	127	122	125	131	119	111	113	106	96	90	90
Operating Cost of Revenue	127	122	125	131	119	111	113	106	96	90	90
Total Operating Expenses	46	44	43	44	41	39	41	40	38	35	34
Selling, General & Admin Expense	46	44	43	44	41	39	41	40	38	34	34
Other Special Charges / (Income)	-0.03	-	0.01	0.01	-	-	-	-	0.03	-	-
Total Other Income / (Expense), net	1.33	2.94	2.30	1.86	1.51	1.33	1.17	0.79	0.62	0.56	0.08
Interest Expense	-1.33	-2.92	-2.30	-1.86	-1.53	-1.40	-1.20	-0.83	-0.62	-0.47	-0.11
Income Tax Expense	12	11	11	10	8.96	8.72	6.62	7.80	6.22	5.37	6.01
Basic Earnings per Share	$1.31	$1.05	$1.09	$1.13	$0.99	$0.84	$0.89	$0.77	$0.66	$0.61	$0.61
Weighted Average Basic Shares Outstanding	29.38M	29.36M	29.37M	29.36M	29.32M	29.28M	29.29M	29.27M	29.26M	29.22M	29.22M
Diluted Earnings per Share	$1.30	$1.04	$1.08	$1.12	$0.99	$0.84	$0.88	$0.76	$0.66	$0.59	$0.61
Weighted Average Diluted Shares Outstanding	29.56M	29.53M	29.55M	29.53M	29.49M	29.46M	29.47M	29.45M	29.42M	29.38M	29.37M
Weighted Average Basic & Diluted Shares Outstanding	29.45M	29.41M	29.41M	29.41M	29.39M	29.35M	29.35M	29.32M	29.31M	29.29M	29.27M
Cash Dividends to Common per Share	$0.34	-	$0.34	$0.27	$0.27	-	$0.27	$0.23	$0.23	-	$0.23

This table details how cash moves in and out of Badger Meter's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	104	54	51	15	23	36	1.92	3.83	-0.83	1.51
Net Cash From Operating Activities	155	110	82	88	90	81	60	50	56	36
Net Cash From Continuing Operating Activities	155	110	82	88	89	81	60	50	56	36
Net Income / (Loss) Continuing Operations	125	93	66	61	49	47	28	35	32	26
Consolidated Net Income / (Loss)	125	93	66	61	49	47	28	35	32	26
Depreciation Expense	11	11	11	11	12	12	11	12	11	9.99
Amortization Expense	21	17	15	17	13	13	13	12	12	11
Non-Cash Adjustments To Reconcile Net Income	-4.89	-4.46	2.50	2.10	-1.67	1.17	25	2.44	1.54	2.80
Changes in Operating Assets and Liabilities, net	2.95	-5.79	-13	-3.33	16	8.22	-16	-12	-0.09	-14
Net Cash From Investing Activities	-16	-29	-5.89	-51	-38	-7.50	-17	-35	-12	-22
Net Cash From Continuing Investing Activities	-16	-29	-5.89	-51	-38	-7.50	-17	-35	-12	-22
Purchase of Property, Plant & Equipment	-13	-12	-5.89	-6.75	-9.06	-7.50	-8.64	-15	-11	-20
Acquisitions	-3.00	-17	0.00	-45	-29	0.00	-8.05	-20	-1.80	-1.91
Other Investing Activities, net	0.00	0.00	0.00	0.60	0.00	0.00	-	-	-	-
Net Cash From Financing Activities	-35	-28	-25	-21	-28	-38	-42	-10	-44	-13
Net Cash From Continuing Financing Activities	-35	-28	-25	-21	-28	-38	-42	-10	-44	-13
Repurchase of Common Equity	0.00	0.00	-0.43	-0.46	-3.12	-5.21	-4.80	-4.40	0.00	0.00
Payment of Dividends	-36	-29	-25	-22	-20	-19	-16	-14	-12	-11
Issuance of Common Equity	0.00	0.00	0.00	0.07	0.18	0.19	0.52	0.60	0.52	0.47
Other Financing Activities, net	0.75	0.97	0.70	2.04	0.06	-0.59	-0.59	1.22	0.57	1.78
Effect of Exchange Rate Changes	-0.60	0.83	-1.08	-0.68	-	0.28	0.40	-0.05	-0.14	0.32
Cash Interest Paid	0.00	0.00	0.00	0.12	0.09	0.27	1.18	0.87	0.95	1.25
Cash Income Taxes Paid	56	39	24	20	18	13	13	18	20	18

This table details how cash moves in and out of Badger Meter's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-164	36	33	27	7.53	29	21	13	-9.69	23	15
Net Cash From Operating Activities	33	52	45	36	21	38	31	23	18	30	24
Net Cash From Continuing Operating Activities	33	52	45	36	21	38	32	23	18	30	24
Net Income / (Loss) Continuing Operations	38	31	32	33	29	25	26	22	19	18	18
Consolidated Net Income / (Loss)	38	31	32	33	29	25	26	22	19	18	18
Depreciation Expense	2.80	2.77	2.59	2.85	2.89	2.84	2.66	2.78	2.66	2.68	2.79
Amortization Expense	5.48	5.30	5.43	5.24	5.12	4.35	4.40	4.13	4.28	3.40	3.92
Non-Cash Adjustments To Reconcile Net Income	1.87	-9.49	1.34	1.99	1.27	-8.02	1.18	1.39	1.00	0.47	0.63
Changes in Operating Assets and Liabilities, net	-16	23	3.71	-6.72	-17	14	-2.51	-8.06	-9.35	5.62	-1.44
Net Cash From Investing Activities	-188	-4.67	-3.13	-2.34	-5.68	-2.05	-3.01	-2.74	-21	-1.20	-1.92
Net Cash From Continuing Investing Activities	-188	-4.67	-3.13	-2.34	-5.68	-2.05	-3.01	-2.74	-21	-1.20	-1.92
Purchase of Property, Plant & Equipment	-2.97	-4.67	-3.13	-2.34	-2.68	-2.05	-3.01	-2.66	-4.27	-1.20	-1.92
Acquisitions	-185	-	-	-	-3.00	-	-	-0.08	-17	-	-
Net Cash From Financing Activities	-9.95	-9.99	-9.99	-7.41	-7.71	-7.92	-7.01	-6.59	-6.57	-5.95	-6.52
Net Cash From Continuing Financing Activities	-9.95	-9.99	-9.99	-7.41	-7.71	-7.92	-7.01	-6.59	-6.57	-5.95	-6.52
Payment of Dividends	-10	-9.99	-9.99	-7.93	-7.94	-7.92	-7.92	-6.59	-6.63	-6.59	-6.58
Other Financing Activities, net	0.07	-	-	0.52	0.23	-	0.91	-	0.06	0.64	0.06
Effect of Exchange Rate Changes	0.88	-1.06	0.77	0.24	-0.54	0.90	-0.31	0.01	0.23	0.71	-0.82

This table presents Badger Meter's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	816	717	603	531	471	422	393	392	350	355
Total Current Assets	540	442	348	261	224	200	165	159	151	149
Cash & Equivalents	295	192	138	87	72	49	13	11	7.34	8.16
Accounts Receivable	84	84	77	66	62	61	66	58	60	57
Inventories, net	143	154	120	100	82	82	81	85	78	79
Prepaid Expenses	17	13	13	8.71	8.14	7.91	4.47	4.08	6.16	5.93
Plant, Property, & Equipment, net	74	74	74	78	83	86	90	94	90	91
Plant, Property & Equipment, gross	233	226	221	217	217	210	214	212	201	194
Accumulated Depreciation	159	152	147	139	135	124	123	119	111	103
Total Noncurrent Assets	202	201	182	191	165	136	138	140	108	115
Goodwill	112	113	101	104	89	71	71	67	49	48
Intangible Assets	45	54	54	64	54	48	55	59	52	57
Noncurrent Deferred & Refundable Income Taxes	33	23	13	7.53	5.09	0.74	2.16	2.86	0.70	1.42
Other Noncurrent Operating Assets	13	11	14	15	17	16	8.87	9.90	6.61	8.49
Total Liabilities & Shareholders' Equity	816	717	603	531	471	422	393	392	350	355
Total Liabilities	210	200	161	128	110	91	89	114	93	123
Total Current Liabilities	118	132	110	82	68	57	60	93	76	105
Accounts Payable	56	82	71	42	35	32	22	29	18	19
Accrued Expenses	7.28	11	9.61	13	12	5.58	4.21	3.37	2.78	3.13
Current Employee Benefit Liabilities	35	30	21	21	15	13	14	16	14	9.66
Other Current Liabilities	20	9.17	8.75	6.78	6.88	2.91	1.51	-	-	-
Total Noncurrent Liabilities	92	68	50	46	42	34	29	21	18	19
Noncurrent Deferred Revenue	64	50	32	-	-	-	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	3.65	5.06	4.65	5.39	5.70	0.88	3.33	3.43	1.90	0.77
Noncurrent Employee Benefit Liabilities	9.96	8.91	7.86	10	9.85	9.72	12	14	12	13
Other Noncurrent Operating Liabilities	14	4.76	5.57	30	26	23	14	4.07	4.02	4.81
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	606	516	442	403	361	331	304	277	256	232
Total Preferred & Common Equity	606	516	442	403	361	331	304	277	256	232
Total Common Equity	606	516	442	403	361	331	304	277	256	232
Common Stock	103	96	91	86	82	79	75	69	65	73
Retained Earnings	548	459	395	354	315	286	257	244	224	204
Treasury Stock	-37	-37	-37	-37	-37	-34	-29	-25	-21	-31
Accumulated Other Comprehensive Income / (Loss)	-7.91	-1.65	-5.98	0.14	1.31	0.43	0.58	-11	-12	-13

This table presents Badger Meter's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	900	803	781	743	690	659	633	574
Total Current Assets	412	529	509	471	423	389	361	326
Cash & Equivalents	131	259	226	199	163	142	128	115
Accounts Receivable	112	93	106	92	89	84	84	83
Inventories, net	149	159	161	160	148	145	132	114
Prepaid Expenses	19	18	16	19	23	18	16	14
Plant, Property, & Equipment, net	76	73	72	73	74	75	75	72
Plant, Property & Equipment, gross	238	232	229	227	228	228	225	216
Accumulated Depreciation	162	158	157	154	154	153	150	144
Total Noncurrent Assets	412	200	200	200	192	196	198	176
Goodwill	232	115	113	113	113	114	114	99
Intangible Assets	131	49	50	52	55	58	60	54
Noncurrent Deferred & Refundable Income Taxes	33	23	23	23	13	13	13	7.51
Other Noncurrent Operating Assets	17	14	13	11	12	12	12	15
Total Liabilities & Shareholders' Equity	900	803	781	743	690	659	633	574
Total Liabilities	258	212	218	208	197	184	175	152
Total Current Liabilities	141	129	138	135	129	119	116	102
Accounts Payable	74	77	96	91	85	81	80	65
Accrued Expenses	6.64	16	14	12	11	11	9.57	10
Current Employee Benefit Liabilities	17	30	22	16	26	17	12	18
Other Current Liabilities	43	6.37	6.49	16	7.46	9.27	15	8.22
Total Noncurrent Liabilities	117	83	80	73	68	65	60	50
Noncurrent Deferred Revenue	65	61	59	54	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	24	5.11	4.84	4.89	6.44	6.66	6.74	4.58
Noncurrent Employee Benefit Liabilities	9.52	11	9.81	9.24	8.70	8.65	8.15	8.61
Other Noncurrent Operating Liabilities	18	6.01	5.90	4.50	53	49	45	37
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	642	591	563	536	493	476	458	423
Total Preferred & Common Equity	642	591	563	536	493	476	458	423
Total Common Equity	642	591	563	536	493	476	458	423
Common Stock	105	101	100	98	95	93	91	89
Retained Earnings	576	527	505	480	442	424	408	384
Treasury Stock	-36	-37	-37	-37	-37	-37	-37	-37
Accumulated Other Comprehensive Income / (Loss)	-2.75	-0.65	-5.34	-5.27	-7.40	-4.20	-4.26	-13

This table displays calculated financial ratios and metrics derived from Badger Meter's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.48%	24.40%	11.95%	18.72%	0.22%	-2.10%	7.78%	2.20%	4.25%	3.54%
EBITDA Growth	30.19%	28.62%	6.52%	17.94%	5.08%	40.25%	-23.36%	9.31%	16.26%	2.04%
EBIT Growth	33.94%	35.08%	10.89%	20.82%	5.33%	67.15%	-33.46%	9.57%	19.82%	-7.99%
NOPAT Growth	32.24%	35.43%	8.55%	23.21%	3.96%	7.96%	23.54%	4.56%	27.79%	-12.24%
Net Income Growth	34.93%	39.25%	9.22%	23.39%	4.59%	69.76%	-19.61%	7.05%	24.51%	-12.60%
EPS Growth	34.71%	38.94%	8.65%	23.08%	4.97%	69.47%	-20.17%	7.21%	0.00%	0.00%
Operating Cash Flow Growth	40.79%	33.55%	-5.78%	-2.31%	10.98%	33.74%	21.30%	-11.45%	56.81%	0.27%
Free Cash Flow Firm Growth	90.91%	-10.82%	128.19%	-27.81%	-32.03%	49.42%	298.13%	-72.73%	188.36%	140.40%
Invested Capital Growth	-4.24%	6.68%	-3.65%	9.31%	0.81%	-7.07%	-0.76%	8.37%	-2.93%	4.19%
Revenue Q/Q Growth	2.83%	5.25%	2.09%	4.86%	1.13%	0.75%	1.82%	0.89%	-0.67%	1.73%
EBITDA Q/Q Growth	4.41%	7.82%	-1.04%	6.50%	0.85%	1.82%	-23.95%	3.54%	-0.31%	2.71%
EBIT Q/Q Growth	4.74%	8.74%	-0.44%	8.10%	0.96%	2.05%	-33.83%	3.54%	-0.81%	3.31%
NOPAT Q/Q Growth	4.27%	7.81%	-0.08%	7.27%	1.55%	2.07%	13.31%	0.85%	5.70%	-2.01%
Net Income Q/Q Growth	5.04%	8.41%	0.40%	7.38%	1.69%	2.24%	16.84%	3.35%	1.99%	-1.96%
EPS Q/Q Growth	4.96%	8.65%	0.00%	7.77%	1.81%	1.90%	15.85%	2.59%	0.91%	0.00%
Operating Cash Flow Q/Q Growth	10.02%	8.09%	3.30%	14.64%	-3.94%	-1.09%	38.08%	-19.67%	9.70%	10.78%
Free Cash Flow Firm Q/Q Growth	18.94%	12.85%	-6.32%	430.22%	-42.02%	-9.78%	93.09%	-45.10%	27.89%	113,036.87%
Invested Capital Q/Q Growth	-6.41%	-1.55%	-1.20%	-2.74%	12.17%	-1.24%	-3.77%	1.68%	-1.63%	0.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.83%	39.29%	38.89%	40.67%	39.54%	38.51%	37.43%	38.70%	38.24%	35.95%
EBITDA Margin	23.00%	20.75%	20.07%	21.10%	21.24%	20.25%	14.14%	19.88%	18.59%	16.67%
Operating Margin	19.11%	16.78%	15.43%	15.58%	15.31%	14.64%	13.11%	14.06%	13.38%	11.22%
EBIT Margin	19.11%	16.76%	15.43%	15.58%	15.31%	14.57%	8.53%	13.82%	12.89%	11.22%
Profit (Net Income) Margin	15.12%	13.16%	11.76%	12.05%	11.60%	11.11%	6.41%	8.59%	8.20%	6.87%
Tax Burden Percent	75.04%	75.92%	75.81%	77.44%	75.93%	76.58%	77.51%	63.05%	64.79%	63.03%
Interest Burden Percent	105.42%	103.43%	100.48%	99.87%	99.73%	99.59%	96.87%	98.58%	98.19%	97.13%
Effective Tax Rate	24.96%	24.08%	24.19%	22.56%	24.07%	23.42%	22.49%	36.95%	35.21%	36.97%
Return on Invested Capital (ROIC)	37.29%	28.49%	21.34%	20.16%	17.19%	15.99%	14.24%	11.94%	11.72%	9.22%
ROIC Less NNEP Spread (ROIC-NNEP)	34.65%	26.69%	21.05%	20.25%	17.42%	18.10%	-70.70%	8.47%	7.82%	8.07%
Return on Net Nonoperating Assets (RNNOA)	-15.03%	-9.18%	-5.61%	-4.23%	-2.93%	-1.12%	-4.67%	1.02%	1.50%	2.39%
Return on Equity (ROE)	22.26%	19.31%	15.73%	15.93%	14.25%	14.87%	9.57%	12.96%	13.22%	11.62%
Cash Return on Invested Capital (CROIC)	41.62%	22.03%	25.05%	11.26%	16.39%	23.32%	15.00%	3.90%	14.69%	5.12%
Operating Return on Assets (OROA)	20.60%	17.87%	15.40%	15.71%	14.59%	15.19%	9.44%	15.00%	14.40%	12.16%
Return on Assets (ROA)	16.30%	14.03%	11.73%	12.15%	11.05%	11.58%	7.09%	9.33%	9.16%	7.45%
Return on Common Equity (ROCE)	22.26%	19.31%	15.73%	15.93%	14.25%	14.87%	9.57%	12.96%	13.22%	11.62%
Return on Equity Simple (ROE_SIMPLE)	20.61%	17.93%	15.03%	15.11%	13.66%	14.25%	9.16%	12.46%	12.60%	11.17%
Net Operating Profit after Tax (NOPAT)	119	90	66	61	49	48	44	36	34	27
NOPAT Margin	14.34%	12.74%	11.70%	12.07%	11.63%	11.21%	10.16%	8.87%	8.67%	7.07%
Net Nonoperating Expense Percent (NNEP)	2.64%	1.80%	0.28%	-0.10%	-0.23%	-2.10%	84.94%	3.47%	3.91%	1.16%
Return On Investment Capital (ROIC_SIMPLE)	19.55%	17.35%	14.96%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	60.17%	60.71%	61.11%	59.33%	60.46%	61.49%	62.57%	61.30%	61.76%	64.05%
SG&A Expenses to Revenue	20.72%	22.51%	23.46%	25.09%	24.23%	23.88%	24.32%	24.64%	24.86%	24.73%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.72%	22.51%	23.48%	25.12%	24.26%	23.88%	24.32%	24.64%	24.86%	24.73%
Earnings before Interest and Taxes (EBIT)	158	118	87	79	65	62	37	56	51	42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	190	146	114	107	90	86	61	80	73	63
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.29	8.72	7.12	7.57	7.37	5.50	4.49	4.72	3.90	1.68
Price to Tangible Book Value (P/TBV)	13.88	12.88	10.95	13.02	12.16	8.60	7.71	8.69	6.45	3.07
Price to Revenue (P/Rev)	7.55	6.40	5.57	6.04	6.26	4.28	3.14	3.25	2.54	1.03
Price to Earnings (P/E)	49.93	48.62	47.35	50.15	53.98	38.56	49.05	37.88	30.97	15.01
Dividend Yield	0.58%	0.65%	0.79%	0.73%	0.77%	1.02%	1.20%	1.09%	1.25%	1.45%
Earnings Yield	2.00%	2.06%	2.11%	1.99%	1.85%	2.59%	2.04%	2.64%	3.23%	6.66%
Enterprise Value to Invested Capital (EV/IC)	19.11	13.27	9.89	9.39	8.97	6.19	4.44	4.32	3.59	1.53
Enterprise Value to Revenue (EV/Rev)	7.19	6.13	5.32	5.87	6.09	4.18	3.15	3.34	2.62	1.20
Enterprise Value to EBITDA (EV/EBITDA)	31.26	29.51	26.52	27.83	28.67	20.64	22.31	16.78	14.08	7.19
Enterprise Value to EBIT (EV/EBIT)	37.63	36.55	34.49	37.68	39.77	28.69	36.97	24.14	20.31	10.68
Enterprise Value to NOPAT (EV/NOPAT)	50.15	48.09	45.50	48.65	52.37	37.29	31.04	37.64	30.21	16.95
Enterprise Value to Operating Cash Flow (EV/OCF)	38.34	39.14	36.52	33.89	28.93	21.99	22.67	26.99	18.35	12.63
Enterprise Value to Free Cash Flow (EV/FCFF)	44.93	62.20	38.75	87.10	54.93	25.58	29.46	115.13	24.10	30.51
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.01	0.06	0.16	0.15	0.31
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.43	-0.34	-0.27	-0.21	-0.17	-0.06	0.07	0.12	0.19	0.30
Leverage Ratio	1.37	1.38	1.34	1.31	1.29	1.28	1.35	1.39	1.44	1.56
Compound Leverage Factor	1.44	1.42	1.35	1.31	1.29	1.28	1.31	1.37	1.42	1.52
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	1.34%	5.62%	13.84%	12.90%	23.50%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	1.34%	5.62%	13.84%	12.90%	23.50%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	98.66%	94.38%	86.16%	87.10%	76.50%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.05	0.29	0.56	0.52	1.13
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.52	0.08	0.42	0.42	1.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.09	0.41	1.25	1.11	2.67
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.93	0.11	0.94	0.90	2.37
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	21.02	16.42	14.57	17.12	17.22	14.86	11.82	9.45	9.18	4.31
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.57	3.35	3.15	3.18	3.29	3.50	2.74	1.70	1.99	1.43
Quick Ratio	3.21	2.09	1.95	1.86	1.97	1.93	1.32	0.75	0.89	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	132	69	78	34	47	69	46	12	43	15
Operating Cash Flow to CapEx	1,209.50%	917.41%	1,399.61%	1,297.21%	988.83%	1,076.76%	698.25%	330.15%	530.25%	181.28%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	1,572.23	274.27	40.14	14.78	46.45	12.19
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	2,985.93	319.03	52.16	63.06	61.00	29.44
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	2,683.97	289.40	44.69	43.96	49.50	13.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.08	1.07	1.00	1.01	0.95	1.04	1.11	1.09	1.12	1.08
Accounts Receivable Turnover	9.85	8.79	7.94	7.92	6.92	6.65	6.97	6.82	6.76	6.83
Inventory Turnover	3.35	3.12	3.15	3.31	3.15	3.21	3.27	3.03	3.11	3.22
Fixed Asset Turnover	11.16	9.55	7.46	6.29	5.05	4.82	4.72	4.38	4.35	4.37
Accounts Payable Turnover	7.24	5.57	6.10	7.81	7.74	9.67	10.63	10.51	12.97	13.74
Days Sales Outstanding (DSO)	37.06	41.54	45.99	46.08	52.77	54.87	52.39	53.52	53.98	53.45
Days Inventory Outstanding (DIO)	109.01	116.86	115.89	110.33	116.00	113.76	111.62	120.49	117.29	113.44
Days Payable Outstanding (DPO)	50.44	65.47	59.83	46.75	47.13	37.74	34.34	34.73	28.15	26.56
Cash Conversion Cycle (CCC)	95.62	92.93	102.05	109.66	121.64	130.89	129.66	139.28	143.13	140.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	311	325	304	316	289	287	308	311	287	295
Invested Capital Turnover	2.60	2.24	1.82	1.67	1.48	1.43	1.40	1.35	1.35	1.30
Increase / (Decrease) in Invested Capital	-14	20	-12	27	2.31	-22	-2.36	24	-8.65	12
Enterprise Value (EV)	5,943	4,310	3,011	2,966	2,591	1,775	1,368	1,343	1,031	453
Market Capitalization	6,239	4,502	3,149	3,053	2,663	1,819	1,363	1,310	1,000	389
Book Value per Share	$20.61	$17.60	$15.12	$13.78	$12.41	$11.37	$10.43	$9.53	$8.80	$16.00
Tangible Book Value per Share	$15.28	$11.91	$9.82	$8.02	$7.52	$7.27	$6.07	$5.18	$5.33	$8.75
Total Capital	606	516	442	403	361	336	322	322	294	304
Total Debt	0.00	0.00	0.00	0.00	0.00	4.48	18	45	38	71
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-295	-192	-138	-87	-72	-44	4.97	33	31	63
Capital Expenditures (CapEx)	13	12	5.89	6.75	9.06	7.50	8.64	15	11	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	127	118	99	92	83	98	110	99	106	108
Debt-free Net Working Capital (DFNWC)	422	310	238	179	156	147	123	110	113	116
Net Working Capital (NWC)	422	310	238	179	156	143	105	66	75	45
Net Nonoperating Expense (NNE)	-6.43	-2.97	-0.32	0.08	0.13	0.41	16	1.11	1.83	0.77
Net Nonoperating Obligations (NNO)	-295	-192	-138	-87	-72	-44	4.97	33	31	63
Total Depreciation and Amortization (D&A)	32	28	26	28	25	24	24	24	22	21
Debt-free, Cash-free Net Working Capital to Revenue	15.32%	16.83%	17.59%	18.22%	19.59%	23.19%	25.27%	24.58%	26.87%	28.59%
Debt-free Net Working Capital to Revenue	51.04%	44.09%	42.00%	35.47%	36.58%	34.70%	28.29%	27.35%	28.73%	30.75%
Net Working Capital to Revenue	51.04%	44.09%	42.00%	35.47%	36.58%	33.64%	24.13%	16.28%	19.09%	11.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.26	$3.16	$2.28	$2.09	$1.70	$1.63	$0.96	$1.20	$1.12	$1.80
Adjusted Weighted Average Basic Shares Outstanding	29.36M	29.28M	29.22M	29.14M	29.05M	29.03M	28.99M	28.93M	28.89M	14.38M
Adjusted Diluted Earnings per Share	$4.23	$3.14	$2.26	$2.08	$1.69	$1.61	$0.95	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	29.53M	29.46M	29.38M	29.34M	29.23M	29.22M	29.19M	29.11M	29.05M	14.45M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	29.41M	29.35M	29.29M	29.25M	29.15M	29.11M	29.11M	29.11M	29.11M	14.52M
Normalized Net Operating Profit after Tax (NOPAT)	119	90	66	61	50	48	44	36	34	27
Normalized NOPAT Margin	14.34%	12.74%	11.72%	12.09%	11.65%	11.21%	10.16%	8.87%	8.67%	7.07%
Pre Tax Income Margin	20.14%	17.33%	15.51%	15.56%	15.27%	14.51%	8.27%	13.63%	12.66%	10.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	2,171.87	244.51	31.99	70.50	55.12	34.81
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	1,649.20	188.11	38.10	45.22	37.05	21.94
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	1,869.90	214.88	24.52	51.40	43.61	18.57
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	1,347.23	158.48	30.63	26.13	25.55	5.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	28.69%	31.37%	37.42%	36.39%	41.22%	39.42%	58.53%	41.12%	38.58%	43.42%
Augmented Payout Ratio	28.69%	31.37%	38.06%	37.14%	47.54%	50.45%	75.78%	53.85%	38.58%	43.42%

This table displays calculated financial ratios and metrics derived from Badger Meter's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.21%	12.47%	11.95%	23.20%	23.37%	23.84%	25.80%	27.59%	20.17%	8.53%	14.97%
EBITDA Growth	29.46%	20.43%	26.48%	36.36%	39.33%	37.53%	25.90%	26.60%	24.94%	-4.01%	15.41%
EBIT Growth	35.17%	22.27%	29.41%	40.87%	46.00%	42.74%	31.68%	33.62%	33.01%	-1.69%	22.63%
NOPAT Growth	33.59%	20.59%	21.13%	44.48%	47.47%	37.80%	40.07%	31.19%	31.78%	-0.32%	12.49%
Net Income Growth	31.81%	24.25%	23.37%	46.96%	50.04%	40.95%	44.81%	34.98%	35.20%	1.52%	13.11%
EPS Growth	31.31%	23.81%	22.73%	47.37%	50.00%	42.37%	44.26%	33.33%	34.69%	0.00%	12.96%
Operating Cash Flow Growth	53.90%	37.22%	43.44%	59.95%	19.42%	27.73%	31.90%	15.80%	94.27%	9.72%	55.10%
Free Cash Flow Firm Growth	-739.03%	1,152.71%	741.68%	597.07%	114.91%	-88.23%	-90.42%	-83.78%	-18.27%	397.83%	167.49%
Invested Capital Growth	51.77%	-4.24%	0.74%	0.94%	2.00%	6.68%	7.05%	5.64%	2.81%	-3.65%	-5.15%
Revenue Q/Q Growth	8.30%	-1.56%	-3.79%	10.38%	7.59%	-2.02%	5.88%	10.53%	7.99%	-0.46%	7.38%
EBITDA Q/Q Growth	22.03%	-2.77%	-1.94%	11.28%	13.51%	2.11%	5.72%	13.70%	12.17%	-6.52%	6.30%
EBIT Q/Q Growth	26.01%	-3.45%	-2.14%	13.53%	13.99%	2.20%	6.52%	17.66%	11.61%	-5.73%	8.09%
NOPAT Q/Q Growth	30.69%	-5.72%	-4.16%	13.13%	17.97%	-5.30%	14.31%	15.48%	10.23%	-3.74%	7.07%
Net Income Q/Q Growth	25.01%	-4.12%	-3.08%	13.47%	17.84%	-4.81%	15.45%	15.85%	10.70%	-2.20%	7.62%
EPS Q/Q Growth	25.00%	-3.70%	-3.57%	13.13%	17.86%	-4.55%	15.79%	15.15%	11.86%	-3.28%	7.02%
Operating Cash Flow Q/Q Growth	-36.57%	15.48%	23.80%	69.71%	-43.44%	20.72%	38.05%	26.71%	-39.51%	24.66%	21.20%
Free Cash Flow Firm Q/Q Growth	-422.66%	51.88%	-2.14%	33.26%	532.53%	2.04%	-18.96%	-58.92%	-65.36%	-16.93%	37.20%
Invested Capital Q/Q Growth	64.13%	-6.41%	-1.39%	0.20%	3.56%	-1.55%	-1.20%	1.25%	8.31%	-1.20%	-2.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.95%	40.33%	40.24%	39.40%	39.32%	39.17%	39.06%	39.48%	39.48%	38.67%	38.86%
EBITDA Margin	25.97%	23.05%	23.34%	22.89%	22.71%	21.52%	20.65%	20.68%	20.11%	19.38%	20.64%
Operating Margin	22.24%	19.12%	19.49%	19.16%	18.64%	17.58%	16.88%	16.78%	15.74%	15.25%	16.13%
EBIT Margin	22.24%	19.12%	19.49%	19.16%	18.63%	17.58%	16.86%	16.76%	15.74%	15.25%	16.11%
Profit (Net Income) Margin	17.28%	14.97%	15.37%	15.26%	14.84%	13.55%	13.95%	12.79%	12.20%	11.91%	12.12%
Tax Burden Percent	75.61%	72.90%	74.66%	76.23%	76.48%	73.92%	79.68%	74.24%	75.73%	76.57%	74.89%
Interest Burden Percent	102.76%	107.42%	105.63%	104.46%	104.17%	104.26%	103.82%	102.81%	102.36%	101.93%	100.45%
Effective Tax Rate	24.39%	27.10%	25.34%	23.77%	23.52%	26.08%	20.32%	25.76%	24.27%	23.43%	25.11%
Return on Invested Capital (ROIC)	33.87%	36.24%	35.33%	34.04%	31.71%	29.07%	28.19%	24.16%	21.72%	21.30%	21.15%
ROIC Less NNEP Spread (ROIC-NNEP)	33.24%	35.37%	34.53%	33.27%	31.00%	28.46%	27.52%	23.68%	21.30%	21.01%	21.08%
Return on Net Nonoperating Assets (RNNOA)	-9.34%	-15.35%	-13.44%	-11.79%	-10.22%	-9.79%	-8.35%	-6.43%	-5.34%	-5.60%	-4.71%
Return on Equity (ROE)	24.53%	20.90%	21.90%	22.25%	21.48%	19.28%	19.84%	17.74%	16.37%	15.70%	16.44%
Cash Return on Invested Capital (CROIC)	-10.91%	41.62%	33.60%	31.38%	27.64%	22.03%	19.25%	17.90%	18.99%	25.05%	26.21%
Operating Return on Assets (OROA)	23.08%	20.61%	20.99%	20.79%	20.05%	18.75%	17.83%	17.32%	15.81%	15.22%	16.32%
Return on Assets (ROA)	17.93%	16.14%	16.55%	16.56%	15.97%	14.45%	14.75%	13.22%	12.26%	11.88%	12.28%
Return on Common Equity (ROCE)	24.53%	20.90%	21.90%	22.25%	21.48%	19.28%	19.84%	17.74%	16.37%	15.70%	16.44%
Return on Equity Simple (ROE_SIMPLE)	20.92%	0.00%	20.12%	20.04%	19.10%	0.00%	17.34%	16.27%	15.62%	0.00%	15.66%
Net Operating Profit after Tax (NOPAT)	37	29	30	32	28	24	25	22	19	17	18
NOPAT Margin	16.82%	13.94%	14.55%	14.61%	14.25%	13.00%	13.45%	12.46%	11.92%	11.68%	12.08%
Net Nonoperating Expense Percent (NNEP)	0.62%	0.87%	0.81%	0.77%	0.71%	0.61%	0.67%	0.49%	0.41%	0.29%	0.06%
Return On Investment Capital (ROIC_SIMPLE)	5.82%	4.72%	-	-	-	4.59%	-	-	-	3.89%	-
Cost of Revenue to Revenue	57.05%	59.67%	59.76%	60.60%	60.68%	60.83%	60.94%	60.52%	60.52%	61.33%	61.14%
SG&A Expenses to Revenue	20.71%	21.22%	20.75%	20.24%	20.68%	21.59%	22.18%	22.71%	23.74%	23.41%	22.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.69%	21.23%	20.76%	20.25%	20.68%	21.57%	22.18%	22.71%	23.76%	23.50%	22.74%
Earnings before Interest and Taxes (EBIT)	49	39	41	42	37	32	31	29	25	22	24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	58	47	49	50	45	39	38	36	32	29	31
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.72	10.29	10.87	9.71	8.84	8.72	8.50	9.02	7.71	7.12	6.31
Price to Tangible Book Value (P/TBV)	20.05	13.88	15.04	13.68	12.81	12.88	12.88	14.10	12.41	10.95	9.90
Price to Revenue (P/Rev)	6.56	7.55	7.99	7.00	6.39	6.40	6.27	6.81	5.97	5.57	4.81
Price to Earnings (P/E)	41.69	49.93	54.01	48.45	46.27	48.62	49.06	55.44	49.38	47.35	40.27
Dividend Yield	0.68%	0.58%	0.53%	0.58%	0.64%	0.65%	0.66%	0.62%	0.73%	0.79%	0.91%
Earnings Yield	2.40%	2.00%	1.85%	2.06%	2.16%	2.06%	2.04%	1.80%	2.03%	2.11%	2.48%
Enterprise Value to Invested Capital (EV/IC)	10.71	19.11	18.56	15.56	13.49	13.27	12.21	12.43	10.33	9.89	8.29
Enterprise Value to Revenue (EV/Rev)	6.41	7.19	7.67	6.71	6.12	6.13	6.02	6.58	5.75	5.32	4.61
Enterprise Value to EBITDA (EV/EBITDA)	26.88	31.26	33.85	30.49	28.57	29.51	29.73	32.53	28.40	26.52	22.25
Enterprise Value to EBIT (EV/EBIT)	31.99	37.63	40.88	37.02	35.00	36.55	37.14	41.12	36.43	34.49	29.11
Enterprise Value to NOPAT (EV/NOPAT)	42.72	50.15	54.24	48.38	45.98	48.09	48.45	54.62	48.13	45.50	38.54
Enterprise Value to Operating Cash Flow (EV/OCF)	32.80	38.34	43.75	41.19	39.92	39.14	39.53	44.00	37.35	36.52	31.98
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	44.93	55.43	49.82	49.27	62.20	65.59	71.35	55.15	38.75	30.78
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.28	-0.43	-0.39	-0.35	-0.33	-0.34	-0.30	-0.27	-0.25	-0.27	-0.22
Leverage Ratio	1.40	1.37	1.38	1.39	1.39	1.38	1.38	1.37	1.36	1.34	1.34
Compound Leverage Factor	1.43	1.47	1.45	1.45	1.44	1.44	1.43	1.41	1.39	1.37	1.35
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	15.40	20.54	20.89	17.69	16.27	16.02	15.29	16.51	14.52	14.21	13.07
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.92	4.57	4.10	3.69	3.48	3.35	3.28	3.27	3.12	3.15	3.20
Quick Ratio	1.72	3.21	2.73	2.41	2.16	2.09	1.96	1.90	1.84	1.95	1.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-137	42	28	29	21	3.38	3.31	4.09	9.95	29	35
Operating Cash Flow to CapEx	1,113.52%	1,115.16%	1,439.59%	1,555.70%	801.94%	1,847.37%	1,042.90%	854.69%	420.74%	2,473.61%	1,243.14%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.04	1.08	1.08	1.09	1.08	1.07	1.06	1.03	1.00	1.00	1.01
Accounts Receivable Turnover	8.35	9.85	8.81	8.22	8.39	8.79	7.75	7.82	7.29	7.94	7.05
Inventory Turnover	3.26	3.35	3.17	3.10	3.07	3.12	3.11	2.99	3.06	3.15	3.27
Fixed Asset Turnover	11.47	11.16	10.88	10.62	10.05	9.55	9.11	8.47	7.87	7.46	7.27
Accounts Payable Turnover	6.14	7.24	5.99	5.36	5.29	5.57	5.40	5.38	5.46	6.10	6.23
Days Sales Outstanding (DSO)	43.70	37.06	41.43	44.42	43.49	41.54	47.11	46.69	50.04	45.99	51.80
Days Inventory Outstanding (DIO)	111.96	109.01	115.04	117.61	118.75	116.86	117.34	121.90	119.25	115.89	111.53
Days Payable Outstanding (DPO)	59.41	50.44	60.98	68.07	69.02	65.47	67.54	67.90	66.87	59.83	58.56
Cash Conversion Cycle (CCC)	96.26	95.62	95.49	93.97	93.22	92.93	96.91	100.69	102.42	102.05	104.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	510	311	332	337	336	325	330	334	330	304	308
Invested Capital Turnover	2.01	2.60	2.43	2.33	2.22	2.24	2.10	1.94	1.82	1.82	1.75
Increase / (Decrease) in Invested Capital	174	-14	2.43	3.14	6.58	20	22	18	9.01	-12	-17
Enterprise Value (EV)	5,464	5,943	6,165	5,242	4,535	4,310	4,027	4,148	3,405	3,011	2,553
Market Capitalization	5,595	6,239	6,424	5,468	4,734	4,502	4,190	4,290	3,533	3,149	2,667
Book Value per Share	$21.82	$20.61	$20.10	$19.16	$18.27	$17.60	$16.81	$16.22	$15.64	$15.12	$14.45
Tangible Book Value per Share	$9.49	$15.28	$14.53	$13.59	$12.61	$11.91	$11.10	$10.38	$9.72	$9.82	$9.21
Total Capital	642	606	591	563	536	516	493	476	458	442	423
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-131	-295	-259	-226	-199	-192	-163	-142	-128	-138	-115
Capital Expenditures (CapEx)	2.97	4.67	3.13	2.34	2.68	2.05	3.01	2.66	4.27	1.20	1.92
Debt-free, Cash-free Net Working Capital (DFCFNWC)	139	127	141	145	136	118	131	128	117	99	109
Debt-free Net Working Capital (DFNWC)	271	422	400	371	336	310	294	270	245	238	224
Net Working Capital (NWC)	271	422	400	371	336	310	294	270	245	238	224
Net Nonoperating Expense (NNE)	-1.03	-2.12	-1.71	-1.41	-1.16	-1.01	-0.93	-0.59	-0.45	-0.33	-0.06
Net Nonoperating Obligations (NNO)	-131	-295	-259	-226	-199	-192	-163	-142	-128	-138	-115
Total Depreciation and Amortization (D&A)	8.28	8.07	8.02	8.09	8.01	7.19	7.07	6.91	6.95	6.08	6.71
Debt-free, Cash-free Net Working Capital to Revenue	16.33%	15.32%	17.56%	18.54%	18.39%	16.83%	19.64%	20.29%	19.70%	17.59%	19.69%
Debt-free Net Working Capital to Revenue	31.74%	51.04%	49.78%	47.48%	45.29%	44.09%	44.01%	42.79%	41.38%	42.00%	40.41%
Net Working Capital to Revenue	31.74%	51.04%	49.78%	47.48%	45.29%	44.09%	44.01%	42.79%	41.38%	42.00%	40.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.31	$1.05	$1.09	$1.13	$0.99	$0.84	$0.89	$0.77	$0.66	$0.61	$0.61
Adjusted Weighted Average Basic Shares Outstanding	29.38M	29.36M	29.37M	29.36M	29.32M	29.28M	29.29M	29.27M	29.26M	29.22M	29.22M
Adjusted Diluted Earnings per Share	$1.30	$1.04	$1.08	$1.12	$0.99	$0.84	$0.88	$0.76	$0.66	$0.59	$0.61
Adjusted Weighted Average Diluted Shares Outstanding	29.56M	29.53M	29.55M	29.53M	29.49M	29.46M	29.47M	29.45M	29.42M	29.38M	29.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	29.45M	29.41M	29.41M	29.41M	29.39M	29.35M	29.35M	29.32M	29.31M	29.29M	29.27M
Normalized Net Operating Profit after Tax (NOPAT)	37	29	30	32	28	24	25	22	19	17	18
Normalized NOPAT Margin	16.81%	13.94%	14.56%	14.61%	14.25%	13.00%	13.45%	12.46%	11.94%	11.68%	12.08%
Pre Tax Income Margin	22.86%	20.54%	20.59%	20.01%	19.41%	18.33%	17.50%	17.23%	16.11%	15.55%	16.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	28.26%	28.69%	28.40%	28.09%	29.68%	31.37%	32.46%	34.10%	35.83%	37.42%	36.43%
Augmented Payout Ratio	28.26%	28.69%	28.40%	28.09%	29.68%	31.37%	32.46%	34.10%	35.83%	38.06%	37.08%

Frequently Asked Questions About Badger Meter's Financials

When does Badger Meter's fiscal year end?

According to the most recent income statement we have on file, Badger Meter's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Badger Meter's net income changed over the last 9 years?

Badger Meter's net income appears to be on an upward trend, with a most recent value of $124.94 million in 2024, rising from $25.94 million in 2015. The previous period was $92.60 million in 2023. Check out Badger Meter's forecast to explore projected trends and price targets.

What is Badger Meter's operating income?

Badger Meter's total operating income in 2024 was $157.94 million, based on the following breakdown:

Total Gross Profit: $329.18 million
Total Operating Expenses: $171.30 million

How has Badger Meter revenue changed over the last 9 years?

Over the last 9 years, Badger Meter's total revenue changed from $377.70 million in 2015 to $826.56 million in 2024, a change of 118.8%.

How much debt does Badger Meter have?

Badger Meter's total liabilities were at $210.18 million at the end of 2024, a 4.9% increase from 2023, and a 70.6% increase since 2015.

How much cash does Badger Meter have?

In the past 9 years, Badger Meter's cash and equivalents has ranged from $7.34 million in 2016 to $295.31 million in 2024, and is currently $295.31 million as of their latest financial filing in 2024.

How has Badger Meter's book value per share changed over the last 9 years?

Over the last 9 years, Badger Meter's book value per share changed from 16.00 in 2015 to 20.61 in 2024, a change of 28.8%.

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This page (NYSE:BMI) was last updated on 5/24/2025 by MarketBeat.com Staff

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Badger Meter (BMI) Financials

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Badger Meter (BMI) Financials

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