Badger Meter (BMI) Financials

$122.61 -1.14 (-0.92%)

Closing price 03:59 PM Eastern

Extended Trading

$122.10 -0.51 (-0.41%)

As of 04:52 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	26	32	35	28	47	49	61	66	93	125	142
Consolidated Net Income / (Loss)	26	32	35	28	47	49	61	66	93	125	142
Net Income / (Loss) Continuing Operations	26	32	35	28	47	49	61	66	93	125	142
Total Pre-Tax Income	41	50	55	36	62	65	79	88	122	167	189
Total Operating Income	42	53	57	57	62	65	79	87	118	158	183
Total Gross Profit	136	151	156	162	164	168	205	220	276	329	382
Total Revenue	378	394	402	434	425	426	505	566	704	827	917
Operating Revenue	378	394	402	434	425	426	505	566	704	827	917
Total Cost of Revenue	242	243	247	271	261	257	300	346	427	497	535
Operating Cost of Revenue	242	243	247	271	261	257	300	346	427	497	535
Total Operating Expenses	93	98	99	105	101	103	127	133	159	171	199
Selling, General & Admin Expense	93	98	99	105	101	103	127	133	158	171	199
Other Special Charges / (Income)	-	-	-	-	-	0.15	0.12	0.13	0.13	0.05	-0.11
Total Other Income / (Expense), net	-1.22	-2.83	-1.76	-21	-0.54	-0.03	0.02	0.55	4.05	8.61	5.12
Interest Expense	1.22	0.92	0.79	1.16	0.25	0.03	-0.02	-0.55	-4.05	-8.61	-5.12
Income Tax Expense	15	18	20	8.06	14	16	18	21	29	42	47
Basic Earnings per Share	$0.90	$1.12	$1.20	$0.96	$1.63	$1.70	$2.09	$2.28	$3.16	$4.26	$4.82
Weighted Average Basic Shares Outstanding	28.76M	28.89M	28.93M	28.99M	29.03M	29.05M	29.14M	29.22M	29.28M	29.36M	29.40M
Diluted Earnings per Share	-	$1.11	$1.19	$0.95	$1.61	$1.69	$2.08	$2.26	$3.14	$4.23	$4.79
Weighted Average Diluted Shares Outstanding	28.89M	29.05M	29.11M	29.19M	29.22M	29.23M	29.34M	29.38M	29.46M	29.53M	29.57M
Weighted Average Basic & Diluted Shares Outstanding	14.52M	29.11M	28.80M	28.90M	28.90M	29.15M	29.25M	29.29M	29.35M	29.41M	29.18M
Cash Dividends to Common per Share	$0.78	$0.43	$0.49	$0.56	$0.64	$0.70	$0.76	$0.85	$0.99	$1.22	$1.48

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	26	25	29	33	32	31	38	35	35	34	27
Consolidated Net Income / (Loss)	26	25	29	33	32	31	38	35	35	34	27
Net Income / (Loss) Continuing Operations	26	25	29	33	32	31	38	35	35	34	27
Total Pre-Tax Income	33	33	38	43	43	42	51	46	47	45	36
Total Operating Income	31	32	37	42	41	39	49	45	46	43	35
Total Gross Profit	73	71	77	85	84	83	95	98	96	93	84
Total Revenue	186	182	196	217	208	205	222	238	236	221	202
Operating Revenue	186	182	196	217	208	205	222	238	236	221	202
Total Cost of Revenue	113	111	119	131	125	122	127	140	140	128	118
Operating Cost of Revenue	113	111	119	131	125	122	127	140	140	128	118
Total Operating Expenses	41	39	41	44	43	44	46	53	50	50	49
Selling, General & Admin Expense	41	39	41	44	43	44	46	53	50	50	49
Total Other Income / (Expense), net	1.17	1.33	1.51	1.85	2.29	2.94	1.33	0.90	1.33	1.57	1.17
Interest Expense	-1.20	-1.40	-1.53	-1.86	-2.30	-2.92	-1.33	-0.90	-1.33	-1.57	-1.14
Other Income / (Expense), net	-0.03	-	-0.01	-0.01	-0.01	-	-	-	-	-	0.03
Income Tax Expense	6.62	8.72	8.96	10	11	11	12	11	12	11	9.00
Basic Earnings per Share	$0.89	$0.84	$0.99	$1.13	$1.09	$1.05	$1.31	$1.18	$1.19	$1.14	$0.94
Weighted Average Basic Shares Outstanding	29.29M	29.28M	29.32M	29.36M	29.37M	29.36M	29.38M	29.41M	29.42M	29.40M	29.21M
Diluted Earnings per Share	$0.88	$0.84	$0.99	$1.12	$1.08	$1.04	$1.30	$1.17	$1.19	$1.13	$0.93
Weighted Average Diluted Shares Outstanding	29.47M	29.46M	29.49M	29.53M	29.55M	29.53M	29.56M	29.59M	29.58M	29.57M	29.37M
Weighted Average Basic & Diluted Shares Outstanding	29.35M	29.35M	29.39M	29.41M	29.41M	29.41M	29.45M	29.47M	29.47M	29.18M	29.19M
Cash Dividends to Common per Share	$0.27	-	$0.27	$0.27	$0.34	-	$0.34	$0.34	$0.40	-	$0.40

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	1.51	-0.83	3.83	1.92	36	23	15	51	54	104	-69
Net Cash From Operating Activities	36	56	50	60	81	90	88	82	110	155	184
Net Cash From Continuing Operating Activities	36	56	50	60	81	89	88	82	110	155	184
Net Income / (Loss) Continuing Operations	26	32	35	28	47	49	61	66	93	125	142
Consolidated Net Income / (Loss)	26	32	35	28	47	49	61	66	93	125	142
Depreciation Expense	9.99	11	12	11	12	12	11	11	11	11	11
Amortization Expense	11	12	12	13	13	13	17	15	17	21	23
Non-Cash Adjustments To Reconcile Net Income	2.80	1.54	2.44	25	1.17	-1.67	2.10	2.50	4.85	6.03	9.33
Changes in Operating Assets and Liabilities, net	-14	-0.09	-12	-16	8.22	16	-3.33	-13	-15	-8.12	-1.85
Net Cash From Investing Activities	-22	-12	-35	-17	-7.50	-38	-51	-5.89	-29	-16	-198
Net Cash From Continuing Investing Activities	-22	-12	-35	-17	-7.50	-38	-51	-5.89	-29	-16	-198
Purchase of Property, Plant & Equipment	-20	-11	-15	-8.64	-7.50	-9.06	-6.75	-5.89	-12	-13	-14
Acquisitions	-1.91	-1.80	-20	-8.05	0.00	-29	-45	0.00	-17	-3.00	-184
Other Investing Activities, net	-	-	-	-	0.00	0.00	0.60	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	-13	-44	-10	-42	-38	-28	-21	-25	-28	-35	-58
Net Cash From Continuing Financing Activities	-13	-44	-10	-42	-38	-28	-21	-25	-28	-35	-58
Repurchase of Common Equity	0.00	0.00	-4.40	-4.80	-5.21	-3.12	-0.46	-0.43	0.00	0.00	-15
Payment of Dividends	-11	-12	-14	-16	-19	-20	-22	-25	-29	-36	-44
Issuance of Common Equity	0.47	0.52	0.60	0.52	0.19	0.18	0.07	0.00	0.00	0.00	0.00
Other Financing Activities, net	1.78	0.57	1.22	-0.59	-0.59	0.06	2.04	0.70	0.97	0.75	0.55
Effect of Exchange Rate Changes	0.32	-0.14	-0.05	0.40	0.28	-	-0.68	-1.08	0.83	-0.60	3.04
Cash Interest Paid	1.25	0.95	0.87	1.18	0.27	0.09	0.12	0.00	0.00	0.00	0.00
Cash Income Taxes Paid	18	20	18	13	13	18	20	24	39	56	49

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	21	29	7.53	27	33	36	-164	34	36	24	-21
Net Cash From Operating Activities	31	38	21	36	45	52	33	45	51	55	34
Net Cash From Continuing Operating Activities	32	38	21	36	45	52	33	45	51	55	34
Net Income / (Loss) Continuing Operations	26	25	29	33	32	31	38	35	35	34	27
Consolidated Net Income / (Loss)	26	25	29	33	32	31	38	35	35	34	27
Depreciation Expense	2.66	2.84	2.89	2.85	2.59	2.77	2.80	2.92	2.61	2.78	2.82
Amortization Expense	4.40	4.35	5.12	5.24	5.43	5.30	5.48	5.88	6.10	6.02	6.24
Non-Cash Adjustments To Reconcile Net Income	1.18	-8.02	1.27	1.99	1.34	-9.49	1.87	2.54	2.08	2.84	2.17
Changes in Operating Assets and Liabilities, net	-2.51	14	-17	-6.72	3.71	23	-16	-1.34	5.42	9.59	-4.67
Net Cash From Investing Activities	-3.01	-2.05	-5.68	-2.34	-3.13	-4.67	-188	-3.03	-3.09	-4.03	-4.43
Net Cash From Continuing Investing Activities	-3.01	-2.05	-5.68	-2.34	-3.13	-4.67	-188	-3.03	-3.09	-4.03	-4.43
Purchase of Property, Plant & Equipment	-3.01	-2.05	-2.68	-2.34	-3.13	-4.67	-2.97	-3.94	-3.09	-4.03	-4.43
Acquisitions	-	-	-3.00	-	-	-	-185	0.91	-	-	0.00
Net Cash From Financing Activities	-7.01	-7.92	-7.71	-7.41	-9.99	-9.99	-9.95	-9.52	-12	-27	-50
Net Cash From Continuing Financing Activities	-7.01	-7.92	-7.71	-7.41	-9.99	-9.99	-9.95	-9.52	-12	-27	-50
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-15	-38
Payment of Dividends	-7.92	-7.92	-7.94	-7.93	-9.99	-9.99	-10	-10	-12	-12	-12
Other Financing Activities, net	0.91	-	0.23	0.52	-	-	0.07	0.49	-	-	0.14
Effect of Exchange Rate Changes	-0.31	0.90	-0.54	0.24	0.77	-1.06	0.88	1.81	0.06	0.30	-0.25

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	355	350	392	393	422	471	531	603	717	816	974
Total Current Assets	149	151	159	165	200	224	261	348	442	540	507
Cash & Equivalents	8.16	7.34	11	13	49	72	87	138	192	295	226
Accounts Receivable	57	60	58	66	61	62	66	77	84	84	112
Inventories, net	79	78	85	81	82	82	100	120	154	143	152
Prepaid Expenses	5.93	6.16	4.08	4.47	7.91	8.14	8.71	13	13	17	17
Plant, Property, & Equipment, net	91	90	94	90	86	83	78	74	74	74	80
Plant, Property & Equipment, gross	194	201	212	214	210	217	217	221	226	233	248
Accumulated Depreciation	103	111	119	123	124	135	139	147	152	159	169
Total Noncurrent Assets	115	108	140	138	136	165	191	182	201	202	387
Goodwill	48	49	67	71	71	89	104	101	113	112	236
Intangible Assets	57	52	59	55	48	54	64	54	54	45	118
Noncurrent Deferred & Refundable Income Taxes	1.42	0.70	2.86	2.16	0.74	5.09	7.53	13	23	33	14
Other Noncurrent Operating Assets	8.49	6.61	9.90	8.87	16	17	15	14	11	13	19
Total Liabilities & Shareholders' Equity	355	350	392	393	422	471	531	603	717	816	974
Total Liabilities	123	93	114	89	91	110	128	161	200	210	260
Total Current Liabilities	105	76	93	60	57	68	82	110	132	118	151
Accounts Payable	19	18	29	22	32	35	42	71	82	56	72
Accrued Expenses	3.13	2.78	3.37	4.21	5.58	12	13	9.61	11	7.28	8.47
Current Employee Benefit Liabilities	9.66	14	16	14	13	15	21	21	30	35	38
Other Current Liabilities	-	-	-	1.51	2.91	6.88	6.78	8.75	9.17	20	32
Total Noncurrent Liabilities	19	18	21	29	34	42	46	50	68	92	110
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	32	50	64	73
Noncurrent Deferred & Payable Income Tax Liabilities	0.77	1.90	3.43	3.33	0.88	5.70	5.39	4.65	5.06	3.65	3.48
Noncurrent Employee Benefit Liabilities	13	12	14	12	9.72	9.85	10	7.86	8.91	9.96	9.16
Other Noncurrent Operating Liabilities	4.81	4.02	4.07	14	23	26	30	5.57	4.76	14	24
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	232	256	277	304	331	361	403	442	516	606	713
Total Preferred & Common Equity	232	256	277	304	331	361	403	442	516	606	713
Total Common Equity	232	256	277	304	331	361	403	442	516	606	713
Common Stock	73	65	69	75	79	82	86	91	96	103	113
Retained Earnings	204	224	244	257	286	315	354	395	459	548	646
Treasury Stock	-31	-21	-25	-29	-34	-37	-37	-37	-37	-37	-52
Accumulated Other Comprehensive Income / (Loss)	-13	-12	-11	0.58	0.43	1.31	0.14	-5.98	-1.65	-7.91	6.47

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	574	633	659	690	743	781	803	900	936	978	971
Total Current Assets	326	361	389	423	471	509	529	412	448	495	508
Cash & Equivalents	115	128	142	163	199	226	259	131	165	202	205
Accounts Receivable	83	84	84	89	92	106	93	112	118	115	110
Inventories, net	114	132	145	148	160	161	159	149	147	153	175
Prepaid Expenses	14	16	18	23	19	16	18	19	18	25	17
Plant, Property, & Equipment, net	72	75	75	74	73	72	73	76	78	78	81
Plant, Property & Equipment, gross	216	225	228	228	227	229	232	238	245	246	252
Accumulated Depreciation	144	150	153	154	154	157	158	162	167	168	171
Total Noncurrent Assets	176	198	196	192	200	200	200	412	410	405	382
Goodwill	99	114	114	113	113	113	115	232	236	237	235
Intangible Assets	54	60	58	55	52	50	49	131	126	122	114
Noncurrent Deferred & Refundable Income Taxes	7.51	13	13	13	23	23	23	33	33	33	14
Other Noncurrent Operating Assets	15	12	12	12	11	13	14	17	16	14	19
Total Liabilities & Shareholders' Equity	574	633	659	690	743	781	803	900	936	978	971
Total Liabilities	152	175	184	197	208	218	212	258	259	276	280
Total Current Liabilities	102	116	119	129	135	138	129	141	139	153	169
Accounts Payable	65	80	81	85	91	96	77	74	74	70	106
Accrued Expenses	10	9.57	11	11	12	14	16	6.64	9.83	8.93	8.38
Current Employee Benefit Liabilities	18	12	17	26	16	22	30	17	24	34	16
Other Current Liabilities	8.22	15	9.27	7.46	16	6.49	6.37	43	31	41	39
Total Noncurrent Liabilities	50	60	65	68	73	80	83	117	120	122	111
Noncurrent Deferred Revenue	-	-	-	-	54	59	61	65	69	69	73
Noncurrent Deferred & Payable Income Tax Liabilities	4.58	6.74	6.66	6.44	4.89	4.84	5.11	24	24	24	3.36
Noncurrent Employee Benefit Liabilities	8.61	8.15	8.65	8.70	9.24	9.81	11	9.52	11	9.84	9.13
Other Noncurrent Operating Liabilities	37	45	49	53	4.50	5.90	6.01	18	17	19	25
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	423	458	476	493	536	563	591	642	678	703	690
Total Preferred & Common Equity	423	458	476	493	536	563	591	642	678	703	690
Total Common Equity	423	458	476	493	536	563	591	642	678	703	690
Common Stock	89	91	93	95	98	100	101	105	108	110	114
Retained Earnings	384	408	424	442	480	505	527	576	601	624	662
Treasury Stock	-37	-37	-37	-37	-37	-37	-37	-36	-36	-36	-89
Accumulated Other Comprehensive Income / (Loss)	-13	-4.26	-4.20	-7.40	-5.27	-5.34	-0.65	-2.75	5.53	5.12	3.85

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.54%	4.25%	2.20%	7.78%	-2.10%	0.22%	18.72%	11.95%	24.40%	17.48%	10.90%
EBITDA Growth	2.04%	16.26%	9.31%	-23.36%	40.25%	5.08%	17.94%	6.52%	28.62%	30.19%	14.67%
EBIT Growth	-7.99%	19.82%	9.57%	-33.46%	67.15%	5.33%	20.82%	10.89%	35.08%	33.94%	16.14%
NOPAT Growth	-12.24%	27.79%	4.56%	23.54%	7.96%	3.96%	23.21%	8.55%	35.43%	32.24%	16.19%
Net Income Growth	-12.60%	24.51%	7.05%	-19.61%	69.76%	4.59%	23.39%	9.22%	39.25%	34.93%	13.36%
EPS Growth	0.00%	0.00%	7.21%	-20.17%	69.47%	4.97%	23.08%	8.65%	38.94%	34.71%	13.24%
Operating Cash Flow Growth	0.27%	56.81%	-11.45%	21.30%	33.74%	10.98%	-2.31%	-5.78%	33.55%	40.79%	18.49%
Free Cash Flow Firm Growth	140.40%	188.36%	-72.73%	298.13%	49.42%	-32.03%	-27.81%	128.19%	-10.82%	90.91%	-129.21%
Invested Capital Growth	4.19%	-2.93%	8.37%	-0.76%	-7.07%	0.81%	9.31%	-3.65%	6.68%	-4.24%	56.72%
Revenue Q/Q Growth	1.73%	-0.67%	0.89%	1.82%	0.75%	1.13%	4.86%	2.09%	5.25%	2.83%	1.72%
EBITDA Q/Q Growth	2.71%	-0.31%	3.54%	-23.95%	1.82%	0.85%	6.50%	-1.04%	7.82%	4.41%	2.14%
EBIT Q/Q Growth	3.31%	-0.81%	3.54%	-33.83%	2.05%	0.96%	8.10%	-0.44%	8.74%	4.74%	2.13%
NOPAT Q/Q Growth	-2.01%	5.70%	0.85%	13.31%	2.07%	1.55%	7.27%	-0.08%	7.81%	4.27%	2.85%
Net Income Q/Q Growth	-1.96%	1.99%	3.35%	16.84%	2.24%	1.69%	7.38%	0.40%	8.41%	5.04%	2.06%
EPS Q/Q Growth	0.00%	0.91%	2.59%	15.85%	1.90%	1.81%	7.77%	0.00%	8.65%	4.96%	1.91%
Operating Cash Flow Q/Q Growth	10.78%	9.70%	-19.67%	38.08%	-1.09%	-3.94%	14.64%	3.30%	8.09%	10.02%	1.51%
Free Cash Flow Firm Q/Q Growth	113,036.87%	27.89%	-45.10%	93.09%	-9.78%	-42.02%	430.22%	-6.32%	12.85%	18.94%	-11.38%
Invested Capital Q/Q Growth	0.94%	-1.63%	1.68%	-3.77%	-1.24%	12.17%	-2.74%	-1.20%	-1.55%	-6.41%	-2.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.95%	38.24%	38.70%	37.43%	38.51%	39.54%	40.67%	38.89%	39.29%	39.83%	41.68%
EBITDA Margin	16.67%	18.59%	19.88%	14.14%	20.25%	21.24%	21.10%	20.07%	20.75%	23.00%	23.78%
Operating Margin	11.22%	13.38%	14.06%	13.11%	14.64%	15.31%	15.58%	15.43%	16.78%	19.11%	20.01%
EBIT Margin	11.22%	12.89%	13.82%	8.53%	14.57%	15.31%	15.58%	15.43%	16.76%	19.11%	20.01%
Profit (Net Income) Margin	6.87%	8.20%	8.59%	6.41%	11.11%	11.60%	12.05%	11.76%	13.16%	15.12%	15.45%
Tax Burden Percent	63.03%	64.79%	63.05%	77.51%	76.58%	75.93%	77.44%	75.81%	75.92%	75.04%	75.07%
Interest Burden Percent	97.13%	98.19%	98.58%	96.87%	99.59%	99.73%	99.87%	100.48%	103.43%	105.42%	102.85%
Effective Tax Rate	36.97%	35.21%	36.95%	22.49%	23.42%	24.07%	22.56%	24.19%	24.08%	24.96%	24.93%
Return on Invested Capital (ROIC)	9.22%	11.72%	11.94%	14.24%	15.99%	17.19%	20.16%	21.34%	28.49%	37.29%	34.50%
ROIC Less NNEP Spread (ROIC-NNEP)	8.07%	7.82%	8.47%	-70.70%	18.10%	17.42%	20.25%	21.05%	26.69%	34.65%	33.00%
Return on Net Nonoperating Assets (RNNOA)	2.39%	1.50%	1.02%	-4.67%	-1.12%	-2.93%	-4.23%	-5.61%	-9.18%	-15.03%	-13.04%
Return on Equity (ROE)	11.62%	13.22%	12.96%	9.57%	14.87%	14.25%	15.93%	15.73%	19.31%	22.26%	21.47%
Cash Return on Invested Capital (CROIC)	5.12%	14.69%	3.90%	15.00%	23.32%	16.39%	11.26%	25.05%	22.03%	41.62%	-9.68%
Operating Return on Assets (OROA)	12.16%	14.40%	15.00%	9.44%	15.19%	14.59%	15.71%	15.40%	17.87%	20.60%	20.49%
Return on Assets (ROA)	7.45%	9.16%	9.33%	7.09%	11.58%	11.05%	12.15%	11.73%	14.03%	16.30%	15.83%
Return on Common Equity (ROCE)	11.62%	13.22%	12.96%	9.57%	14.87%	14.25%	15.93%	15.73%	19.31%	22.26%	21.47%
Return on Equity Simple (ROE_SIMPLE)	11.17%	12.60%	12.46%	9.16%	14.25%	13.66%	15.11%	15.03%	17.93%	20.61%	0.00%
Net Operating Profit after Tax (NOPAT)	27	34	36	44	48	49	61	66	90	119	138
NOPAT Margin	7.07%	8.67%	8.87%	10.16%	11.21%	11.63%	12.07%	11.70%	12.74%	14.34%	15.02%
Net Nonoperating Expense Percent (NNEP)	1.16%	3.91%	3.47%	84.94%	-2.10%	-0.23%	-0.10%	0.28%	1.80%	2.64%	1.51%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	14.96%	17.35%	19.55%	19.31%
Cost of Revenue to Revenue	64.05%	61.76%	61.30%	62.57%	61.49%	60.46%	59.33%	61.11%	60.71%	60.17%	58.32%
SG&A Expenses to Revenue	24.73%	24.86%	24.64%	24.32%	23.88%	24.23%	25.09%	23.46%	22.51%	20.72%	21.67%
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	24.73%	24.86%	24.64%	24.32%	23.88%	24.26%	25.12%	23.48%	22.51%	20.72%	21.66%
Earnings before Interest and Taxes (EBIT)	42	51	56	37	62	65	79	87	118	158	183
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	63	73	80	61	86	90	107	114	146	190	218
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.68	3.90	4.72	4.49	5.50	7.37	7.57	7.12	8.72	10.29	7.21
Price to Tangible Book Value (P/TBV)	3.07	6.45	8.69	7.71	8.60	12.16	13.02	10.95	12.88	13.88	14.31
Price to Revenue (P/Rev)	1.03	2.54	3.25	3.14	4.28	6.26	6.04	5.57	6.40	7.55	5.61
Price to Earnings (P/E)	15.01	30.97	37.88	49.05	38.56	53.98	50.15	47.35	48.62	49.93	36.29
Dividend Yield	1.45%	1.25%	1.09%	1.20%	1.02%	0.77%	0.73%	0.79%	0.65%	0.58%	0.85%
Earnings Yield	6.66%	3.23%	2.64%	2.04%	2.59%	1.85%	1.99%	2.11%	2.06%	2.00%	2.76%
Enterprise Value to Invested Capital (EV/IC)	1.53	3.59	4.32	4.44	6.19	8.97	9.39	9.89	13.27	19.11	10.08
Enterprise Value to Revenue (EV/Rev)	1.20	2.62	3.34	3.15	4.18	6.09	5.87	5.32	6.13	7.19	5.36
Enterprise Value to EBITDA (EV/EBITDA)	7.19	14.08	16.78	22.31	20.64	28.67	27.83	26.52	29.51	31.26	22.54
Enterprise Value to EBIT (EV/EBIT)	10.68	20.31	24.14	36.97	28.69	39.77	37.68	34.49	36.55	37.63	26.79
Enterprise Value to NOPAT (EV/NOPAT)	16.95	30.21	37.64	31.04	37.29	52.37	48.65	45.50	48.09	50.15	35.68
Enterprise Value to Operating Cash Flow (EV/OCF)	12.63	18.35	26.99	22.67	21.99	28.93	33.89	36.52	39.14	38.34	26.75
Enterprise Value to Free Cash Flow (EV/FCFF)	30.51	24.10	115.13	29.46	25.58	54.93	87.10	38.75	62.20	44.93	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.31	0.15	0.16	0.06	0.01	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	0.30	0.19	0.12	0.07	-0.06	-0.17	-0.21	-0.27	-0.34	-0.43	-0.40
Leverage Ratio	1.56	1.44	1.39	1.35	1.28	1.29	1.31	1.34	1.38	1.37	1.36
Compound Leverage Factor	1.52	1.42	1.37	1.31	1.28	1.29	1.31	1.35	1.42	1.44	1.40
Debt to Total Capital	23.50%	12.90%	13.84%	5.62%	1.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	23.50%	12.90%	13.84%	5.62%	1.34%	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	76.50%	87.10%	86.16%	94.38%	98.66%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	1.13	0.52	0.56	0.29	0.05	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	1.00	0.42	0.42	0.08	-0.52	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	2.67	1.11	1.25	0.41	0.09	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	2.37	0.90	0.94	0.11	-0.93	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	4.31	9.18	9.45	11.82	14.86	17.22	17.12	14.57	16.42	21.02	14.78
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	1.43	1.99	1.70	2.74	3.50	3.29	3.18	3.15	3.35	4.57	3.36
Quick Ratio	0.62	0.89	0.75	1.32	1.93	1.97	1.86	1.95	2.09	3.21	2.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	15	43	12	46	69	47	34	78	69	132	-39
Operating Cash Flow to CapEx	181.28%	530.25%	330.15%	698.25%	1,076.76%	988.83%	1,297.21%	1,399.61%	917.41%	1,209.50%	1,309.70%
Free Cash Flow to Firm to Interest Expense	12.19	46.45	14.78	40.14	274.27	1,572.23	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	29.44	61.00	63.06	52.16	319.03	2,985.93	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	13.20	49.50	43.96	44.69	289.40	2,683.97	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.08	1.12	1.09	1.11	1.04	0.95	1.01	1.00	1.07	1.08	1.02
Accounts Receivable Turnover	6.83	6.76	6.82	6.97	6.65	6.92	7.92	7.94	8.79	9.85	9.32
Inventory Turnover	3.22	3.11	3.03	3.27	3.21	3.15	3.31	3.15	3.12	3.35	3.62
Fixed Asset Turnover	4.37	4.35	4.38	4.72	4.82	5.05	6.29	7.46	9.55	11.16	11.91
Accounts Payable Turnover	13.74	12.97	10.51	10.63	9.67	7.74	7.81	6.10	5.57	7.24	8.36
Days Sales Outstanding (DSO)	53.45	53.98	53.52	52.39	54.87	52.77	46.08	45.99	41.54	37.06	39.16
Days Inventory Outstanding (DIO)	113.44	117.29	120.49	111.62	113.76	116.00	110.33	115.89	116.86	109.01	100.82
Days Payable Outstanding (DPO)	26.56	28.15	34.73	34.34	37.74	47.13	46.75	59.83	65.47	50.44	43.68
Cash Conversion Cycle (CCC)	140.32	143.13	139.28	129.66	130.89	121.64	109.66	102.05	92.93	95.62	96.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	295	287	311	308	287	289	316	304	325	311	487
Invested Capital Turnover	1.30	1.35	1.35	1.40	1.43	1.48	1.67	1.82	2.24	2.60	2.30
Increase / (Decrease) in Invested Capital	12	-8.65	24	-2.36	-22	2.31	27	-12	20	-14	176
Enterprise Value (EV)	453	1,031	1,343	1,368	1,775	2,591	2,966	3,011	4,310	5,943	4,914
Market Capitalization	389	1,000	1,310	1,363	1,819	2,663	3,053	3,149	4,502	6,239	5,140
Book Value per Share	$16.00	$8.80	$9.53	$10.43	$11.37	$12.41	$13.78	$15.12	$17.60	$20.61	$24.20
Tangible Book Value per Share	$8.75	$5.33	$5.18	$6.07	$7.27	$7.52	$8.02	$9.82	$11.91	$15.28	$12.19
Total Capital	304	294	322	322	336	361	403	442	516	606	713
Total Debt	71	38	45	18	4.48	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	63	31	33	4.97	-44	-72	-87	-138	-192	-295	-226
Capital Expenditures (CapEx)	20	11	15	8.64	7.50	9.06	6.75	5.89	12	13	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	108	106	99	110	98	83	92	99	118	127	130
Debt-free Net Working Capital (DFNWC)	116	113	110	123	147	156	179	238	310	422	356
Net Working Capital (NWC)	45	75	66	105	143	156	179	238	310	422	356
Net Nonoperating Expense (NNE)	0.77	1.83	1.11	16	0.41	0.13	0.08	-0.32	-2.97	-6.43	-3.93
Net Nonoperating Obligations (NNO)	63	31	33	4.97	-44	-72	-87	-138	-192	-295	-226
Total Depreciation and Amortization (D&A)	21	22	24	24	24	25	28	26	28	32	35
Debt-free, Cash-free Net Working Capital to Revenue	28.59%	26.87%	24.58%	25.27%	23.19%	19.59%	18.22%	17.59%	16.83%	15.32%	14.22%
Debt-free Net Working Capital to Revenue	30.75%	28.73%	27.35%	28.29%	34.70%	36.58%	35.47%	42.00%	44.09%	51.04%	38.88%
Net Working Capital to Revenue	11.86%	19.09%	16.28%	24.13%	33.64%	36.58%	35.47%	42.00%	44.09%	51.04%	38.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.80	$1.12	$1.20	$0.96	$1.63	$1.70	$2.09	$2.28	$3.16	$4.26	$4.82
Adjusted Weighted Average Basic Shares Outstanding	14.38M	28.89M	28.93M	28.99M	29.03M	29.05M	29.14M	29.22M	29.28M	29.36M	29.40M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.95	$1.61	$1.69	$2.08	$2.26	$3.14	$4.23	$4.79
Adjusted Weighted Average Diluted Shares Outstanding	14.45M	29.05M	29.11M	29.19M	29.22M	29.23M	29.34M	29.38M	29.46M	29.53M	29.57M
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	14.52M	29.11M	29.11M	29.11M	29.11M	29.15M	29.25M	29.29M	29.35M	29.41M	29.18M
Normalized Net Operating Profit after Tax (NOPAT)	27	34	36	44	48	50	61	66	90	119	138
Normalized NOPAT Margin	7.07%	8.67%	8.87%	10.16%	11.21%	11.65%	12.09%	11.72%	12.74%	14.34%	15.01%
Pre Tax Income Margin	10.90%	12.66%	13.63%	8.27%	14.51%	15.27%	15.56%	15.51%	17.33%	20.14%	20.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	34.81	55.12	70.50	31.99	244.51	2,171.87	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	21.94	37.05	45.22	38.10	188.11	1,649.20	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	18.57	43.61	51.40	24.52	214.88	1,869.90	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	5.70	25.55	26.13	30.63	158.48	1,347.23	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	43.42%	38.58%	41.12%	58.53%	39.42%	41.22%	36.39%	37.42%	31.37%	28.69%	30.73%
Augmented Payout Ratio	43.42%	38.58%	53.85%	75.78%	50.45%	47.54%	37.14%	38.06%	31.37%	28.69%	41.33%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	29,181,598.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	29,181,598.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.94
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.80%	23.84%	23.37%	23.20%	11.95%	12.47%	13.21%	9.89%	13.06%	7.57%	-8.97%
EBITDA Growth	25.90%	37.53%	39.33%	36.36%	26.48%	20.43%	29.46%	8.20%	12.68%	9.64%	-23.31%
EBIT Growth	31.68%	42.74%	46.00%	40.87%	29.41%	22.27%	35.17%	8.10%	13.48%	9.75%	-28.78%
NOPAT Growth	40.07%	37.80%	47.47%	44.48%	21.13%	20.59%	33.59%	7.08%	12.34%	13.23%	-29.20%
Net Income Growth	44.81%	40.95%	50.04%	46.96%	23.37%	24.25%	31.81%	4.62%	9.49%	9.30%	-28.81%
EPS Growth	44.26%	42.37%	50.00%	47.37%	22.73%	23.81%	31.31%	4.46%	10.19%	8.65%	-28.46%
Operating Cash Flow Growth	31.90%	27.73%	19.42%	59.95%	43.44%	37.22%	53.90%	22.43%	13.74%	5.25%	2.62%
Free Cash Flow Firm Growth	-90.42%	-88.23%	114.91%	597.07%	741.68%	1,152.71%	-739.03%	-596.62%	-582.20%	-439.83%	137.90%
Invested Capital Growth	7.05%	6.68%	2.00%	0.94%	0.74%	-4.24%	51.77%	52.08%	50.74%	56.72%	-4.97%
Revenue Q/Q Growth	5.88%	-2.02%	7.59%	10.38%	-3.79%	-1.56%	8.30%	7.15%	-1.03%	-6.34%	-8.35%
EBITDA Q/Q Growth	5.72%	2.11%	13.51%	11.28%	-1.94%	-2.77%	22.03%	-7.02%	2.11%	-5.37%	-14.65%
EBIT Q/Q Growth	6.52%	2.20%	13.99%	13.53%	-2.14%	-3.45%	26.01%	-9.23%	2.72%	-6.59%	-18.24%
NOPAT Q/Q Growth	14.31%	-5.30%	17.97%	13.13%	-4.16%	-5.72%	30.69%	-9.32%	0.55%	-4.98%	-18.28%
Net Income Q/Q Growth	15.45%	-4.81%	17.84%	13.47%	-3.08%	-4.12%	25.01%	-9.93%	1.43%	-4.28%	-18.59%
EPS Q/Q Growth	15.79%	-4.55%	17.86%	13.13%	-3.57%	-3.70%	25.00%	-10.00%	1.71%	-5.04%	-17.70%
Operating Cash Flow Q/Q Growth	38.05%	20.72%	-43.44%	69.71%	23.80%	15.48%	-36.57%	35.00%	15.02%	6.86%	-38.15%
Free Cash Flow Firm Q/Q Growth	-18.96%	2.04%	532.53%	33.26%	-2.14%	51.88%	-422.66%	-3.56%	4.98%	-7.03%	135.98%
Invested Capital Q/Q Growth	-1.20%	-1.55%	3.56%	0.20%	-1.39%	-6.41%	64.13%	0.40%	-2.26%	-2.70%	-0.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.06%	39.17%	39.32%	39.40%	40.24%	40.33%	42.95%	41.08%	40.67%	42.13%	41.69%
EBITDA Margin	20.65%	21.52%	22.71%	22.89%	23.34%	23.05%	25.97%	22.54%	23.25%	23.49%	21.88%
Operating Margin	16.88%	17.58%	18.64%	19.16%	19.49%	19.12%	22.24%	18.84%	19.56%	19.51%	17.39%
EBIT Margin	16.86%	17.58%	18.63%	19.16%	19.49%	19.12%	22.24%	18.84%	19.56%	19.51%	17.40%
Profit (Net Income) Margin	13.95%	13.55%	14.84%	15.26%	15.37%	14.97%	17.28%	14.53%	14.89%	15.21%	13.51%
Tax Burden Percent	79.68%	73.92%	76.48%	76.23%	74.66%	72.90%	75.61%	75.53%	73.94%	75.21%	75.23%
Interest Burden Percent	103.82%	104.26%	104.17%	104.46%	105.63%	107.42%	102.76%	102.06%	102.95%	103.70%	103.23%
Effective Tax Rate	20.32%	26.08%	23.52%	23.77%	25.34%	27.10%	24.39%	24.47%	26.06%	24.79%	24.77%
Return on Invested Capital (ROIC)	28.19%	29.07%	31.71%	34.04%	35.33%	36.24%	33.87%	29.29%	31.28%	33.69%	23.57%
ROIC Less NNEP Spread (ROIC-NNEP)	27.52%	28.46%	31.00%	33.27%	34.53%	35.37%	33.24%	28.93%	30.85%	33.23%	23.05%
Return on Net Nonoperating Assets (RNNOA)	-8.35%	-9.79%	-10.22%	-11.79%	-13.44%	-15.35%	-9.34%	-9.13%	-10.98%	-13.13%	-5.83%
Return on Equity (ROE)	19.84%	19.28%	21.48%	22.25%	21.90%	20.90%	24.53%	20.16%	20.30%	20.56%	17.74%
Cash Return on Invested Capital (CROIC)	19.25%	22.03%	27.64%	31.38%	33.60%	41.62%	-10.91%	-10.67%	-8.33%	-9.68%	30.57%
Operating Return on Assets (OROA)	17.83%	18.75%	20.05%	20.79%	20.99%	20.61%	23.08%	19.17%	19.79%	19.98%	16.69%
Return on Assets (ROA)	14.75%	14.45%	15.97%	16.56%	16.55%	16.14%	17.93%	14.78%	15.06%	15.58%	12.96%
Return on Common Equity (ROCE)	19.84%	19.28%	21.48%	22.25%	21.90%	20.90%	24.53%	20.16%	20.30%	20.56%	17.74%
Return on Equity Simple (ROE_SIMPLE)	17.34%	0.00%	19.10%	20.04%	20.12%	0.00%	20.92%	20.03%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	25	24	28	32	30	29	37	34	34	32	26
NOPAT Margin	13.45%	13.00%	14.25%	14.61%	14.55%	13.94%	16.82%	14.23%	14.46%	14.67%	13.08%
Net Nonoperating Expense Percent (NNEP)	0.67%	0.61%	0.71%	0.77%	0.81%	0.87%	0.62%	0.36%	0.44%	0.46%	0.52%
Return On Investment Capital (ROIC_SIMPLE)	-	4.59%	-	-	-	4.72%	5.82%	5.00%	4.85%	4.54%	3.83%
Cost of Revenue to Revenue	60.94%	60.83%	60.68%	60.60%	59.76%	59.67%	57.05%	58.92%	59.33%	57.87%	58.31%
SG&A Expenses to Revenue	22.18%	21.59%	20.68%	20.24%	20.75%	21.22%	20.71%	22.24%	21.11%	22.63%	24.30%
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	22.18%	21.57%	20.68%	20.25%	20.76%	21.23%	20.69%	22.23%	21.10%	22.61%	24.30%
Earnings before Interest and Taxes (EBIT)	31	32	37	42	41	39	49	45	46	43	35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	38	39	45	50	49	47	58	54	55	52	44
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.50	8.72	8.84	9.71	10.87	10.29	8.72	10.65	7.49	7.21	6.44
Price to Tangible Book Value (P/TBV)	12.88	12.88	12.81	13.68	15.04	13.88	20.05	22.85	15.31	14.31	13.02
Price to Revenue (P/Rev)	6.27	6.40	6.39	7.00	7.99	7.55	6.56	8.26	5.84	5.61	4.96
Price to Earnings (P/E)	49.06	48.62	46.27	48.45	54.01	49.93	41.69	53.15	37.92	36.29	34.05
Dividend Yield	0.66%	0.65%	0.64%	0.58%	0.53%	0.58%	0.68%	0.56%	0.80%	0.85%	1.01%
Earnings Yield	2.04%	2.06%	2.16%	2.06%	1.85%	2.00%	2.40%	1.88%	2.64%	2.76%	2.94%
Enterprise Value to Invested Capital (EV/IC)	12.21	13.27	13.49	15.56	18.56	19.11	10.71	13.76	10.11	10.08	8.74
Enterprise Value to Revenue (EV/Rev)	6.02	6.13	6.12	6.71	7.67	7.19	6.41	8.07	5.62	5.36	4.73
Enterprise Value to EBITDA (EV/EBITDA)	29.73	29.51	28.57	30.49	33.85	31.26	26.88	34.01	23.71	22.54	20.73
Enterprise Value to EBIT (EV/EBIT)	37.14	36.55	35.00	37.02	40.88	37.63	31.99	40.48	28.18	26.79	25.07
Enterprise Value to NOPAT (EV/NOPAT)	48.45	48.09	45.98	48.38	54.24	50.15	42.72	54.17	37.80	35.68	33.44
Enterprise Value to Operating Cash Flow (EV/OCF)	39.53	39.14	39.92	41.19	43.75	38.34	32.80	40.34	27.97	26.75	22.98
Enterprise Value to Free Cash Flow (EV/FCFF)	65.59	62.20	49.27	49.82	55.43	44.93	0.00	0.00	0.00	0.00	27.87
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	-0.30	-0.34	-0.33	-0.35	-0.39	-0.43	-0.28	-0.32	-0.36	-0.40	-0.25
Leverage Ratio	1.38	1.38	1.39	1.39	1.38	1.37	1.40	1.38	1.38	1.36	1.40
Compound Leverage Factor	1.43	1.44	1.44	1.45	1.45	1.47	1.43	1.41	1.42	1.41	1.45
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	15.29	16.02	16.27	17.69	20.89	20.54	15.40	19.11	13.84	14.30	11.93
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	3.28	3.35	3.48	3.69	4.10	4.57	2.92	3.23	3.22	3.36	3.00
Quick Ratio	1.96	2.09	2.16	2.41	2.73	3.21	1.72	2.04	2.06	2.25	1.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3.31	3.38	21	29	28	42	-137	-142	-135	-144	52
Operating Cash Flow to CapEx	1,042.90%	1,847.37%	801.94%	1,555.70%	1,439.59%	1,115.16%	1,113.52%	1,132.20%	1,660.21%	1,358.81%	765.60%
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	1.06	1.07	1.08	1.09	1.08	1.08	1.04	1.02	1.01	1.02	0.96
Accounts Receivable Turnover	7.75	8.79	8.39	8.22	8.81	9.85	8.35	7.81	8.64	9.32	8.07
Inventory Turnover	3.11	3.12	3.07	3.10	3.17	3.35	3.26	3.33	3.40	3.62	3.24
Fixed Asset Turnover	9.11	9.55	10.05	10.62	10.88	11.16	11.47	11.62	11.89	11.91	11.46
Accounts Payable Turnover	5.40	5.57	5.29	5.36	5.99	7.24	6.14	6.04	7.19	8.36	5.83
Days Sales Outstanding (DSO)	47.11	41.54	43.49	44.42	41.43	37.06	43.70	46.76	42.22	39.16	45.21
Days Inventory Outstanding (DIO)	117.34	116.86	118.75	117.61	115.04	109.01	111.96	109.54	107.28	100.82	112.67
Days Payable Outstanding (DPO)	67.54	65.47	69.02	68.07	60.98	50.44	59.41	60.40	50.74	43.68	62.58
Cash Conversion Cycle (CCC)	96.91	92.93	93.22	93.97	95.49	95.62	96.26	95.89	98.76	96.30	95.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	330	325	336	337	332	311	510	512	501	487	485
Invested Capital Turnover	2.10	2.24	2.22	2.33	2.43	2.60	2.01	2.06	2.16	2.30	1.80
Increase / (Decrease) in Invested Capital	22	20	6.58	3.14	2.43	-14	174	175	169	176	-25
Enterprise Value (EV)	4,027	4,310	4,535	5,242	6,165	5,943	5,464	7,049	5,061	4,914	4,240
Market Capitalization	4,190	4,502	4,734	5,468	6,424	6,239	5,595	7,215	5,263	5,140	4,446
Book Value per Share	$16.81	$17.60	$18.27	$19.16	$20.10	$20.61	$21.82	$23.01	$23.84	$24.20	$23.66
Tangible Book Value per Share	$11.10	$11.91	$12.61	$13.59	$14.53	$15.28	$9.49	$10.72	$11.67	$12.19	$11.70
Total Capital	493	516	536	563	591	606	642	678	703	713	690
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	-163	-192	-199	-226	-259	-295	-131	-165	-202	-226	-205
Capital Expenditures (CapEx)	3.01	2.05	2.68	2.34	3.13	4.67	2.97	3.94	3.09	4.03	4.43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	131	118	136	145	141	127	139	144	139	130	133
Debt-free Net Working Capital (DFNWC)	294	310	336	371	400	422	271	310	341	356	339
Net Working Capital (NWC)	294	310	336	371	400	422	271	310	341	356	339
Net Nonoperating Expense (NNE)	-0.93	-1.01	-1.16	-1.41	-1.71	-2.12	-1.03	-0.70	-1.00	-1.20	-0.88
Net Nonoperating Obligations (NNO)	-163	-192	-199	-226	-259	-295	-131	-165	-202	-226	-205
Total Depreciation and Amortization (D&A)	7.07	7.19	8.01	8.09	8.02	8.07	8.28	8.80	8.71	8.80	9.06
Debt-free, Cash-free Net Working Capital to Revenue	19.64%	16.83%	18.39%	18.54%	17.56%	15.32%	16.33%	16.52%	15.48%	14.22%	14.88%
Debt-free Net Working Capital to Revenue	44.01%	44.09%	45.29%	47.48%	49.78%	51.04%	31.74%	35.42%	37.86%	38.88%	37.79%
Net Working Capital to Revenue	44.01%	44.09%	45.29%	47.48%	49.78%	51.04%	31.74%	35.42%	37.86%	38.88%	37.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.89	$0.84	$0.99	$1.13	$1.09	$1.05	$1.31	$1.18	$1.19	$1.14	$0.94
Adjusted Weighted Average Basic Shares Outstanding	29.29M	29.28M	29.32M	29.36M	29.37M	29.36M	29.38M	29.41M	29.42M	29.40M	29.21M
Adjusted Diluted Earnings per Share	$0.88	$0.84	$0.99	$1.12	$1.08	$1.04	$1.30	$1.17	$1.19	$1.13	$0.93
Adjusted Weighted Average Diluted Shares Outstanding	29.47M	29.46M	29.49M	29.53M	29.55M	29.53M	29.56M	29.59M	29.58M	29.57M	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	29.35M	29.35M	29.39M	29.41M	29.41M	29.41M	29.45M	29.47M	29.47M	29.18M	29.19M
Normalized Net Operating Profit after Tax (NOPAT)	25	24	28	32	30	29	37	34	34	32	26
Normalized NOPAT Margin	13.45%	13.00%	14.25%	14.61%	14.56%	13.94%	16.81%	14.22%	14.45%	14.66%	13.08%
Pre Tax Income Margin	17.50%	18.33%	19.41%	20.01%	20.59%	20.54%	22.86%	19.23%	20.13%	20.23%	17.96%
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	32.46%	31.37%	29.68%	28.09%	28.40%	28.69%	28.26%	29.46%	30.10%	30.73%	34.63%
Augmented Payout Ratio	32.46%	31.37%	29.68%	28.09%	28.40%	28.69%	28.26%	29.46%	30.10%	41.33%	75.39%

Financials Breakdown Chart

Key Financial Trends

Badger Meter (BMI) has delivered solid top-line growth, improving profitability, and rising cash generation over the last four years. Below are the key trends and takeaways for retail investors.

Revenue growth: BMI’s operating revenue has risen meaningfully from about $147.3 million in Q4 2022 to roughly $220.7 million in Q4 2025, a gain of about 50% over the period, indicating a durable demand trajectory.
Gross margin expansion: Gross margin improved from the ~39% range in 2022 to around 42% by 2025, signaling better pricing/mix or efficiency in cost of goods sold.
Earnings growth and margins: Net income attributable to common shareholders climbed from roughly $17.5 million in 2022 to about $33.6 million in 2025, with diluted EPS rising to about $1.13 in Q4 2025, supporting stronger profitability per share.
Strong liquidity: Cash and equivalents were about $201.7 million by Q3 2025, reflecting a robust liquidity position alongside ongoing earnings power.
Cash flow resilience: Net cash from continuing operating activities grew to about $54.8 million in Q4 2025, up from about $52.2 million in Q4 2024, indicating solid cash-generation efficiency.
Lower financing costs: Interest expense declined year over year (approximately $1.57 million in Q4 2025 vs about $2.31 million in Q4 2024), supporting better net income and cash flow from operations.

Capital return activity: BMI has engaged in share repurchases and dividends, resulting in negative net cash from financing activities in several quarters (e.g., notable repurchases in 2025), which reflects a capital-return strategy rather than a cash-flow weakness.
Modest capital expenditure: quarterly purchases of property, plant & equipment are in the low single-digit millions (roughly $2–$4 million per quarter), indicating disciplined, modest ongoing capex versus revenue growth.
Solid but steady balance sheet: Total assets and equity have trended higher with a strong equity base (Total Common Equity around $641–$702 million across 2024–2025) and manageable liabilities, suggesting a stable financial position without heavy leverage.

Financing outflows persist: Net cash from financing activities remained negative in several periods due to dividends and share repurchases, which can pressure near-term cash balances even as the business grows.

05/07/26 04:53 PM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

How has Badger Meter's net income changed over the last 10 years?

Badger Meter's net income appears to be on an upward trend, with a most recent value of $141.63 million in 2025, rising from $25.94 million in 2015. The previous period was $124.94 million in 2024. See Badger Meter's forecast for analyst expectations on whatâ€™s next for the company.

What is Badger Meter's operating income?

Badger Meter's total operating income in 2025 was $183.42 million, based on the following breakdown:

Total Gross Profit: $382.07 million
Total Operating Expenses: $198.54 million

How has Badger Meter's revenue changed over the last 10 years?

Over the last 10 years, Badger Meter's total revenue changed from $377.70 million in 2015 to $916.66 million in 2025, a change of 142.7%.

How much debt does Badger Meter have?

Badger Meter's total liabilities were at $260.28 million at the end of 2025, a 23.8% increase from 2024, and a 111.3% increase since 2015.

How much cash does Badger Meter have?

In the past 10 years, Badger Meter's cash and equivalents has ranged from $7.34 million in 2016 to $295.31 million in 2024, and is currently $226.02 million as of their latest financial filing in 2025.

How has Badger Meter's book value per share changed over the last 10 years?

Over the last 10 years, Badger Meter's book value per share changed from 16.00 in 2015 to 24.20 in 2025, a change of 51.2%.

Related Companies

Financial statements for NYSE:BMI last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Badger Meter (BMI) Financials

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Badger Meter (BMI) Financials

Annual Income Statements for Badger Meter

Quarterly Income Statements for Badger Meter

Annual Cash Flow Statements for Badger Meter

Quarterly Cash Flow Statements for Badger Meter

Annual Balance Sheets for Badger Meter

Quarterly Balance Sheets for Badger Meter

Annual Metrics And Ratios for Badger Meter

Quarterly Metrics And Ratios for Badger Meter

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Badger Meter's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools