Detailed financial statements for Badger Meter, Inc. (BMI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Badger Meter, Inc. (BMI) provides a comprehensive range of solutions for flow measurement, quality assessment, control, and communication. Operating globally, the company serves markets across North America, Europe, Asia, and the Middle East. For municipal water utilities, BMI supplies both conventional and advanced water meters, complemented by associated radio, software, and service technologies.
Analysis Summary
Badger Meter, Inc. reported revenue of $916.7M in the most recent fiscal year, growing at a 5-year CAGR of 16.6%. Net income reached $141.6M, with a 23.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 41.6%, operating margin 18.8%, net margin 14.4%. Free cash flow grew at 16.1% CAGR over 5 years.
At $144.05 (closing price, October 28, 2026), BMI trades at a P/E of 33.27 and an ROE of 18.49%. Market capitalisation stands at $4.2B.
Balance sheet quality for BMI: current ratio of 3.4. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $169.7M represents 120% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $220.0M | $276.4M | $329.2M | $382.1M |
| Research & Development | $10.6M | $10.6M | $11.1M | $11.9M | $11.6M | $14.7M | $15.8M | $19.0M | $19.2M | 0 |
| Selling, General & Admin | $99.8M | $100.1M | $125.3M | $101.7M | $103.2M | $126.9M | $132.8M | $139.4M | $171.2M | 0 |
| Operating Expenses | $99.8M | $100.1M | $125.3M | $101.7M | $103.2M | $126.9M | $132.8M | $158.4M | $171.2M | $198.6M |
| Operating Income | $50.8M | $55.6M | $56.9M | $62.1M | $65.2M | $78.7M | $87.3M | $118.0M | $157.9M | $183.4M |
| EBITDA | $73.2M | $80.0M | $61.3M | $86.0M | $90.2M | $106.5M | $113.4M | $146.0M | $190.1M | $223.2M |
| Interest Expense | $921,000 | $789,000 | $1.2M | $253,000 | $30,000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $49.8M | $54.8M | $35.9M | $61.6M | $65.0M | $78.6M | $87.7M | $122.0M | $166.5M | $188.7M |
| Income Tax | $17.5M | $20.3M | $8.1M | $14.4M | $15.6M | $17.7M | $21.2M | $29.4M | $41.6M | $47.0M |
| Net Income | $32.3M | $34.6M | $27.8M | $47.2M | $49.3M | $60.9M | $66.5M | $92.6M | $124.9M | $141.6M |
| EPS | $1.12 | $1.20 | $0.96 | $1.63 | $1.70 | $2.09 | $2.28 | $3.16 | $4.26 | $4.82 |
| EPS (Diluted) | $1.11 | $1.19 | $0.95 | $1.61 | $1.69 | $2.08 | $2.26 | $3.14 | $4.23 | $4.79 |
| Shares Outstanding (Diluted) | 29.0 M | 29.1 M | 29.2 M | 29.2 M | 29.2 M | 29.3 M | 29.4 M | 29.5 M | 29.5 M | 29.6 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $220.7M | $202.3M | $222.3M | $235.9M |
| Gross Profit | $93.0M | $84.3M | $90.8M | $98.8M |
| Operating Income | $43.0M | $35.2M | $39.4M | $47.7M |
| EBITDA | $53.4M | $39.2M | $49.3M | $58.1M |
| Net Income | $33.6M | $27.3M | $29.7M | $35.9M |
| EPS | $1.14 | $0.94 | $1.02 | $1.25 |
| EPS (Diluted) | $1.14 | $0.93 | $1.02 | $1.24 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.3M | $11.2M | $13.1M | $48.9M | $72.3M | $87.2M | $138.1M | $191.8M | $295.3M | $226.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | $151.0M | $158.6M | $164.7M | $200.1M | $223.7M | $261.4M | $347.8M | $442.2M | $540.1M | $507.1M |
| Property, Plant & Equipment | $90.2M | $93.6M | $90.3M | $85.8M | $82.7M | $78.0M | $73.5M | $73.9M | $74.3M | $79.6M |
| Goodwill | $49.3M | $67.4M | $71.3M | $71.3M | $88.7M | $104.3M | $101.3M | $113.2M | $111.8M | $235.6M |
| Intangible Assets | $51.9M | $65.3M | $60.6M | $53.9M | $59.6M | $69.8M | $53.6M | $57.4M | $48.9M | $122.2M |
| Total Assets | $350.0M | $391.7M | $392.7M | $421.9M | $471.2M | $530.8M | $603.0M | $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 | $38.0M | $44.5M | $18.1M | $4.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $75.8M | $93.1M | $60.0M | $57.2M | $68.0M | $82.1M | $110.3M | $131.9M | $118.2M | $150.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $93.5M | $114.3M | $89.2M | $90.8M | $110.0M | $127.7M | $160.6M | $200.4M | $210.2M | $260.3M |
| Retained Earnings | $223.9M | $244.2M | $257.3M | $285.9M | $314.9M | $353.5M | $395.2M | $458.7M | $547.8M | $645.9M |
| Total Equity | $256.2M | $277.5M | $303.5M | $331.1M | $361.3M | $403.1M | $442.4M | $516.5M | $606.2M | $713.3M |
| Total Debt | $38.0M | $44.5M | $18.1M | $4.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | $30.6M | $33.4M | $5.0M | -$44.4M | -$72.3M | -$87.2M | -$138.1M | -$191.8M | -$295.3M | -$226.0M |
| Working Capital | $75.2M | $65.5M | $104.6M | $142.8M | $155.7M | $179.2M | $237.5M | $310.2M | $421.9M | $356.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $201.7M | $226.0M | $205.5M | $95.7M |
| Total Assets | $978.3M | $973.6M | $970.8M | $998.2M |
| Total Liabilities | $275.8M | $260.3M | $280.4M | $315.3M |
| Total Equity | $702.5M | $713.3M | $690.4M | $683.1M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -$459,000 | -$6.7M | -$8.2M | $9.7M | $16.5M | -$277,000 | -$7.2M | -$5.8M | $3.0M | -$992,000 |
| Operating Cash Flow | $56.2M | $49.8M | $60.4M | $80.7M | $89.6M | $87.5M | $82.5M | $110.1M | $155.0M | $183.7M |
| Capital Expenditure | -$10.6M | -$15.1M | -$8.6M | -$7.5M | -$9.1M | -$6.7M | -$5.9M | -$12.0M | -$12.8M | -$14.0M |
| Acquisitions | -$1.8M | -$20.4M | -$8.0M | -$8.0M | -$29.1M | -$45.3M | -$45.3M | -$17.1M | -$3.0M | -$184.0M |
| Stock Repurchased | 0 | -$4.4M | -$4.8M | -$5.2M | -$3.1M | -$460,000 | -$427,000 | 0 | 0 | -$15.0M |
| Dividends Paid | -$12.5M | -$14.2M | -$16.3M | -$18.6M | -$20.3M | -$22.2M | -$24.9M | -$29.1M | -$35.8M | -$43.5M |
| Free Cash Flow | $45.6M | $34.7M | $51.7M | $73.2M | $80.5M | $80.8M | $76.6M | $98.1M | $142.2M | $169.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $51.3M | $54.8M | $33.9M | $26.6M |
| Capital Expenditure | -$3.1M | -$4.0M | -$4.4M | -$4.8M |
| Free Cash Flow | $48.2M | $50.8M | $29.5M | $21.8M |
| Dividends Paid | -$11.8M | -$11.7M | -$11.7M | -$11.6M |
| Stock-based Compensation | $2.0M | 0 | $2.2M | $3.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.2% | +7.8% | -2.1% | +0.2% | +18.7% | +11.9% | +24.4% | +17.5% | +10.9% | |
| Net Income Growth (YoY) | +7.0% | -19.6% | +69.8% | +4.6% | +23.4% | +9.2% | +39.3% | +34.9% | +13.4% | |
| EPS Growth (YoY) | +7.1% | -20.0% | +69.8% | +4.3% | +22.9% | +9.1% | +38.6% | +34.8% | +13.1% | |
| Shares Change (YoY) | +0.2% | +0.3% | +0.1% | +0.0% | +0.4% | +0.1% | +0.3% | +0.3% | +0.1% | |
| FCF Growth (YoY) | -23.9% | +49.1% | +41.6% | +10.0% | +0.3% | -5.2% | +28.2% | +44.9% | +19.3% | |
| Gross Margin | 38.2% | 38.7% | 37.4% | 38.5% | 39.5% | 40.7% | 38.9% | 39.3% | 39.8% | 41.7% |
| Operating Margin | 12.9% | 13.8% | 13.1% | 14.6% | 15.3% | 15.6% | 15.4% | 16.8% | 19.1% | 20.0% |
| EBITDA Margin | 18.6% | 19.9% | 14.1% | 20.3% | 21.2% | 21.1% | 20.1% | 20.8% | 23.0% | 24.4% |
| Net Margin | 8.2% | 8.6% | 6.4% | 11.1% | 11.6% | 12.1% | 11.8% | 13.2% | 15.1% | 15.5% |
| FCF Margin | 11.6% | 8.6% | 11.9% | 17.2% | 18.9% | 16.0% | 13.5% | 13.9% | 17.2% | 18.5% |
| Effective Tax Rate | 35.2% | 37.0% | 22.5% | 23.4% | 24.1% | 22.6% | 24.2% | 24.1% | 25.0% | 24.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.57 | $1.19 | $1.77 | $2.51 | $2.75 | $2.75 | $2.61 | $3.33 | $4.82 | $5.74 |
| Dividends Per Share | $0.43 | $0.49 | $0.56 | $0.64 | $0.70 | $0.76 | $0.85 | $0.99 | $1.21 | $1.47 |
| Shares Outstanding (Basic) | 28.9 M | 28.9 M | 29.0 M | 29.0 M | 29.1 M | 29.1 M | 29.2 M | 29.3 M | 29.4 M | 29.4 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 18.49% |
| Return on Invested Capital | 15.60% |
| Return on Assets | 13.41% |
| Gross Margin | 41.64% |
| Operating Margin | 18.76% |
| Net Margin | 14.36% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 2.48 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 14.75 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 32.99 | 39.83 | 51.26 | 39.83 | 55.33 | 50.99 | 47.82 | 48.85 | 49.79 | 36.18 |
| P/B | 4.17 | 4.98 | 4.70 | 5.69 | 7.56 | 7.70 | 7.20 | 8.75 | 10.27 | 7.19 |
| P/S | 2.71 | 3.44 | 3.29 | 4.44 | 6.42 | 6.15 | 5.63 | 6.43 | 7.53 | 5.59 |
| Gross Margin | 38.2% | 38.7% | 37.4% | 38.5% | 39.5% | 40.7% | 38.9% | 39.3% | 39.8% | 41.7% |
| Operating Margin | 12.9% | 13.8% | 13.1% | 14.6% | 15.3% | 15.6% | 15.4% | 16.8% | 19.1% | 20.0% |
| Net Margin | 8.2% | 8.6% | 6.4% | 11.1% | 11.6% | 12.1% | 11.8% | 13.2% | 15.1% | 15.5% |
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Explore sector: Industrials · Industrial - Machinery
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