BADGER METER INC BMI

Technology SIC 3824 - Totalizing Fluid Meters & Counting Devices NAICS Manufacturing › Computer and Electronic Product Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Totalizing Fluid Meter and Counting Device Manufacturing derived NYSE

Badger Meter, Inc. (the Company) is a leading innovator, manufacturer and marketer of products incorporating flow measurement, quality, control and other system solutions serving markets worldwide. The Company was incorporated in 1905.

Throughout this 2025 Annual Report on Form 10-K, the words "we," "us" and "our" refer to the Company.

The Company's internet address is http://www.badgermeter.com. The Company makes available free of charge through its website its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, on the same day they are electronically filed with, or furnished to, the Securities and Exchange Commission. The Company is not including the information contained on or available through its website as a part of, or incorporating such information by reference into, this Annual Report on Form 10-K.

Last close 151.24 2026-10-23
Market cap $4.38B 2026-06-30 share count
52-week range 112.09 - 192.28

Valuation FY2025 figures against the last close

P/S4.8x
P/E31.6x
P/FCF25.8x
EV/EBITDA22.5x
Dividend yield1.0%
Diluted EPS4.79

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe
  • Canada
  • Asia
  • Middle East
  • Other
Revenue by geography, 6 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 825.9M (90.1%) 90% United States Europe, FY2025: 43.9M (4.8%) 5% Europe Canada, FY2025: 15.2M (1.7%) Asia, FY2025: 14.3M (1.6%) Middle East, FY2025: 11M (1.2%) Other, FY2025: 6.3M (0.7%) FY2024 United States, FY2024: 745.2M (90.2%) 90% Europe, FY2024: 37.3M (4.5%) 5% Canada, FY2024: 10.4M (1.3%) Asia, FY2024: 11.2M (1.4%) Middle East, FY2024: 16.8M (2.0%) Other, FY2024: 5.6M (0.7%) FY2023 United States, FY2023: 621.2M (88.3%) 88% Europe, FY2023: 39.1M (5.6%) 6% Canada, FY2023: 13M (1.8%) Asia, FY2023: 13.5M (1.9%) Middle East, FY2023: 10.4M (1.5%) Other, FY2023: 6.4M (0.9%)
Region FY2025FY2024FY2023
United States $825.9M $745.2M $621.2M
Europe $43.9M $37.3M $39.1M
Canada $15.2M $10.4M $13.0M
Asia $14.3M $11.2M $13.5M
Middle East $11.0M $16.8M $10.4M
Other $6.3M $5.6M $6.4M

As the company reported it, from the “Industry Segment and Geographic Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $916.7M$826.6M$703.6M$565.6M$505.2M$425.5M$424.6M$433.7M$402.4M$393.8M
Cost of revenue $534.6M$497.4M$427.2M$345.6M$299.7M$257.3M$261.1M$271.4M$246.7M$243.2M
Gross profit $382.1M$329.2M$276.4M$220.0M$205.5M$168.2M$163.5M$162.3M$155.7M$150.6M
R&D $21.6M$19.2M$19.0M$15.8M$14.7M$11.6M$11.9M$11.1M$10.6M$10.6M
SG&A $198.6M$171.2M$158.4M$132.7M$126.8M$103.1M$101.4M$105.5M$99.2M$97.9M
Operating income $183.4M$157.9M$118.0M$87.3M$78.7M$65.2M$62.1M$56.9M$56.6M$52.7M
Interest expense $5.1M$8.6M$4.0M$552.0K$20.0K$30.0K$253.0K$1.2M$789.0K$921.0K
Pre-tax income $188.7M$166.5M$122.0M$87.7M$78.6M$65.0M$61.6M$35.9M$54.8M$49.8M
Income tax $47.0M$41.6M$29.4M$21.2M$17.7M$15.6M$14.4M$8.1M$20.3M$17.5M
Net income $141.6M$124.9M$92.6M$66.5M$60.9M$49.3M$47.2M$27.8M$34.6M$32.3M
EPS, basic 4.824.263.162.282.091.701.630.961.201.12
EPS, diluted 4.794.233.142.262.081.691.610.951.191.11
Shares, diluted (wtd. avg.) 29.6M29.5M29.5M29,37629,33829,23029,22029,18929,11129,050

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents ————$87.2M$72.3M$48.9M$13.1M$11.2M—
Receivables $112.4M$84.3M$83.5M$76.7M$65.9M$61.7M$61.4M$66.3M$58.2M$59.8M
Inventory $151.9M$143.4M$153.7M$119.9M$99.6M$81.6M$81.9M$80.8M$85.2M$77.7M
Total current assets $507.1M$540.1M$442.2M$347.8M$261.4M$223.7M$200.1M$164.7M$158.6M$151.0M
Property, plant and equipment $79.6M$74.3M$73.9M$73.5M$78.0M$82.7M$85.8M$90.3M$93.6M$90.2M
Goodwill $235.6M$111.8M$113.2M$101.3M$104.3M$88.7M$71.3M$71.3M$67.4M$49.3M
Other intangibles $118.5M$45.1M$53.7M$53.6M$64.2M$53.6M$48.2M$55.4M$59.3M$51.9M
Total assets $973.6M$816.4M$716.9M$603.0M$530.8M$471.2M$421.9M$392.7M$391.7M$349.7M
Accounts payable $72.3M$55.7M$81.8M$71.4M$41.9M$34.9M$31.5M$22.5M$28.6M$18.4M
Short-term debt $0$0$0$0$0$0$4.5M$18.1M$44.5M$38.0M
Total current liabilities $150.7M$118.2M$131.9M$110.3M$82.1M$68.0M$57.2M$60.0M$93.1M$75.8M
Retained earnings $645.9M$547.8M$458.7M$395.2M$353.5M$314.9M$285.9M$257.3M$244.2M$223.9M
Total equity $713.3M$606.2M$516.5M$442.4M$403.1M$361.3M$331.1M$303.5M$277.5M$256.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $183.7M$155.0M$110.1M$82.5M$87.5M$89.6M$80.7M$60.4M$49.8M$56.2M
Depreciation and amortisation $11.1M$11.1M$10.9M$11.1M$11.3M$12.3M$11.6M$11.4M$12.1M$10.7M
Stock-based compensation $9.2M$6.2M$5.2M$3.1M$2.3M$1.4M$1.2M$4.2M$1.7M$1.5M
Capital expenditure $14.0M$12.8M$12.0M$5.9M$6.7M$9.1M$7.5M$8.6M$15.1M$10.6M
Investing cash flow -$198.1M-$15.8M-$29.1M-$5.9M-$51.4M-$38.2M-$7.5M-$16.7M-$35.4M-$12.4M
Financing cash flow -$58.0M-$35.1M-$28.1M-$24.6M-$20.5M-$27.8M-$37.7M-$42.1M-$10.4M-$44.5M
Dividends paid $43.5M$35.8M$29.1M$24.9M$22.2M$20.3M$18.6M$16.3M$14.2M$12.5M
Buybacks $15.0M$0$0$427.0K$460.0K$3.1M$5.2M$4.8M$4.4M$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-054739.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 250M 500M 750M 1B Revenue, FY2016: 393.8M Gross profit, FY2016: 150.6M Net income, FY2016: 32.3M Revenue, FY2017: 402.4M Gross profit, FY2017: 155.7M Net income, FY2017: 34.6M Revenue, FY2018: 433.7M Gross profit, FY2018: 162.3M Net income, FY2018: 27.8M Revenue, FY2019: 424.6M Gross profit, FY2019: 163.5M Net income, FY2019: 47.2M Revenue, FY2020: 425.5M Gross profit, FY2020: 168.2M Net income, FY2020: 49.3M Revenue, FY2021: 505.2M Gross profit, FY2021: 205.5M Net income, FY2021: 60.9M Revenue, FY2022: 565.6M Gross profit, FY2022: 220M Net income, FY2022: 66.5M Revenue, FY2023: 703.6M Gross profit, FY2023: 276.4M Net income, FY2023: 92.6M Revenue, FY2024: 826.6M Gross profit, FY2024: 329.2M Net income, FY2024: 124.9M Revenue, FY2025: 916.7M Gross profit, FY2025: 382.1M Net income, FY2025: 141.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $393.8M $402.4M $433.7M $424.6M $425.5M $505.2M $565.6M $703.6M $826.6M $916.7M
Gross profit $150.6M $155.7M $162.3M $163.5M $168.2M $205.5M $220.0M $276.4M $329.2M $382.1M
Net income $32.3M $34.6M $27.8M $47.2M $49.3M $60.9M $66.5M $92.6M $124.9M $141.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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