BADGER METER INC BMI
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 4.82 | 4.26 | 3.16 | 2.28 | 2.09 | 1.70 | 1.63 | 0.96 | 1.20 | 1.12 |
| EPS, diluted | 4.79 | 4.23 | 3.14 | 2.26 | 2.08 | 1.69 | 1.61 | 0.95 | 1.19 | 1.11 |
| Shares, diluted (wtd. avg.) | $29.6M | $29.5M | $29.5M | $29.4K | $29.3K | $29.2K | $29.2K | $29.2K | $29.1K | $29.1K |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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