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BADGER METER INC

BMI Clue Score79
United States Fiscal year ends December CIK 0000009092
$132.39 +0.77% Close, 12 Oct 2026
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Price $132.39 +31.77% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue393.8Operating income52.7Net income32.3EPS, diluted1.11Fiscal year 2017Revenue402.4 +2.2%Operating income56.6Net income34.6 +7.0%EPS, diluted1.19Fiscal year 2018Revenue433.7 +7.8%Operating income56.9Net income27.8 −19.6%EPS, diluted0.95Fiscal year 2019Revenue424.6 −2.1%Operating income62.1Net income47.2 +69.8%EPS, diluted1.61Fiscal year 2020Revenue425.5 +0.2%Operating income65.2Net income49.3 +4.6%EPS, diluted1.69Fiscal year 2021Revenue505.2 +18.7%Operating income78.7Net income60.9 +23.4%EPS, diluted2.08Fiscal year 2022Revenue565.6 +11.9%Operating income87.3Net income66.5 +9.2%EPS, diluted2.26Fiscal year 2023Revenue703.6 +24.4%Operating income118.0Net income92.6 +39.3%EPS, diluted3.14Fiscal year 2024Revenue826.6 +17.5%Operating income157.9Net income124.9 +34.9%EPS, diluted4.23Fiscal year 2025Revenue916.7 +10.9%Operating income183.4Net income141.6 +13.4%EPS, diluted4.79
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 393.8 402.4 433.7 424.6 425.5 505.2 565.6 703.6 826.6 916.7
Growth +2.2% +7.8% −2.1% +0.2% +18.7% +11.9% +24.4% +17.5% +10.9%
Operating income 52.7 56.6 56.9 62.1 65.2 78.7 87.3 118.0 157.9 183.4
Net income 32.3 34.6 27.8 47.2 49.3 60.9 66.5 92.6 124.9 141.6
Growth +7.0% −19.6% +69.8% +4.6% +23.4% +9.2% +39.3% +34.9% +13.4%
EPS, diluted 1.11 1.19 0.95 1.61 1.69 2.08 2.26 3.14 4.23 4.79

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin38.2%Operating margin13.4%Net margin8.2%Free cash flow margin11.6%Fiscal year 2017Gross margin38.7%Operating margin14.1%Net margin8.6%Free cash flow margin8.6%Fiscal year 2018Gross margin37.4%Operating margin13.1%Net margin6.4%Free cash flow margin11.9%Fiscal year 2019Gross margin38.5%Operating margin14.6%Net margin11.1%Free cash flow margin17.2%Fiscal year 2020Gross margin39.5%Operating margin15.3%Net margin11.6%Free cash flow margin18.9%Fiscal year 2021Gross margin40.7%Operating margin15.6%Net margin12.1%Free cash flow margin16.0%Fiscal year 2022Gross margin38.9%Operating margin15.4%Net margin11.8%Free cash flow margin13.5%Fiscal year 2023Gross margin39.3%Operating margin16.8%Net margin13.2%Free cash flow margin13.9%Fiscal year 2024Gross margin39.8%Operating margin19.1%Net margin15.1%Free cash flow margin17.2%Fiscal year 2025Gross margin41.7%Operating margin20.0%Net margin15.5%Free cash flow margin18.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 38.2% 38.7% 37.4% 38.5% 39.5% 40.7% 38.9% 39.3% 39.8% 41.7%
Operating margin 13.4% 14.1% 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%
Free cash flow margin 11.6% 8.6% 11.9% 17.2% 18.9% 16.0% 13.5% 13.9% 17.2% 18.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow56.2Capital expenditure−10.6Free cash flow45.6Buybacks0.0Dividends paid−12.5Fiscal year 2017Operating cash flow49.8Capital expenditure−15.1Free cash flow34.7 −23.9%Buybacks−4.4Dividends paid−14.2Fiscal year 2018Operating cash flow60.4Capital expenditure−8.6Free cash flow51.7 +49.1%Buybacks−4.8Dividends paid−16.3Fiscal year 2019Operating cash flow80.7Capital expenditure−7.5Free cash flow73.2 +41.6%Buybacks−5.2Dividends paid−18.6Fiscal year 2020Operating cash flow89.6Capital expenditure−9.1Free cash flow80.5 +10.0%Buybacks−3.1Dividends paid−20.3Fiscal year 2021Operating cash flow87.5Capital expenditure−6.7Free cash flow80.8 +0.3%Buybacks−0.5Dividends paid−22.2Fiscal year 2022Operating cash flow82.5Capital expenditure−5.9Free cash flow76.6 −5.2%Buybacks−0.4Dividends paid−24.9Fiscal year 2023Operating cash flow110.1Capital expenditure−12.0Free cash flow98.1 +28.2%Buybacks0.0Dividends paid−29.1Fiscal year 2024Operating cash flow155.0Capital expenditure−12.8Free cash flow142.2 +44.9%Buybacks0.0Dividends paid−35.8Fiscal year 2025Operating cash flow183.7Capital expenditure−14.0Free cash flow169.7 +19.3%Buybacks−15.0Dividends paid−43.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 56.2 49.8 60.4 80.7 89.6 87.5 82.5 110.1 155.0 183.7
Capital expenditure −10.6 −15.1 −8.6 −7.5 −9.1 −6.7 −5.9 −12.0 −12.8 −14.0
Free cash flow 45.6 34.7 51.7 73.2 80.5 80.8 76.6 98.1 142.2 169.7
Growth −23.9% +49.1% +41.6% +10.0% +0.3% −5.2% +28.2% +44.9% +19.3%
Buybacks 0.0 −4.4 −4.8 −5.2 −3.1 −0.5 −0.4 0.0 0.0 −15.0
Dividends paid −12.5 −14.2 −16.3 −18.6 −20.3 −22.2 −24.9 −29.1 −35.8 −43.5

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Shareholders’ equity256.2Fiscal year 2017Cash11.2Shareholders’ equity277.5Fiscal year 2018Cash13.1Shareholders’ equity303.5Fiscal year 2019Cash48.9Shareholders’ equity331.1Fiscal year 2020Cash72.3Shareholders’ equity361.3Fiscal year 2021Cash87.2Shareholders’ equity403.1Fiscal year 2022Shareholders’ equity442.4Fiscal year 2023Shareholders’ equity516.5Fiscal year 2024Shareholders’ equity606.2Fiscal year 2025Shareholders’ equity713.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash n/a 11.2 13.1 48.9 72.3 87.2 n/a n/a n/a n/a
Shareholders’ equity 256.2 277.5 303.5 331.1 361.3 403.1 442.4 516.5 606.2 713.3

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023† 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
n/a 11.2 13.1 48.9 72.3 87.2 n/a n/a n/a n/a
59.8 58.2 66.3 61.4 61.7 65.9 76.7 83.5 84.3 112.4
77.7 85.2 80.8 81.9 81.6 99.6 119.9 153.7 143.4 151.9
90.2 93.6 90.3 85.8 82.7 78.1 73.5 73.9 74.3 79.6
49.3 67.4 71.3 71.3 88.7 104.3 101.3 113.2 111.8 235.6
349.7 391.7 392.7 421.9 471.2 530.8 603.0 716.9 816.4 973.6
Growth +12.0% +0.2% +7.4% +11.7% +12.6% +13.6% +18.9% +13.9% +19.3%
Equity
223.9 244.2 257.3 285.9 314.9 353.5 395.2 458.7 547.8 645.9
256.2 277.5 303.5 331.1 361.3 403.1 442.4 516.5 606.2 713.3
Growth +8.3% +9.4% +9.1% +9.1% +11.6% +9.8% +16.7% +17.4% +17.7%
Per share and net cash
29.1 29.1 37.2 37.2 37.2 37.2 37.2 37.2 37.2 37.2
calc 8.80 9.53 8.16 8.90 9.71 10.83 11.89 13.88 16.29 19.16

† The diluted share count jumps at 2023, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how.