Badger Meter, Inc. (BMI)

NYSE Information Technology Electronic Equipment & Instruments S&P SmallCap 600

$158.18

-1.37 (-0.86%)

Close of Nov 06, 2026 · end-of-day data

Source: Badger Meter, Inc.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 02, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$393.76M	$402.44M	$433.73M	$424.62M	$425.54M	$505.20M	$565.57M	$703.59M	$826.56M	$916.66M
Cost of revenue	$243.19M	$246.69M	$271.38M	$261.10M	$257.30M	$299.71M	$345.60M	$427.15M	$497.37M	$534.59M
Gross profit	$150.58M	$155.75M	$162.35M	$163.53M	$168.25M	$205.48M	$219.97M	$276.44M	$329.18M	$382.07M
Research & development	$10.60M	$10.60M	$11.10M	$11.90M	$11.60M	$14.70M	$15.80M	$19.00M	$19.20M	$21.60M
Selling, general & admin	$97.90M	$99.15M	$105.48M	$101.38M	$103.09M	$126.76M	$132.68M	$158.39M	$171.25M	$198.65M
Operating income	$52.67M	$56.59M	$56.87M	$62.15M	$65.16M	$78.72M	$87.30M	$118.05M	$157.94M	$183.42M
Pre-tax income	$49.84M	$54.83M	$35.85M	$61.61M	$64.98M	$78.62M	$87.72M	$121.97M	$166.50M	$188.66M
Income tax	$17.55M	$20.26M	$8.06M	$14.43M	$15.64M	$17.74M	$21.22M	$29.37M	$41.56M	$47.02M
Net income	$32.30M	$34.57M	$27.79M	$47.18M	$49.34M	$60.88M	$66.50M	$92.60M	$124.94M	$141.63M
EBITDA	$63.39M	$68.65M	$68.22M	$73.72M	$77.41M	$90.01M	$98.39M	$128.99M	$169.04M	$194.52M
EPS (basic)	$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
Diluted shares	29.05K	29.11K	29.19K	29.22K	29.23K	29.34K	29.38K	29.46M	29.53M	29.57M
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%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$7.34M	$11.16M	$13.09M	$48.87M	$72.27M	$87.17M	$138.05M	$191.78M	$295.31M	$226.02M
Receivables	$59.82M	$58.21M	$66.30M	$61.37M	$61.69M	$65.87M	$76.65M	$83.51M	$84.33M	$112.36M
Inventory	$77.70M	$85.17M	$80.80M	$81.95M	$81.59M	$99.61M	$119.86M	$153.67M	$143.41M	$151.94M
Total current assets	$151.01M	$158.62M	$164.66M	$200.09M	$223.69M	$261.36M	$347.83M	$442.18M	$540.12M	$507.08M
Goodwill	$49.31M	$67.42M	$71.26M	$71.30M	$88.70M	$104.31M	$101.26M	$113.16M	$111.77M	$235.57M
Total assets	$349.70M	$391.73M	$392.69M	$421.89M	$471.22M	$530.82M	$603.05M	$716.92M	$816.41M	$973.58M
Total current liabilities	$75.84M	$93.11M	$60.02M	$57.25M	$68.04M	$82.15M	$110.31M	$131.95M	$118.20M	$150.72M
Short-term debt	$37.95M	$44.55M	$18.06M	$4.48M	$0	$0	$0	$0	$0	$0
Total debt	$37.95M	$44.55M	$18.06M	$4.48M	$0	$0	$0	$0	$0	$0
Total liabilities	$93.49M	$114.28M	$89.19M	$90.83M	$109.96M	$127.75M	$160.62M	$200.44M	$210.18M	$260.28M
Shareholders' equity	$256.21M	$277.45M	$303.50M	$331.07M	$361.26M	$403.07M	$442.42M	$516.48M	$606.23M	$713.29M

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$56.19M	$49.75M	$60.35M	$80.71M	$89.58M	$87.51M	$82.45M	$110.12M	$155.03M	$183.70M
Capital expenditures	$10.60M	$15.07M	$8.64M	$7.50M	$9.06M	$6.75M	$5.89M	$12.00M	$12.82M	$14.03M
Free cash flow	$45.59M	$34.68M	$51.71M	$73.22M	$80.52M	$80.76M	$76.56M	$98.11M	$142.22M	$169.67M
Investing cash flow	-$12.40M	-$35.45M	-$16.69M	-$7.50M	-$38.19M	-$51.42M	-$5.89M	-$29.13M	-$15.82M	-$198.05M
Financing cash flow	-$44.47M	-$10.43M	-$42.14M	-$37.71M	-$27.82M	-$20.51M	-$24.61M	-$28.09M	-$35.10M	-$57.98M
Dividends paid	$12.46M	$14.21M	$16.27M	$18.59M	$20.34M	$22.16M	$24.88M	$29.05M	$35.85M	$43.53M
Share buybacks	$0	$4.40M	$4.79M	$5.21M	$3.12M	$460.00K	$427.00K	$0	$0	$15.00M
Stock-based compensation	$1.54M	$1.73M	$4.17M	$1.21M	$1.42M	$2.33M	$3.15M	$5.19M	$6.18M	$9.19M
Depreciation & amortization	$10.71M	$12.06M	$11.35M	$11.57M	$12.25M	$11.29M	$11.09M	$10.94M	$11.10M	$11.10M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$182.44M	$196.28M	$216.66M	$208.44M	$205.18M	$222.21M	$238.09M	$235.65M	$220.71M	$202.28M	$222.32M	$235.94M
Cost of revenue	$110.97M	$119.10M	$131.29M	$124.56M	$122.42M	$126.77M	$140.28M	$139.81M	$127.72M	$117.95M	$131.55M	$137.09M
Gross profit	$71.47M	$77.18M	$85.37M	$83.88M	$82.76M	$95.44M	$97.81M	$95.84M	$92.99M	$84.33M	$90.77M	$98.85M
Selling, general & admin	$39.39M	$40.60M	$43.86M	$43.26M	$43.54M	$46.01M	$52.95M	$49.75M	$49.94M	$49.16M	$51.40M	$51.11M
Operating income	$32.08M	$36.58M	$41.51M	$40.62M	$39.22M	$49.42M	$44.86M	$46.08M	$43.05M	$35.17M	$39.38M	$47.74M
Pre-tax income	$33.44M	$38.09M	$43.36M	$42.91M	$42.13M	$50.79M	$45.79M	$47.44M	$44.64M	$36.34M	$39.72M	$47.96M
Income tax	$8.72M	$8.96M	$10.31M	$10.87M	$11.42M	$12.39M	$11.20M	$12.37M	$11.07M	$9.00M	$10.00M	$12.05M
Net income	$24.72M	$29.13M	$33.06M	$32.04M	$30.72M	$38.40M	$34.58M	$35.08M	$33.58M	$27.34M	$29.72M	$35.90M
EBITDA	$34.92M	$39.47M	$44.36M	$43.21M	$42.00M	$52.23M	$47.78M	$48.69M	$45.83M	$37.99M	$42.22M	$50.38M
EPS (basic)	$0.84	$0.99	$1.13	$1.09	$1.05	$1.31	$1.18	$1.19	$1.14	$0.94	$1.02	$1.25
EPS (diluted)	$0.84	$0.99	$1.12	$1.08	$1.04	$1.30	$1.17	$1.19	$1.14	$0.93	$1.02	$1.24
Diluted shares	7.53K	29.49M	29.53M	29.55M	9.01K	29.56M	29.59M	29.58M	-8.62K	29.37M	29.14M	28.87M
Gross margin	39.2%	39.3%	39.4%	40.2%	40.3%	42.9%	41.1%	40.7%	42.1%	41.7%	40.8%	41.9%
Operating margin	17.6%	18.6%	19.2%	19.5%	19.1%	22.2%	18.8%	19.6%	19.5%	17.4%	17.7%	20.2%
Net margin	13.6%	14.8%	15.3%	15.4%	15.0%	17.3%	14.5%	14.9%	15.2%	13.5%	13.4%	15.2%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$191.78M	$199.31M	$226.21M	$258.95M	$295.31M	$131.36M	$165.21M	$201.69M	$226.02M	$205.45M	$95.73M	$67.93M
Receivables	$83.51M	$92.29M	$106.23M	$93.43M	$84.33M	$111.86M	$117.67M	$115.06M	$112.36M	$110.29M	$121.23M	$111.83M
Inventory	$153.67M	$160.44M	$161.27M	$158.52M	$143.41M	$149.41M	$147.26M	$152.63M	$151.94M	$175.19M	$178.09M	$166.43M
Total current assets	$442.18M	$470.60M	$509.22M	$529.30M	$540.12M	$411.58M	$448.27M	$494.59M	$507.08M	$508.30M	$416.20M	$367.90M
Goodwill	$113.16M	$113.47M	$113.36M	$115.00M	$111.77M	$231.54M	$235.70M	$236.65M	$235.57M	$234.65M	$302.61M	$302.81M
Total assets	$716.92M	$743.47M	$781.26M	$802.86M	$816.41M	$899.60M	$936.42M	$978.27M	$973.58M	$970.81M	$998.17M	$943.65M
Total current liabilities	$131.95M	$135.09M	$138.12M	$129.16M	$118.20M	$141.02M	$138.71M	$153.42M	$150.72M	$169.42M	$171.87M	$148.30M
Short-term debt	$0	—	—	—	$0	—	—	—	$0	—	—	—
Total debt	$0	—	—	—	$0	—	—	—	$0	—	—	—
Total liabilities	$200.44M	$207.91M	$218.12M	$211.68M	$210.18M	$257.91M	$258.83M	$275.76M	$260.28M	$280.38M	$315.29M	$292.52M
Shareholders' equity	$516.48M	$535.57M	$563.14M	$591.18M	$606.23M	$641.69M	$677.59M	$702.51M	$713.29M	$690.43M	$682.88M	$651.13M

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$37.95M	$21.46M	$36.42M	$45.09M	$52.07M	$33.03M	$44.59M	$51.28M	$54.80M	$33.89M	$26.71M	$43.27M
Capital expenditures	$2.05M	$2.68M	$2.34M	$3.13M	$4.67M	$2.97M	$3.94M	$3.09M	$4.03M	$4.43M	$4.84M	$2.99M
Free cash flow	$35.89M	$18.78M	$34.08M	$41.96M	$47.40M	$30.06M	$40.65M	$48.20M	$50.77M	$29.47M	$21.87M	$40.28M
Investing cash flow	-$2.05M	-$5.68M	-$2.34M	-$3.13M	-$4.67M	-$187.90M	-$3.02M	-$3.09M	-$4.03M	-$4.43M	-$99.21M	-$2.54M
Financing cash flow	-$7.92M	-$7.71M	-$7.41M	-$9.99M	-$9.98M	-$9.95M	-$9.52M	-$11.77M	-$26.74M	-$49.78M	-$36.85M	-$68.18M
Dividends paid	$7.92M	$7.94M	$7.93M	$9.99M	$9.98M	$10.02M	$10.00M	$11.77M	$11.74M	$11.71M	$11.59M	$12.63M
Share buybacks	—	—	—	—	—	$0	$0	—	—	$38.21M	$25.25M	$55.55M
Stock-based compensation	$1.23M	$1.27M	$2.01M	$1.31M	$1.59M	$1.83M	$2.58M	$2.04M	$2.75M	$2.17M	$3.18M	$2.47M
Depreciation & amortization	$2.84M	$2.89M	$2.85M	$2.59M	$2.77M	$2.80M	$2.92M	$2.61M	$2.78M	$2.82M	$2.84M	$2.64M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.