Badger Meter

BMI · NYSE · Information Technology · Financials, fiscal 2016 to 2025

BMI · Last close · November 6, 2026

$158.18

Badger Meter's revenue rose 10.9% to $917 million in fiscal 2025. Its operating margin was 20.0%, up from 19.1% a year earlier. Free cash flow was $170 million, up 19.3%. It paid out $59 million in dividends and buybacks, 34% of free cash flow. The diluted share count rose 0.1%.

BADGER METER, INC. Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0001193125-26-054739 Updated November 5, 2026

Revenue

$917M

10.9%

Operating margin

20.0%

0.9 pts

Net income

$142M

13.4%

Free cash flow

$170M

19.3%

Return on equity

21.5%

0.8 pts

Market cap

—

No share count

P/E

37.4x

On $4.23 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Badger Meter does

Badger Meter makes water meters and the equipment and software that go with them. Its products measure the flow of water and other fluids, monitor water quality, detect leaks, and track sewer systems. It sells them under the BlueEdge name as tools for managing water supplies. Customers include water utilities, cities, and industrial and commercial users around the world. It says no single customer accounts for more than 10% of its sales.

Its sales come mostly from water meters and their radio and software systems. The system lets a utility read meters remotely and see usage data, instead of sending someone to read each one. It also has a smaller flow instrumentation line for industrial uses. Badger Meter says it competes with other meter makers in specialized niches such as water and wastewater and building heating and cooling.

The company was incorporated in 1905. It says about 95% of its sales come from water-related uses.

Its biggest risks, as it describes them

Sales that depend on spending by water utilities and on how fast they switch to remote-reading meters.
Rising prices or shortages of the metals, parts and electronics it buys.
Competition from companies with different meter and communication technologies.
Problems with its software, connected devices and the data they carry.

From Badger Meter's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 17.6% a year and net income 17.8% a year.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	87	138	192	295	226
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	667.1x	—	—	—	—
Current ratio	3.2x	3.1x	3.4x	4.6x	3.4x
Quick ratio	2.0x	2.1x	2.2x	3.4x	2.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Badger Meter's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Badger Meter's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 5 insiders bought $1.6 million of Badger Meter shares on the open market, and 2 insiders sold $596,002.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 30, 2026	Edward F. CallahanVP-Engineering	Bought	751	$135.25	$101,573	Form 4
Apr 23, 2026	Robert WrocklageEVP-N.A. Muncipal Utility	Bought	1,000	$122.35	$122,350	Form 4
Apr 21, 2026	Kenneth BockhorstChairman, President & CEO, Director	Bought	2,200	$117.53	$258,566	Form 4
Apr 21, 2026	Richard HtweVP-Global Operations	Bought	1,700	$116.13	$197,421	Form 4
Apr 21, 2026	Edward F. CallahanVP-Engineering	Bought	858	$116.30	$99,785	Form 4
Apr 21, 2026	Christina M. TarantinoVP-Controller	Bought	870	$113.80	$99,006	Form 4
Mar 6, 2026	Kimberly K StollVP-Cust Serv & GM SmartCover	Sold	143	$144.50	$20,664	Form 4
Mar 4, 2026	Fred J BegaleVP-Utility NPD	Sold	2,064	$150.00	$309,600	Form 4
Mar 3, 2026	Kimberly K StollVP-Cust Serv & GM SmartCover	Sold	1,634	$149.01	$243,482	Form 4
Feb 27, 2026	Kimberly K StollVP-Cust Serv & GM SmartCover	Sold	148	$150.38	$22,256	Form 4
Feb 10, 2026	Kenneth BockhorstChairman, President & CEO, Director	Bought	3,300	$152.42	$502,986	Form 4
Feb 9, 2026	Robert WrocklageEVP-N.A. Muncipal Utility	Bought	1,650	$152.35	$251,378	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	38.4%	34.7%	29.4%
Altman Z''	8.74	9.91	8.71
Accruals ratio	−2.6%	−3.9%	−4.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Badger Meter side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Badger Meter	FY25	10.9%	20.0%	18.5%	—	—	—
Mirion Technologies	FY25	7.5%	5.6%	11.6%	2.3%	0.2x	8	Compare
Novanta	FY25	3.3%	9.6%	4.9%	6.5%	−0.8x	5	Compare
Cognex	FY25	8.7%	16.4%	23.8%	8.4%	−1.7x	7	Compare
Daktronics	FY26	10.9%	7.2%	4.1%	28.1%	−1.5x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	394	402	434	425	426	505	566	704	827	917
Revenue growth	4.2%	2.2%	7.8%	−2.1%	0.2%	18.7%	11.9%	24.4%	17.5%	10.9%
Gross profit	151	156	162	164	168	206	220	276	329	382
Research and development	11	11	11	12	12	15	16	19	19	22
Operating income	53	57	57	62	65	79	87	118	158	183
Net income	32	35	28	47	49	61	66	93	125	142
Diluted EPS (US$)	1.11	1.19	0.95	1.61	1.69	2.08	2.26	3.14	4.23	4.79
Diluted shares (millions)	0	0	0	0	0	0	0	0	0	0
Cash flow
Cash from operations	56	50	60	81	90	88	82	110	155	184
Capital expenditure	11	15	9	8	9	7	6	12	13	14
Free cash flow	46	35	52	73	81	81	77	98	142	170
Dividends paid	12	14	16	19	20	22	25	29	36	44
Share buybacks	0	4	5	5	3	0	0	0	0	15
Acquisitions	2	20	8	0	29	45	0	17	3	184
Stock-based compensation	2	2	4	1	1	2	3	5	6	9
Balance sheet at fiscal year end
Cash and short-term investments	7	11	13	49	72	87	138	192	295	226
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	350	392	393	422	471	531	603	717	816	974
Total liabilities	94	114	89	91	110	128	161	200	210	260
Shareholders' equity	256	278	304	331	361	403	442	516	606	713
Margins and ratios
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%	15.4%
Free cash flow margin	11.6%	8.6%	11.9%	17.2%	18.9%	16.0%	13.5%	13.9%	17.2%	18.5%
Rule of 40 (growth + FCF margin)	15.8%	10.8%	19.7%	15.1%	19.1%	34.7%	25.5%	38.4%	34.7%	29.4%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	13.2%	13.0%	9.6%	14.9%	14.2%	15.9%	15.7%	19.3%	22.3%	21.5%
Return on assets	9.2%	9.3%	7.1%	11.6%	11.1%	12.2%	11.7%	14.0%	16.3%	15.8%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Badger Meter's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Badger Meter.