BADGER METER INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BADGER METER INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	394	402	434	425	426	505	566	704	827	917
Cost of revenue	243	247	271	261	257	300	346	427	497	535
Gross profit	151	156	162	164	168	205	220	276	329	382
Research and development	10.6	10.6	11.1	11.9	11.6	14.7	15.8	19	19.2	21.6
Selling, general and administrative	97.9	99.2	105	101	103	127	133	158	171	199
Operating income	52.7	56.6	56.9	62.1	65.2	78.7	87.3	118	158	183
Pre-tax income	49.8	54.8	35.9	61.6	65	78.6	87.7	122	167	189
Income tax	17.5	20.3	8.06	14.4	15.6	17.7	21.2	29.4	41.6	47
Net income	32.3	34.6	27.8	47.2	49.3	60.9	66.5	92.6	125	142
EBITDA	63.4	68.7	68.2	73.7	77.4	90	98.4	129	169	195
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
Shares, basic (weighted)	0.03	0.03	0.03	0.03	0.03	0.03	0.03	29.3	29.4	29.4
Shares, diluted (weighted)	0.03	0.03	0.03	0.03	0.03	0.03	0.03	29.5	29.5	29.6
Dividend per share	0.43	0.49	0.56	0.64	0.70	0.76	0.85	0.99	1.22	1.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.34	11.2	13.1	48.9	72.3	87.2	138	192	295	226
Receivables	59.8	58.2	66.3	61.4	61.7	65.9	76.7	83.5	84.3	112
Inventory	77.7	85.2	80.8	81.9	81.6	99.6	120	154	143	152
Other current assets	6.16	4.08	4.47	7.91	8.14	8.71	13.3	13.2	17.1	16.8
Total current assets	151	159	165	200	224	261	348	442	540	507
Property, plant and equipment	90.2	93.6	90.3	85.8	82.7	78.1	73.5	73.9	74.3	79.6
Lease right-of-use assets				8.41	6.87	5.88	6.53	5.52	5.86	12.5
Goodwill	49.3	67.4	71.3	71.3	88.7	104	101	113	112	236
Intangible assets	51.9	59.3	55.4	48.2	53.6	64.2	53.6	53.7	45.1	118
Other non-current assets	6.61	9.9	8.87	15.9	17.4	15.4	14	11.2	12.7	18.7
Total assets	350	392	393	422	471	531	603	717	816	974
Accounts payable	18.4	28.6	22.5	31.5	34.9	41.9	71.4	81.8	55.7	72.3
Accrued liabilities	13.9	15.5	13.8	12.8	14.6	20.6	20.5	29.9	34.9	37.6
Short-term debt	38	44.6	18.1	4.48	0	0	0	0	0	0
Total current liabilities	75.8	93.1	60	57.2	68	82.1	110	132	118	151
Other non-current liabilities	4.02	4.07	14	23	26.4	29.8	5.57	4.76	4.8	11.1
Total liabilities	93.5	114	89.2	90.8	110	128	161	200	210	260
Paid-in capital	28	32.2	38.1	42	45	49.2	53.3	59.2	65.8	75.3
Retained earnings	224	244	257	286	315	354	395	459	548	646
Treasury stock	-20.6	-24.8	-29.4	-34.2	-37.1	-37	-37.3	-37	-36.7	-51.6
Other comprehensive income	-11.6	-10.9	0.58	0.43	1.31	0.14	-5.98	-1.65	-7.91	6.47
Shareholders' equity	256	277	304	331	361	403	442	516	606	713
Total equity	256	277	304	331	361	403	442	516	606	713
Total liabilities and equity	350	392	393	422	471	531	603	717	816	974
Shares outstanding			37.2	37.2	37.2	37.2	37.2	37.2	37.2	37.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	32.3	34.6	27.8	47.2	49.3	60.9	66.5	92.6	125	142
Depreciation and amortization	10.7	12.1	11.4	11.6	12.3	11.3	11.1	10.9	11.1	11.1
Stock-based compensation	1.54	1.73	4.17	1.21	1.42	2.33	3.15	5.19	6.18	9.19
Deferred income tax	0.71	-4.1	-5.27	-1.52	-3.08	-3.06	-5.62	-9.65	-11.1	-0.85
Change in receivables	-3.56	-0.97	-8	5.45	3.04	-1.24	-11.3	-6.35	-1.44	-20.1
Change in inventory	0.96	-6.17	4.86	-1.22	5.13	-13.6	-21	-32.5	10.3	-0.99
Change in payables		5.14	-9.87	11.6	-0.39	7.01	28	8.51	-12.2	14.4
Cash from operations	56.2	49.8	60.4	80.7	89.6	87.5	82.5	110	155	184
Capital expenditures	-10.6	-15.1	-8.64	-7.5	-9.06	-6.75	-5.89	-12	-12.8	-14
Acquisitions	-1.8	-20.4	-8.05		-29.1	-45.3	0	-17.1	-3	-184
Cash from investing	-12.4	-35.4	-16.7	-7.5	-38.2	-51.4	-5.89	-29.1	-15.8	-198
Stock issued	0.57	1.22	1.44	1.96	1.06	2.04	0.7	0.97	0.75	0.55
Share buybacks	0	-4.4	-4.8	-5.21	-3.12	-0.46	-0.43	0	0	-15
Dividends paid	-12.5	-14.2	-16.3	-18.6	-20.3	-22.2	-24.9	-29.1	-35.8	-43.5
Cash from financing	-44.5	-10.4	-42.1	-37.7	-27.8	-20.5	-24.6	-28.1	-35.1	-58
Exchange rate effect	-0.14	-0.05	0.4	0.28	-0.16	-0.68
Net change in cash	-0.83	3.83	1.92	35.8	23.4	14.9	50.9	53.7	104	-69.3
Free cash flow	45.6	34.7	51.7	73.2	80.5	80.8	76.6	98.1	142	170
Interest paid	0.95	0.87	1.18	0.27	0.09	0.12	0	0	0	0
Income taxes paid	19.7	17.9	12.5	13.1	18	20	24	38.9	56	48.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $129.48 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.3%	Gross profit / revenue.
Operating margin	18.6%	Operating income / revenue.
EBITDA margin	19.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.1%	Pre-tax income / revenue.
Net margin	14.3%	Net income / revenue.
FCF margin	17.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.9%	Cash from operations / revenue.
Effective tax rate	25.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.6%	Net income / average total assets.
Return on invested capital (ROIC)	20.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	22.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	16.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	20.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	28.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	23.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	15.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	25.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	20.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	13.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	28.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	28.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	23.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	30.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	30.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	21.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	20.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	16.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	19.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	902.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	299.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.42x	Current assets / current liabilities.
Quick ratio	1.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.56x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	31.6%	Total liabilities / total assets.
Working capital	$244.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	46.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$217.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.88x	Revenue / average total assets.
Fixed asset turnover	10.6x	Revenue / average property, plant and equipment.
Inventory turnover	2.90x	Cost of revenue / average inventory.
Days inventory	126 days	365 x average inventory / cost of revenue.
Receivables turnover	7.27x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	107 days	Days inventory + days sales outstanding - days payables.
FCF conversion	119.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$30.23	Revenue / diluted weighted shares.
FCF per share	$5.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.72	Cash from operations / diluted weighted shares.
Book value per share	$23.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.47	Tangible book value / shares outstanding.
Cash per share	$3.29	(Cash + short-term investments) / shares outstanding.
Payout ratio	37.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	31.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.75B	Share price x shares outstanding.
Enterprise value	$3.66B	Market cap + total debt - cash - short-term investments.
P/E	29.9x	Market cap / net income. Only when net income is positive.
P/S	4.26x	Market cap / revenue.
P/B	5.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	17.2x	Market cap / tangible book value, when positive.
P/FCF	25.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.5x	Market cap / cash from operations, when positive.
EV/Sales	4.15x	Enterprise value / revenue.
EV/EBIT	22.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.0%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.
PEG	1.05x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BADGER METER INC's revenue in fiscal 2025?

BADGER METER INC reported revenue of $916.7M for fiscal 2025, 10.9% higher than the year before.

Was BADGER METER INC profitable in fiscal 2025?

Yes. Net income was $141.6M, a net margin of 15.5%.

How much free cash flow did BADGER METER INC generate in fiscal 2025?

Cash from operations of $183.7M minus capital expenditures of $14.0M left free cash flow of $169.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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