Company research / BMI

Badger Meter Inc (BMI)

SEC name BADGER METER INC · CIK 0000009092 · NYSE · Totalizing Fluid Meters & Counting Devices

  • Sector Manufacturing
  • Incorporated WI
  • Fiscal year ends Dec 31

For the year ended 2025-12-31, Badger Meter Inc reported revenue of $916.66M. Revenue grew 10.9% from the prior annual period. Over the twelve months to 2026-06-30, revenue was $880.96M.

Key ratios (year ended 2025-12-31)

41.7%
Gross margin
20.0%
Operating margin
15.5%
Net margin
19.9%
Return on year-end equity
10.9%
Revenue growth (YoY)

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Latest selected filing: Form 4 (ownership change) · 2026-10-02

Annual financials

Annual flows and balances are grouped by their actual period end. Select a figure to open its SEC filing. n/a means a matching observation is unavailable. Free cash flow is operating cash flow minus capital expenditures, and EBITDA is operating income plus depreciation and amortization, for the same period, computed by TickerFacts.

The first column covers the twelve months to 2026-06-30 from the latest quarterly report: flows are the last fiscal year plus this year to date minus the same months a year earlier, and balances are as of that date. Per-share figures are annual only.

Stock splits: 2-for-1, first reflected in a filing dated 2016-10-27. Figures are as filed: per-share figures and share counts last reported before a split are on the old share basis, so changes and growth rates across a split are not shown. Splits are read from the filings' own restatements, so a share conversion in a merger or reorganization shows up the same way.

Period endedTTM to
2026-06-30
2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Revenue$880.96M$916.66M$826.56M$703.59M$565.57M$505.20M$425.54M$424.62M$433.73M$402.44M$393.76M
Cost of Revenue$517.03M$534.59M$497.37M$427.15M$345.60M$299.71M$257.30M$261.10M$271.38M$246.69M$243.19M
Gross Profit$363.92M$382.07M$329.18M$276.44M$219.97M$205.48M$168.25M$163.53M$162.35M$155.75M$150.58M
R&D Expensen/a$21.60M$19.20M$19.00M$15.80M$14.70M$11.60M$11.90M$11.10M$10.60M$10.60M
Operating Income$163.68M$183.42M$157.94M$118.05M$87.30M$78.72M$65.16M$62.15M$56.87M$56.59M$52.67M
Net Income$125.71M$141.63M$124.94M$92.60M$66.50M$60.88M$49.34M$47.18M$27.79M$34.57M$32.30M
EPS (Diluted)n/a$4.79$4.23$3.14$2.26$2.08$1.69$1.61$0.95$1.19$1.11
Total Assets$998.17M$973.58M$816.41M$716.92M$603.05M$530.82M$471.22M$421.89M$392.69M$391.73M$349.70M
Shareholders' Equity$682.88M$713.29M$606.23M$516.48M$442.42M$403.07M$361.26M$331.07M$303.50M$277.45M$256.21M
Cash & Equivalentsn/an/an/an/an/a$87.17M$72.27M$48.87M$13.09Mn/an/a
Operating Cash Flow$166.69M$183.70M$155.03M$110.12M$82.45M$87.51M$89.58M$80.71M$60.35M$49.75M$56.19M
Capital Expenditures$16.39M$14.03M$12.82M$12.00M$5.89M$6.75M$9.06M$7.50M$8.64M$15.07M$10.60M
Free Cash Flow$150.30M$169.67M$142.22M$98.11M$76.56M$80.76M$80.52M$73.22M$51.71M$34.68M$45.59M
Share Repurchases$78.47M$15.00M$0$0$427.0K$460.0K$3.12M$5.21M$4.79M$4.40M$0
Dividends Paid$46.81M$43.53M$35.85M$29.05M$24.88M$22.16M$20.34M$18.59M$16.27M$14.21M$12.46M
Shares Outstandingn/a37.22M37.22M37.22M37.22M37.22M37.22M37.20M37.20Mn/an/a
Dividends Per Sharen/a$1.48$1.22$0.99$0.85$0.76$0.70$0.64$0.56$0.49$0.43
Weighted Average Diluted Sharesn/a29.57M29.53M29.46Mn/an/an/an/an/a29.11M29.05M
EPS (Basic)n/a$4.82$4.26$3.16$2.28$2.09$1.70$1.63$0.96$1.20$1.12

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