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Badger Meter (BMI) | Financial Analysis & Statements

Badger Meter Inc. | Mid-cap | Technology

$189.29

3.18%

Badger Meter vs Garmin Badger Meter vs Keysight Badger Meter vs Cognex Badger Meter vs MKS Instruments Badger Meter vs Vontier Badger Meter vs S&P 500 | Market

TL;DR Income Statement Balance Sheet Cash Flow Key Ratios Peer Comparison

TL;DR: Financial Overview - Revenue, Profits & Key Metrics

Latest Quarterly: Jun 2025

Income Metrics

Revenue 238.1M

Gross Profit 97.8M 41.08%

Operating Income 44.9M 18.84%

Net Income 34.6M 14.53%

EPS (Diluted) $1.17

Balance Sheet Metrics

Total Assets 936.4M

Total Liabilities 258.8M

Shareholders Equity 677.6M

Debt to Equity 0.38

Cash Flow Metrics

Operating Cash Flow 20.8M

Free Cash Flow 30.1M

Revenue & Profitability Trend

Interactive Financial Charts Not Available

This page uses interactive financial charts and dynamic data visualization tools that require JavaScript. For detailed financial analysis:

Available Financial Data:

Income statements (annual and quarterly)
Balance sheets with asset and liability details
Cash flow statements and free cash flow analysis
Key financial ratios and performance metrics
Peer comparison and industry benchmarking

All financial data is displayed in accessible table format below. Use the table headers and structure to analyze trends and compare metrics across different periods.

Badger Meter Income Statement From 2020 to 2024

Metric	2024	2023	2022	2021	2020
Revenue i	826.6M	703.6M	565.6M	505.2M	425.5M
Cost of Goods Sold i	497.4M	427.2M	345.6M	299.7M	257.3M
Gross Profit i	329.2M	276.4M	220.0M	205.5M	168.2M
Gross Margin % i	39.8%	39.3%	38.9%	40.7%	39.5%
Operating Expenses
Research & Development i	-	-	-	-	-
Selling, General & Administrative i	171.2M	158.5M	132.8M	126.9M	103.2M
Other Operating Expenses i	-	-	-	-	-
Total Operating Expenses i	171.2M	158.5M	132.8M	126.9M	103.2M
Operating Income i	157.9M	117.9M	87.2M	78.6M	65.0M
Operating Margin % i	19.1%	16.8%	15.4%	15.6%	15.3%
Non-Operating Items
Interest Income i	8.6M	4.0M	552.0K	20.0K	-
Interest Expense i	-	-	-	-	30.0K
Other Non-Operating Income	-49.0K	-	-	-120.0K	-145.0K
Pre-tax Income i	166.5M	122.0M	87.7M	78.6M	65.0M
Income Tax i	41.6M	29.4M	21.2M	17.7M	15.6M
Effective Tax Rate % i	25.0%	24.1%	24.2%	22.6%	24.1%
Net Income i	124.9M	92.6M	66.5M	60.9M	49.3M
Net Margin % i	15.1%	13.2%	11.8%	12.1%	11.6%
Key Metrics
EBITDA i	190.1M	146.0M	113.4M	106.5M	90.2M
EPS (Basic) i	$4.26	$3.16	$2.28	$2.09	$1.70
EPS (Diluted) i	$4.23	$3.14	$2.26	$2.08	$1.69
Basic Shares Outstanding i	29355741	29284396	29218486	29144160	29052301
Diluted Shares Outstanding i	29355741	29284396	29218486	29144160	29052301

Income Statement Trend

Badger Meter Balance Sheet From 2020 to 2024

Metric	2024	2023	2022	2021	2020
Assets
Current Assets
Cash & Equivalents i	295.3M	191.8M	138.1M	87.2M	72.3M
Short-term Investments i	-	-	-	-	-
Accounts Receivable i	84.3M	83.5M	76.7M	65.9M	61.7M
Inventory i	143.4M	153.7M	119.9M	99.6M	81.6M
Other Current Assets	17.1M	13.2M	13.3M	8.7M	-
Total Current Assets i	540.1M	442.2M	347.8M	261.4M	223.7M
Non-Current Assets
Property, Plant & Equipment i	0	0	0	0	0
Goodwill i	272.4M	280.1M	256.1M	278.4M	237.0M
Intangible Assets i	48.9M	53.7M	53.6M	69.8M	59.6M
Long-term Investments	-	-	-	-	-
Other Non-Current Assets	41.4M	34.0M	26.8M	17.3M	16.5M
Total Non-Current Assets i	276.3M	274.7M	255.2M	269.5M	247.5M
Total Assets i	816.4M	716.9M	603.0M	530.8M	471.2M
Liabilities
Current Liabilities
Accounts Payable i	55.7M	81.8M	71.4M	41.9M	34.9M
Short-term Debt i	-	-	-	-	-
Current Portion of Long-term Debt	-	-	-	-	-
Other Current Liabilities	20.4M	9.2M	8.8M	6.8M	6.9M
Total Current Liabilities i	118.2M	131.9M	110.3M	82.1M	68.0M
Non-Current Liabilities
Long-term Debt i	-	-	-	-	-
Deferred Tax Liabilities i	3.7M	5.1M	4.6M	5.4M	5.7M
Other Non-Current Liabilities	14.2M	4.8M	5.6M	29.8M	26.4M
Total Non-Current Liabilities i	92.0M	68.5M	50.3M	45.6M	41.9M
Total Liabilities i	210.2M	200.4M	160.6M	127.7M	110.0M
Equity
Common Stock i	37.2M	37.2M	37.2M	37.2M	37.2M
Retained Earnings i	547.8M	458.7M	395.2M	353.5M	314.8M
Treasury Stock i	36.7M	37.0M	37.3M	37.0M	37.1M
Other Equity	-	-	-	-	-
Total Shareholders Equity i	606.2M	516.5M	442.4M	403.1M	361.3M
Key Metrics
Total Debt i	0	0	0	0	0
Working Capital i	421.9M	310.2M	237.5M	179.2M	155.7M

Balance Sheet Composition

Badger Meter Cash Flow Statement From 2020 to 2024

Metric	2024	2023	2022	2021	2020
Operating Activities
Net Income i	124.9M	92.6M	66.5M	60.9M	49.3M
Depreciation & Amortization i	32.2M	28.1M	26.2M	27.9M	25.2M
Stock-Based Compensation i	6.2M	5.2M	3.1M	2.3M	1.4M
Working Capital Changes i	30.4M	-7.3M	-24.6M	999.0K	20.4M
Operating Cash Flow i	182.7M	109.0M	65.6M	89.0M	93.3M
Investing Activities
Capital Expenditures i	-12.8M	-12.0M	-5.9M	-6.7M	-9.1M
Acquisitions i	-3.0M	-17.1M	0	-45.3M	-29.1M
Investment Purchases i	-	-	-	-	-
Investment Sales i	-	-	-	-	-
Investing Cash Flow i	-15.8M	-29.1M	-5.9M	-51.4M	-38.2M
Financing Activities
Share Repurchases i	0	0	-427.0K	-460.0K	-3.1M
Dividends Paid i	-35.8M	-29.1M	-24.9M	-22.2M	-20.3M
Debt Issuance i	-	-	-	-	-
Debt Repayment i	-	-	-	0	-4.6M
Financing Cash Flow i	-35.8M	-29.1M	-25.3M	-22.5M	-33.5M
Free Cash Flow i	142.2M	98.1M	76.6M	80.8M	80.5M
Net Change in Cash i	131.0M	50.8M	34.4M	15.1M	21.6M

Cash Flow Trend

Badger Meter Key Financial Ratios

Valuation Ratios

P/E Ratio (TTM) 39.97

Forward P/E 37.44

Price to Book 7.98

Price to Sales 6.19

PEG Ratio 9.03

Profitability Ratios

Profit Margin 15.53%

Operating Margin 18.85%

Return on Equity 21.88%

Return on Assets 12.68%

Financial Health

Current Ratio 3.23

Debt to Equity 0.00

Beta 0.84

Per Share Data

EPS (TTM) $4.59

Book Value per Share $22.99

Revenue per Share $29.74

Peer Financial Comparison

Company	Market Cap	P/E Ratio	P/B Ratio	ROE	Profit Margin	Debt/Equity
bmi	5.4B	39.97	7.98	21.88%	15.53%	0.00
Garmin	44.2B	28.34	5.44	20.73%	23.21%	2.34
Keysight	27.6B	50.98	4.87	9.98%	10.38%	48.75
Cognex	7.2B	59.83	4.80	8.10%	13.13%	5.52
MKS Instruments	6.7B	25.17	2.62	11.16%	7.14%	183.98
Vontier	6.2B	16.08	5.17	35.39%	12.99%	177.14

Financial data is updated regularly. All figures are in the company's reporting currency.