Badger Meter (BMI) financial statements
Badger Meter reported revenue of $917M in fiscal 2025, up 9.8% a year over 9 years.
Net income was $142M and the operating margin 20.0%, against 13.4% in 2016.
Free cash flow was $170M, and the company returned $44M in dividends and $15M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Badger Meter's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $394M | $402M | $434M | $425M | $426M | $505M | $566M | $704M | $827M | $917M |
| Cost of revenue | $243M | $247M | $271M | $261M | $257M | $300M | $346M | $427M | $497M | $535M |
| Gross profit | $151M | $156M | $162M | $164M | $168M | $205M | $220M | $276M | $329M | $382M |
| Research and development | $11M | $11M | $11M | $12M | $12M | $15M | $16M | $19M | $19M | $22M |
| Selling, general and admin | $98M | $99M | $105M | $101M | $103M | $127M | $133M | $158M | $171M | $199M |
| Operating income | $53M | $57M | $57M | $62M | $65M | $79M | $87M | $118M | $158M | $183M |
| Pre-tax income | $50M | $55M | $36M | $62M | $65M | $79M | $88M | $122M | $166M | $189M |
| Income tax | $18M | $20M | $8M | $14M | $16M | $18M | $21M | $29M | $42M | $47M |
| Net income | $32M | $35M | $28M | $47M | $49M | $61M | $66M | $93M | $125M | $142M |
| EPS (diluted) | $1.11 | $1.19 | $0.95 | $1.61 | $1.69 | $2.08 | $2.26 | $3.14 | $4.23 | $4.79 |
| Diluted shares | 29M | 29M | 29M | 29M | 29M | 29M | 29M | 29M | 30M | 30M |
| 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, from Badger Meter's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7M | $11M | $13M | $49M | $72M | $87M | $138M | $192M | $295M | $226M |
| Receivables | $60M | $58M | $66M | $61M | $62M | $66M | $77M | $84M | $84M | $112M |
| Inventory | $78M | $85M | $81M | $82M | $82M | $100M | $120M | $154M | $143M | $152M |
| Total current assets | $151M | $159M | $165M | $200M | $224M | $261M | $348M | $442M | $540M | $507M |
| Property, plant and equipment | $90M | $94M | $90M | $86M | $83M | $78M | $74M | $74M | $74M | $80M |
| Goodwill | $49M | $67M | $71M | $71M | $89M | $104M | $101M | $113M | $112M | $236M |
| Total assets | $350M | $392M | $393M | $422M | $471M | $531M | $603M | $717M | $816M | $974M |
| Total current liabilities | $76M | $93M | $60M | $57M | $68M | $82M | $110M | $132M | $118M | $151M |
| Total liabilities | $93M | $114M | $89M | $91M | $110M | $128M | $161M | $200M | $210M | $260M |
| Shareholders' equity | $256M | $277M | $304M | $331M | $361M | $403M | $442M | $516M | $606M | $713M |
| Net debt | -$7M | -$11M | -$13M | -$49M | -$72M | -$87M | -$138M | -$192M | -$295M | -$226M |
Cash flow
Fiscal years, from Badger Meter's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $56M | $50M | $60M | $81M | $90M | $88M | $82M | $110M | $155M | $184M |
| Capital spending | $11M | $15M | $9M | $7M | $9M | $7M | $6M | $12M | $13M | $14M |
| Free cash flow | $46M | $35M | $52M | $73M | $81M | $81M | $77M | $98M | $142M | $170M |
| Stock-based compensation | $2M | $2M | $4M | $1M | $1M | $2M | $3M | $5M | $6M | $9M |
| Dividends paid | $12M | $14M | $16M | $19M | $20M | $22M | $25M | $29M | $36M | $44M |
| Share buybacks (net) | $0 | -$4M | -$5M | -$5M | -$3M | -$460,000 | -$427,000 | $0 | $0 | -$15M |
| Net borrowing | -$33M | $6M | -$21M | -$14M | -$5M | — | — | — | — | — |
| Free cash flow margin | 11.6% | 8.6% | 11.9% | 17.2% | 18.9% | 16.0% | 13.5% | 13.9% | 17.2% | 18.5% |
| Dividends per share | $0.43 | $0.49 | $0.56 | $0.64 | $0.70 | $0.76 | $0.85 | $0.99 | $1.21 | $1.47 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for BMI.
Open BMI in InvestinglyQuestions
What was Badger Meter's revenue in 2025?
$917M in fiscal 2025, from its 10-K filing.
How much free cash flow does Badger Meter generate?
$170M in fiscal 2025 (operating cash flow minus capital spending).
From Badger Meter's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.