What is Badger Meter, Inc.'s earnings per share (EPS)?

Badger Meter, Inc. (BMI) reported diluted earnings per share of $4.79 for fiscal year 2025. This represents a 13.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Badger Meter, Inc. (BMI) Financials

BMI

Trailing 12 months to June 30, 2026

Revenue $881.0M +0.8% YoY

Net Income $125.7M -7.4% YoY

EPS (Diluted) $4.28 -6.8% YoY

Free Cash Flow $150.3M -6.1% YoY

Market Cap $3.7B as of Sep 14, 2026

Price / Sales 4.2x on $881.0M revenue, trailing 12 months to June 30, 2026

Price / Earnings 29.3x on $125.7M net income, trailing 12 months to June 30, 2026

Price / Book 5.4x on $682.9M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 23, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BMI SEC filings page.

Badger Meter, Inc. (BMI) reported $881.0M in revenue over the twelve months to Jun 30, 2026, up 0.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BMI FY2025 2026-08-29

Badger Meter’s dominant mechanic is margin expansion with cash conversion, while 2025’s balance-sheet growth reflects external capital deployment.

Operating margin expansion from 15.6% in FY2021 to 20.0% in FY2025 shows that growth was not merely volume-driven. Free-cash-flow margin also improved from 16.0% to 18.5%, indicating that a larger share of sales reached cash generation alongside operating profit.

In FY2025, operating cash flow of $183.7M converted to free cash flow of $169.7M, a narrow gap that indicates strong cash conversion. Capital expenditures were $14.0M, so recurring physical reinvestment consumed relatively little of the cash generated.

The unusual FY2025 investing outflow of $198.1M was far larger than $14.0M of capital expenditures, and goodwill more than doubled, pointing to major non-capex deployment. Debt-to-equity was just 0.4x in FY2025, so the asset expansion was not financed primarily through leverage.

Financial Health Signals

Financial Health Score 80/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Badger Meter, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Badger Meter, Inc. has an operating margin of 20.0%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 86/100, reflecting efficient cost management and pricing power. This is up from 19.1% the prior year.

Growth

Badger Meter, Inc.'s revenue grew 10.9% year-over-year to $916.7M, a solid pace of expansion. This earns a growth score of 74/100.

Leverage

Badger Meter, Inc. carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.36, Badger Meter, Inc. holds $3.36 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.

Cash Flow

Badger Meter, Inc. converts 18.5% of revenue into free cash flow ($169.7M). This strong cash generation earns a score of 82/100.

Returns

Badger Meter, Inc. earns a strong 19.9% return on equity (ROE), meaning it generates $20 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 91/100. This is down from 20.6% the prior year.

Altman Z-Score Safe

11.43

Badger Meter, Inc. scores 11.43, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.7B) relative to total liabilities ($260.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

Badger Meter, Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.30x

For every $1 of reported earnings, Badger Meter, Inc. generates $1.30 in operating cash flow ($183.7M OCF vs $141.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

35.80x

Badger Meter, Inc. earns $35.80 in operating income for every $1 of interest expense ($183.4M vs $5.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$222.3M

YoY-6.6%

QoQ+9.9%

5Y CAGR+12.6%

10Y CAGR+7.9%

Badger Meter, Inc. generated $222.3M in revenue in Q2 2026. This represents a decrease of 6.6% from the same quarter a year earlier. Against the prior quarter it is up 9.9%.

EBITDA

$42.2M

YoY-11.6%

QoQ+11.1%

Badger Meter, Inc.'s EBITDA was $42.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.6% from the same quarter a year earlier. Against the prior quarter it is up 11.1%.

Net Income

$29.7M

YoY-14.1%

QoQ+8.7%

5Y CAGR+16.3%

10Y CAGR+12.2%

Badger Meter, Inc. reported $29.7M in net income in Q2 2026. This represents a decrease of 14.1% from the same quarter a year earlier. Against the prior quarter it is up 8.7%.

EPS (Diluted)

$1.02

YoY-12.8%

QoQ+9.7%

5Y CAGR+16.3%

10Y CAGR+12.3%

Badger Meter, Inc. earned $1.02 per diluted share (EPS) in Q2 2026. This represents a decrease of 12.8% from the same quarter a year earlier. Against the prior quarter it is up 9.7%.

Cash & Balance Sheet

Free Cash Flow

$21.9M

YoY-46.2%

QoQ-25.8%

5Y CAGR+13.0%

10Y CAGR+11.6%

Badger Meter, Inc. generated $21.9M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 46.2% from the same quarter a year earlier. Against the prior quarter it is down 25.8%.

Cash & Debt

$95.7M

YoY-42.1%

QoQ-53.4%

5Y CAGR+10.8%

10Y CAGR+30.1%

Badger Meter, Inc. held $95.7M in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.40

YoY+17.6%

QoQ0.0%

5Y CAGR+17.3%

10Y CAGR+14.9%

Badger Meter, Inc. paid $0.40 per share in dividends in Q2 2026. This represents an increase of 17.6% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

29M

YoY-1.6%

QoQ-0.7%

5Y CAGR-0.1%

10Y CAGR+7.1%

Badger Meter, Inc. had 29M shares outstanding in Q2 2026. This represents a decrease of 1.6% from the same quarter a year earlier. Against the prior quarter it is down 0.7%.

Margins & Returns

Gross Margin

40.8%

YoY-0.3pp

QoQ-0.9pp

5Y change+0.1pp

10Y change+2.9pp

Badger Meter, Inc.'s gross margin was 40.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.9 percentage points.

Operating Margin

17.7%

YoY-1.1pp

QoQ+0.3pp

Badger Meter, Inc.'s operating margin was 17.7% in Q2 2026, reflecting core business profitability. This is down 1.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.

Net Margin

13.4%

YoY-1.2pp

QoQ-0.1pp

5Y change+2.0pp

10Y change+4.3pp

Badger Meter, Inc.'s net profit margin was 13.4% in Q2 2026, showing the share of revenue converted to profit. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Return on Equity

4.3%

YoY-0.8pp

QoQ+0.4pp

5Y change+0.7pp

10Y change+0.5pp

Badger Meter, Inc.'s ROE was 4.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.

Capital Allocation

Share Buybacks

$25.3M

QoQ-33.9%

Badger Meter, Inc. spent $25.3M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 33.9%.

Capital Expenditures

$4.8M

YoY+22.9%

QoQ+9.3%

5Y CAGR+13.1%

10Y CAGR+7.9%

Badger Meter, Inc. invested $4.8M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 22.9% from the same quarter a year earlier. Against the prior quarter it is up 9.3%.

R&D Spending

Not reported for Q2 2026.

BMI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BMI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$881.0M	$916.7M+10.9%	$826.6M+17.5%	$703.6M+24.4%	$565.6M+11.9%	$505.2M+18.7%	$425.5M+0.2%	$424.6M-2.1%	$433.7M+7.8%	$402.4M+2.2%	$393.8M+4.3%	$377.7M+3.5%	$364.8M+9.2%	$334.1M+4.5%	$319.7M+21.6%	$262.9M
Cost of Revenue	N/A	$534.6M+7.5%	$497.4M+16.4%	$427.2M+23.6%	$345.6M+15.3%	$299.7M+16.5%	$257.3M-1.5%	$261.1M-3.8%	$271.4M+10.0%	$246.7M+1.4%	$243.2M+0.5%	$241.9M+3.6%	$233.6M+7.6%	$217.1M+10.0%	$197.4M+14.0%	$173.1M
Gross Profit	$363.9M	$382.1M+16.1%	$329.2M+19.1%	$276.4M+25.7%	$220.0M+7.0%	$205.5M+22.1%	$168.2M+2.9%	$163.5M+0.7%	$162.3M+4.2%	$155.7M+3.4%	$150.6M+10.9%	$135.8M+3.5%	$131.1M+12.1%	$117.0M-4.3%	$122.2M+36.1%	$89.8M
R&D Expenses	N/A	$21.6M+12.5%	$19.2M+1.1%	$19.0M+20.3%	$15.8M+7.5%	$14.7M+26.7%	$11.6M-2.5%	$11.9M+7.2%	$11.1M+4.7%	$10.6M0.0%	$10.6M0.0%	$10.6M+11.6%	$9.5M-9.5%	$10.5M+9.4%	$9.6M+18.5%	$8.1M
SG&A Expenses	N/A	$198.6M+16.0%	$171.2M+8.1%	$158.4M+19.4%	$132.7M+4.7%	$126.8M+23.0%	$103.1M+1.7%	$101.4M-3.9%	$105.5M+6.4%	$99.2M+1.3%	$97.9M+4.8%	$93.4M+9.8%	$85.1M+9.3%	$77.9M+0.1%	$77.8M+24.9%	$62.3M
Operating Income	N/A	$183.4M+16.1%	$157.9M+33.8%	$118.0M+35.2%	$87.3M+10.9%	$78.7M+20.8%	$65.2M+4.8%	$62.1M+9.3%	$56.9M+0.5%	$56.6M+7.4%	$52.7M+24.3%	$42.4M-8.0%	$46.0M+17.7%	$39.1M-12.1%	$44.5M+61.5%	$27.5M
EBITDA	N/A	$209.2M+17.4%	$178.1M+29.5%	$137.6M+28.6%	$107.0M+7.0%	$100.0M+18.2%	$84.6M+4.6%	$80.9M+6.9%	$75.7M+0.4%	$75.5M+8.6%	$69.5M+18.9%	$58.5M-3.3%	$60.4M+14.9%	$52.6M-7.0%	$56.6M+52.9%	$37.0M
Interest Expense	N/A	$5.1M-40.5%	$8.6M+112.8%	$4.0M+633.2%	$552K+2660.0%	$20K+166.7%	-$30K+88.1%	-$253K+78.1%	-$1.2M-46.6%	-$789K+14.3%	-$921K+24.3%	-$1.2M-7.2%	-$1.1M-3.4%	-$1.1M-10.0%	-$998K-439.5%	-$185K
Income Tax	N/A	$47.0M+13.2%	$41.6M+41.5%	$29.4M+38.4%	$21.2M+19.6%	$17.7M+13.4%	$15.6M+8.4%	$14.4M+79.0%	$8.1M-60.2%	$20.3M+15.5%	$17.5M+15.3%	$15.2M-0.1%	$15.2M+13.8%	$13.4M-13.3%	$15.4M+88.6%	$8.2M
Net Income	$125.7M	$141.6M+13.4%	$124.9M+34.9%	$92.6M+39.3%	$66.5M+9.2%	$60.9M+23.4%	$49.3M+4.6%	$47.2M+69.8%	$27.8M-19.6%	$34.6M+7.0%	$32.3M+24.5%	$25.9M-12.6%	$29.7M+20.6%	$24.6M-12.2%	$28.0M+46.3%	$19.2M
EPS (Basic)	N/A	$4.82+13.1%	$4.26+34.8%	$3.16+38.6%	$2.28+9.1%	$2.09+22.9%	$1.70+4.3%	$1.63+69.8%	$0.96-20.0%	$1.20+7.1%	$1.12+24.4%	$0.90-13.5%	$1.04-39.2%	$1.71-12.8%	$1.96+53.1%	$1.28
EPS (Diluted)	$4.28	$4.79+13.2%	$4.23+34.7%	$3.14+38.9%	$2.26+8.7%	$2.08+23.1%	$1.69+5.0%	$1.61+69.5%	$0.95-20.2%	$1.19+7.2%	$1.11	$0.90-12.6%	$1.03	$1.70-12.8%	$1.95+53.5%	$1.27
Diluted Shares (Avg)	N/A	30M+0.1%	30M+0.3%	29M+100172.3%	29,376+0.1%	29,338+0.4%	29,2300.0%	29,220+0.1%	29,189+0.3%	29,111+0.2%	29,050	29M+0.5%	29M	14M+0.3%	14M-4.3%	15M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	$222.3M-6.6%	$202.3M-9.0%	$220.7M+7.6%	$235.7M+13.1%	$238.1M+9.9%	$222.2M+13.2%	$205.2M+12.5%	$208.4M+11.9%
Cost of Revenue	$131.5M-6.2%	$118.0M-7.0%	N/A	$139.8M+12.2%	$140.3M+6.9%	$126.8M+6.4%	N/A	$124.6M+9.8%
Gross Profit	$90.8M-7.2%	$84.3M-11.6%	$93.0M+12.4%	$95.8M+14.3%	$97.8M+14.6%	$95.4M+23.7%	$82.8M+15.8%	$83.9M+15.3%
SG&A Expenses	$51.4M-2.9%	$49.2M+6.8%	N/A	$49.8M+15.0%	$52.9M+20.7%	$46.0M+13.3%	N/A	$43.3M+4.7%
Operating Income	$39.4M-12.2%	$35.2M-28.8%	N/A	$46.1M+13.4%	$44.9M+8.1%	$49.4M+35.1%	N/A	$40.6M+29.3%
EBITDA	$42.2M-11.6%	$38.0M-27.3%	N/A	$48.7M+12.7%	$47.8M+7.7%	$52.2M+32.3%	N/A	$43.2M+26.8%
Interest Expense	$319K-64.4%	$1.1M-14.7%	N/A	$1.3M-42.2%	$895K-51.9%	$1.3M-12.6%	N/A	$2.3M+91.8%
Income Tax	$10.0M-10.7%	$9.0M-27.3%	N/A	$12.4M+13.7%	$11.2M+8.7%	$12.4M+38.3%	N/A	$10.9M+64.2%
Net Income	$29.7M-14.1%	$27.3M-28.8%	$33.6M+9.3%	$35.1M+9.5%	$34.6M+4.6%	$38.4M+31.8%	$30.7M+24.3%	$32.0M+23.4%
EPS (Basic)	$1.02-13.6%	$0.94-28.2%	$1.14+8.6%	$1.19+9.2%	$1.18+4.4%	$1.31+32.3%	$1.05+25.0%	$1.09+22.5%
EPS (Diluted)	$1.02-12.8%	$0.93-28.5%	$1.14+9.6%	$1.19+10.2%	$1.17+4.5%	$1.30+31.3%	$1.04+23.8%	$1.08+22.7%
Diluted Shares (Avg)	29M-1.5%	29M-0.7%	N/A	30M+0.1%	30M+0.2%	30M+0.2%	N/A	30M+0.3%

Not reported in any period shown, so not listed: R&D Expenses.

BMI Balance Sheet

BMI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$973.6M+19.3%	$816.4M+13.9%	$716.9M+18.9%	$603.0M+13.6%	$530.8M+12.6%	$471.2M+11.7%	$421.9M+7.4%	$392.7M+0.2%	$391.7M+12.0%	$349.7M-1.6%	$355.5M+4.2%	$341.2M+7.9%	$316.1M+8.8%	$290.5M+32.7%	$218.9M
Current Assets	$507.1M-6.1%	$540.1M+22.1%	$442.2M+27.1%	$347.8M+33.1%	$261.4M+16.8%	$223.7M+11.8%	$200.1M+21.5%	$164.7M+3.8%	$158.6M+5.0%	$151.0M+1.1%	$149.3M+5.8%	$141.1M+11.0%	$127.2M+4.8%	$121.4M+19.9%	$101.2M
Cash & Equivalents	$226.0M-23.5%	$295.3M+54.0%	$191.8M+38.9%	$138.1M+58.4%	$87.2M+20.6%	$72.3M+47.9%	$48.9M+273.5%	$13.1M+17.2%	$11.2M+52.1%	$7.3M-10.1%	$8.2M+22.6%	$6.7M-8.4%	$7.3M+10.8%	$6.6M+31.7%	$5.0M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$151.9M+5.9%	$143.4M-6.7%	$153.7M+28.2%	$119.9M+20.3%	$99.6M+22.1%	$81.6M-0.4%	$81.9M+1.4%	$80.8M-5.1%	$85.2M+9.6%	$77.7M-1.1%	$78.6M+9.5%	$71.8M+17.8%	$60.9M-0.1%	$61.0M+23.4%	$49.4M
Accounts Receivable	$112.4M+33.2%	$84.3M+1.0%	$83.5M+8.9%	$76.7M+16.4%	$65.9M+6.8%	$61.7M+0.5%	$61.4M-7.4%	$66.3M+13.9%	$58.2M-2.7%	$59.8M+5.6%	$56.6M+5.0%	$54.0M+7.6%	$50.1M+10.0%	$45.6M+10.7%	$41.2M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$235.6M+110.8%	$111.8M-1.2%	$113.2M+11.8%	$101.3M-2.9%	$104.3M+17.6%	$88.7M+24.4%	$71.3M+0.1%	$71.3M+5.7%	$67.4M+36.7%	$49.3M+2.8%	$48.0M+0.6%	$47.7M+6.7%	$44.7M+24.5%	$35.9M+281.9%	$9.4M
Total Liabilities	$260.3M+23.8%	$210.2M+4.9%	$200.4M+24.8%	$160.6M+25.7%	$127.7M+16.2%	$110.0M+21.1%	$90.8M+1.8%	$89.2M-22.0%	$114.3M+22.2%	$93.5M-24.1%	$123.2M-2.9%	$126.8M+6.1%	$119.5M+0.2%	$119.2M+611.5%	$16.8M
Current Liabilities	$150.7M+27.5%	$118.2M-10.4%	$131.9M+19.6%	$110.3M+34.3%	$82.1M+20.7%	$68.0M+18.8%	$57.2M-4.6%	$60.0M-35.5%	$93.1M+22.8%	$75.8M-27.5%	$104.5M-2.4%	$107.1M+9.2%	$98.0M+4.2%	$94.1M	N/A
Non-Current Liabilities	$109.6M+19.1%	$92.0M+34.3%	$68.5M+36.1%	$50.3M+10.3%	$45.6M+8.8%	$41.9M+24.8%	$33.6M+15.1%	$29.2M+37.8%	$21.2M+19.9%	$17.7M-5.4%	$18.7M-5.5%	$19.8M-7.9%	$21.5M-14.6%	$25.1M+544.0%	-$5.7M
Total Equity	$713.3M+17.7%	$606.2M+17.4%	$516.5M+16.7%	$442.4M+9.8%	$403.1M+11.6%	$361.3M+9.1%	$331.1M+9.1%	$303.5M+9.4%	$277.5M+8.3%	$256.2M+10.3%	$232.3M+8.4%	$214.3M+9.0%	$196.6M+14.8%	$171.2M-4.5%	$179.3M
Retained Earnings	$645.9M+17.9%	$547.8M+19.4%	$458.7M+16.1%	$395.2M+11.8%	$353.5M+12.3%	$314.9M+10.1%	$285.9M+11.1%	$257.3M+5.4%	$244.2M+9.1%	$223.9M+9.7%	$204.0M+7.8%	$189.4M+11.2%	$170.3M+9.4%	$155.7M-6.4%	$166.3M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$998.2M+6.6%	$970.8M+7.9%	$973.6M+19.3%	$978.3M+21.8%	$936.4M+19.9%	$899.6M+21.0%	$816.4M+13.9%	$802.9M+16.4%
Current Assets	$416.2M-7.2%	$508.3M+23.5%	$507.1M-6.1%	$494.6M-6.6%	$448.3M-12.0%	$411.6M-12.5%	$540.1M+22.1%	$529.3M+25.1%
Cash & Equivalents	$95.7M-42.1%	$205.5M+56.4%	$226.0M-23.5%	$201.7M-22.1%	$165.2M-27.0%	$131.4M-34.1%	$295.3M+54.0%	$259.0M+59.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$178.1M+20.9%	$175.2M+17.3%	$151.9M+5.9%	$152.6M-3.7%	$147.3M-8.7%	$149.4M-6.9%	$143.4M-6.7%	$158.5M+7.3%
Accounts Receivable	$121.2M+3.0%	$110.3M-1.4%	$112.4M+33.2%	$115.1M+23.2%	$117.7M+10.8%	$111.9M+21.2%	$84.3M+1.0%	$93.4M+4.9%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$302.6M+28.4%	$234.7M+1.3%	$235.6M+110.8%	$236.7M+105.8%	$235.7M+107.9%	$231.5M+104.0%	$111.8M-1.2%	$115.0M+2.0%
Total Liabilities	$315.3M+21.8%	$280.4M+8.7%	$260.3M+23.8%	$275.8M+30.3%	$258.8M+18.7%	$257.9M+24.1%	$210.2M+4.9%	$211.7M+7.4%
Current Liabilities	$171.9M+23.9%	$169.4M+20.1%	$150.7M+27.5%	$153.4M+18.8%	$138.7M+0.4%	$141.0M+4.4%	$118.2M-10.4%	$129.2M+0.3%
Non-Current Liabilities	$143.4M+19.4%	$111.0M-5.1%	$109.6M+19.1%	$122.3M+48.3%	$120.1M+50.1%	$116.9M+60.5%	$92.0M+34.3%	$82.5M+20.9%
Total Equity	$682.9M+0.8%	$690.4M+7.6%	$713.3M+17.7%	$702.5M+18.8%	$677.6M+20.3%	$641.7M+19.8%	$606.2M+17.4%	$591.2M+20.0%
Retained Earnings	$679.7M+13.1%	$661.5M+14.8%	$645.9M+17.9%	$624.1M+18.4%	$600.8M+19.0%	$576.2M+20.1%	$547.8M+19.4%	$527.1M+19.3%

Not reported in any period shown, so not listed: Long-Term Debt.

BMI Cash Flow Statement

BMI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$166.7M	$183.7M+18.5%	$155.0M+40.8%	$110.1M+33.6%	$82.5M-5.8%	$87.5M-2.3%	$89.6M+11.0%	$80.7M+33.7%	$60.4M+21.3%	$49.8M-11.5%	$56.2M+56.8%	$35.8M+0.3%	$35.7M+2.6%	$34.8M0.0%	$34.8M+11.1%	$31.3M
Depreciation & Amortization	N/A	$25.8M+27.7%	$20.2M+3.4%	$19.5M-0.8%	$19.7M-7.5%	$21.3M+9.4%	$19.5M+3.6%	$18.8M-0.5%	$18.9M0.0%	$18.9M+12.1%	$16.8M+4.5%	$16.1M+11.8%	$14.4M+6.5%	$13.5M+11.8%	$12.1M+28.0%	$9.4M
Stock-Based Compensation	N/A	$9.2M+48.7%	$6.2M+19.2%	$5.2M+64.8%	$3.1M+35.1%	$2.3M+64.7%	$1.4M+16.6%	$1.2M-70.9%	$4.2M+142.0%	$1.7M+12.2%	$1.5M-0.3%	$1.5M+6.3%	$1.4M+4.4%	$1.4M+9.6%	$1.3M-13.9%	$1.5M
Capital Expenditures	$16.4M	$14.0M+9.4%	$12.8M+6.8%	$12.0M+103.8%	$5.9M-12.7%	$6.7M-25.5%	$9.1M+20.9%	$7.5M-13.3%	$8.6M-42.6%	$15.1M+42.2%	$10.6M-46.4%	$19.8M+60.3%	$12.3M-13.8%	$14.3M+74.5%	$8.2M+53.7%	$5.3M
Free Cash Flow	$150.3M	$169.7M+19.3%	$142.2M+44.9%	$98.1M+28.2%	$76.6M-5.2%	$80.8M+0.3%	$80.5M+10.0%	$73.2M+41.6%	$51.7M+49.1%	$34.7M-23.9%	$45.6M+183.8%	$16.1M-31.4%	$23.4M+14.1%	$20.5M-22.9%	$26.6M+2.4%	$26.0M
Investing Cash Flow	-$110.8M	-$198.1M-1152.1%	-$15.8M+45.7%	-$29.1M-394.5%	-$5.9M+88.5%	-$51.4M-34.6%	-$38.2M-409.5%	-$7.5M+55.1%	-$16.7M+52.9%	-$35.4M-185.9%	-$12.4M+42.8%	-$21.7M+34.6%	-$33.2M-11.6%	-$29.7M+50.2%	-$59.7M-542.8%	-$9.3M
Financing Cash Flow	-$125.1M	-$58.0M-65.2%	-$35.1M-25.0%	-$28.1M-14.1%	-$24.6M-20.0%	-$20.5M+26.3%	-$27.8M+26.2%	-$37.7M+10.5%	-$42.1M-304.2%	-$10.4M+76.6%	-$44.5M-242.9%	-$13.0M-372.8%	-$2.7M+35.9%	-$4.3M-116.0%	$26.8M+233.9%	-$20.0M
Dividends Paid	$46.8M	$43.5M+21.4%	$35.8M+23.4%	$29.1M+16.8%	$24.9M+12.3%	$22.2M+8.9%	$20.3M+9.4%	$18.6M+14.3%	$16.3M+14.4%	$14.2M+14.1%	$12.5M+10.7%	$11.3M+5.9%	$10.6M+6.3%	$10.0M+5.2%	$9.5M+5.4%	$9.0M
Share Buybacks	N/A	$15.0M	$0	$0-100.0%	$427K-7.2%	$460K-85.2%	$3.1M-40.2%	$5.2M+8.6%	$4.8M+8.9%	$4.4M	$0	$0	$0	$0-100.0%	$30.0M	$0

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	$26.7M-40.1%	$33.9M+2.6%	$54.8M+5.3%	$51.3M+13.7%	$44.6M+22.4%	$33.0M+53.9%	$52.1M+37.2%	$45.1M+43.4%
Depreciation & Amortization	$2.8M-2.5%	$2.8M+0.6%	$2.8M+0.1%	$2.6M+0.7%	$2.9M+2.3%	$2.8M-3.0%	$2.8M-2.3%	$2.6M-2.7%
Stock-Based Compensation	N/A	$2.2M+18.6%	N/A	N/A	N/A	$1.8M+43.8%	N/A	N/A
Capital Expenditures	$4.8M+22.9%	$4.4M+49.3%	$4.0M-13.6%	$3.1M-1.4%	$3.9M+68.2%	$3.0M+10.8%	$4.7M+127.3%	$3.1M+3.9%
Free Cash Flow	$21.9M-46.2%	$29.5M-2.0%	$50.8M+7.1%	$48.2M+14.9%	$40.6M+19.3%	$30.1M+60.0%	$47.4M+32.1%	$42.0M+47.6%
Investing Cash Flow	-$99.2M-3179.8%	-$4.4M+97.6%	-$4.0M+13.6%	-$3.1M+1.4%	-$3.0M-29.2%	-$187.9M-3210.5%	-$4.7M-127.3%	-$3.1M-3.9%
Financing Cash Flow	-$36.8M-287.1%	-$49.8M-400.4%	-$26.7M-167.8%	-$11.8M-17.9%	-$9.5M-28.4%	-$9.9M-29.0%	-$10.0M-26.1%	-$10.0M-42.5%
Dividends Paid	$11.6M+15.9%	$11.7M+16.9%	$11.7M+17.6%	$11.8M+17.9%	$10.0M+26.1%	$10.0M+26.1%	$10.0M+26.1%	$10.0M+26.1%
Share Buybacks	$25.3M	$38.2M	N/A	N/A	$0	$0	N/A	N/A

BMI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BMI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	41.7%+1.9pp	39.8%+0.5pp	39.3%+0.4pp	38.9%-1.8pp	40.7%+1.1pp	39.5%+1.0pp	38.5%+1.1pp	37.4%-1.3pp	38.7%+0.5pp	38.2%+2.3pp	35.9%0.0pp	35.9%+0.9pp	35.0%-3.2pp	38.2%+4.1pp	34.2%
Operating Margin	20.0%+0.9pp	19.1%+2.3pp	16.8%+1.4pp	15.4%-0.2pp	15.6%+0.3pp	15.3%+0.7pp	14.6%+1.5pp	13.1%-1.0pp	14.1%+0.7pp	13.4%+2.2pp	11.2%-1.4pp	12.6%+0.9pp	11.7%-2.2pp	13.9%+3.4pp	10.5%
Net Margin	15.4%+0.3pp	15.1%+2.0pp	13.2%+1.4pp	11.8%-0.3pp	12.0%+0.4pp	11.6%+0.5pp	11.1%+4.7pp	6.4%-2.2pp	8.6%+0.4pp	8.2%+1.3pp	6.9%-1.3pp	8.1%+0.8pp	7.4%-1.4pp	8.8%+1.5pp	7.3%
Return on Equity	19.9%-0.8pp	20.6%+2.7pp	17.9%+2.9pp	15.0%-0.1pp	15.1%+1.5pp	13.7%-0.6pp	14.2%+5.1pp	9.2%-3.3pp	12.5%-0.1pp	12.6%+1.4pp	11.2%-2.7pp	13.9%+1.3pp	12.5%-3.9pp	16.4%+5.7pp	10.7%
Return on Assets	14.5%-0.8pp	15.3%+2.4pp	12.9%+1.9pp	11.0%-0.4pp	11.5%+1.0pp	10.5%-0.7pp	11.2%+4.1pp	7.1%-1.8pp	8.8%-0.4pp	9.2%+1.9pp	7.3%-1.4pp	8.7%+0.9pp	7.8%-1.9pp	9.7%+0.9pp	8.8%
Current Ratio	3.36-1.2x	4.57+1.2x	3.35+0.2x	3.150.0x	3.18-0.1x	3.29-0.2x	3.50+0.8x	2.74+1.0x	1.70-0.3x	1.99+0.6x	1.43+0.1x	1.320.0x	1.300.0x	1.29	N/A
Debt-to-Equity	0.360.0x	0.350.0x	0.390.0x	0.360.0x	0.320.0x	0.300.0x	0.270.0x	0.29-0.1x	0.410.0x	0.36-0.2x	0.53-0.1x	0.590.0x	0.61-0.1x	0.70+0.6x	0.09
Asset Turnover	0.94-0.1x	1.010.0x	0.980.0x	0.940.0x	0.950.0x	0.90-0.1x	1.01-0.1x	1.10+0.1x	1.03-0.1x	1.13+0.1x	1.060.0x	1.070.0x	1.060.0x	1.10-0.1x	1.20
FCF Margin	18.5%+1.3pp	17.2%+3.3pp	13.9%+0.4pp	13.5%-2.4pp	16.0%-2.9pp	18.9%+1.7pp	17.2%+5.3pp	11.9%+3.3pp	8.6%-3.0pp	11.6%+7.3pp	4.3%-2.2pp	6.4%+0.3pp	6.1%-2.2pp	8.3%-1.6pp	9.9%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Gross Margin	40.8%-0.3pp	41.7%-1.3pp	42.1%+1.8pp	40.7%+0.4pp	41.1%+1.7pp	43.0%+3.6pp	40.3%+1.2pp	40.2%+1.2pp
Operating Margin	17.7%-1.1pp	17.4%-4.8pp	N/A	19.6%+0.1pp	18.8%-0.3pp	22.2%+3.6pp	N/A	19.5%+2.6pp
Net Margin	13.4%-1.2pp	13.5%-3.8pp	15.2%+0.2pp	14.9%-0.5pp	14.5%-0.7pp	17.3%+2.4pp	15.0%+1.4pp	15.4%+1.4pp
Return on Equity	4.3%-0.8pp	4.0%-2.0pp	4.7%-0.4pp	5.0%-0.4pp	5.1%-0.8pp	6.0%+0.5pp	5.1%+0.3pp	5.4%+0.2pp
Return on Assets	3.0%-0.7pp	2.8%-1.5pp	3.5%-0.3pp	3.6%-0.4pp	3.7%-0.5pp	4.3%+0.4pp	3.8%+0.3pp	4.0%+0.2pp
Current Ratio	2.42-0.8x	3.00+0.1x	3.36-1.2x	3.22-0.9x	3.23-0.5x	2.92-0.6x	4.57+1.2x	4.10+0.8x
Debt-to-Equity	0.46+0.1x	0.410.0x	0.360.0x	0.390.0x	0.380.0x	0.400.0x	0.350.0x	0.360.0x
Asset Turnover	0.220.0x	0.210.0x	0.230.0x	0.240.0x	0.250.0x	0.250.0x	0.250.0x	0.260.0x
FCF Margin	9.8%-7.2pp	14.6%+1.0pp	23.0%-0.1pp	20.4%+0.3pp	17.1%+1.3pp	13.5%+4.0pp	23.1%+3.4pp	20.1%+4.9pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Badger Meter, Inc. BMI	FY2025	$916.7M	$141.6M	15.4%	$3.7B	80/100
ESCO Technologies, Inc. ESE	FY2025	$1.1B	$299.2M	27.3%	$7.0B	69/100
Itron Inc ITRI	FY2025	$2.4B	$301.1M	12.7%	$4.1B	63/100
Sensata Technologies Holding plc ST	FY2025	$3.7B	$31.3M	0.8%	$6.4B	45/100
Vontier Corporation VNT	FY2025	$3.1B	$406.1M	13.2%	$4.3B	57/100
MKS Inc. MKSI	FY2025	$3.9B	$295.0M	7.5%	$18.1B	44/100

Where Badger Meter, Inc. Ranks

Frequently Asked Questions

What is Badger Meter, Inc.'s annual revenue?

Badger Meter, Inc. (BMI) reported $916.7M in total revenue for fiscal year 2025. This represents a 10.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Badger Meter, Inc.'s revenue growing?

Badger Meter, Inc. (BMI) revenue grew by 10.9% year-over-year, from $826.6M to $916.7M in fiscal year 2025.

Is Badger Meter, Inc. profitable?

Yes, Badger Meter, Inc. (BMI) reported a net income of $141.6M in fiscal year 2025, with a net profit margin of 15.4%.

What is Badger Meter, Inc.'s EBITDA?

Badger Meter, Inc. (BMI) had EBITDA of $209.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Badger Meter, Inc.'s gross margin?

Badger Meter, Inc. (BMI) had a gross margin of 41.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Badger Meter, Inc.'s operating margin?

Badger Meter, Inc. (BMI) had an operating margin of 20.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Badger Meter, Inc.'s net profit margin?

Badger Meter, Inc. (BMI) had a net profit margin of 15.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Badger Meter, Inc. pay dividends?

Yes, Badger Meter, Inc. (BMI) paid $1.48 per share in dividends during fiscal year 2025.

What is Badger Meter, Inc.'s return on equity (ROE)?

Badger Meter, Inc. (BMI) has a return on equity of 19.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Badger Meter, Inc.'s free cash flow?

Badger Meter, Inc. (BMI) generated $169.7M in free cash flow during fiscal year 2025. This represents a 19.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Badger Meter, Inc.'s operating cash flow?

Badger Meter, Inc. (BMI) generated $183.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Badger Meter, Inc.'s total assets?

Badger Meter, Inc. (BMI) had $973.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Badger Meter, Inc.'s capital expenditures?

Badger Meter, Inc. (BMI) invested $14.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Badger Meter, Inc. spend on research and development?

Badger Meter, Inc. (BMI) invested $21.6M in research and development during fiscal year 2025.

Does Badger Meter, Inc. buy back shares?

Yes, Badger Meter, Inc. (BMI) spent $15.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Badger Meter, Inc. have outstanding?

Badger Meter, Inc. (BMI) had 29M shares outstanding as of fiscal year 2025.

What is Badger Meter, Inc.'s current ratio?

Badger Meter, Inc. (BMI) had a current ratio of 3.36 as of fiscal year 2025, which is generally considered healthy.

What is Badger Meter, Inc.'s debt-to-equity ratio?

Badger Meter, Inc. (BMI) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Badger Meter, Inc.'s return on assets (ROA)?

Badger Meter, Inc. (BMI) had a return on assets of 14.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Badger Meter, Inc.'s P/E ratio?

Badger Meter, Inc. (BMI) trades at 29.3x earnings, its market capitalization divided by net income of $125.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.7B as of Sep 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Badger Meter, Inc.'s price-to-sales ratio?

Badger Meter, Inc. (BMI) trades at 4.2x sales, its market capitalization divided by revenue of $881.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.7B as of Sep 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Badger Meter, Inc.'s Altman Z-Score?

Badger Meter, Inc. (BMI) has an Altman Z-Score of 11.43, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Badger Meter, Inc.'s Piotroski F-Score?

Badger Meter, Inc. (BMI) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Badger Meter, Inc.'s earnings high quality?

Badger Meter, Inc. (BMI) has an earnings quality ratio of 1.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Badger Meter, Inc. cover its interest payments?

Badger Meter, Inc. (BMI) has an interest coverage ratio of 35.80x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Badger Meter, Inc.?

Badger Meter, Inc. (BMI) scores 80 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.