Revenue
$916.66M
Fiscal year ended 2025-12-31Operating income
$183.42M
Fiscal year ended 2025-12-31Free cash flow
$169.67M
Fiscal year ended 2025-12-31BADGER METER INC (BMI) reported revenue of $916.66M and net income of $141.63M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from BADGER METER INC’s SEC filings, each linked to the filing it came from.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $916.66M | $826.56M | $703.59M | $565.57M | $505.20M | $425.54M | $424.62M | $433.73M | $402.44M | $393.76M |
| Cost of revenue | $534.59M | $497.37M | $427.15M | $345.60M | $299.71M | $257.30M | $261.10M | $271.38M | $246.69M | $243.18M |
| Gross profit | $382.07M | $329.18M | $276.44M | $219.97M | $205.48M | $168.25M | $163.53M | $162.35M | $155.75M | $150.58M |
| Operating income | $183.42M | $157.94M | $118.05M | $87.30M | $78.72M | $65.16M | $62.15M | $56.87M | $56.60M | $52.67M |
| Net income | $141.63M | $124.94M | $92.60M | $66.50M | $60.88M | $49.34M | $47.18M | $27.79M | $34.57M | $32.30M |
| Research & development | $21.60M | $19.20M | $19.00M | $15.80M | $14.70M | $11.60M | $11.90M | $11.10M | $10.60M | $10.60M |
| Weighted-average diluted shares | shares 29.57M | shares 29.53M | shares 29.46M | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Pretax income | $188.66M | $166.50M | $121.97M | $87.72M | $78.62M | $64.98M | $61.61M | $35.85M | $54.83M | $49.84M |
| Income tax expense | $47.02M | $41.56M | $29.37M | $21.22M | $17.74M | $15.64M | $14.43M | $8.06M | $20.26M | $17.55M |
| Diluted EPS | $4.79 | $4.23 | $3.14 | $2.26 | $2.08 | $1.69 | $1.61 | $0.95 | $1.19 | $1.11 |
| Selling, general & administrative | $198.65M | $171.25M | $158.39M | $132.68M | $126.76M | $103.09M | $101.38M | $105.48M | $99.15M | $97.90M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | Unavailable | Unavailable | Unavailable | Unavailable | $87.17M | $72.27M | $48.87M | $13.09M | $11.16M | Unavailable |
| Total assets | $973.58M | $816.41M | $716.92M | $603.05M | $530.82M | $471.22M | $421.89M | $392.69M | $391.73M | $349.70M |
| Current assets | $507.08M | $540.12M | $442.18M | $347.83M | $261.36M | $223.69M | $200.09M | $164.66M | $158.62M | $151.01M |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $150.72M | $118.20M | $131.95M | $110.31M | $82.15M | $68.04M | $57.25M | $60.02M | $93.11M | $75.84M |
| Total equity incl. NCI | $713.29M | $606.23M | $516.48M | $442.42M | $403.07M | $361.26M | $331.07M | $303.50M | $277.45M | $256.21M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $151.94M | $143.41M | $153.67M | $119.86M | $99.61M | $81.59M | $81.95M | $80.80M | $85.17M | $77.70M |
| Accounts receivable | $112.36M | $84.32M | $83.51M | $76.65M | $65.87M | $61.69M | $61.36M | $66.30M | $58.21M | $59.82M |
| Goodwill | $235.58M | $111.77M | $113.16M | $101.26M | $104.31M | $88.70M | $71.30M | $71.26M | $67.42M | $49.31M |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | $72.30M | $55.66M | $81.81M | $71.44M | $41.86M | $34.92M | $31.52M | $22.47M | $28.60M | $18.35M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $183.70M | $155.03M | $110.12M | $82.45M | $87.51M | $89.58M | $80.71M | $60.35M | $49.75M | $56.18M |
| Capital expenditures | $14.03M | $12.82M | $12.00M | $5.89M | $6.75M | $9.06M | $7.50M | $8.64M | $15.07M | $10.60M |
| Investing cash flow | -$198.05M | -$15.82M | -$29.13M | -$5.89M | -$51.42M | -$38.19M | -$7.50M | -$16.69M | -$35.44M | -$12.40M |
| Financing cash flow | -$57.98M | -$35.10M | -$28.08M | -$24.60M | -$20.51M | -$27.82M | -$37.71M | -$42.14M | -$10.43M | -$44.47M |
| Net change in cash | -$69.29M | $103.52M | $53.73M | $50.88M | $14.90M | $23.40M | $35.78M | $1.92M | $3.83M | -$825.00K |
| Stock-based compensation | $9.19M | $6.18M | $5.19M | $3.15M | $2.33M | $1.42M | $1.21M | $4.17M | $1.72M | $1.54M |
| Common dividends paid | $43.53M | $35.85M | $29.05M | $24.88M | $22.16M | $20.34M | $18.60M | $16.26M | $14.22M | $12.46M |
| Common share repurchases | $15.00M | $0 | $0 | $427.00K | $460.00K | $3.12M | $5.21M | $4.80M | $4.40M | $0 |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $169.67M | $142.22M | $98.11M | $76.56M | $80.76M | $80.52M | $73.22M | $51.71M | $34.68M | $45.59M |
| Gross margin | 41.7% | 39.8% | 39.3% | 38.9% | 40.7% | 39.5% | 38.5% | 37.4% | 38.7% | 38.2% |
| Operating margin | 20.0% | 19.1% | 16.8% | 15.4% | 15.6% | 15.3% | 14.6% | 13.1% | 14.1% | 13.4% |
| FCF margin | 18.5% | 17.2% | 13.9% | 13.5% | 16.0% | 18.9% | 17.2% | 11.9% | 8.6% | 11.6% |
| SBC / revenue | 1.0% | 0.7% | 0.7% | 0.6% | 0.5% | 0.3% | 0.3% | 1.0% | 0.4% | 0.4% |
| Current ratio | 3.36x | 4.57x | 3.35x | 3.15x | 3.18x | 3.29x | 3.50x | 2.74x | 1.70x | 1.99x |
| Revenue YoY growth | 10.9% | 17.5% | 24.4% | 11.9% | 18.7% | 0.2% | -2.1% | 7.8% | 2.2% | Unavailable |
| Net margin | 15.5% | 15.1% | 13.2% | 11.8% | 12.1% | 11.6% | 11.1% | 6.4% | 8.6% | 8.2% |
| R&D / revenue | 2.4% | 2.3% | 2.7% | 2.8% | 2.9% | 2.7% | 2.8% | 2.6% | 2.6% | 2.7% |
| CapEx / revenue | 1.5% | 1.6% | 1.7% | 1.0% | 1.3% | 2.1% | 1.8% | 2.0% | 3.7% | 2.7% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 24.9% | 25.0% | 24.1% | 24.2% | 22.6% | 24.1% | 23.4% | 22.5% | 37.0% | 35.2% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open BMI in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-07-23View SEC filing
10-Q · Filed 2026-04-20View SEC filing
10-K · Filed 2026-02-17View SEC filing
10-Q · Filed 2025-10-22View SEC filing
10-Q · Filed 2025-07-23View SEC filing
10-Q · Filed 2025-04-18View SEC filing
Companies in the same industry
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.