A Business at a Glance
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BADGER METER INC
BMI
$3.7B
Mkt Cap
$126.32
+2.53%
BADGER METER INC (BMI) has a current P/E ratio of 26.4, compared to its historical median P/E of 47.2. The stock is currently considered Cheap based on its historical valuation range.
BADGER METER INC (BMI) has a 5-year average return on invested capital (ROIC) of 23.3%. This indicates strong capital allocation and a potential competitive advantage.
BADGER METER INC (BMI) has a market capitalization of $4.7B. It is classified as a mid-cap stock.
Yes, BADGER METER INC (BMI) pays a dividend with a trailing twelve-month yield of 0.96%. The company also returns capital through share buybacks, with a buyback yield of 0.32%.
Based on historical P/E analysis, BADGER METER INC (BMI) appears cheap. The current P/E of 26.4 is 44% below its historical median of 47.2. The estimated fair value CAGR (P/E method) is 21.5%.
BADGER METER INC (BMI) operates in the Totalizing Fluid Meters & Counting Devices industry, within the Technology sector.
BADGER METER INC (BMI) reported annual revenue of $917 million in its most recent fiscal year, based on SEC EDGAR filings.
Badger Meter, Inc. (the Company) is a leading innovator, manufacturer and marketer of products incorporating flow measurement, quality, control and other system solutions serving markets worldwide. The Company was incorporated in 1905. Throughout this 2025 Annual Report on Form 10-K, the words “we,” “us” and “our” refer to the Company. Available Information The Company's internet address is http://www.badgermeter.com. The Company makes available free of charge through its website its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, on the same day they are electronically filed with, or furnished to, the Securities and Exchange Commission. The Company is not including the information contained on or available through its website as a part of, or incorporating such information by reference into, this Annual Report on Form 10-K.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 897M | 917M | 827M | 704M | 566M | 505M |
| Net Income | 131M | 142M | 125M | 93M | 66M | 61M |
| EPS | $3.51 | $4.79 | $4.23 | $3.14 | $2.26 | $2.08 |
| Free Cash Flow | 169M | 170M | 142M | 98M | 77M | 81M |
| ROIC | 17.8% | 27.8% | 24.6% | 25.0% | 18.7% | 20.2% |
| Gross Margin | 41.4% | 41.7% | 39.8% | 39.3% | 38.9% | 40.7% |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividends/Share | $1.21 | $1.48 | $1.22 | $0.99 | $0.85 | $0.76 |
| Operating Income | 169M | 183M | 158M | 118M | 87M | 79M |
| Operating Margin | 18.9% | 20.0% | 19.1% | 16.8% | 15.4% | 15.6% |
| ROE | 18.9% | 21.5% | 22.3% | 19.3% | 15.7% | 15.9% |
| Shares Outstanding | 37M | 30M | 30M | 29M | 29M | 29M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 365M | 378M | 394M | 402M | 434M | 425M | 426M | 505M | 566M | 704M | 827M | 917M | 897M |
| Gross Margin | 36.0% | 35.9% | 38.2% | 38.7% | 37.4% | 38.5% | 39.5% | 40.7% | 38.9% | 39.3% | 39.8% | 41.7% | 41.4% |
| R&D | 9.5M | 11M | 11M | 11M | 11M | 12M | 12M | 15M | 16M | 19M | 19M | 22M | 22M |
| SG&A | 85M | 93M | 98M | 99M | 105M | 101M | 103M | 127M | 133M | 158M | 171M | 199M | 202M |
| EBIT | 46M | 42M | 53M | 57M | 57M | 62M | 65M | 79M | 87M | 118M | 158M | 183M | 169M |
| Op. Margin | 12.6% | 11.2% | 13.4% | 14.1% | 13.1% | 14.6% | 15.3% | 15.6% | 15.4% | 16.8% | 19.1% | 20.0% | 18.9% |
| Net Income | 30M | 26M | 32M | 35M | 28M | 47M | 49M | 61M | 66M | 93M | 125M | 142M | 131M |
| Net Margin | 8.1% | 6.9% | 8.2% | 8.6% | 6.4% | 11.1% | 11.6% | 12.1% | 11.8% | 13.2% | 15.1% | 15.5% | 14.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 10.7% | 9.0% | 11.4% | 11.7% | 13.7% | 16.0% | 17.2% | 20.2% | 18.7% | 25.0% | 24.6% | 27.8% | 17.8% |
| ROE | 14.4% | 11.6% | 13.2% | 13.0% | 9.6% | 14.9% | 14.3% | 15.9% | 15.7% | 19.3% | 22.3% | 21.5% | 18.9% |
| ROA | 9.0% | 7.4% | 9.2% | 9.3% | 7.1% | 11.6% | 11.0% | 12.2% | 11.7% | 14.0% | 16.3% | 15.8% | 13.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 36M | 36M | 56M | 50M | 60M | 81M | 90M | 88M | 82M | 110M | 155M | 184M | 185M |
| Free Cash Flow | 23M | 16M | 46M | 35M | 52M | 73M | 81M | 81M | 77M | 98M | 142M | 170M | 169M |
| Owner Earnings | 20M | 18M | 38M | 29M | 37M | 61M | 69M | 64M | 60M | 85M | 129M | 149M | -2.6M |
| CapEx | 12M | 20M | 11M | 15M | 8.6M | 7.5M | 9.1M | 6.7M | 5.9M | 12M | 13M | 14M | 15M |
| Maint. CapEx | 14M | 16M | 17M | 19M | 19M | 19M | 19M | 21M | 20M | 20M | 20M | 26M | 178M |
| Growth CapEx | 0 | 3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 14M | 16M | 17M | 19M | 19M | 19M | 19M | 21M | 20M | 20M | 20M | 26M | 178M |
| CapEx/OCF | 34.5% | 55.2% | 18.9% | 30.3% | 14.3% | 9.3% | 10.1% | 7.7% | 7.1% | 10.9% | 8.3% | 7.6% | 8.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 11M | 11M | 12M | 14M | 16M | 19M | 20M | 22M | 25M | 29M | 36M | 44M | 45M |
| Dividend Yield | 0.8% | 0.7% | 1.4% | 1.3% | 1.2% | 1.2% | 1.1% | 0.8% | 0.9% | 0.7% | 0.7% | 0.7% | 1.0% |
| Share Buybacks | 0 | 0 | 0 | 4.4M | 4.8M | 5.2M | 3.1M | 460K | 427K | 0 | 0 | 15M | 15M |
| Buyback Yield | N/A | N/A | N/A | 0.3% | 0.4% | 0.3% | 0.1% | 0.0% | 0.0% | N/A | N/A | 0.3% | 0.3% |
| Stock-Based Comp | 1.4M | 1.5M | 1.5M | 1.7M | 4.2M | 1.2M | 1.4M | 2.3M | 3.1M | 5.2M | 6.2M | 9.2M | 9.5M |
| Debt Repayment | 6.7M | 4.0M | 33M | 6.4M | 21M | 14M | 4.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 69M | 63M | 31M | 34M | 5.0M | -44M | -72M | -87M | -51M | -192M | -104M | -226M | 21M |
| Cash & Equiv. | 6.7M | 8.2M | 7.3M | 11M | 13M | 49M | 72M | 87M | 51M | 192M | 104M | 226M | -21M |
| Long-Term Debt | 154K | 154K | 154K | 154K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.35 | 0.31 | 0.15 | 0.16 | 0.06 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage | 40.6 | 34.8 | 57.2 | 71.7 | 49.2 | 245.6 | 2171.9 | 3936.2 | 158.1 | 29.2 | 18.3 | 35.8 | 34.3 |
| Equity | 214M | 232M | 256M | 277M | 304M | 331M | 361M | 403M | 442M | 516M | 606M | 713M | 690M |
| Total Assets | 341M | 355M | 350M | 392M | 393M | 422M | 471M | 531M | 603M | 717M | 816M | 974M | 971M |
| Total Liabilities | 127M | 123M | 93M | 114M | 89M | 91M | 110M | 128M | 161M | 200M | 210M | 260M | -14M |
| Intangibles | 62M | 57M | 52M | 59M | 55M | 48M | 54M | 64M | 54M | 54M | 45M | 118M | 114M |
| Retained Earnings | 189M | 204M | 224M | 244M | 257M | 286M | 315M | 354M | 395M | 459M | 548M | 646M | 662M |
| Working Capital | 34M | 45M | 75M | 66M | 105M | 143M | 156M | 179M | 238M | 310M | 422M | 356M | 339M |
| Current Assets | 141M | 149M | 151M | 159M | 165M | 200M | 224M | 261M | 348M | 442M | 540M | 507M | 508M |
| Current Liabilities | 107M | 105M | 76M | 93M | 60M | 57M | 68M | 82M | 110M | 132M | 118M | 151M | 169M |
| Per Share Data | |||||||||||||
| EPS | 0.52 | 0.45 | 1.11 | 1.19 | 0.95 | 1.61 | 1.69 | 2.08 | 2.26 | 3.14 | 4.23 | 4.79 | 3.51 |
| Owner EPS | 0.35 | 0.32 | 1.30 | 1.00 | 1.28 | 2.07 | 2.35 | 2.18 | 2.03 | 2.90 | 4.36 | 5.03 | -0.07 |
| Book Value | 3.72 | 4.03 | 8.81 | 9.55 | 10.38 | 11.30 | 12.37 | 13.77 | 15.04 | 17.51 | 20.52 | 24.12 | 18.55 |
| Cash Flow/Share | 0.62 | 0.62 | 1.93 | 1.71 | 2.06 | 2.75 | 3.07 | 2.99 | 2.80 | 3.73 | 5.25 | 6.21 | 8.28 |
| Dividends/Share | 0.19 | 0.20 | 0.43 | 0.49 | 0.56 | 0.64 | 0.70 | 0.76 | 0.85 | 0.99 | 1.22 | 1.48 | 1.21 |
| Shares Out. | 57.6M | 57.6M | 29.1M | 29.1M | 29.3M | 29.3M | 29.2M | 29.3M | 29.4M | 29.5M | 29.5M | 29.6M | 37.2M |
| Valuation | |||||||||||||
| P/E Ratio | 25.8 | 30.3 | 31.1 | 37.7 | 47.6 | 39.0 | 53.7 | 49.6 | 46.8 | 48.6 | 50.4 | 37.6 | 36.0 |
| P/FCF | 65.5 | 97.8 | 22.0 | 37.6 | 25.6 | 25.2 | 32.9 | 37.4 | 40.7 | 45.9 | 44.3 | 31.4 | 27.8 |
| EV/EBIT | 18.0 | 19.8 | 20.2 | 23.4 | 23.1 | 28.1 | 38.4 | 36.1 | 32.5 | 34.9 | 36.1 | 26.6 | 27.9 |
| Price/Book | 3.6 | 3.4 | 3.9 | 4.7 | 4.4 | 5.6 | 7.3 | 7.5 | 7.0 | 8.7 | 10.4 | 7.5 | 6.8 |
| Price/Sales | 1.8 | 2.1 | 2.3 | 2.8 | 3.1 | 3.6 | 4.3 | 5.6 | 4.8 | 5.7 | 6.7 | 6.5 | 5.2 |
| FCF Yield | 3.1% | 2.0% | 4.5% | 2.7% | 3.9% | 4.0% | 3.0% | 2.7% | 2.5% | 2.2% | 2.3% | 3.2% | 3.6% |
| Market Cap | 767M | 785M | 1.0B | 1.3B | 1.3B | 1.8B | 2.6B | 3.0B | 3.1B | 4.5B | 6.3B | 5.3B | 4.7B |
| Avg. Price | 23.35 | 27.07 | 31.03 | 38.41 | 45.76 | 52.89 | 62.85 | 96.95 | 92.95 | 136.48 | 186.23 | 201.66 | 126.32 |
| Year-End Price | 26.61 | 27.25 | 34.51 | 44.88 | 45.21 | 62.86 | 90.70 | 103.09 | 105.77 | 152.75 | 213.27 | 180.29 | 126.32 |
BADGER METER INC passes 7 of 9 quality checks, indicating strong fundamentals.
BADGER METER INC trades at 26.4x trailing earnings, compared to its 15-year median P/E of 47.2x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 21.7x vs a median of 35.1x. The company's 5-year average ROIC is 23.3% with a gross margin of 40.1%. Total shareholder yield (dividends + buybacks) is 1.3%. At current prices, the estimated annualized return to fair value is +12.9%.
BADGER METER INC (BMI) has a net profit margin of 15.5%. This is a healthy margin.
BADGER METER INC (BMI) generated $170 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BADGER METER INC (BMI) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
BADGER METER INC (BMI) reported earnings per share (EPS) of $4.79 in its most recent fiscal year.
BADGER METER INC (BMI) has a return on equity (ROE) of 21.5%. This indicates the company generates strong returns for shareholders.
BADGER METER INC (BMI) has a 5-year average gross margin of 40.1%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for BADGER METER INC (BMI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BADGER METER INC (BMI) has a book value per share of $24.12, based on its most recent annual SEC filing.