BMI
$129.01+2.18%
Badger Meter Inc.Stock · TechnologyRussell 2000 · 0.1% of IWMRussell 3000 · 0.006% of IWVUS Stock Market · 0.006% of VTI
BMI financial statements
The full income statement, balance sheet, and cash-flow statement for Badger Meter Inc. (BMI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 29.4M2024-09 29.4M2024-12 29.4M2025-03 29.5M2025-06 29.5M2025-09 29.5M2025-12 29.2M2026-03 29.2M2026-06 29.0M-1.4% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 917M+10.9% | 827M+17.5% | 704M+24.4% | 566M+11.9% | 505M+18.7% | |
| 382M+16.1% | 329M+19.1% | 276M+25.7% | 220M+7.0% | 205M+22.1% | ||
| Cost of revenue | 535M+7.5% | 497M+16.4% | 427M+23.6% | 346M+15.3% | 300M+16.5% | |
| Research & development | 21.6M+12.5% | 19.2M+1.1% | 19.0M+20.3% | 15.8M+7.5% | 14.7M+26.7% | |
| Selling, general & administrative | 199M+16.0% | 171M+8.1% | 158M+19.4% | 133M+4.7% | 127M+23.0% | |
| Amortization of intangibles | 14.7M+61.5% | 9.10M+5.8% | 8.60M+0.0% | 8.60M-14.0% | 10.0M+38.9% | |
| Provision for credit losses | -44.0K-116.0% | 275K-85.2% | 1.86M+261.6% | 515K+169.6% | 191K-46.3% | |
| Operating income | 183M+16.1% | 158M+33.8% | 118M+35.2% | 87.3M+10.9% | 78.7M+20.8% | |
| Net interest income | 5.12M-40.5% | 8.61M+112.8% | 4.05M+633.2% | 552K+2660.0% | 20.0K+166.7% | |
| Pre-tax income | 189M+13.3% | 167M+36.5% | 122M+39.0% | 87.7M+11.6% | 78.6M+21.0% | |
| Income tax | 47.0M+13.2% | 41.6M+41.5% | 29.4M+38.4% | 21.2M+19.6% | 17.7M+13.4% | |
| Net income | 142M+13.4% | 125M+34.9% | 92.6M+39.3% | 66.5M+9.2% | 60.9M+23.4% | |
| $4.79+13.2% | $4.23+34.7% | $3.14+38.9% | $2.26+8.7% | $2.08+23.1% | ||
| EPS (basic) | $4.82+13.1% | $4.26+34.8% | $3.16+38.6% | $2.28+9.1% | $2.09+22.9% | |
| Weighted-avg shares (basic) | 29.4M+0.1% | 29.4M+0.2% | 29.3M | — | — | |
| Weighted-avg shares (diluted) | 29.6M+0.1% | 29.5M+0.3% | 29.5M | — | — | |
| Dividends per share | $1.48+21.3% | $1.22+23.2% | $0.99+16.5% | $0.85+11.8% | $0.76+8.6% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 507M-6.1% | 540M+22.1% | 442M+27.1% | 348M+33.1% | 261M+16.8% | ||
| Cash & equivalents | — | — | — | — | 87.2M+20.6% | |
| Accounts receivable | 112M+33.2% | 84.3M+1.0% | 83.5M+8.9% | 76.7M+16.4% | 65.9M+6.8% | |
| Inventory | 152M+5.9% | 143M-6.7% | 154M+28.2% | 120M+20.3% | 99.6M+22.1% | |
| Prepaid expenses | 16.8M-1.8% | 17.1M+29.2% | 13.2M-0.4% | 13.3M+52.4% | 8.71M+7.0% | |
| 974M+19.3% | 816M+13.9% | 717M+18.9% | 603M+13.6% | 531M+12.6% | ||
| Property, plant & equipment | 79.6M+7.2% | 74.3M+0.5% | 73.9M+0.5% | 73.5M-5.8% | 78.0M-5.6% | |
| Operating lease right-of-use | 12.5M+114.0% | 5.86M+6.1% | 5.52M-15.5% | 6.53M+11.2% | 5.88M-14.4% | |
| Goodwill | 236M+110.8% | 112M-1.2% | 113M+11.8% | 101M-2.9% | 104M+17.6% | |
| Intangible assets | 118M+162.9% | 45.1M-16.1% | 53.7M+0.2% | 53.6M-16.5% | 64.2M+19.7% | |
| Deferred tax assets | 14.1M-56.5% | 32.5M+43.2% | 22.7M+78.1% | 12.8M+69.4% | 7.53M+47.9% | |
| Other non-current assets | 18.7M+47.2% | 12.7M+12.7% | 11.2M-19.9% | 14.0M-8.7% | 15.4M-11.7% | |
| 151M+27.5% | 118M-10.4% | 132M+19.6% | 110M+34.3% | 82.1M+20.7% | ||
| Accounts payable | 72.3M+29.9% | 55.7M-32.0% | 81.8M+14.5% | 71.4M+70.7% | 41.9M+19.9% | |
| Short-term & current debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other current liabilities | 32.3M+58.9% | 20.4M+122.0% | 9.17M+4.7% | 8.75M+29.2% | 6.78M-1.5% | |
| Deferred revenue (non-current) | 72.8M+13.4% | 64.2M+28.9% | 49.8M+54.4% | 32.2M | — | |
| Operating lease liability (total) | 12.7M+110.9% | 6.01M+4.4% | 5.76M-15.2% | 6.79M+10.0% | 6.18M-14.4% | |
| Deferred tax liabilities | 3.48M-4.8% | 3.65M-27.8% | 5.06M+8.9% | 4.65M-13.7% | 5.38M-5.5% | |
| Other non-current liabilities | 11.1M+130.2% | 4.80M+0.9% | 4.76M-14.5% | 5.57M-81.3% | 29.8M+13.0% | |
| Total non-current liabilities | 110M+19.1% | 92.0M+34.3% | 68.5M | — | — | |
| 713M+17.7% | 606M+17.4% | 516M+16.7% | 442M+9.8% | 403M+11.6% | ||
| Common stock | 37.2M+0.0% | 37.2M+0.0% | 37.2M+0.0% | 37.2M+0.0% | 37.2M+0.0% | |
| Additional paid-in capital | 75.3M+14.4% | 65.8M+11.2% | 59.2M+11.1% | 53.3M+8.2% | 49.2M+9.5% | |
| Retained earnings | 646M+17.9% | 548M+19.4% | 459M+16.1% | 395M+11.8% | 354M+12.3% | |
| Treasury stock | 51.6M+40.5% | 36.7M-0.8% | 37.0M-0.7% | 37.3M+0.6% | 37.0M-0.1% | |
| Accumulated other comprehensive income | 6.47M+181.9% | -7.91M-380.3% | -1.65M+72.5% | -5.98M-4499.3% | 136K-89.6% | |
| Total liabilities & equity | 974M+19.3% | 816M+13.9% | 717M+18.9% | 603M+13.6% | 531M+12.6% | |
| Common shares issued | 37.2M+0.0% | 37.2M+0.0% | 37.2M+0.0% | 37.2M+0.0% | 37.2M+0.0% | |
| Common shares outstanding | 37.2M+0.0% | 37.2M+0.0% | 37.2M+0.0% | 37.2M+0.0% | 37.2M+0.0% | |
| Shares outstanding (cover) | 29.2M-0.8% | 29.4M+0.2% | 29.4M+0.2% | 29.3M+0.1% | 29.2M+0.4% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 184M+18.5% | 155M+40.8% | 110M+33.6% | 82.5M-5.8% | 87.5M-2.3% | ||
| Depreciation & amortization | 25.8M+27.7% | 20.2M+3.4% | 19.5M-0.8% | 19.7M-7.5% | 21.3M+9.4% | |
| Intangible amortization | 14.7M+61.5% | 9.10M+5.8% | 8.60M+0.0% | 8.60M-14.0% | 10.0M+38.9% | |
| Share-based compensation | 9.19M+48.7% | 6.18M+19.2% | 5.19M+64.8% | 3.15M+35.1% | 2.33M+64.7% | |
| Deferred income taxes | -854K+92.3% | -11.1M-14.8% | -9.65M-71.7% | -5.62M-83.9% | -3.06M+0.9% | |
| Change in receivables | 20.1M+1293.0% | 1.44M-77.3% | 6.35M-43.9% | 11.3M+813.5% | 1.24M+140.8% | |
| Change in inventory | 987K+109.6% | -10.3M-131.8% | 32.5M+54.5% | 21.0M+54.2% | 13.6M+365.8% | |
| Change in payables | 14.4M+218.4% | -12.2M-243.0% | 8.51M-69.6% | 28.0M+299.8% | 7.00M+1891.6% | |
| -198M-1152.1% | -15.8M+45.7% | -29.1M-394.5% | -5.89M+88.5% | -51.4M-34.6% | ||
| Capital expenditure | 14.0M+9.4% | 12.8M+6.8% | 12.0M+103.8% | 5.89M-12.7% | 6.75M-25.5% | |
| Free cash flow | 170M+19.3% | 142M+44.9% | 98.1M+28.2% | 76.6M-5.2% | 80.8M+0.3% | |
| Acquisitions | 184M+6034.1% | 3.00M-82.5% | 17.1M | 0.00-100.0% | 45.3M+55.4% | |
| -58.0M-65.2% | -35.1M-25.0% | -28.1M-14.1% | -24.6M-20.0% | -20.5M+26.3% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 15.0M | 0.00 | 0.00-100.0% | 427K-7.2% | 460K-85.2% | |
| Dividends paid | 43.5M+21.4% | 35.8M+23.4% | 29.1M+16.8% | 24.9M+12.3% | 22.2M+8.9% | |
| FX effect on cash | — | — | — | — | -679K-314.0% | |
| Net change in cash | -69.3M-166.9% | 104M+92.7% | 53.7M+5.6% | 50.9M+241.4% | 14.9M-36.3% | |
| Interest paid | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 118K+29.7% | |
| Income taxes paid | 48.8M-13.0% | 56.0M+43.9% | 38.9M+62.0% | 24.0M+20.3% | 20.0M+11.0% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 5.09B-18.4% | 6.24B+37.7% | 4.53B+42.0% | 3.19B+2.4% | 3.12B+13.7% | |
| P/E | 35.9×-28.0% | 49.9×-5.9% | 53.0×+10.1% | 48.2×-5.9% | 51.2×-7.9% | |
| P/S | 5.6×-26.4% | 7.5×+11.4% | 6.8×+17.6% | 5.8×-6.6% | 6.2×-4.2% | |
| P/B | 7.1×-30.7% | 10.3×+11.9% | 9.2×+21.8% | 7.5×-2.4% | 7.7×+1.9% | |
| P/FCF | 30.0×-31.6% | 43.9×-12.1% | 49.9×+16.1% | 43.0×+11.4% | 38.6×+13.3% | |
| Earnings yield | 2.8%+39.0% | 2.0%+6.2% | 1.9%-9.2% | 2.1%+6.2% | 2.0%+8.5% | |
| FCF yield | 3.3%+46.2% | 2.3%+13.8% | 2.0%-13.9% | 2.3%-10.2% | 2.6%-11.8% | |
| Dividend yield | 0.85%+47.5% | 0.58%-10.3% | 0.64%-17.7% | 0.78%+9.3% | 0.71%-4.2% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: BMI’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BMI filings on SEC EDGAR → Not investment advice.