Loading financials from SEC filings…
Scientific & technical instruments · Technology · Fiscal year ends Dec 31
Badger Meter reported revenue of $917M in the fiscal year ended Dec 2025, up 10.9% from the year before. Operating income was $183M, an operating margin of 20.0%, and net income was $142M. Operating cash flow of $184M less capital expenditure of $14M left free cash flow of $170M.
Ranks among the 19 scientific & technical instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 505 | 566 | 704 | 827 | 917 |
| Cost of revenue | 300 | 346 | 427 | 497 | 535 |
| Gross profit | 205 | 220 | 276 | 329 | 382 |
| Research & development | 14.7 | 15.8 | 19.0 | 19.2 | 21.6 |
| Selling, general & admin | 127 | 133 | 158 | 171 | 199 |
| Operating income | 78.7 | 87.3 | 118 | 158 | 183 |
| Net interest incomeBanks | 0.0 | 0.6 | 4.0 | 8.6 | 5.1 |
| Pre-tax income | 78.6 | 87.7 | 122 | 167 | 189 |
| Income tax | 17.7 | 21.2 | 29.4 | 41.6 | 47.0 |
| Net income | 60.9 | 66.5 | 92.6 | 125 | 142 |
| Diluted EPS | 2.08 | 2.26 | 3.14 | 4.23 | 4.79 |
| Diluted shares | 0.0 | 0.0 | 29.5 | 29.5 | 29.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 87.2 | – | – | – | – |
| Receivables | 65.9 | 76.7 | 83.5 | 84.3 | 112 |
| Inventory | 99.6 | 120 | 154 | 143 | 152 |
| Current assets | 261 | 348 | 442 | 540 | 507 |
| Net PP&E | 78.1 | 73.5 | 73.9 | 74.3 | 79.6 |
| Goodwill | 104 | 101 | 113 | 112 | 236 |
| Total assets | 531 | 603 | 717 | 816 | 974 |
| Payables | 41.9 | 71.4 | 81.8 | 55.7 | 72.3 |
| Deferred revenue | 30.2 | 40.7 | 60.0 | 78.3 | 97.0 |
| Current liabilities | 82.1 | 110 | 132 | 118 | 151 |
| Short-term debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 128 | 161 | 200 | 210 | 260 |
| Shareholders' equity | 403 | 442 | 516 | 606 | 713 |
| Backlog (remaining obligations) | 30.2 | 40.7 | 60.0 | 78.3 | 97.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 87.5 | 82.5 | 110 | 155 | 184 |
| Capital expenditure | 6.7 | 5.9 | 12.0 | 12.8 | 14.0 |
| Free cash flow | 80.8 | 76.6 | 98.1 | 142 | 170 |
| Depreciation & amortisation | 11.3 | 11.1 | 10.9 | 11.1 | 11.1 |
| Stock-based compensation | 2.3 | 3.1 | 5.2 | 6.2 | 9.2 |
| Acquisitions | 45.3 | 0.0 | 17.1 | 3.0 | 184 |
| Share buybacks | 0.5 | 0.4 | 0.0 | 0.0 | 15.0 |
| Dividends paid | 22.2 | 24.9 | 29.1 | 35.8 | 43.5 |
| Dividend per share | 0.76 | 0.85 | 0.99 | 1.22 | 1.48 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.9% | 24.4% | 17.5% | 10.9% |
| Operating income growth (YoY) | – | 10.9% | 35.2% | 33.8% | 16.1% |
| EPS growth (YoY) | – | 8.7% | 38.9% | 34.7% | 13.2% |
| Gross margin | 40.7% | 38.9% | 39.3% | 39.8% | 41.7% |
| Operating margin | 15.6% | 15.4% | 16.8% | 19.1% | 20.0% |
| Net margin | 12.1% | 11.8% | 13.2% | 15.1% | 15.5% |
| Return on equityBlank when equity is negative | 15.1% | 15.0% | 17.9% | 20.6% | 19.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.5% | 17.7% | 20.2% | 22.6% | 22.3% |
| Free cash flow margin | 16.0% | 13.5% | 13.9% | 17.2% | 18.5% |
| Cash conversion (CFO ÷ net income) | 1.44x | 1.24x | 1.19x | 1.24x | 1.30x |
| Receivable days | 48 | 49 | 43 | 37 | 45 |
| Inventory days | 121 | 127 | 131 | 105 | 104 |
| Payable days | 51 | 75 | 70 | 41 | 49 |
| Current ratio | 3.18x | 3.15x | 3.35x | 4.57x | 3.36x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.