Badger Meter Inc (BMI)
Badger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions worldwide. The company offers Utility water smart metering solutions and software technologies and services to municipal water utility market. It also provides flow instrumentation products, including meters, valves, and other sensing instruments to measure and control fluids, including water, air, steam, and other liquids and gases to original equipment manufacturers as the primary flow measurement device within a product or system, as well as through manufacturers' representatives. In addition, the company offers ORION Cellular endpoints to power network as a service; ORION mobile read endpoints support for deploying AMR solution; radio products; hardware, instruments, and sensors, and related software, to enhance connected data to a water utility's operation; water quality monitoring solutions, including optical sensing and electrochemical instruments; and high frequency pressure and leak detection sensors to aid in burst pipe and leak events; as well as BEACON, a secure cloud-hosted software suite that establishes alerts for specific conditions and allows consumer engagement tools that permit end water user to view and manage their water usage activity. Its flow instrumentation products are used in water/wastewater, heating, ventilating and air conditioning, and corporate sustainability markets. The company serves water utilities, commercial, and industrial industries; and provides training, project management, technical support, and other collaborative services for customers. It sells its products and software to employees, resellers, and representatives. The company was incorporated in 1905 and is based in Milwaukee, Wisconsin.
- Symbol
- BMI
- Exchange
- NYSE
- Sector
- Technology
- Industry
- Scientific & Technical Instruments
- Market cap
- $3.86B
- 52 week range
- 112.09 - 204
Valuation
- Share price
- $133.00 (close of 2026-09-23)
- P/E (TTM)
- 31.00x
- Price to book
- 5.66x
- Price to free cash flow
- 25.70x
- Enterprise value
- $3.86B
- Book value per share
- $23.52
Price performance
| Period | Change |
|---|
| 1 day | +1.14% |
| 5 days | +5.46% |
| 1 month | +0.90% |
| 3 months | +4.06% |
| 6 months | -13.54% |
| Year to date | -23.74% |
| 1 year | -24.19% |
| 3 years | -12.71% |
| 5 years | +26.68% |
| 10 years | +294.31% |
| All time | +17633.33% |
Profitability and growth
- Return on equity
- 19.86%
- Return on invested capital
- 18.79%
- Return on assets
- 14.55%
- Return on capital employed
- 22.29%
- Gross margin
- 41.68%
- Net margin
- 15.45%
- EBITDA margin
- 21.22%
- Revenue growth
- 10.90%
- Net income growth
- 13.36%
- Free cash flow growth
- 19.31%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 3.89%
- Current ratio
- 2.42x
- Net debt to EBITDA
- 0.00x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $916.66M
- Cost of revenue
- $534.59M
- Gross profit
- $382.07M
- EBITDA
- $194.52M
- Net income
- $141.63M
- Earnings per share
- $4.82
- Research and development
- $21.60M
- Shares outstanding
- 29.40M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $916.66M | $382.07M | $141.63M | $4.82 |
| 2024-12-31 | $826.56M | $329.18M | $124.94M | $4.26 |
| 2023-12-31 | $703.59M | $276.44M | $92.60M | $3.16 |
| 2022-12-31 | $565.57M | $219.97M | $66.50M | $2.28 |
| 2021-12-31 | $505.20M | $205.48M | $60.88M | $2.09 |
| 2020-12-31 | $425.54M | $168.25M | $49.34M | $1.70 |
| 2019-12-31 | $424.63M | $163.53M | $47.18M | $1.63 |
| 2018-12-31 | $433.73M | $162.35M | $27.79M | $0.96 |
| 2017-12-31 | $402.44M | $155.75M | $34.57M | $1.20 |
| 2016-12-31 | $393.76M | $150.58M | $32.30M | $1.12 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 41.68% | 15.45% | 19.86% | 18.79% |
| 2024-12-31 | 39.83% | 15.12% | 20.61% | 19.01% |
| 2023-12-31 | 39.29% | 13.16% | 17.93% | 16.98% |
| 2022-12-31 | 38.89% | 11.76% | 15.03% | 14.71% |
| 2021-12-31 | 40.67% | 12.05% | 15.11% | 18.93% |
| 2020-12-31 | 39.54% | 11.60% | 13.66% | 16.72% |
| 2019-12-31 | 38.51% | 11.11% | 14.25% | 16.15% |
| 2018-12-31 | 37.43% | 6.41% | 9.16% | 15.27% |
| 2017-12-31 | 38.70% | 8.59% | 12.46% | 11.69% |
| 2016-12-31 | 38.24% | 8.20% | 12.60% | 11.94% |
Cash and debt by year
| Period end | Cash |
|---|
| 2021-12-31 | $87.17M |
| 2020-12-31 | $72.27M |
| 2019-12-31 | $48.87M |
| 2018-12-31 | $13.09M |
| 2017-12-31 | $11.16M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $169.67M | $9.19M |
| 2024-12-31 | $142.22M | $6.18M |
| 2023-12-31 | $98.11M | $5.19M |
| 2022-12-31 | $76.56M | $3.15M |
| 2021-12-31 | $80.76M | $2.33M |
| 2020-12-31 | $80.52M | $1.42M |
| 2019-12-31 | $73.22M | $1.21M |
| 2018-12-31 | $51.71M | $4.17M |
| 2017-12-31 | $34.68M | $1.73M |
| 2016-12-31 | $45.59M | $1.54M |
Dividend history
- Most recent payment
- 2026-08-28
- Paid in the last twelve months
- $1.64
| Payment date | Dividend per share |
|---|
| 2026-08-28 | $0.44 |
| 2026-05-22 | $0.40 |
| 2026-02-27 | $0.40 |
| 2025-11-21 | $0.40 |
| 2025-08-22 | $0.40 |
| 2025-05-23 | $0.34 |
| 2025-02-28 | $0.34 |
| 2024-11-22 | $0.34 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-20
- Consensus EPS estimate
- $1.21
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-22 | Jun/2026 | $1.01 |
| 2026-04-17 | - | - |
| 2026-01-28 | - | - |
| 2025-10-21 | - | - |
| 2025-07-22 | - | - |
| 2025-04-17 | - | - |
| 2025-04-16 | - | - |
| 2025-01-31 | - | - |
Filings and sources
- Company website
- badgermeter.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
Similar companies
Keysight Technologies, Inc. (KEYS) · Garmin Ltd (GRMN) · Teledyne Technologies Inc (TDY) · Fortive Corp (FTV) · Trimble Inc. (TRMB) · Cisco Systems, Inc. (CSCO) · Hewlett Packard Enterprise Co (HPE) · Motorola Solutions, Inc. (MSI)
All Technology companies
Understanding these figures
Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
Explore
Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades