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Wednesday 4 November 2026 Export BMI’s income statement to Excel — free account

Badger Meter, Inc.

BMI Technology Scientific & Technical Instruments

Badger Meter, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $916.7 million, up 10.9% from fiscal 2024.

Revenue
+0.12%
EPS
+5.04%
Free cash flow
−16.4%

Quarter to September 2026, against a year earlier

166.07 13.49 +8.84%
Market cap
$4.4B
P/E
35.1×
Fwd P/E
33.0×
Dividend yield
1.07%
F-score
5/9
Altman Z
14.75
Beneish M
−2.21
Dividend safety
96/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 2.13
Sold, $m 0.60
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 3 — 5 — — 1 — — — —
Sell — — 1 3 — — — — — — — —
Insider Ownership 1.32%

Capital & Financial Ratios $m

Size
Market Cap 4,360.00
Revenue ttm 881.24
Net income ttm 126.53
Free cash flow ttm 142.39
Net debt Q (67.93)
Valuation
P/E 35.07 (above 35: high)
Forward P/E 33.00
Price / sales 4.98
Forward P/S Powerpack
Price / FCF 30.80
Price / book 6.74 (above 6: high)
Financial health
Current ratio Q 2.48 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 26.19
Growth
Revenue growth Q +0.12% (above 0%: growing)
Operating income growth Q +3.60% (above 0%: growing)
EPS, this year −7.50% (below 0%: weak)
EPS, next year A +11.51%
Revenue, next year A −1.48% (below 0%: weak)
EPS, past 5 yrs +23.17% (at or above 15%: strong)
EPS, next 5 yrs A +4.58%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.9×, against a ten-year median of 4.5×; over the ten years it ranged from 2.1× in 2016 to 8.4× in 2025.
P/E against its own 10 years 19.89%
10-year low 10-year high
P/S against its own 10 years 53.32%
10-year low 10-year high
P/B against its own 10 years 56.40%
10-year low 10-year high
EV/Sales against its own 10 years 54.61%
10-year low 10-year high
EV/FCF against its own 10 years 36.77%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.07%
Annual rate
1.64
Payout ratio
37.9%
Growth, 2017–25
+14.8%/yr
  1. 0.49 ’17
  2. 0.56 ’18 +14
  3. 0.64 ’19 +14
  4. 0.70 ’20 +9
  5. 0.76 ’21 +9
  6. 0.85 ’22 +12
  7. 0.99 ’23 +16
  8. 1.22 ’24 +23
  9. 1.48 ’25 +21
  10. 1.64 ’26e +11
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 192 295 226 68
Receivables 84 84 112 112
Inventory 154 143 152 166
Other — — — —
442 540 507 368
2023 2024 2025 Q'26
Payables 82 56 72 70
ST’ Debt — — — —
Other 20 28 41 56
132 118 151 148

Compound Annual Growth %

10y 5y 3y
Sales 9.27% 16.59% 17.46%
Cash Flow 17.76% 15.45% 30.61%
Earnings 18.50% 23.48% 28.66%
Book Value 11.87% 14.58% 17.26%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.21 Actual 1.24

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.15 1.14 Miss by 0.01
Q1 FY26 1.20 0.93 Miss by 0.27
Q2 FY26 1.01 1.02 Beat by 0.01
Q3 FY26 1.21 1.24 Beat by 0.03
Q4 FY26 1.26 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.93 1.02 1.24 — —
’25 1.30 1.17 1.19 1.14 4.79
’24 0.99 1.12 1.08 1.04 4.23
’23 0.66 0.76 0.88 0.84 3.14
’22 0.49 0.57 0.61 0.60 2.26
’21 0.47 0.48 0.54 0.59 2.08
’20 0.41 0.33 0.51 0.45 1.69
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 202 222 236 — —
’25 222 238 236 221 917
’24 196 217 208 205 827
’23 159 176 186 182 704
’22 132 138 148 147 566
’21 118 123 129 136 505
’20 109 91 114 112 426
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 34 27 43 — —
’25 33 45 51 55 184
’24 21 36 45 52 155
’23 18 23 31 38 110
’22 9 20 24 30 82
’21 31 15 15 27 88
’20 31 22 21 16 90
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 29 22 40 — —
’25 (155) 41 48 51 170
’24 16 34 42 47 142
’23 14 20 28 36 98
’22 8 18 22 29 77
’21 29 12 14 26 81
’20 29 20 19 13 81
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 394 402 434 425 426 505 566 704 827 917 881 +9.8% 903 976 1,060 +5.0%
Gross margin, % 38.24 38.70 37.43 38.51 39.54 40.67 38.89 39.29 39.83 41.68 41.64 +3.4 pt
EBT 50 55 36 62 65 79 88 122 167 189 169 +15.9%
EBT margin, % 12.66 13.63 8.27 14.51 15.27 15.56 15.51 17.33 20.14 20.58 19.14 +7.9 pt
Net income 32 35 28 47 49 61 66 93 125 142 127 +17.9%
Per share, $
Per share, $ Revenue 13.63 13.91 14.96 14.63 14.65 17.33 19.36 24.03 28.16 31.18 30.65 +9.6%
Earnings 1.12 1.20 0.96 1.63 1.70 2.09 2.28 3.16 4.26 4.82 4.35 +17.6%
Cash flow 1.95 1.72 2.08 2.78 3.08 3.00 2.82 3.76 5.28 6.25 5.52 +13.8%
Capex (0.37) (0.52) (0.30) (0.26) (0.31) (0.23) (0.20) (0.41) (0.44) (0.48) (0.57) +3.0%
Free cash flow 1.58 1.20 1.78 2.52 2.77 2.77 2.62 3.35 4.84 5.77 4.95 +15.5%
Book value 8.87 9.59 10.47 11.41 12.43 13.83 15.14 17.64 20.65 24.26 22.65 +11.8%
Shares, m 29 29 29 29 29 29 29 29 29 29 29 +0.2%
Valuation, ×
Valuation, × P/E 33.24 39.58 51.26 40.08 55.33 51.23 48.31 49.49 49.79 36.18 35.07 45.5
P/S 2.71 3.41 3.29 4.44 6.42 6.15 5.67 6.51 7.53 5.59 4.98 5.2
P/B 4.16 4.95 4.70 5.69 7.56 7.70 7.24 8.87 10.27 7.19 6.74 6.8
EV/Sales 2.69 3.39 3.26 4.32 6.25 5.97 5.42 6.24 7.18 5.35 4.90 5.0
EV/FCF 23.22 39.30 27.34 25.07 33.04 37.37 40.05 44.72 41.71 28.89 30.33 34.1
Cash, $m
Cash, $m Operating cash flow 56 50 60 81 90 88 82 110 155 184 159 +14.1%
Capex (11) (15) (9) (7) (9) (7) (6) (12) (13) (14) (16) +3.2%
Free cash flow 46 35 52 73 81 81 77 98 142 170 142 +15.7%
Balance, $m
Balance, $m Working capital 75 66 105 143 156 179 238 310 422 356 220 +18.9%
Net debt (7) (11) (13) (49) (72) (87) (138) (192) (295) (226) (68) +46.4%
Shareholders’ equity 256 277 304 331 361 403 442 516 606 713 651 +12.0%
Returns, %
Returns, % ROA 9.16 9.33 7.09 11.58 11.05 12.15 11.73 14.03 16.30 15.83 13.17 +6.7 pt
ROIC 13.23 13.28 12.24 13.76 14.09 15.58 17.93 22.72 31.75 23.53 17.72 +10.3 pt
ROE 13.22 12.96 9.57 14.87 14.25 15.93 15.73 19.31 22.26 21.47 18.70 +8.2 pt
People
People Employees 1,562 1,632 1,531 1,567 1,602 1,837 1,976 2,140 2,210 2,477 — +5.3%
Revenue/emp, $m 0.25 0.25 0.28 0.27 0.27 0.28 0.29 0.33 0.37 0.37 — +4.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Badger Meter, Inc. vs peers in Scientific & Technical Instruments (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TRMB Trimble Inc. $15.3B — (loss-making) — (loss-making) +11.00% (above 0%: growing) −645.95% (below 0%: shrinking) +492.59% (above 0%: growing) 69.43% 13.58% Compare
MKSI MKS Inc. $13.9B 31.4× 21.4× +28.26% (above 0%: growing) +181.52% (above 0%: growing) +38.97% (above 0%: growing) 47.68% 20.11% Compare
CGNX Cognex Corporation $9.8B 55.4× 34.5× +16.93% (above 0%: growing) +79.17% (above 0%: growing) +67.25% (above 0%: growing) 70.65% 29.36% Compare
ESE ESCO Technologies Inc. $7.8B 20.7× 40.9× +14.40% (above 0%: growing) +24.75% (above 0%: growing) −22.12% (below 0%: shrinking) 41.74% 14.80% Compare
ST Sensata Technologies Holding N.V. $6.1B 16.5× 14.1× +7.68% (above 0%: growing) n/m +45.49% (above 0%: growing) 33.07% 17.46% Compare
NOVT Novanta Inc. $5.6B 92.5× 80.1× +10.27% (above 0%: growing) +158.33% (above 0%: growing) +391.84% (above 0%: growing) 45.49% 6.79% Compare
VNT Vontier Corporation $4.9B 15.1× 12.7× −2.17% (below 0%: shrinking) −67.74% (below 0%: shrinking) +13.79% (above 0%: growing) 48.24% 19.39% Compare
BMI Badger Meter, Inc. $4.4B 35.1× 33.0× +0.12% (above 0%: growing) +5.04% (above 0%: growing) −16.42% (below 0%: shrinking) 41.90% 20.23%
ITRI Itron, Inc. $4.3B 15.6× 17.4× +3.04% (above 0%: growing) +13.76% (above 0%: growing) −15.75% (below 0%: shrinking) 40.86% 15.93% Compare
Median of peers $6.9B 20.7× 21.4× +10.64% +24.75% +42.23% 46.59% 16.70%

All 33 Scientific & Technical Instruments stocks →

Pay and ownership Proxy statement filed 13 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.93m 6.29m 192.28
2024 5.08m 9.64m 232.17
2023 4.54m 8.02m 167.92
2022 3.94m 4.51m 117.79
2021 3.67m 4.75m 114.12

Ownership

Directors and executive officers, together 1.00%
BlackRock, Inc. 17.10%
The Vanguard Group, Inc. 13.70%
State Street Corporation 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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BMI metrics, ten years each

stockrow.com/BMI · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com