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%

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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

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
Piotroski F-Score Full definition →	8	6	6	7	5	7	4	8	8	5
P/E ratio Full definition →	33.24	39.58	51.26	40.08	55.33	51.23	48.31	49.49	49.79	36.18
P/S ratio Full definition →	2.71	3.41	3.29	4.44	6.42	6.15	5.67	6.51	7.53	5.59
Altman Z-Score Full definition →	9.63	9.84	12.42	15.30	17.60	17.36	14.71	16.47	20.99	14.75
Altman Z″-Score (non-manufacturers) Full definition →	7.39	6.65	8.43	9.25	8.72	8.70	8.58	8.74	9.91	8.71
P/FCF ratio Full definition →	23.38	39.62	27.59	25.74	33.94	38.45	41.85	46.68	43.79	30.22
Beneish M-Score Full definition →	(2.72)	(2.67)	(2.62)	(2.93)	(2.88)	(2.69)	(2.55)	(2.52)	(2.61)	(2.21)
P/Operating CF Full definition →	66.61	359.51	69.71	96.29	171.86	114.70	107.86	120.69	119.60	93.56
P/B ratio Full definition →	4.16	4.95	4.70	5.69	7.56	7.70	7.24	8.87	10.27	7.19
Dividend Safety Score Full definition →	—	—	—	—	—	—	—	—	—	96
Price to Tangible BV Full definition →	6.88	9.12	8.07	8.91	12.48	13.24	11.14	13.10	13.86	14.27
EV/Sales Full definition →	2.69	3.39	3.26	4.32	6.25	5.97	5.42	6.24	7.18	5.35
EV/EBITDA Full definition →	14.09	16.83	17.41	21.28	29.44	28.32	27.01	30.02	31.20	22.48
EV/Operating CF Full definition →	18.84	27.39	23.42	22.75	29.70	34.49	37.19	39.85	38.26	26.68
EV/FCF Full definition →	23.22	39.30	27.34	25.07	33.04	37.37	40.05	44.72	41.71	28.89
Quick Ratio Full definition →	0.89	0.75	1.32	1.93	1.97	1.86	1.95	2.09	3.21	2.25
Current Ratio Full definition →	1.99	1.70	2.74	3.50	3.29	3.18	3.15	3.35	4.57	3.36
Net Debt/EBITDA Full definition →	(0.10)	(0.14)	(0.16)	(0.57)	(0.80)	(0.82)	(1.22)	(1.31)	(1.55)	(1.04)
Debt/Assets Full definition →	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt/Equity Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Asset Turnover Full definition →	1.12	1.09	1.11	1.04	0.95	1.01	1.00	1.07	1.08	1.02
Operating CF/Net income Full definition →	1.74	1.44	2.17	1.71	1.82	1.44	1.24	1.19	1.24	1.30
Capex/Depreciation Full definition →	(0.47)	(0.62)	(0.36)	(0.31)	(0.36)	(0.24)	(0.22)	(0.43)	(0.40)	(0.41)
Interest Coverage Full definition →	57.19	71.73	49.15	245.64	2,171.87	(3,936.15)	(158.14)	—	—	—
ROE Full definition →	13.22%	12.96%	9.57%	14.87%	14.25%	15.93%	15.73%	19.31%	22.26%	21.47%
ROA Full definition →	9.16%	9.33%	7.09%	11.58%	11.05%	12.15%	11.73%	14.03%	16.30%	15.83%
ROIC Full definition →	13.23%	13.28%	12.24%	13.76%	14.09%	15.58%	17.93%	22.72%	31.75%	23.53%
Return on Tangible Assets Full definition →	19.53%	21.73%	14.25%	20.64%	20.70%	23.67%	21.38%	24.11%	25.18%	32.49%
Average Days of Receivables Full definition →	55.45	52.79	55.79	52.75	52.91	47.59	49.47	43.32	37.24	44.74
Research and Development Expense of Revenue Full definition →	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →	24.86%	24.64%	24.32%	23.88%	24.23%	25.09%	23.46%	22.51%	20.72%	21.67%
Intangible Assets out of Total Assets Full definition →	0.29	0.32	0.32	0.28	0.30	0.32	0.26	0.23	0.19	0.36
Share Based Compensation of Revenue Full definition →	0.39%	0.43%	0.96%	0.29%	0.33%	0.46%	0.56%	0.74%	0.75%	1.00%
Graham Net Nets Full definition →	0.05	0.03	0.05	0.06	0.04	0.04	0.06	0.05	0.05	0.05
Graham Number Full definition →	14.88	16.09	15.04	20.39	21.81	25.44	27.81	35.41	44.49	51.30
Earnings Yield Full definition →	3.01%	2.53%	1.95%	2.49%	1.81%	1.95%	2.07%	2.02%	2.01%	2.76%
Free Cash Flow Yield Full definition →	4.28%	2.52%	3.62%	3.88%	2.95%	2.60%	2.39%	2.14%	2.28%	3.31%
Revenue per Share Full definition →	13.63	13.91	14.96	14.63	14.65	17.33	19.36	24.03	28.16	31.18
Operating CF per Share Full definition →	1.95	1.72	2.08	2.78	3.08	3.00	2.82	3.76	5.28	6.25
Capex per Share Full definition →	(0.37)	(0.52)	(0.30)	(0.26)	(0.31)	(0.23)	(0.20)	(0.41)	(0.44)	(0.48)
Free Cash Flow per Share Full definition →	1.58	1.20	1.78	2.52	2.77	2.77	2.62	3.35	4.84	5.77
Cash per Share Full definition →	0.25	0.39	0.45	1.68	2.49	2.99	4.72	6.55	10.06	7.69
Shareholders Equity per Share Full definition →	8.87	9.59	10.47	11.41	12.43	13.83	15.14	17.64	20.65	24.26
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	8.87	9.59	10.47	11.41	12.43	13.83	15.14	17.64	20.65	24.26
Free Cash Flow Full definition →	45.59	34.68	51.71	73.22	80.52	80.76	76.56	98.11	142.22	169.67
Working Capital Full definition →	75.17	65.51	104.64	142.85	155.65	179.21	237.52	310.23	421.91	356.36
Capital Expenditures Full definition →	(10.60)	(15.07)	(8.64)	(7.50)	(9.06)	(6.75)	(5.89)	(12.00)	(12.82)	(14.03)
Net Current Asset Value Full definition →	57.52	44.35	75.47	109.27	113.73	133.61	187.21	241.74	329.94	246.79
EV/EBIT Full definition →	20.10	24.08	24.86	29.54	40.83	38.34	35.13	37.17	37.56	26.72
Capex to Sales Full definition →	0.03	0.04	0.02	0.02	0.02	0.01	0.01	0.02	0.02	0.02
Price to Operating Income Full definition →	20.24	24.28	25.09	30.33	41.94	39.45	36.71	38.80	39.43	27.95
Other line items
Depreciation/Fixed assets Full definition →	0.25	0.26	0.27	0.28	0.30	0.36	0.36	0.38	0.43	0.43
Cash ROIC Full definition →	17.30%	12.02%	16.33%	19.27%	18.57%	16.47%	13.19%	13.85%	15.77%	18.06%
Accounts Receivable Turnover Full definition →	6.76	6.82	6.97	6.65	6.92	7.92	7.94	8.79	9.85	9.32
Accounts Payable Turnover Full definition →	12.97	10.51	10.63	9.67	7.74	7.81	6.10	5.57	7.24	8.36
Inventory Turnover Full definition →	3.11	3.03	3.27	3.21	3.15	3.31	3.15	3.12	3.35	3.62
Average Days of Payables Full definition →	27.54	42.32	30.22	44.07	49.54	50.98	75.45	69.90	40.85	49.36
Days of Inventory on Hand Full definition →	116.62	126.02	108.68	114.56	115.74	121.31	126.58	131.31	105.24	103.74
Average Receivables Full definition →	58.23	59.01	62.26	63.83	61.53	63.78	71.26	80.08	83.92	98.34
Average Payables Full definition →	18.75	23.48	25.54	27.00	33.22	38.39	56.65	76.62	68.73	63.98
Average Inventory Full definition →	78.15	81.44	82.99	81.38	81.77	90.60	109.73	136.77	148.54	147.67
Average Assets Full definition →	352.59	370.71	392.21	407.29	446.56	501.02	566.93	659.98	766.67	895.00
Average Common Equity Full definition →	244.24	266.83	290.48	317.29	346.16	382.16	422.75	479.45	561.36	659.76

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Columns are period end dates · fundamentals updated 2 Nov 2026

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