Sunday 11 October 2026
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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. In the quarter to June 2026, revenue fell 6.63%, EPS fell 13.6% and free cash flow fell 46.2%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for three; insiders bought in the last twelve months.
131.38
3.72
+2.91%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
8 | 6 | 6 | 7 | 5 | 7 | 4 | 8 | 8 | 5 |
P/E ratio |
33.24 | 39.58 | 51.26 | 40.08 | 55.33 | 51.23 | 48.31 | 49.49 | 49.79 | 36.18 |
P/S ratio |
2.71 | 3.41 | 3.29 | 4.44 | 6.42 | 6.15 | 5.67 | 6.51 | 7.53 | 5.59 |
Altman Z-Score |
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) |
7.39 | 6.65 | 8.43 | 9.25 | 8.72 | 8.70 | 8.58 | 8.74 | 9.91 | 8.71 |
P/FCF ratio |
23.38 | 39.62 | 27.59 | 25.74 | 33.94 | 38.45 | 41.85 | 46.68 | 43.79 | 30.22 |
Beneish M-Score |
(2.72) | (2.67) | (2.62) | (2.93) | (2.88) | (2.69) | (2.55) | (2.52) | (2.61) | (2.21) |
P/Operating CF |
66.61 | 359.51 | 69.71 | 96.29 | 171.86 | 114.70 | 107.86 | 120.69 | 119.60 | 93.56 |
P/B ratio |
4.16 | 4.95 | 4.70 | 5.69 | 7.56 | 7.70 | 7.24 | 8.87 | 10.27 | 7.19 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 96 |
Price to Tangible BV |
6.88 | 9.12 | 8.07 | 8.91 | 12.48 | 13.24 | 11.14 | 13.10 | 13.86 | 14.27 |
EV/Sales |
2.69 | 3.39 | 3.26 | 4.32 | 6.25 | 5.97 | 5.42 | 6.24 | 7.18 | 5.35 |
EV/EBITDA |
14.09 | 16.83 | 17.41 | 21.28 | 29.44 | 28.32 | 27.01 | 30.02 | 31.20 | 22.48 |
EV/Operating CF |
18.84 | 27.39 | 23.42 | 22.75 | 29.70 | 34.49 | 37.19 | 39.85 | 38.26 | 26.68 |
EV/FCF |
23.22 | 39.30 | 27.34 | 25.07 | 33.04 | 37.37 | 40.05 | 44.72 | 41.71 | 28.89 |
Quick Ratio |
0.89 | 0.75 | 1.32 | 1.93 | 1.97 | 1.86 | 1.95 | 2.09 | 3.21 | 2.25 |
Current Ratio |
1.99 | 1.70 | 2.74 | 3.50 | 3.29 | 3.18 | 3.15 | 3.35 | 4.57 | 3.36 |
Net Debt/EBITDA |
(0.10) | (0.14) | (0.16) | (0.57) | (0.80) | (0.82) | (1.22) | (1.31) | (1.55) | (1.04) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
1.12 | 1.09 | 1.11 | 1.04 | 0.95 | 1.01 | 1.00 | 1.07 | 1.08 | 1.02 |
Operating CF/Net income |
1.74 | 1.44 | 2.17 | 1.71 | 1.82 | 1.44 | 1.24 | 1.19 | 1.24 | 1.30 |
Capex/Depreciation |
(0.47) | (0.62) | (0.36) | (0.31) | (0.36) | (0.24) | (0.22) | (0.43) | (0.40) | (0.41) |
Interest Coverage |
57.19 | 71.73 | 49.15 | 245.64 | 2,171.87 | (3,936.15) | (158.14) | — | — | — |
| 13.22% | 12.96% | 9.57% | 14.87% | 14.25% | 15.93% | 15.73% | 19.31% | 22.26% | 21.47% | |
| 9.16% | 9.33% | 7.09% | 11.58% | 11.05% | 12.15% | 11.73% | 14.03% | 16.30% | 15.83% | |
ROIC |
13.23% | 13.28% | 12.24% | 13.76% | 14.09% | 15.58% | 17.93% | 22.72% | 31.75% | 23.53% |
Return on Tangible Assets |
19.53% | 21.73% | 14.25% | 20.64% | 20.70% | 23.67% | 21.38% | 24.11% | 25.18% | 32.49% |
Average Days of Receivables |
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 |
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 |
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 |
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 |
0.39% | 0.43% | 0.96% | 0.29% | 0.33% | 0.46% | 0.56% | 0.74% | 0.75% | 1.00% |
Graham Net Nets |
0.05 | 0.03 | 0.05 | 0.06 | 0.04 | 0.04 | 0.06 | 0.05 | 0.05 | 0.05 |
Graham Number |
14.88 | 16.09 | 15.04 | 20.39 | 21.81 | 25.44 | 27.81 | 35.41 | 44.49 | 51.30 |
Earnings Yield |
3.01% | 2.53% | 1.95% | 2.49% | 1.81% | 1.95% | 2.07% | 2.02% | 2.01% | 2.76% |
Free Cash Flow Yield |
4.28% | 2.52% | 3.62% | 3.88% | 2.95% | 2.60% | 2.39% | 2.14% | 2.28% | 3.31% |
Revenue per Share |
13.63 | 13.91 | 14.96 | 14.63 | 14.65 | 17.33 | 19.36 | 24.03 | 28.16 | 31.18 |
Operating CF per Share |
1.95 | 1.72 | 2.08 | 2.78 | 3.08 | 3.00 | 2.82 | 3.76 | 5.28 | 6.25 |
Capex per Share |
(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 |
1.58 | 1.20 | 1.78 | 2.52 | 2.77 | 2.77 | 2.62 | 3.35 | 4.84 | 5.77 |
Cash per Share |
0.25 | 0.39 | 0.45 | 1.68 | 2.49 | 2.99 | 4.72 | 6.55 | 10.06 | 7.69 |
Shareholders Equity per Share |
8.87 | 9.59 | 10.47 | 11.41 | 12.43 | 13.83 | 15.14 | 17.64 | 20.65 | 24.26 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
8.87 | 9.59 | 10.47 | 11.41 | 12.43 | 13.83 | 15.14 | 17.64 | 20.65 | 24.26 |
Free Cash Flow |
45.59 | 34.68 | 51.71 | 73.22 | 80.52 | 80.76 | 76.56 | 98.11 | 142.22 | 169.67 |
Working Capital |
75.17 | 65.51 | 104.64 | 142.85 | 155.65 | 179.21 | 237.52 | 310.23 | 421.91 | 356.36 |
Capital Expenditures |
(10.60) | (15.07) | (8.64) | (7.50) | (9.06) | (6.75) | (5.89) | (12.00) | (12.82) | (14.03) |
Net Current Asset Value |
57.52 | 44.35 | 75.47 | 109.27 | 113.73 | 133.61 | 187.21 | 241.74 | 329.94 | 246.79 |
EV/EBIT |
20.10 | 24.08 | 24.86 | 29.54 | 40.83 | 38.34 | 35.13 | 37.17 | 37.56 | 26.72 |
Capex to Sales |
0.03 | 0.04 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 |
Price to Operating Income |
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 |
0.25 | 0.26 | 0.27 | 0.28 | 0.30 | 0.36 | 0.36 | 0.38 | 0.43 | 0.43 |
Cash ROIC |
17.30% | 12.02% | 16.33% | 19.27% | 18.57% | 16.47% | 13.19% | 13.85% | 15.77% | 18.06% |
Accounts Receivable Turnover |
6.76 | 6.82 | 6.97 | 6.65 | 6.92 | 7.92 | 7.94 | 8.79 | 9.85 | 9.32 |
Accounts Payable Turnover |
12.97 | 10.51 | 10.63 | 9.67 | 7.74 | 7.81 | 6.10 | 5.57 | 7.24 | 8.36 |
Inventory Turnover |
3.11 | 3.03 | 3.27 | 3.21 | 3.15 | 3.31 | 3.15 | 3.12 | 3.35 | 3.62 |
Average Days of Payables |
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 |
116.62 | 126.02 | 108.68 | 114.56 | 115.74 | 121.31 | 126.58 | 131.31 | 105.24 | 103.74 |
Average Receivables |
58.23 | 59.01 | 62.26 | 63.83 | 61.53 | 63.78 | 71.26 | 80.08 | 83.92 | 98.34 |
Average Payables |
18.75 | 23.48 | 25.54 | 27.00 | 33.22 | 38.39 | 56.65 | 76.62 | 68.73 | 63.98 |
Average Inventory |
78.15 | 81.44 | 82.99 | 81.38 | 81.77 | 90.60 | 109.73 | 136.77 | 148.54 | 147.67 |
Average Assets |
352.59 | 370.71 | 392.21 | 407.29 | 446.56 | 501.02 | 566.93 | 659.98 | 766.67 | 895.00 |
Average Common Equity |
244.24 | 266.83 | 290.48 | 317.29 | 346.16 | 382.16 | 422.75 | 479.45 | 561.36 | 659.76 |
Columns are period end dates