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

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Columns are period end dates · fundamentals updated 2 Nov 2026

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