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.
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Badger Meter, Inc. (BMI) Altman Z-score
Badger Meter, Inc.'s Altman Z-score for fiscal 2025 is 14.75, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 14.75 | (6.24) |
| FY2024 | 20.99 | 4.51 |
| FY2023 | 16.47 | 1.77 |
| FY2022 | 14.71 | (2.66) |
| FY2021 | 17.36 | (0.24) |
| FY2020 | 17.60 | 2.30 |
| FY2019 | 15.30 | 2.88 |
| FY2018 | 12.42 | 2.58 |
| FY2017 | 9.84 | 0.21 |
| FY2016 | 9.63 | 3.11 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.44 | |
| Retained earnings / total assets | 0.66 | — | 0.93 | |
| EBIT / total assets | 0.19 | — | 0.62 | |
| Market value of equity / total liabilities | 19.70 | — | 11.82 | |
| Sales / total assets | 0.94 | — | 0.94 | |
| Altman Z-score | Safe zone | 14.75 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.71 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BMI Badger Meter, Inc. | 14.8× |
| CGNX Cognex Corporation compare | 8.3× |
| NOVT Novanta Inc. compare | 6.6× |
| ITRN Ituran Location and Control Ltd. compare | 6.1× |
| ESE ESCO Technologies Inc. compare | 5.3× |
| TRMB Trimble Inc. compare | 4.4× |
| VNT Vontier Corporation compare | 2.9× |
| ITRI Itron, Inc. compare | 2.5× |
| ST Sensata Technologies Holding N.V. compare | 2.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets