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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.

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Market cap: $3.7B
P/E: 30.6×
Fwd P/E: 27.2×
Dividend yield: 1.25%
F-score: 5/9
Altman Z: 14.75
Beneish M: −2.21
Dividend safety: 96/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 2.13

Total sells 0.60

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	3	—	5	—	—	1	—	—	—
Sell	—	—	—	1	3	—	—	—	—	—	—	—

Insider Ownership 0.85%

Capital & Financial Ratios $m

Market Cap 3,700.00

Revenue 880.96

Net Income 125.71

Free Cash Flow 150.30

Net Debt (95.73)

Current Ratio 2.42

Debt/Equity 0.00

P/E ratio 30.62

Fwd P/E 27.20

P/S ratio 4.33

P/B ratio 5.59

Past 5Y EPS Growth 23.17%

This Y EPS Growth (7.05%)

Next Y EPS Growth 10.47%

Next Y revenue growth (0.55%)

Next 5Y EPS Growth 5.01%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 5.13%

10-year low 10-year high

P/S against its own 10 years 43.43%

10-year low 10-year high

P/B against its own 10 years 44.98%

10-year low 10-year high

EV/Sales against its own 10 years 44.98%

10-year low 10-year high

EV/FCF against its own 10 years 20.57%

10-year low 10-year high

Dividends

Payout Ratio 0.38

Annual Dividend Rate 1.64

Annual Dividend Yield 1.25%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.63	0.40 0.40 0.44
2025	1.48	0.34 0.34 0.40 0.40
2024	1.22	0.27 0.27 0.34 0.34
2023	0.99	0.23 0.23 0.27 0.27
2022	0.85	0.20 0.20 0.23 0.23
2021	0.76	0.18 0.18 0.20 0.20
2020	0.70	0.17 0.17 0.18 0.18
2019	0.64	0.15 0.15 0.17 0.17
2018	0.56	0.13 0.13 0.15 0.15
2017	0.49	0.12 0.12 0.13 0.13
2016	0.43	0.10 0.10 0.12 0.12

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	192	295	226	96
Receivables	84	84	112	121
Inventory	154	143	152	178
Other	—	—	—	—
	442	540	507	416

	2023	2024	2025	Q'26
Payables	82	56	72	98
ST’ Debt	—	—	—	—
Other	20	28	41	55
	132	118	151	172

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	202	222	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.93	1.02	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	26.40	34.40	41.00	47.59	41.50	88.98	73.20	103.93	139.50	162.17	Analyst estimates 2026–2028 Powerpack
	High	39.36	52.10	57.12	66.64	96.00	112.36	120.54	170.86	239.11	256.08
People
People	Employees	1,562	1,632	1,531	1,567	1,602	1,837	1,976	2,140	2,210	2,477
	Revenue/emp, $m	0.25	0.25	0.28	0.27	0.27	0.28	0.29	0.33	0.37	0.37
Income, $m
Income, $m	Revenue	394	402	434	425	426	505	566	704	827	917
	Gross margin, %	38.24	38.70	37.43	38.51	39.54	40.67	38.89	39.29	39.83	41.68
	EBT	50	55	36	62	65	79	88	122	167	189
	EBT margin, %	12.66	13.63	8.27	14.51	15.27	15.56	15.51	17.33	20.14	20.58
	Net income	32	35	28	47	49	61	66	93	125	142
	Depreciation	22	24	24	24	25	28	26	28	32	35
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
	Earnings	1.12	1.20	0.96	1.63	1.70	2.09	2.28	3.16	4.26	4.82
	Cash flow	1.95	1.72	2.08	2.78	3.08	3.00	2.82	3.76	5.28	6.25
	Capex	(0.37)	(0.52)	(0.30)	(0.26)	(0.31)	(0.23)	(0.20)	(0.41)	(0.44)	(0.48)
	Free cash flow	1.58	1.20	1.78	2.52	2.77	2.77	2.62	3.35	4.84	5.77
	Book value	8.87	9.59	10.47	11.41	12.43	13.83	15.14	17.64	20.65	24.26
	Shares, m	29	29	29	29	29	29	29	29	29	29
Valuation, ×
Valuation, ×	P/E	33.24	39.58	51.26	40.08	55.33	51.23	48.31	49.49	49.79	36.18
	P/S	2.71	3.41	3.29	4.44	6.42	6.15	5.67	6.51	7.53	5.59
	P/B	4.16	4.95	4.70	5.69	7.56	7.70	7.24	8.87	10.27	7.19
	EV/Sales	2.69	3.39	3.26	4.32	6.25	5.97	5.42	6.24	7.18	5.35
	EV/FCF	23.22	39.30	27.34	25.07	33.04	37.37	40.05	44.72	41.71	28.89
Cash, $m
Cash, $m	Operating cash flow	56	50	60	81	90	88	82	110	155	184
	Capex	(11)	(15)	(9)	(7)	(9)	(7)	(6)	(12)	(13)	(14)
	Free cash flow	46	35	52	73	81	81	77	98	142	170
Balance, $m
Balance, $m	Working capital	75	66	105	143	156	179	238	310	422	356
	Total debt	38	45	18	15	7	6	7	—	—	—
	Net debt	(7)	(11)	(13)	(49)	(72)	(87)	(138)	(192)	(295)	(226)
	Shareholders’ equity	256	277	304	331	361	403	442	516	606	713
Returns, %
Returns, %	ROA	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
	ROE	13.22	12.96	9.57	14.87	14.25	15.93	15.73	19.31	22.26	21.47

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$14.0B	— (loss-making)	24.1×	+11.00% (above 0%: growing)	n/m	+492.59% (above 0%: growing)	69.43%	13.58%	Compare
CGNX Cognex Corporation	$10.3B	59.9×	42.7×	+16.93% (above 0%: growing)	+79.17% (above 0%: growing)	+67.25% (above 0%: growing)	70.65%	29.36%	Compare
ESE ESCO Technologies Inc.	$7.9B	21.2×	46.9×	+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.	$6.2B	69.3×	16.9×	+5.00% (above 0%: growing)	+70.73% (above 0%: growing)	+61.39% (above 0%: growing)	30.47%	16.70%	Compare
NOVT Novanta Inc.	$5.2B	89.4×	62.9×	+10.27% (above 0%: growing)	+158.33% (above 0%: growing)	+391.84% (above 0%: growing)	45.49%	6.79%	Compare
VNT Vontier Corporation	$4.4B	13.3×	8.6×	−2.17% (below 0%: shrinking)	−67.74% (below 0%: shrinking)	+13.79% (above 0%: growing)	48.24%	19.39%	Compare
BMI Badger Meter, Inc.	$3.7B	30.6×	27.2×	−6.63% (below 0%: shrinking)	−13.56% (below 0%: shrinking)	−46.19% (below 0%: shrinking)	40.83%	17.71%
ITRI Itron, Inc.	$3.7B	14.1×	15.4×	−7.23% (below 0%: shrinking)	−19.33% (below 0%: shrinking)	−10.13% (below 0%: shrinking)	40.97%	13.51%	Compare
ITRN Ituran Location and Control Ltd.	$1.0B	16.1×	18.0×	+20.73% (above 0%: growing)	+31.34% (above 0%: growing)	+50.20% (above 0%: growing)	50.91%	22.67%	Compare
Median of peers	$5.7B	21.2×	21.1×	+10.64%	+31.34%	+55.80%	46.87%	15.75%

All 34 Scientific & Technical Instruments stocks →

Badger Meter, Inc. (BMI) key facts

Strength: Badger Meter, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $916.7 million, up 10.9% from fiscal 2024.
Strength: Net income was $141.6 million, or $4.82 per share (basic), a net margin of 15.5%.
Badger Meter, Inc. (BMI) is a Scientific & Technical Instruments company in the Technology sector, listed on the New York Stock Exchange.
As of October 9, 2026, BMI traded at $131.38, a market capitalization of $3.7 billion.
At that price the stock trades at 30.6× trailing-twelve-month earnings and 4.3× sales; its P/E is higher than 5% of its own readings over the past ten years.
Badger Meter, Inc. pays an annual dividend of $1.64 per share, a yield of 1.25%, with a payout ratio of 38.3%.
Return on equity was 21.5% and debt-to-equity 0.00.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 14.75 (safe zone) for fiscal 2025.