BMINYSETotalizing Fluid Meters & Counting DevicesFiscal year ends December 31
BADGER METER INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$126.26−0.22 (-0.17%)
Close on Oct 19, 2026
- Market cap
- $3.68B
- P/E (TTM)
- 26.4
- Dividend yield
- 1.17%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
41.7%+2.1 pts over 5 years
Operating margin
20.0%+4.7 pts over 5 years
Net margin
15.5%+3.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.9% | +17.5% | +16.6% | +9.3% | |
| Gross profit | +16.1% | +20.2% | +17.8% | +10.9% | |
| Operating income | +16.1% | +28.1% | +23.0% | +15.8% | |
| Net income | +13.4% | +28.7% | +23.5% | +18.5% | |
| EPS, diluted | +13.2% | +28.5% | +23.2% | – | |
| Free cash flow | +19.3% | +30.4% | +16.1% | +26.6% | |
| Dividend per share | +21.3% | +20.3% | +16.2% | +14.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 13.2% | 14.3% | 21.5% | |
| Return on assets | 9.2% | 11.0% | 15.8% | |
| Current ratio | 1.99 | 3.29 | 3.36 | |
| Inventory turnover | 3.1× | 3.1× | 3.6× | |
| Capex to revenue | 2.7% | 2.1% | 1.5% | |
| Diluted shares | 0M | 0M | 30M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Badger Meter generated $618.81M from operations and spent $222.84M on capital expenditure, dividends and share buybacks. 23% of that went back into the business.
Generated
$618.81M
Used
$222.84M
Capital expenditure$51.48M23%Dividends$155.46M70%Share buybacks$15.89M7%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin15.5%
×Asset turnover1.02×
×Equity multiplier1.36×
=Return on equity, FY202521.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 15.5% | 1.02× | 1.36× | 21.5% |
| FY2024 | 15.1% | 1.08× | 1.37× | 22.3% |
| FY2023 | 13.2% | 1.07× | 1.38× | 19.3% |
| FY2022 | 11.8% | 1.00× | 1.34× | 15.7% |
| FY2021 | 12.1% | 1.01× | 1.31× | 15.9% |
| FY2020 | 11.6% | 0.95× | 1.29× | 14.3% |
| FY2019 | 11.1% | 1.04× | 1.28× | 14.9% |
| FY2018 | 6.4% | 1.11× | 1.35× | 9.6% |
| FY2017 | 8.6% | 1.09× | 1.39× | 13.0% |
| FY2016 | 8.2% | 1.12× | 1.44× | 13.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$141.63M
- Cash generatingOperating cash flow above zero$183.70M
- Return on assets improvedROA up on the prior year17.4% → 17.3%
- Earnings backed by cashOperating cash flow above net income$183.70M vs $141.63M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.57 → 3.36
- No dilutionShare count did not rise30M → 30M
- Gross margin improvedGross margin up on the prior year39.83% → 41.68%
- More efficientAsset turnover rose1.15 → 1.12