MARKETS / NYSE / BMI

NYSE · TOTALIZING FLUID METERS & COUNTING DEVICES · LARGE CAP

Badger Meter Inc. BMI

17 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$916.7M

▲ 10.9% YoY

Net income

$141.6M

▲ 13.4% YoY

Free cash flow

$169.7M

▲ 19.3% YoY

In brief

What this company does

The Company's solutions fall into two product lines, Utility Water and Flow Instrumentation. The Utility Water product line, which represented approximately 89% of net sales in 2025, comprises water meters along with connected radio endpoints and software technologies and services used by water utilities to generate water and wastewater revenues. The Flow Instrumentation product line, which represented approximately 11% of net sales in 2025, includes meters, valves and other sensing instruments sold worldwide to measure and control the quantity of fluids, including water, air, steam, and other liquids and gases. The Company was incorporated in 1905.

Written from the business description in Badger Meter, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 17 February 2026. Every sentence was checked against that document before publication.

Growth

USD 916.7M

Revenue, FY2025 · full 17-year series below

Revenue $M Net income $M

FY2025 · Revenue 916.7 · Net income 141.6

Compound annual growth

Revenue

+17.5%

+16.6%

+9.3%

+8.3%

Net income

+28.7%

+23.5%

+18.5%

+11.2%

Returned to shareholders

+32.6%

+21.0%

+17.8%

+14.3%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +16.6% a year over five years — but profit grew faster: net income at +23.5%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

15 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 20.0% · Net 15.5%

ROE

FY2025 · ROE 21.5%

Gross margin41.7%

Operating margin20.0%

Net margin15.5%

Return on assets15.8%

EBITDAUSD 194.5M

Each USD of equity produced 21 cents of profit this year.

Cash & shareholders

USD 58.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 169.7

Net buybacks $M Dividends $M

FY2025 · Dividends 43.5 · Net buybacks 14.4

Dividends paidUSD 43.5M

Net buybacksUSD 14.4M

Share of profit40.9%

Consecutive raises2 years (since the 2023 share-count change)

USD 43.5M in dividends and USD 14.4M in buybacks — 41% of the year's profit went back to shareholders.

Total assetsUSD 973.6M

EquityUSD 713.3M

Gross debtUSD 0.00

Current ratio3.36×

Equity funds 73% of total assets.

The 17-year record

17 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue $B	0.9	0.8	0.7	0.6	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3
Operating income $B	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EBITDA $B	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.0	0.1	0.0
Income tax $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Free cash flow $B	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EPS, diluted $	4.79	4.23	3.14	2.26	2.08	1.69	1.61	0.95	1.19	1.11	·	·	·	·	1.27	1.91	2.28
Dividend / sh $	1.48	1.22	0.99	0.85	0.76	0.70	0.64	0.56	0.49	0.43	0.39	0.37	·	·	0.60	0.52	0.46
Payout %	31	29	31	37	36	41	39	59	41	39	43	36	41	34	47	27	20
ROE %	21.5	22.3	19.3	15.7	15.9	14.3	14.9	9.6	13.0	13.2	11.6	14.4	13.4	16.0	11.0	18.3	23.7
Shares out B	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	·	·	·	·	·	·	·	·	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 79 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 16 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityTotalizing Fluid Meters & Counting Devices

Listed onNYSE

Incorporated inWisconsin

Fiscal year endsDecember 31

Data on record since2009