Badger Meter, Inc. (BMI) 10-Year Financial Performance & Capital Metrics

BMI • • Industrial / General

TechnologyTech Hardware & EquipmentSpecialized Industrial SystemsFlow Measurement & Control

AboutBadger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions in the United States, Asia, Canada, Europe, Mexico, the Middle East, and internationally. It offers mechanical or static water meters, and related radio and software technologies and services to municipal water utilities. The company also provides flow instrumentation products, including meters, valves, and other sensing instruments to measure and control fluids going through a pipe or pipeline, including water, air, steam, oil, and other liquids and gases to original equipment manufacturers as the primary flow measurement device within a product or system, as well as through manufacturers' representatives. Its flow instrumentation products are used in water/wastewater, heating, ventilating and air conditioning, and corporate sustainability markets. In addition, the company offers ORION Migratable for automatic meter reading; ORION (SE) for traditional fixed network applications; and ORION Cellular for infrastructure-free fixed network meter reading solution, as well as BEACON advanced metering analytics, a secure cloud-hosted software suite that establishes alerts for specific conditions and allows consumer engagement tools that permit end water customers to view and manage their water usage activity. It also serves water utilities, industrial, and other industries. The company sells its products directly, as well as through resellers and representatives. Badger Meter, Inc. was incorporated in 1905 and is headquartered in Milwaukee, Wisconsin.Show more

Revenue $827M +17.5%
EBITDA $190M +30.1%
Net Income $125M +34.9%
EPS (Diluted) 4.23 +34.7%
Gross Margin 39.83% +1.4%
EBITDA Margin 23% +10.7%
Operating Margin 19.11% +13.9%
Net Margin 15.12% +14.9%
ROE 22.26% +15.2%
ROIC 37.27% +32.4%
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 32 years of consecutive increases
✓Strong 5Y profit CAGR of 21.5%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 17.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.2%

✗Weaknesses

✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.52%

5Y14.25%

3Y17.83%

TTM12.11%

Profit (Net Income) CAGR

10Y15.46%

5Y21.51%

3Y27.08%

TTM16.67%

EPS CAGR

10Y15.17%

5Y21.31%

3Y26.69%

TTM16.63%

ROCE

10Y Avg19.28%

5Y Avg20.1%

3Y Avg21.69%

Latest24.62%

Peer Comparison

Flow Measurement & Control

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BMIBadger Meter, Inc.	5.03B	170.56	40.32	17.48%	15.4%	19.75%	2.83%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	377.7M	393.76M	402.44M	433.73M	424.63M	425.54M	505.2M	565.57M	703.59M	826.56M
Revenue Growth %	0.04%	0.04%	0.02%	0.08%	-0.02%	0%	0.19%	0.12%	0.24%	0.17%
Cost of Goods Sold+	241.92M	243.19M	246.69M	271.38M	261.1M	257.3M	299.71M	345.6M	427.15M	497.37M
COGS % of Revenue	0.64%	0.62%	0.61%	0.63%	0.61%	0.6%	0.59%	0.61%	0.61%	0.6%
Gross Profit+	135.78M	150.58M	155.75M	162.35M	163.53M	168.25M	205.48M	219.97M	276.44M	329.18M
Gross Margin %	0.36%	0.38%	0.39%	0.37%	0.39%	0.4%	0.41%	0.39%	0.39%	0.4%
Gross Profit Growth %	0.04%	0.11%	0.03%	0.04%	0.01%	0.03%	0.22%	0.07%	0.26%	0.19%
Operating Expenses+	93.41M	99.81M	100.12M	125.34M	101.67M	103.24M	126.88M	132.81M	158.39M	171.25M
OpEx % of Revenue	0.25%	0.25%	0.25%	0.29%	0.24%	0.24%	0.25%	0.23%	0.23%	0.21%
Selling, General & Admin	93.41M	99.81M	100.12M	125.34M	101.67M	103.24M	126.88M	132.81M	139.39M	171.25M
SG&A % of Revenue	0.25%	0.25%	0.25%	0.29%	0.24%	0.24%	0.25%	0.23%	0.2%	0.21%
Research & Development	10.64M	10.6M	10.6M	11.1M	11.9M	11.6M	14.7M	15.8M	19M	19.2M
R&D % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%
Other Operating Expenses	0	0	0	-19.86M	-11.9M	-11.6M	-14.7M	-15.8M	0	-19.2M
Operating Income+	42.37M	50.77M	55.62M	56.87M	62.15M	65.16M	78.72M	87.3M	118.05M	157.94M
Operating Margin %	0.11%	0.13%	0.14%	0.13%	0.15%	0.15%	0.16%	0.15%	0.17%	0.19%
Operating Income Growth %	-0.08%	0.2%	0.1%	0.02%	0.09%	0.05%	0.21%	0.11%	0.35%	0.34%
EBITDA+	62.97M	73.21M	80.02M	81.18M	86.29M	90.37M	106.58M	113.54M	146.16M	190.12M
EBITDA Margin %	0.17%	0.19%	0.2%	0.19%	0.2%	0.21%	0.21%	0.2%	0.21%	0.23%
EBITDA Growth %	0.02%	0.16%	0.09%	0.01%	0.06%	0.05%	0.18%	0.07%	0.29%	0.3%
D&A (Non-Cash Add-back)	20.6M	22.44M	24.4M	24.32M	24.15M	25.22M	27.86M	26.24M	28.11M	32.19M
EBIT	43.17M	50.77M	55.62M	37.01M	61.86M	65.01M	78.62M	87.72M	117.92M	157.94M
Net Interest Income+	-1.22M	-921K	-789K	-1.16M	-253K	-30K	20K	552K	4.05M	8.61M
Interest Income	0	0	0	0	0	0	20K	552K	4.05M	8.61M
Interest Expense	1.22M	921K	789K	1.16M	253K	30K	0	0	0	0
Other Income/Expense	-1.22M	-921K	-789K	-21.02M	-541K	-175K	-100K	422K	3.92M	8.56M
Pretax Income+	41.15M	49.84M	54.83M	35.85M	61.61M	64.98M	78.62M	87.72M	121.97M	166.5M
Pretax Margin %	0.11%	0.13%	0.14%	0.08%	0.15%	0.15%	0.16%	0.16%	0.17%	0.2%
Income Tax+	15.21M	17.55M	20.26M	8.06M	14.43M	15.64M	17.74M	21.22M	29.37M	41.56M
Effective Tax Rate %	0.63%	0.65%	0.63%	0.78%	0.77%	0.76%	0.77%	0.76%	0.76%	0.75%
Net Income+	25.94M	32.3M	34.57M	27.79M	47.18M	49.34M	60.88M	66.5M	92.6M	124.94M
Net Margin %	0.07%	0.08%	0.09%	0.06%	0.11%	0.12%	0.12%	0.12%	0.13%	0.15%
Net Income Growth %	-0.13%	0.25%	0.07%	-0.2%	0.7%	0.05%	0.23%	0.09%	0.39%	0.35%
Net Income (Continuing)	25.94M	32.3M	34.57M	27.79M	47.18M	49.34M	60.88M	66.5M	92.6M	124.94M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.90	1.11	1.19	0.95	1.61	1.69	2.08	2.26	3.14	4.23
EPS Growth %	-0.13%	0.23%	0.07%	-0.2%	0.69%	0.05%	0.23%	0.09%	0.39%	0.35%
EPS (Basic)	0.90	1.12	1.20	0.96	1.63	1.70	2.09	2.28	3.16	4.26
Diluted Shares Outstanding	28.89M	29.05M	29.11M	29.19M	29.22M	29.23M	29.34M	29.38M	29.46M	29.53M
Basic Shares Outstanding	28.76M	28.89M	28.93M	28.99M	29.03M	29.05M	29.14M	29.22M	29.28M	29.36M
Dividend Payout Ratio	0.43%	0.39%	0.41%	0.59%	0.39%	0.41%	0.36%	0.37%	0.31%	0.29%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	146.73M	151.01M	158.62M	164.66M	200.09M	223.69M	261.36M	347.83M	442.18M	540.12M
Cash & Short-Term Investments	8.16M	7.34M	11.16M	13.09M	48.87M	72.27M	87.17M	138.05M	191.78M	295.31M
Cash Only	8.16M	7.34M	11.16M	13.09M	48.87M	72.27M	87.17M	138.05M	191.78M	295.31M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	56.64M	59.82M	58.21M	66.3M	61.37M	61.69M	65.87M	76.65M	83.51M	84.33M
Days Sales Outstanding	54.74	55.45	52.79	55.79	52.75	52.91	47.59	49.47	43.32	37.24
Inventory	76M	77.7M	85.17M	80.8M	81.95M	81.59M	99.61M	119.86M	153.67M	143.41M
Days Inventory Outstanding	114.66	116.62	126.02	108.68	114.56	115.74	121.31	126.58	131.31	105.24
Other Current Assets	5.93M	6.16M	4.08M	4.47M	0	0	0	13.27M	13.21M	17.08M
Total Non-Current Assets+	206.15M	199M	233.1M	228.03M	221.8M	247.53M	269.46M	255.22M	274.74M	276.3M
Property, Plant & Equipment	90.92M	90.19M	93.6M	90.32M	85.76M	82.7M	78.05M	73.54M	73.88M	74.26M
Fixed Asset Turnover	4.15x	4.37x	4.30x	4.80x	4.95x	5.15x	6.47x	7.69x	9.52x	11.13x
Goodwill	47.98M	49.31M	67.42M	71.26M	71.26M	88.71M	104.31M	101.26M	113.16M	111.77M
Intangible Assets	57.35M	51.87M	65.33M	60.62M	53.86M	59.6M	69.78M	53.61M	57.44M	48.87M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	8.48M	6.61M	3.9M	3.67M	10.18M	11.43M	9.79M	14.05M	7.55M	8.88M
Total Assets+	352.88M	350.02M	391.73M	392.69M	421.89M	471.22M	530.82M	603.05M	716.92M	816.41M
Asset Turnover	1.07x	1.12x	1.03x	1.10x	1.01x	0.90x	0.95x	0.94x	0.98x	1.01x
Asset Growth %	0.03%	-0.01%	0.12%	0%	0.07%	0.12%	0.13%	0.14%	0.19%	0.14%
Total Current Liabilities+	104.54M	75.84M	93.11M	60.02M	57.25M	68.04M	82.15M	110.31M	131.95M	118.2M
Accounts Payable	19.16M	18.35M	28.6M	22.47M	31.52M	34.92M	41.86M	71.44M	81.81M	55.66M
Days Payables Outstanding	28.9	27.54	42.32	30.22	44.07	49.54	50.98	75.45	69.9	40.85
Short-Term Debt	71.36M	37.95M	44.55M	18.06M	4.48M	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	12.8M	16.64M	18.88M	19.49M	21.24M	33.11M	40.29M	38.87M	50.14M	62.55M
Current Ratio	1.40x	1.99x	1.70x	2.74x	3.50x	3.29x	3.18x	3.15x	3.35x	4.57x
Quick Ratio	0.68x	0.97x	0.79x	1.40x	2.06x	2.09x	1.97x	2.07x	2.19x	3.36x
Cash Conversion Cycle	140.5	144.53	136.5	134.25	123.24	119.11	117.92	100.6	104.73	101.63
Total Non-Current Liabilities+	18.66M	17.65M	21.17M	29.17M	33.58M	41.92M	45.6M	50.31M	68.49M	91.98M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	774K	1.9M	3.43M	3.33M	876K	5.7M	5.38M	4.65M	5.06M	3.65M
Other Non-Current Liabilities	17.89M	15.75M	17.73M	25.84M	32.7M	36.23M	40.22M	13.43M	13.66M	24.17M
Total Liabilities	123.2M	93.49M	114.28M	89.19M	90.83M	109.96M	127.75M	160.63M	200.44M	210.18M
Total Debt+	71.36M	37.95M	44.55M	18.06M	4.48M	0	0	0	0	0
Net Debt	63.2M	30.61M	33.39M	4.97M	-44.39M	-72.27M	-87.17M	-138.05M	-191.78M	-295.31M
Debt / Equity	0.31x	0.15x	0.16x	0.06x	0.01x	-	-	-	-	-
Debt / EBITDA	1.13x	0.52x	0.56x	0.22x	0.05x	-	-	-	-	-
Net Debt / EBITDA	1.00x	0.42x	0.42x	0.06x	-0.51x	-0.80x	-0.82x	-1.22x	-1.31x	-1.55x
Interest Coverage	34.81x	55.12x	70.50x	49.15x	245.64x	2171.87x	-	-	-	-
Total Equity+	232.28M	256.21M	277.45M	303.5M	331.07M	361.26M	403.07M	442.42M	516.48M	606.23M
Equity Growth %	0.08%	0.1%	0.08%	0.09%	0.09%	0.09%	0.12%	0.1%	0.17%	0.17%
Book Value per Share	8.04	8.82	9.53	10.40	11.33	12.36	13.74	15.06	17.53	20.53
Total Shareholders' Equity	232.28M	256.21M	277.45M	303.5M	331.07M	361.26M	403.07M	442.42M	516.48M	606.23M
Common Stock	20.55M	37.12M	37.16M	37.2M	37.2M	37.22M	37.22M	37.22M	37.22M	37.22M
Retained Earnings	204.04M	223.88M	244.22M	257.31M	285.88M	314.85M	353.54M	395.15M	458.72M	547.8M
Treasury Stock	-30.95M	-20.56M	-24.77M	-29.36M	-34.24M	-37.09M	-37.05M	-37.25M	-37M	-36.7M
Accumulated OCI	-12.78M	-11.63M	-10.89M	580K	425K	1.31M	136K	-5.98M	-1.65M	-7.91M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	35.83M	56.19M	49.75M	60.35M	80.71M	89.58M	87.51M	82.45M	110.12M	155.03M
Operating CF Margin %	0.09%	0.14%	0.12%	0.14%	0.19%	0.21%	0.17%	0.15%	0.16%	0.19%
Operating CF Growth %	0%	0.57%	-0.11%	0.21%	0.34%	0.11%	-0.02%	-0.06%	0.34%	0.41%
Net Income	25.94M	32.3M	34.57M	27.79M	47.18M	49.34M	60.88M	66.5M	92.6M	124.94M
Depreciation & Amortization	20.6M	22.44M	24.4M	24.32M	24.15M	25.22M	27.86M	26.24M	28.11M	32.19M
Stock-Based Compensation	1.54M	1.54M	1.73M	4.17M	1.21M	1.42M	2.33M	3.15M	5.19M	6.18M
Deferred Taxes	-3.02M	710K	-4.1M	-5.27M	-1.52M	-3.08M	-3.02M	-5.62M	-9.65M	-11.07M
Other Non-Cash Items	1.26M	-340K	-111K	17.5M	-40K	206K	-234K	-648K	-338K	-153K
Working Capital Changes	-10.48M	-459K	-6.73M	-8.16M	9.74M	16.48M	-277K	-7.17M	-5.79M	2.95M
Change in Receivables	-5.51M	-3.56M	-967K	-8M	-8M	3.04M	-1.24M	-11.33M	-6.35M	-1.44M
Change in Inventory	-7.12M	955K	-6.17M	4.86M	-1.22M	5.13M	-13.63M	-21.02M	-32.47M	10.32M
Change in Payables	-42.64M	-73.03M	-65.11M	8M	8M	-391K	7M	28.01M	8.51M	-12.16M
Cash from Investing+	-21.67M	-12.4M	-35.45M	-16.69M	-7.5M	-38.19M	-51.42M	-5.89M	-29.13M	-15.82M
Capital Expenditures	-19.77M	-10.6M	-15.07M	-8.64M	-7.5M	-9.06M	-6.75M	-5.89M	-12M	-12.82M
CapEx % of Revenue	0.05%	0.03%	0.04%	0.02%	0.02%	0.02%	0.01%	0.01%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	8.05M	0	596K	45.27M	0	0
Cash from Financing+	-12.97M	-44.47M	-10.43M	-42.14M	-37.71M	-27.82M	-20.51M	-24.61M	-28.09M	-35.1M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-11.26M	-12.46M	-14.21M	-16.27M	-18.59M	-20.34M	-22.16M	-24.88M	-29.05M	-35.85M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.18M	-32.53M	7.59M	-21.6M	-407K	-1M	2.11M	703K	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	16.07M	45.59M	34.68M	51.71M	73.22M	80.52M	80.76M	76.56M	98.11M	142.22M
FCF Margin %	0.04%	0.12%	0.09%	0.12%	0.17%	0.19%	0.16%	0.14%	0.14%	0.17%
FCF Growth %	-0.31%	1.84%	-0.24%	0.49%	0.42%	0.1%	0%	-0.05%	0.28%	0.45%
FCF per Share	0.56	1.57	1.19	1.77	2.51	2.75	2.75	2.61	3.33	4.82
FCF Conversion (FCF/Net Income)	1.38x	1.74x	1.44x	2.17x	1.71x	1.82x	1.44x	1.24x	1.19x	1.24x
Interest Paid	1.25M	952K	867K	1.18M	268K	91K	118K	0	0	0
Taxes Paid	18.17M	19.72M	17.91M	12.5M	13.07M	18M	19.98M	24.04M	38.93M	56.04M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.62%	13.22%	12.96%	9.57%	14.87%	14.25%	15.93%	15.73%	19.31%	22.26%
Return on Invested Capital (ROIC)	10.97%	13.08%	13.96%	13.77%	15.66%	16.98%	19.52%	21.11%	28.15%	37.27%
Gross Margin	35.95%	38.24%	38.7%	37.43%	38.51%	39.54%	40.67%	38.89%	39.29%	39.83%
Net Margin	6.87%	8.2%	8.59%	6.41%	11.11%	11.6%	12.05%	11.76%	13.16%	15.12%
Debt / Equity	0.31x	0.15x	0.16x	0.06x	0.01x	-	-	-	-	-
Interest Coverage	34.81x	55.12x	70.50x	49.15x	245.64x	2171.87x	-	-	-	-
FCF Conversion	1.38x	1.74x	1.44x	2.17x	1.71x	1.82x	1.44x	1.24x	1.19x	1.24x
Revenue Growth	3.54%	4.25%	2.2%	7.78%	-2.1%	0.22%	18.72%	11.95%	24.4%	17.48%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	322.54M	347.85M	355.77M	374.65M	369.16M	376.43M	432.19M	491.68M	621.17M	745.19M
UNITED STATES Growth	-	7.85%	2.28%	5.31%	-1.46%	1.97%	14.81%	13.77%	26.33%	19.97%
Europe	17.04M	15.3M	15.72M	20.15M	15.78M	18.25M	30.36M	28.72M	39.11M	37.29M
Europe Growth	-	-10.20%	2.74%	28.18%	-21.66%	15.66%	66.31%	-5.41%	36.17%	-4.64%
Middle East	9.67M	5.52M	4.9M	11.32M	7.87M	6.11M	7.18M	9.29M	10.38M	16.78M
Middle East Growth	-	-42.93%	-11.16%	130.79%	-30.48%	-22.29%	17.37%	29.40%	11.79%	61.60%
Asia	8.3M	6.54M	9.13M	9.08M	9.11M	6.44M	16.74M	14.99M	13.54M	11.24M
Asia Growth	-	-21.21%	39.67%	-0.57%	0.33%	-29.35%	160.00%	-10.40%	-9.67%	-17.02%
CANADA	9.1M	12.59M	10.41M	11.89M	13.57M	10.41M	11.87M	12.77M	12.96M	10.45M
CANADA Growth	-	38.39%	-17.32%	14.28%	14.08%	-23.30%	14.04%	7.59%	1.49%	-19.38%
MEXICO	8.89M	3.46M	3.6M	3.6M	5.79M	4.89M	5.11M	3.93M	4.26M	3.62M
MEXICO Growth	-	-61.08%	4.08%	0.06%	60.73%	-15.63%	4.58%	-23.07%	8.32%	-14.98%
Other Geographical Areas	2.17M	2.5M	2.91M	3.04M	3.34M	3.02M	1.76M	4.19M	2.18M	1.99M
Other Geographical Areas Growth	-	15.24%	16.22%	4.50%	9.87%	-9.58%	-41.66%	137.63%	-47.98%	-8.59%

Frequently Asked Questions

Valuation & Price

Badger Meter, Inc. (BMI) has a price-to-earnings (P/E) ratio of 40.3x. This suggests investors expect higher future growth.

Growth & Financials

Badger Meter, Inc. (BMI) reported $901.1M in revenue for fiscal year 2024. This represents a 243% increase from $262.9M in 2011.

Badger Meter, Inc. (BMI) grew revenue by 17.5% over the past year. This is strong growth.

Yes, Badger Meter, Inc. (BMI) is profitable, generating $138.8M in net income for fiscal year 2024 (15.1% net margin).

Dividend & Returns

Yes, Badger Meter, Inc. (BMI) pays a dividend with a yield of 0.71%. This makes it attractive for income-focused investors.

Badger Meter, Inc. (BMI) has a return on equity (ROE) of 22.3%. This is excellent, indicating efficient use of shareholder capital.

Badger Meter, Inc. (BMI) generated $166.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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