Badger Meter, Inc. (BMI) Financial Ratios
30 years of historical data (1996–2025) · Technology · Hardware, Equipment & Parts
EV/EBITDA
↓
17.28
↓-38% vs avg
5yr avg: 27.86
30Y Low5.7·High31.4
P/FCF
↓
23.53
↓-42% vs avg
5yr avg: 40.27
30Y Low11.7·High70.0
P/B Ratio
↓
5.62
↓-32% vs avg
5yr avg: 8.27
30Y Low1.7·High10.3
ROE
↑
21.5%
↓+13% vs avg
5yr avg: 18.9%
30Y Low8%·High27%
Debt/EBITDA
N/A
—
5yr avg: N/A
30Y Low0.0·High2.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BMI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Badger Meter, Inc. trades at 28.3x earnings, 40% below its 5-year average of 47.0x, sitting at the 50th percentile of its historical range. This is roughly in line with the Technology sector median P/E of 29.0x. On a free-cash-flow basis, the stock trades at 23.5x P/FCF, 42% below the 5-year average of 40.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $5.2B | $6.3B | $4.5B | $3.2B | $3.1B | $2.7B | $1.9B | $1.4B | $1.4B | $1.1B |
| Enterprise Value | $3.8B | $4.9B | $6.0B | $4.4B | $3.1B | $3.0B | $2.7B | $1.9B | $1.4B | $1.4B | $1.1B |
| P/E Ratio → | 28.29 | 36.41 | 50.15 | 49.16 | 48.24 | 51.23 | 55.66 | 40.33 | 51.80 | 40.17 | 33.29 |
| P/S Ratio | 4.36 | 5.63 | 7.58 | 6.46 | 5.66 | 6.19 | 6.46 | 4.47 | 3.31 | 3.46 | 2.73 |
| P/B Ratio | 5.62 | 7.23 | 10.33 | 8.80 | 7.24 | 7.76 | 7.61 | 5.73 | 4.73 | 5.02 | 4.19 |
| P/FCF | 23.53 | 30.40 | 44.05 | 46.35 | 41.83 | 38.71 | 34.15 | 25.91 | 27.78 | 40.12 | 23.54 |
| P/OCF | 21.74 | 28.07 | 40.41 | 41.29 | 38.85 | 35.72 | 30.69 | 23.51 | 23.80 | 27.97 | 19.10 |
P/E links to full P/E history page with 30-year chart
BMI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Badger Meter, Inc.'s enterprise value stands at 17.3x EBITDA, 38% below its 5-year average of 27.9x. This is roughly in line with the Technology sector median of 16.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.38 | 7.22 | 6.19 | 5.42 | 6.02 | 6.29 | 4.36 | 3.32 | 3.54 | 2.80 |
| EV / EBITDA | 17.28 | 22.62 | 31.40 | 29.80 | 26.99 | 28.51 | 29.62 | 21.47 | 17.75 | 17.81 | 15.08 |
| EV / EBIT | 20.54 | 26.14 | 37.80 | 36.94 | 34.94 | 38.65 | 41.18 | 29.95 | 38.95 | 25.62 | 21.75 |
| EV / FCF | — | 29.06 | 41.97 | 44.39 | 40.03 | 37.63 | 33.25 | 25.31 | 27.88 | 41.08 | 24.22 |
BMI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Badger Meter, Inc. earns an operating margin of 20.0%. Operating margins have expanded from 16.8% to 20.0% over the past 3 years, signaling improving operational efficiency. ROE of 21.5% indicates solid capital efficiency. ROIC of 34.5% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.7% | 41.7% | 39.8% | 39.3% | 38.9% | 40.7% | 39.5% | 38.5% | 37.4% | 38.7% | 38.2% |
| Operating Margin | 20.0% | 20.0% | 19.1% | 16.8% | 15.4% | 15.6% | 15.3% | 14.6% | 13.1% | 13.8% | 12.9% |
| Net Profit Margin | 15.5% | 15.5% | 15.1% | 13.2% | 11.8% | 12.1% | 11.6% | 11.1% | 6.4% | 8.6% | 8.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.5% | 21.5% | 22.3% | 19.3% | 15.7% | 15.9% | 14.3% | 14.9% | 9.6% | 13.0% | 13.2% |
| ROA | 15.8% | 15.8% | 16.3% | 14.0% | 11.7% | 12.2% | 11.0% | 11.6% | 7.1% | 9.3% | 9.2% |
| ROIC | 34.5% | 34.5% | 37.3% | 28.1% | 21.1% | 19.5% | 17.0% | 15.7% | 13.8% | 14.0% | 13.1% |
| ROCE | 24.1% | 24.1% | 24.6% | 21.9% | 18.5% | 18.5% | 17.0% | 17.8% | 18.0% | 19.4% | 19.4% |
BMI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $226M exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | 0.01 | 0.06 | 0.16 | 0.15 |
| Debt / EBITDA | — | — | — | — | — | — | — | 0.05 | 0.22 | 0.56 | 0.52 |
| Net Debt / Equity | — | -0.32 | -0.49 | -0.37 | -0.31 | -0.22 | -0.20 | -0.13 | 0.02 | 0.12 | 0.12 |
| Net Debt / EBITDA | -1.04 | -1.04 | -1.55 | -1.31 | -1.22 | -0.82 | -0.80 | -0.51 | 0.06 | 0.42 | 0.42 |
| Debt / FCF | — | -1.33 | -2.08 | -1.95 | -1.80 | -1.08 | -0.90 | -0.61 | 0.10 | 0.96 | 0.67 |
| Interest Coverage | — | — | — | — | — | — | 2171.87 | 245.64 | 49.15 | 70.50 | 55.12 |
Net cash position: cash ($226M) exceeds total debt ($0)
BMI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Badger Meter, Inc.'s current ratio of 3.36x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.36x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.36 | 3.36 | 4.57 | 3.35 | 3.15 | 3.18 | 3.29 | 3.50 | 2.74 | 1.70 | 1.99 |
| Quick Ratio | 2.36 | 2.36 | 3.36 | 2.19 | 2.07 | 1.97 | 2.09 | 2.06 | 1.40 | 0.79 | 0.97 |
| Cash Ratio | 1.50 | 1.50 | 2.50 | 1.45 | 1.25 | 1.06 | 1.06 | 0.85 | 0.22 | 0.12 | 0.10 |
| Asset Turnover | — | 0.94 | 1.01 | 0.98 | 0.94 | 0.95 | 0.90 | 1.01 | 1.10 | 1.03 | 1.12 |
| Inventory Turnover | 3.52 | 3.52 | 3.47 | 2.78 | 2.88 | 3.01 | 3.15 | 3.19 | 3.36 | 2.90 | 3.13 |
| Days Sales Outstanding | — | 44.74 | 37.24 | 43.32 | 49.47 | 47.59 | 52.91 | 52.75 | 55.79 | 52.79 | 55.45 |
BMI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Badger Meter, Inc. returns 1.5% to shareholders annually — split between a 1.1% dividend yield and 0.4% buyback yield. The payout ratio of 30.7% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 3.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 0.8% | 0.6% | 0.6% | 0.8% | 0.7% | 0.7% | 1.0% | 1.1% | 1.0% | 1.2% |
| Payout Ratio | 30.7% | 30.7% | 28.7% | 31.4% | 37.4% | 36.4% | 41.2% | 39.4% | 58.5% | 41.1% | 38.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 2.7% | 2.0% | 2.0% | 2.1% | 2.0% | 1.8% | 2.5% | 1.9% | 2.5% | 3.0% |
| FCF Yield | 4.2% | 3.3% | 2.3% | 2.2% | 2.4% | 2.6% | 2.9% | 3.9% | 3.6% | 2.5% | 4.2% |
| Buyback Yield | 0.4% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.3% | 0.3% | 0.3% | 0.0% |
| Total Shareholder Yield | 1.5% | 1.1% | 0.6% | 0.6% | 0.8% | 0.7% | 0.9% | 1.3% | 1.5% | 1.3% | 1.2% |
| Shares Outstanding | — | $30M | $30M | $29M | $29M | $29M | $29M | $29M | $29M | $29M | $29M |
Peer Comparison
Compare BMI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BMIYou | $4B | 28.3 | 17.3 | 23.5 | 41.7% | 20.0% | 21.5% | 34.5% | — |
 ITRI | $4B | 12.4 | 10.4 | 9.4 | 37.5% | 13.5% | 19.1% | 13.1% | 3.5 |
 FELE | $5B | 32.1 | 14.4 | 23.8 | 35.5% | 12.7% | 11.3% | 14.7% | 0.8 |
 ERII | $486M | 22.4 | 15.8 | 27.8 | 65.2% | 18.2% | 11.0% | 10.3% | 0.3 |
 MWA | $4B | 21.4 | 13.7 | 23.8 | 36.1% | 18.2% | 21.4% | 19.7% | 1.5 |
 XYL | $26B | 28.4 | 15.0 | 29.1 | 38.5% | 13.5% | 8.5% | 7.6% | 1.1 |
 AWK | $24B | 21.9 | 14.5 | — | 43.3% | 36.6% | 10.5% | 5.5% | 5.7 |
 AME | $54B | 37.1 | 29.9 | 32.5 | 36.4% | 26.2% | 14.6% | 12.1% | 1.2 |
 ROP | $34B | 23.3 | 13.8 | 13.6 | 69.2% | 28.3% | 7.9% | 6.1% | 3.0 |
 DHR | $125B | 35.2 | 18.4 | 23.8 | 60.9% | 20.9% | 7.1% | 5.9% | 2.4 |
 SWK | $13B | 32.7 | 12.4 | 19.6 | 29.9% | 7.6% | 4.5% | 5.8% | 3.8 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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BMI — Frequently Asked Questions
Quick answers to the most common questions about buying BMI stock.
What is Badger Meter, Inc.'s P/E ratio?
Badger Meter, Inc.'s current P/E ratio is 28.3x. The historical average is 30.6x. This places it at the 50th percentile of its historical range.
What is Badger Meter, Inc.'s EV/EBITDA?
Badger Meter, Inc.'s current EV/EBITDA is 17.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.1x.
What is Badger Meter, Inc.'s ROE?
Badger Meter, Inc.'s return on equity (ROE) is 21.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 16.2%.
Is BMI stock overvalued?
Based on historical data, Badger Meter, Inc. is trading at a P/E of 28.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Badger Meter, Inc.'s dividend yield?
Badger Meter, Inc.'s current dividend yield is 1.09% with a payout ratio of 30.7%.
What are Badger Meter, Inc.'s profit margins?
Badger Meter, Inc. has 41.7% gross margin and 20.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.