Revenue growth has shifted into negative territory with a 9.0% year-over-year decline in 2026Q1, while operating margins have compressed from a 22.2% peak in 2025Q1 to 17.4% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 896.73M | 916.66M | 826.56M | 703.59M | 565.57M | 505.2M | 425.54M | 424.63M | 433.73M | 402.44M | 393.76M | 377.7M | 364.77M | 334.12M | 319.66M | 262.92M | 276.63M | 250.34M | 279.55M | 234.82M | 229.75M | 216.65M | 205.01M | 183.99M | 167.32M | 138.54M | 146.39M | 150.9M | 143.8M | 130.8M | 116M |
| Revenue Growth % | 5.19% | 10.9% | 17.48% | 24.4% | 11.95% | 18.72% | 0.22% | -2.1% | 7.78% | 2.2% | 4.25% | 3.54% | 9.17% | 4.52% | 21.58% | -4.96% | 10.5% | -10.45% | 19.05% | 2.2% | 6.05% | 5.68% | 11.43% | 9.96% | 20.77% | -5.36% | -2.99% | 4.94% | 9.94% | 12.76% | 6.81% |
| Cost of Goods Sold | 525.77M | 534.59M | 497.37M | 427.15M | 345.6M | 299.71M | 257.3M | 261.1M | 271.38M | 246.69M | 243.19M | 241.92M | 233.63M | 217.13M | 197.41M | 173.09M | 173.81M | 153.32M | 181.09M | 153.42M | 153.13M | 142.79M | 137.53M | 123.47M | 111.32M | 94.04M | 87.3M | 86M | 81.8M | 78M | 69.4M |
| COGS % of Revenue | - | 58.32% | 60.17% | 60.71% | 61.11% | 59.33% | 60.46% | 61.49% | 62.57% | 61.3% | 61.76% | 64.05% | 64.05% | 64.99% | 61.76% | 65.84% | 62.83% | 61.25% | 64.78% | 65.34% | 66.65% | 65.91% | 67.09% | 67.11% | 66.53% | 67.88% | 59.64% | 56.99% | 56.88% | 59.63% | 59.83% |
| Gross Profit | 370.96M | 382.07M | 329.18M | 276.44M | 219.97M | 205.48M | 168.25M | 163.53M | 162.35M | 155.75M | 150.58M | 135.78M | 131.14M | 116.99M | 122.25M | 89.82M | 102.82M | 97.01M | 98.46M | 81.4M | 76.63M | 73.86M | 67.48M | 60.52M | 56M | 44.49M | 59.09M | 64.9M | 62M | 52.8M | 46.6M |
| Gross Margin % | 41.37% | 41.68% | 39.83% | 39.29% | 38.89% | 40.67% | 39.54% | 38.51% | 37.43% | 38.7% | 38.24% | 35.95% | 35.95% | 35.01% | 38.24% | 34.16% | 37.17% | 38.75% | 35.22% | 34.66% | 33.35% | 34.09% | 32.91% | 32.89% | 33.47% | 32.12% | 40.36% | 43.01% | 43.12% | 40.37% | 40.17% |
| Gross Profit Growth % | - | 16.07% | 19.08% | 25.67% | 7.05% | 22.13% | 2.89% | 0.73% | 4.24% | 3.43% | 10.9% | 3.53% | 12.1% | -4.3% | 36.1% | -12.65% | 5.99% | -1.47% | 20.96% | 6.22% | 3.74% | 9.46% | 11.5% | 8.07% | 25.86% | -24.7% | -8.96% | 4.68% | 17.42% | 13.3% | 7.13% |
| Operating Expenses | 201.79M | 198.65M | 171.25M | 158.39M | 132.81M | 126.88M | 103.24M | 101.67M | 125.34M | 100.12M | 99.81M | 93.41M | 85.09M | 77.88M | 77.78M | 62.29M | 58M | 54.77M | 57.56M | 50.78M | 47.84M | 49.92M | 47.28M | 46.42M | 42.8M | 38.43M | 48.07M | 48.2M | 48M | 41.8M | 37.8M |
| OpEx % of Revenue | - | 21.67% | 20.72% | 22.51% | 23.48% | 25.12% | 24.26% | 23.94% | 28.9% | 24.88% | 25.35% | 24.73% | 23.33% | 23.31% | 24.33% | 23.69% | 20.97% | 21.88% | 20.59% | 21.63% | 20.82% | 23.04% | 23.06% | 25.23% | 25.58% | 27.74% | 32.84% | 31.94% | 33.38% | 31.96% | 32.59% |
| Selling, General & Admin | 95.76M | 0 | 171.25M | 139.39M | 132.81M | 126.88M | 103.24M | 101.67M | 125.34M | 100.12M | 99.81M | 93.41M | 85.09M | 77.88M | 77.78M | 62.29M | 58M | 54.77M | 57.56M | 50.78M | 47.84M | 49.92M | 47.28M | 46.42M | 42.8M | 38.43M | 41.99M | 42.5M | 43.3M | 30.3M | 27.3M |
| SG&A % of Revenue | - | - | 20.72% | 19.81% | 23.48% | 25.12% | 24.26% | 23.94% | 28.9% | 24.88% | 25.35% | 24.73% | 23.33% | 23.31% | 24.33% | 23.69% | 20.97% | 21.88% | 20.59% | 21.63% | 20.82% | 23.04% | 23.06% | 25.23% | 25.58% | 27.74% | 28.69% | 28.16% | 30.11% | 23.17% | 23.53% |
| Research & Development | 0 | 0 | 19.2M | 19M | 15.8M | 14.7M | 11.6M | 11.9M | 11.1M | 10.6M | 10.6M | 10.64M | 9.5M | 10.5M | 9.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.5M | 6.4M |
| R&D % of Revenue | - | - | 2.32% | 2.7% | 2.79% | 2.91% | 2.73% | 2.8% | 2.56% | 2.63% | 2.69% | 2.82% | 2.6% | 3.14% | 2.99% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5.73% | 5.52% |
| Other Operating Expenses | 3M | 198.65M | -19.2M | 0 | -15.8M | -14.7M | -11.6M | -11.9M | -19.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.07M | 5.7M | 4.7M | 4M | 4.1M |
| Operating Income | 169.17M | 183.42M | 157.94M | 118.05M | 87.3M | 78.72M | 65.16M | 62.15M | 56.87M | 55.62M | 50.77M | 42.37M | 46.05M | 39.11M | 44.47M | 27.53M | 44.82M | 42.24M | 40.9M | 30.62M | 28.79M | 23.95M | 20.2M | 14.1M | 13.2M | 6.07M | 11.02M | 16.7M | 14M | 11M | 8.8M |
| Operating Margin % | 18.86% | 20.01% | 19.11% | 16.78% | 15.43% | 15.58% | 15.31% | 14.64% | 13.11% | 13.82% | 12.89% | 11.22% | 12.62% | 11.7% | 13.91% | 10.47% | 16.2% | 16.87% | 14.63% | 13.04% | 12.53% | 11.05% | 9.85% | 7.66% | 7.89% | 4.38% | 7.53% | 11.07% | 9.74% | 8.41% | 7.59% |
| Operating Income Growth % | - | 16.14% | 33.79% | 35.23% | 10.89% | 20.82% | 4.84% | 9.28% | 2.24% | 9.57% | 19.82% | -7.99% | 17.75% | -12.06% | 61.51% | -38.57% | 6.11% | 3.28% | 33.6% | 6.35% | 20.22% | 18.56% | 43.24% | 6.86% | 117.56% | -44.96% | -34.02% | 19.29% | 27.27% | 25% | 25.71% |
| EBITDA | 198.29M | 218M | 190.12M | 146.16M | 113.54M | 106.58M | 90.37M | 86.29M | 81.18M | 80.02M | 73.21M | 62.97M | 61.71M | 52.6M | 56.52M | 37.02M | 53.28M | 50.4M | 47.95M | 37.08M | 35.8M | 30.3M | 27.44M | 21.93M | 21.18M | 12.87M | 17.09M | 22.4M | 18.7M | 15M | 12.9M |
| EBITDA Margin % | 22.11% | 23.78% | 23% | 20.77% | 20.07% | 21.1% | 21.24% | 20.32% | 18.72% | 19.88% | 18.59% | 16.67% | 16.92% | 15.74% | 17.68% | 14.08% | 19.26% | 20.13% | 17.15% | 15.79% | 15.58% | 13.99% | 13.39% | 11.92% | 12.66% | 9.29% | 11.68% | 14.84% | 13% | 11.47% | 11.12% |
| EBITDA Growth % | -2.44% | 14.67% | 30.08% | 28.73% | 6.52% | 17.94% | 4.73% | 6.29% | 1.45% | 9.31% | 16.26% | 2.04% | 17.32% | -6.94% | 52.66% | -30.51% | 5.72% | 5.1% | 29.31% | 3.6% | 18.12% | 10.43% | 25.12% | 3.57% | 64.58% | -24.73% | -23.7% | 19.79% | 24.67% | 16.28% | 13.16% |
| D&A (Non-Cash Add-back) | 29.12M | 34.58M | 32.19M | 28.11M | 26.24M | 27.86M | 25.22M | 24.15M | 24.32M | 24.4M | 22.44M | 20.6M | 15.66M | 13.49M | 12.05M | 9.49M | 8.46M | 8.16M | 7.05M | 6.47M | 7.01M | 6.36M | 7.25M | 7.83M | 7.98M | 6.8M | 6.07M | 5.7M | 4.7M | 4M | 4.1M |
| EBIT | 174.21M | 188.66M | 157.94M | 117.92M | 87.72M | 78.62M | 65.01M | 61.86M | 37.01M | 55.62M | 50.77M | 43.17M | 47.75M | 39.11M | 44.47M | 27.53M | 44.82M | 42.24M | 40.9M | 30.62M | 28.79M | 27.16M | 19.59M | 14.1M | 13.2M | 6.07M | 11.02M | 16.7M | 14M | 10.7M | 8.5M |
| Net Interest Income | 4.93M | 5.12M | 8.61M | 4.05M | 552K | 20K | -30K | -253K | -1.16M | -789K | -921K | -1.22M | -1.14M | -1.1M | -998K | -185K | 385K | -90K | 1.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.93M | 5.12M | 8.61M | 4.05M | 552K | 20K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 770K | 0 | 2.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 30K | 253K | 1.16M | 789K | 921K | 1.22M | 1.14M | 1.1M | 998K | 185K | 385K | 90K | 1.35M | 1.29M | 1.3M | 1.61M | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.04M | 5.24M | 8.56M | 3.92M | 422K | -100K | -175K | -541K | -21.02M | -789K | -921K | -1.22M | -1.14M | -1.1M | -998K | -185K | -385K | 90K | -1.35M | -1.29M | -1.3M | -1.49M | -2.22M | -749K | -1.76M | -1.05M | -292K | -1M | -700K | -500K | -400K |
| Pretax Income | 174.21M | 188.66M | 166.5M | 121.97M | 87.72M | 78.62M | 64.98M | 61.61M | 35.85M | 54.83M | 49.84M | 41.15M | 44.91M | 38.01M | 43.47M | 27.35M | 44.44M | 42.33M | 39.55M | 29.32M | 27.49M | 22.8M | 17.98M | 13.35M | 11.44M | 5.01M | 10.73M | 15.7M | 13.3M | 10.2M | 8.1M |
| Pretax Margin % | 19.43% | 20.58% | 20.14% | 17.33% | 15.51% | 15.56% | 15.27% | 14.51% | 8.27% | 13.63% | 12.66% | 10.9% | 12.31% | 11.38% | 13.6% | 10.4% | 16.06% | 16.91% | 14.15% | 12.49% | 11.96% | 10.52% | 8.77% | 7.26% | 6.84% | 3.62% | 7.33% | 10.4% | 9.25% | 7.8% | 6.98% |
| Income Tax | 43.64M | 47.02M | 41.56M | 29.37M | 21.22M | 17.74M | 15.64M | 14.43M | 8.06M | 20.26M | 17.55M | 15.21M | 15.23M | 13.39M | 15.44M | 8.19M | 15.78M | 15.55M | 14.47M | 10.94M | 10.92M | 9.54M | 8.35M | 5.77M | 4.17M | 1.65M | 3.79M | 6M | 5.1M | 3.7M | 3M |
| Effective Tax Rate % | 25.05% | 24.93% | 24.96% | 24.08% | 24.19% | 22.56% | 24.07% | 23.42% | 22.49% | 36.95% | 35.21% | 36.97% | 33.92% | 35.23% | 35.52% | 29.94% | 35.5% | 36.74% | 36.58% | 37.3% | 39.73% | 41.87% | 46.42% | 43.25% | 36.43% | 32.85% | 35.29% | 38.22% | 38.35% | 36.27% | 37.04% |
| Net Income | 130.57M | 141.63M | 124.94M | 92.6M | 66.5M | 60.88M | 49.34M | 47.18M | 27.79M | 34.57M | 32.3M | 25.94M | 29.68M | 24.62M | 28.03M | 19.16M | 28.66M | 34.17M | 25.08M | 16.46M | 7.55M | 13.25M | 9.63M | 7.58M | 7.27M | 3.36M | 6.94M | 9.7M | 8.2M | 6.5M | 5.1M |
| Net Margin % | 14.56% | 15.45% | 15.12% | 13.16% | 11.76% | 12.05% | 11.6% | 11.11% | 6.41% | 8.59% | 8.2% | 6.87% | 8.14% | 7.37% | 8.77% | 7.29% | 10.36% | 13.65% | 8.97% | 7.01% | 3.29% | 6.12% | 4.7% | 4.12% | 4.35% | 2.43% | 4.74% | 6.43% | 5.7% | 4.97% | 4.4% |
| Net Income Growth % | -2.71% | 13.36% | 34.93% | 39.25% | 9.22% | 23.39% | 4.59% | 69.76% | -19.61% | 7.05% | 24.51% | -12.6% | 20.56% | -12.18% | 46.3% | -33.15% | -16.12% | 36.22% | 52.42% | 118.03% | -43.05% | 37.58% | 27.13% | 4.21% | 116.14% | -51.53% | -28.44% | 18.29% | 26.15% | 27.45% | 37.84% |
| Net Income (Continuing) | 130.57M | 141.63M | 124.94M | 92.6M | 66.5M | 60.88M | 49.34M | 47.18M | 27.79M | 34.57M | 32.3M | 25.94M | 29.68M | 24.62M | 28.03M | 19.16M | 28.66M | 26.78M | 25.08M | 18.39M | 16.57M | 16.16M | 9.63M | 7.58M | 7.27M | 3.36M | 6.94M | 9.7M | 8.2M | 6.5M | 5.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 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 |
| EPS (Diluted) | 4.45 | 4.79 | 4.23 | 3.14 | 2.26 | 2.08 | 1.69 | 1.61 | 0.95 | 1.19 | 1.11 | 0.90 | 1.03 | 0.85 | 0.98 | 0.64 | 0.96 | 1.14 | 0.85 | 0.56 | 0.26 | 0.48 | 0.36 | 0.29 | 0.28 | 0.13 | 0.25 | 0.33 | 0.27 | 0.21 | 0.17 |
| EPS Growth % | -2.42% | 13.24% | 34.71% | 38.94% | 8.65% | 23.08% | 4.97% | 69.47% | -20.17% | 7.21% | 23.33% | -12.62% | 21.18% | -13.27% | 53.13% | -33.33% | -15.79% | 34.12% | 51.79% | 115.38% | -45.83% | 33.33% | 24.14% | 3.57% | 115.38% | -48% | -24.24% | 22.22% | 28.57% | 23.53% | 30.77% |
| EPS (Basic) | - | 4.82 | 4.26 | 3.16 | 2.28 | 2.09 | 1.70 | 1.63 | 0.96 | 1.20 | 1.12 | 0.90 | 1.03 | 0.86 | 0.98 | 0.64 | 0.96 | 1.16 | 0.86 | 0.58 | 0.27 | 0.49 | 0.37 | 0.30 | 0.29 | 0.13 | 0.26 | 0.35 | 0.28 | 0.23 | 0.18 |
| Diluted Shares Outstanding | 29.37M | 29.57M | 29.53M | 29.46M | 29.38M | 29.34M | 29.23M | 29.22M | 29.19M | 29.11M | 29.05M | 28.89M | 28.76M | 28.88M | 28.8M | 30.1M | 30.01M | 29.91M | 29.67M | 29.23M | 28.78M | 28.04M | 27.14M | 26.13M | 26.43M | 26.2M | 27.76M | 29.85M | 30.94M | 31.52M | 29.35M |
| Basic Shares Outstanding | 29.21M | 29.4M | 29.36M | 29.28M | 29.22M | 29.14M | 29.05M | 29.03M | 28.99M | 28.93M | 28.89M | 28.76M | 28.61M | 28.72M | 28.66M | 29.94M | 29.81M | 29.61M | 29.11M | 28.42M | 27.74M | 26.98M | 26.39M | 25.68M | 25.32M | 25.3M | 26.46M | 27.91M | 28.77M | 28.42M | 27.95M |
| Dividend Payout Ratio | - | 30.73% | 28.69% | 31.37% | 37.42% | 36.39% | 41.22% | 39.42% | 58.53% | 41.12% | 38.58% | 43.42% | 35.83% | 40.64% | 33.94% | 47.09% | 27.16% | 19.99% | 23.33% | 29.57% | 57.33% | 29.6% | 37.71% | 45.2% | 44.44% | 94.05% | 41.06% | 25.77% | 25.61% | 26.15% | 29.41% |
Revenue growth deceleration
As indicated by the most recent quarterly data, Badger Meter's revenue growth has shifted into negative territory, with a 9.0% year-over-year decline in 2026Q1, marking a significant departure from the double-digit expansion observed throughout the majority of the 2024 and 2025 fiscal periods.
The sudden contraction in top-line performance suggests that the company may be hitting a saturation point in its core US municipal cellular AMI conversion cycle. Investors should monitor whether this deceleration reflects a temporary pause in municipal infrastructure spending or a more structural exhaustion of the initial digital upgrade opportunity.
Based on reported financial statements, Badger Meter has maintained gross margins in the 40% to 43% range, demonstrating a degree of pricing power that appears to insulate the firm from the broader commodity cost fluctuations impacting less specialized industrial hardware competitors.
The ability to sustain these margin levels despite recent revenue volatility suggests that the shift toward higher-margin software and electronic sensing solutions is successfully offsetting the traditional hardware cost base. However, the slight compression to 41.7% in 2026Q1 warrants further investigation into whether competitive pricing pressures are beginning to emerge.
According to the income statement data, operating margins have experienced a noticeable contraction, falling to 17.4% in 2026Q1 from a peak of 22.2% in 2025Q1, which suggests that the company is struggling to maintain historical operating leverage during periods of declining top-line volume.
The lack of scalability in operating income during the recent revenue downturn implies that fixed costs are exerting downward pressure on profitability. This trend suggests that management may need to re-evaluate its expense discipline if the current revenue contraction persists into subsequent quarters.
As reported in recent filings, Badger Meter's net income has faced downward pressure, with 2026Q1 earnings per share declining by 28.5% year-over-year, a trend that appears exacerbated by the ongoing utilization of stock-based compensation which totaled $2.2 million in the most recent quarter.
While the company maintains a strong net margin profile, the reliance on equity-based incentives during a period of earnings contraction may dilute shareholder value. Analysts should monitor the consistency of these non-cash charges to determine if they represent a structural increase in compensation costs relative to net income.
Based on the provided financial figures, the sharp reversal in growth and operating margin performance raises questions regarding the sustainability of the company's premium valuation relative to peers like Mueller Water Products, particularly if the current revenue contraction signals a long-term shift in demand.
Short-term investors may focus on the potential for further margin compression if the company is forced to increase promotional activity to defend its market share. The transition from a growth-oriented narrative to one of cyclical contraction may necessitate a re-rating of the stock's valuation if the current trajectory continues.
Quick answers to the most common questions about buying BMI stock.
For fiscal year 2025, Badger Meter, Inc. (BMI) reported total revenue of $916.7M. This represents a 690.2% increase compared to $116.0M in 1996.
Badger Meter, Inc. (BMI) is profitable, generating $141.6M in net income for the fiscal year ending 2025 with a net profit margin of 15.5%.
Badger Meter, Inc. (BMI) reported an operating income of $183.4M, resulting in an operating profit margin of 20.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Badger Meter, Inc. (BMI) generated $382.1M in gross profit for the year, representing a gross profit margin of 41.7%. This demonstrates the company's core pricing power and production efficiency.