Badger Meter, Inc.
Rank #147Capital ReturnBMI · NYSE · Technology
Badger Meter, Inc. (BMI) — Rank #147 by gross profitability (GP/assets 0.38) · ROE 20.7% · Piotroski F-Score 4 / 9.
As-of 2026-09-15 · CIK 0000009092 · all metrics point-in-time as of the filing date.
About
Badger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions worldwide.
Show moreShow less
The company offers Utility water smart metering solutions and software technologies and services to municipal water utility market. It also provides flow instrumentation products, including meters, valves, and other sensing instruments to measure and control fluids, including water, air, steam, 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. In addition, the company offers ORION Cellular endpoints to power network as a service; ORION mobile read endpoints support for deploying AMR solution; radio products; hardware, instruments, and sensors, and related software, to enhance connected data to a water utility's operation; water quality monitoring solutions, including optical sensing and electrochemical instruments; and high frequency pressure and leak detection sensors to aid in burst pipe and leak events; as well as BEACON, a secure cloud-hosted software suite that establishes alerts for specific conditions and allows consumer engagement tools that permit end water user to view and manage their water usage activity. Its flow instrumentation products are used in water/wastewater, heating, ventilating and air conditioning, and corporate sustainability markets. The company serves water utilities, commercial, and industrial industries; and provides training, project management, technical support, and other collaborative services for customers. It sells its products and software to employees, resellers, and representatives.
The company was incorporated in 1905 and is based in Milwaukee, Wisconsin.
- Industry
- Scientific & Technical Instruments
- Sector
- Technology
- State
- WI
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- badgermeter.com
Financials
Each fiscal year is read as-of that year’s own 10-K filing, so nothing restated after the fact leaks backwards. Line items this filer never tagged are omitted. Hover or tap a badge for the diagnostic behind it.
| Fiscal year end | 2025-12-31filed 2026-02-17 | 2024-12-31filed 2025-02-14 | 2023-12-31filed 2024-02-16 | 2022-12-31filed 2023-02-22 |
|---|---|---|---|---|
| Operating | ||||
| Depreciation & amortization | 11.1 | 11.1 | 10.9 | 11.1 |
| Stock-based compensation | 9.2 | 6.2 | 5.2 | 3.1 |
| Change in receivables | 20.1 | 1.4 | 6.4 | 11.3 |
| Change in inventory | 1.0 | (10.3) | 32.5 | 21.0 |
| Change in payables | 14.4 | (12.2) | 8.5 | 28.0 |
| Operating cash flow | 183.7 | 155.0 | 110.1 | 82.5 |
| Investing | ||||
| Capital expenditures | 14.0 | 12.8 | 12.0 | 5.9 |
| Acquisitions, net of cash | 184.0 | 3.0 | 17.1 | — |
| Investing cash flow | (198.1) | (15.8) | (29.1) | (5.9) |
| Financing | ||||
| Share repurchases | 15.0 | 0.0 | — | 0.4 |
| Dividends paid | 43.5 | 35.8 | 29.1 | 24.9 |
| Financing cash flow | (58.0) | (35.1) | (28.1) | (24.6) |
| Summary | ||||
| Free cash flow | 169.7 | 142.2 | 98.1 | 76.6 |
Figures are as originally filed with the SEC (point-in-time), not restated, so they can differ slightly from sites that show later-restated numbers. Why point-in-time?