Badger Meter (BMI) Financials

$183.53 +0.03 (+0.02%)

As of 04/14/2025 03:59 PM Eastern

Annual Income Statements for Badger Meter

This table shows Badger Meter's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	26	32	35	28	47	49	61	66	93	125
Consolidated Net Income / (Loss)	26	32	35	28	47	49	61	66	93	125
Net Income / (Loss) Continuing Operations	26	32	35	28	47	49	61	66	93	125
Total Pre-Tax Income	41	50	55	36	62	65	79	88	122	167
Total Operating Income	42	53	57	57	62	65	79	87	118	158
Total Gross Profit	136	151	156	162	164	168	205	220	276	329
Total Revenue	378	394	402	434	425	426	505	566	704	827
Operating Revenue	378	394	402	434	425	426	505	566	704	827
Total Cost of Revenue	242	243	247	271	261	257	300	346	427	497
Operating Cost of Revenue	242	243	247	271	261	257	300	346	427	497
Total Operating Expenses	93	98	99	105	101	103	127	133	158	171
Selling, General & Admin Expense	93	98	99	105	101	103	127	133	158	171
Other Special Charges / (Income)	-	-	-	-	-	0.15	0.12	0.13	-	0.05
Total Other Income / (Expense), net	-1.22	-2.83	-1.76	-21	-0.54	-0.03	0.02	0.55	3.92	8.61
Interest Expense	1.22	0.92	0.79	1.16	0.25	0.03	-0.02	-0.55	-4.05	-8.61
Income Tax Expense	15	18	20	8.06	14	16	18	21	29	42
Basic Earnings per Share	$0.90	$1.12	$1.20	$0.96	$1.63	$1.70	$2.09	$2.28	$3.16	$4.26
Weighted Average Basic Shares Outstanding	28.76M	28.89M	28.93M	28.99M	29.03M	29.05M	29.14M	29.22M	29.28M	29.36M
Diluted Earnings per Share	-	$1.11	$1.19	$0.95	$1.61	$1.69	$2.08	$2.26	$3.14	$4.23
Weighted Average Diluted Shares Outstanding	28.89M	29.05M	29.11M	29.19M	29.22M	29.23M	29.34M	29.38M	29.46M	29.53M
Weighted Average Basic & Diluted Shares Outstanding	14.52M	29.11M	28.80M	28.90M	28.90M	29.15M	29.25M	29.29M	29.35M	29.41M
Cash Dividends to Common per Share	$0.78	$0.43	$0.49	$0.56	$0.64	$0.70	$0.76	$0.85	-	$1.22

This table shows Badger Meter's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	18	18	19	22	26	25	29	33	32	31
Consolidated Net Income / (Loss)	18	18	19	22	26	25	29	33	32	31
Net Income / (Loss) Continuing Operations	18	18	19	22	26	25	29	33	32	31
Total Pre-Tax Income	24	23	26	30	33	33	38	43	43	42
Total Operating Income	24	22	25	30	31	32	37	42	41	39
Total Gross Profit	58	57	63	69	73	71	77	85	84	83
Total Revenue	148	147	159	176	186	182	196	217	208	205
Operating Revenue	148	147	159	176	186	182	196	217	208	205
Total Cost of Revenue	90	90	96	106	113	111	119	131	125	122
Operating Cost of Revenue	90	90	96	106	113	111	119	131	125	122
Total Operating Expenses	34	35	38	40	41	39	41	44	43	44
Selling, General & Admin Expense	34	34	38	40	41	39	41	44	43	44
Total Other Income / (Expense), net	0.08	0.56	0.62	0.79	1.17	1.33	1.51	1.86	2.30	2.94
Interest Expense	-0.11	-0.47	-0.62	-0.83	-1.20	-1.40	-1.53	-1.86	-2.30	-2.92
Income Tax Expense	6.01	5.37	6.22	7.80	6.62	8.72	8.96	10	11	11
Basic Earnings per Share	$0.61	$0.61	$0.66	$0.77	$0.89	$0.84	$0.99	$1.13	$1.09	$1.05
Weighted Average Basic Shares Outstanding	29.22M	29.22M	29.26M	29.27M	29.29M	29.28M	29.32M	29.36M	29.37M	29.36M
Diluted Earnings per Share	$0.61	$0.59	$0.66	$0.76	$0.88	$0.84	$0.99	$1.12	$1.08	$1.04
Weighted Average Diluted Shares Outstanding	29.37M	29.38M	29.42M	29.45M	29.47M	29.46M	29.49M	29.53M	29.55M	29.53M
Weighted Average Basic & Diluted Shares Outstanding	29.27M	29.29M	29.31M	29.32M	29.35M	29.35M	29.39M	29.41M	29.41M	29.41M

This table details how cash moves in and out of Badger Meter's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	1.51	-0.83	3.83	1.92	36	23	15	51	54	104
Net Cash From Operating Activities	36	56	50	60	81	90	88	82	110	155
Net Cash From Continuing Operating Activities	36	56	50	60	81	89	88	82	110	155
Net Income / (Loss) Continuing Operations	26	32	35	28	47	49	61	66	93	125
Consolidated Net Income / (Loss)	26	32	35	28	47	49	61	66	93	125
Depreciation Expense	9.99	11	12	11	12	12	11	11	11	11
Amortization Expense	11	12	12	13	13	13	17	15	17	21
Non-Cash Adjustments To Reconcile Net Income	2.80	1.54	2.44	25	1.17	-1.67	2.10	2.50	-4.46	-4.89
Changes in Operating Assets and Liabilities, net	-14	-0.09	-12	-16	8.22	16	-3.33	-13	-5.79	2.95
Net Cash From Investing Activities	-22	-12	-35	-17	-7.50	-38	-51	-5.89	-29	-16
Net Cash From Continuing Investing Activities	-22	-12	-35	-17	-7.50	-38	-51	-5.89	-29	-16
Purchase of Property, Plant & Equipment	-20	-11	-15	-8.64	-7.50	-9.06	-6.75	-5.89	-12	-13
Acquisitions	-1.91	-1.80	-20	-8.05	0.00	-29	-45	0.00	-17	-3.00
Other Investing Activities, net	-	-	-	-	0.00	0.00	0.60	0.00	0.00	0.00
Net Cash From Financing Activities	-13	-44	-10	-42	-38	-28	-21	-25	-28	-35
Net Cash From Continuing Financing Activities	-13	-44	-10	-42	-38	-28	-21	-25	-28	-35
Repurchase of Common Equity	0.00	0.00	-4.40	-4.80	-5.21	-3.12	-0.46	-0.43	0.00	0.00
Payment of Dividends	-11	-12	-14	-16	-19	-20	-22	-25	-29	-36
Issuance of Common Equity	0.47	0.52	0.60	0.52	0.19	0.18	0.07	0.00	0.00	0.00
Other Financing Activities, net	1.78	0.57	1.22	-0.59	-0.59	0.06	2.04	0.70	0.97	0.75
Effect of Exchange Rate Changes	0.32	-0.14	-0.05	0.40	0.28	-	-0.68	-1.08	0.83	-0.60
Cash Interest Paid	1.25	0.95	0.87	1.18	0.27	0.09	0.12	0.00	0.00	0.00
Cash Income Taxes Paid	18	20	18	13	13	18	20	24	39	56

This table details how cash moves in and out of Badger Meter's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	15	23	-9.69	13	21	29	7.53	27	33	36
Net Cash From Operating Activities	24	30	18	23	31	38	21	36	45	52
Net Cash From Continuing Operating Activities	24	30	18	23	32	38	21	36	45	52
Net Income / (Loss) Continuing Operations	18	18	19	22	26	25	29	33	32	31
Consolidated Net Income / (Loss)	18	18	19	22	26	25	29	33	32	31
Depreciation Expense	2.79	2.68	2.66	2.78	2.66	2.84	2.89	2.85	2.59	2.77
Amortization Expense	3.92	3.40	4.28	4.13	4.40	4.35	5.12	5.24	5.43	5.30
Non-Cash Adjustments To Reconcile Net Income	0.63	0.47	1.00	1.39	1.18	-8.02	1.27	1.99	1.34	-9.49
Changes in Operating Assets and Liabilities, net	-1.44	5.62	-9.35	-8.06	-2.51	14	-17	-6.72	3.71	23
Net Cash From Investing Activities	-1.92	-1.20	-21	-2.74	-3.01	-2.05	-5.68	-2.34	-3.13	-4.67
Net Cash From Continuing Investing Activities	-1.92	-1.20	-21	-2.74	-3.01	-2.05	-5.68	-2.34	-3.13	-4.67
Purchase of Property, Plant & Equipment	-1.92	-1.20	-4.27	-2.66	-3.01	-2.05	-2.68	-2.34	-3.13	-4.67
Net Cash From Financing Activities	-6.52	-5.95	-6.57	-6.59	-7.01	-7.92	-7.71	-7.41	-9.99	-9.99
Net Cash From Continuing Financing Activities	-6.52	-5.95	-6.57	-6.59	-7.01	-7.92	-7.71	-7.41	-9.99	-9.99
Payment of Dividends	-6.58	-6.59	-6.63	-6.59	-7.92	-7.92	-7.94	-7.93	-9.99	-9.99
Effect of Exchange Rate Changes	-0.82	0.71	0.23	0.01	-0.31	0.90	-0.54	0.24	0.77	-1.06

This table presents Badger Meter's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	355	350	392	393	422	471	531	603	717	816
Total Current Assets	149	151	159	165	200	224	261	348	442	540
Cash & Equivalents	8.16	7.34	11	13	49	72	87	138	192	295
Accounts Receivable	57	60	58	66	61	62	66	77	84	84
Inventories, net	79	78	85	81	82	82	100	120	154	143
Prepaid Expenses	5.93	6.16	4.08	4.47	7.91	8.14	8.71	13	13	17
Plant, Property, & Equipment, net	91	90	94	90	86	83	78	74	74	74
Plant, Property & Equipment, gross	194	201	212	214	210	217	217	221	226	233
Accumulated Depreciation	103	111	119	123	124	135	139	147	152	159
Total Noncurrent Assets	115	108	140	138	136	165	191	182	201	202
Goodwill	48	49	67	71	71	89	104	101	113	112
Intangible Assets	57	52	59	55	48	54	64	54	54	45
Noncurrent Deferred & Refundable Income Taxes	1.42	0.70	2.86	2.16	0.74	5.09	7.53	13	23	33
Other Noncurrent Operating Assets	8.49	6.61	9.90	8.87	16	17	15	14	11	13
Total Liabilities & Shareholders' Equity	355	350	392	393	422	471	531	603	717	816
Total Liabilities	123	93	114	89	91	110	128	161	200	210
Total Current Liabilities	105	76	93	60	57	68	82	110	132	118
Accounts Payable	19	18	29	22	32	35	42	71	82	56
Accrued Expenses	3.13	2.78	3.37	4.21	5.58	12	13	9.61	11	7.28
Current Employee Benefit Liabilities	9.66	14	16	14	13	15	21	21	30	35
Other Current Liabilities	-	-	-	1.51	2.91	6.88	6.78	8.75	9.17	20
Total Noncurrent Liabilities	19	18	21	29	34	42	46	50	68	92
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	32	50	64
Noncurrent Deferred & Payable Income Tax Liabilities	0.77	1.90	3.43	3.33	0.88	5.70	5.39	4.65	5.06	3.65
Noncurrent Employee Benefit Liabilities	13	12	14	12	9.72	9.85	10	7.86	8.91	9.96
Other Noncurrent Operating Liabilities	4.81	4.02	4.07	14	23	26	30	5.57	4.76	14
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	232	256	277	304	331	361	403	442	516	606
Total Preferred & Common Equity	232	256	277	304	331	361	403	442	516	606
Total Common Equity	232	256	277	304	331	361	403	442	516	606
Common Stock	73	65	69	75	79	82	86	91	96	103
Retained Earnings	204	224	244	257	286	315	354	395	459	548
Treasury Stock	-31	-21	-25	-29	-34	-37	-37	-37	-37	-37
Accumulated Other Comprehensive Income / (Loss)	-13	-12	-11	0.58	0.43	1.31	0.14	-5.98	-1.65	-7.91

This table presents Badger Meter's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	574	633	659	690	743	781	803
Total Current Assets	326	361	389	423	471	509	529
Cash & Equivalents	115	128	142	163	199	226	259
Accounts Receivable	83	84	84	89	92	106	93
Inventories, net	114	132	145	148	160	161	159
Prepaid Expenses	14	16	18	23	19	16	18
Plant, Property, & Equipment, net	72	75	75	74	73	72	73
Plant, Property & Equipment, gross	216	225	228	228	227	229	232
Accumulated Depreciation	144	150	153	154	154	157	158
Total Noncurrent Assets	176	198	196	192	200	200	200
Goodwill	99	114	114	113	113	113	115
Intangible Assets	54	60	58	55	52	50	49
Noncurrent Deferred & Refundable Income Taxes	7.51	13	13	13	23	23	23
Other Noncurrent Operating Assets	15	12	12	12	11	13	14
Total Liabilities & Shareholders' Equity	574	633	659	690	743	781	803
Total Liabilities	152	175	184	197	208	218	212
Total Current Liabilities	102	116	119	129	135	138	129
Accounts Payable	65	80	81	85	91	96	77
Accrued Expenses	10	9.57	11	11	12	14	16
Current Employee Benefit Liabilities	18	12	17	26	16	22	30
Other Current Liabilities	8.22	15	9.27	7.46	16	6.49	6.37
Total Noncurrent Liabilities	50	60	65	68	73	80	83
Noncurrent Deferred Revenue	-	-	-	-	54	59	61
Noncurrent Deferred & Payable Income Tax Liabilities	4.58	6.74	6.66	6.44	4.89	4.84	5.11
Noncurrent Employee Benefit Liabilities	8.61	8.15	8.65	8.70	9.24	9.81	11
Other Noncurrent Operating Liabilities	37	45	49	53	4.50	5.90	6.01
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	423	458	476	493	536	563	591
Total Preferred & Common Equity	423	458	476	493	536	563	591
Total Common Equity	423	458	476	493	536	563	591
Common Stock	89	91	93	95	98	100	101
Retained Earnings	384	408	424	442	480	505	527
Treasury Stock	-37	-37	-37	-37	-37	-37	-37
Accumulated Other Comprehensive Income / (Loss)	-13	-4.26	-4.20	-7.40	-5.27	-5.34	-0.65

This table displays calculated financial ratios and metrics derived from Badger Meter's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.54%	4.25%	2.20%	7.78%	-2.10%	0.22%	18.72%	11.95%	24.40%	17.48%
EBITDA Growth	2.04%	16.26%	9.31%	-23.36%	40.25%	5.08%	17.94%	6.52%	28.62%	30.19%
EBIT Growth	-7.99%	19.82%	9.57%	-33.46%	67.15%	5.33%	20.82%	10.89%	35.08%	33.94%
NOPAT Growth	-12.24%	27.79%	4.56%	23.54%	7.96%	3.96%	23.21%	8.55%	35.43%	32.24%
Net Income Growth	-12.60%	24.51%	7.05%	-19.61%	69.76%	4.59%	23.39%	9.22%	39.25%	34.93%
EPS Growth	0.00%	0.00%	7.21%	-20.17%	69.47%	4.97%	23.08%	8.65%	38.94%	34.71%
Operating Cash Flow Growth	0.27%	56.81%	-11.45%	21.30%	33.74%	10.98%	-2.31%	-5.78%	33.55%	40.79%
Free Cash Flow Firm Growth	140.40%	188.36%	-72.73%	298.13%	49.42%	-32.03%	-27.81%	128.19%	-10.82%	90.91%
Invested Capital Growth	4.19%	-2.93%	8.37%	-0.76%	-7.07%	0.81%	9.31%	-3.65%	6.68%	-4.24%
Revenue Q/Q Growth	1.73%	-0.67%	0.89%	1.82%	0.75%	1.13%	4.86%	2.09%	5.25%	2.83%
EBITDA Q/Q Growth	2.71%	-0.31%	3.54%	-23.95%	1.82%	0.85%	6.50%	-1.04%	7.82%	4.41%
EBIT Q/Q Growth	3.31%	-0.81%	3.54%	-33.83%	2.05%	0.96%	8.10%	-0.44%	8.74%	4.74%
NOPAT Q/Q Growth	-2.01%	5.70%	0.85%	13.31%	2.07%	1.55%	7.27%	-0.08%	7.81%	4.27%
Net Income Q/Q Growth	-1.96%	1.99%	3.35%	16.84%	2.24%	1.69%	7.38%	0.40%	8.41%	5.04%
EPS Q/Q Growth	0.00%	0.91%	2.59%	15.85%	1.90%	1.81%	7.77%	0.00%	8.65%	4.96%
Operating Cash Flow Q/Q Growth	10.78%	9.70%	-19.67%	38.08%	-1.09%	-3.94%	14.64%	3.30%	8.09%	10.02%
Free Cash Flow Firm Q/Q Growth	113,036.87%	27.89%	-45.10%	93.09%	-9.78%	-42.02%	430.22%	-6.32%	12.85%	18.94%
Invested Capital Q/Q Growth	0.94%	-1.63%	1.68%	-3.77%	-1.24%	12.17%	-2.74%	-1.20%	-1.55%	-6.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.95%	38.24%	38.70%	37.43%	38.51%	39.54%	40.67%	38.89%	39.29%	39.83%
EBITDA Margin	16.67%	18.59%	19.88%	14.14%	20.25%	21.24%	21.10%	20.07%	20.75%	23.00%
Operating Margin	11.22%	13.38%	14.06%	13.11%	14.64%	15.31%	15.58%	15.43%	16.78%	19.11%
EBIT Margin	11.22%	12.89%	13.82%	8.53%	14.57%	15.31%	15.58%	15.43%	16.76%	19.11%
Profit (Net Income) Margin	6.87%	8.20%	8.59%	6.41%	11.11%	11.60%	12.05%	11.76%	13.16%	15.12%
Tax Burden Percent	63.03%	64.79%	63.05%	77.51%	76.58%	75.93%	77.44%	75.81%	75.92%	75.04%
Interest Burden Percent	97.13%	98.19%	98.58%	96.87%	99.59%	99.73%	99.87%	100.48%	103.43%	105.42%
Effective Tax Rate	36.97%	35.21%	36.95%	22.49%	23.42%	24.07%	22.56%	24.19%	24.08%	24.96%
Return on Invested Capital (ROIC)	9.22%	11.72%	11.94%	14.24%	15.99%	17.19%	20.16%	21.34%	28.49%	37.29%
ROIC Less NNEP Spread (ROIC-NNEP)	8.07%	7.82%	8.47%	-70.70%	18.10%	17.42%	20.25%	21.05%	26.69%	34.65%
Return on Net Nonoperating Assets (RNNOA)	2.39%	1.50%	1.02%	-4.67%	-1.12%	-2.93%	-4.23%	-5.61%	-9.18%	-15.03%
Return on Equity (ROE)	11.62%	13.22%	12.96%	9.57%	14.87%	14.25%	15.93%	15.73%	19.31%	22.26%
Cash Return on Invested Capital (CROIC)	5.12%	14.69%	3.90%	15.00%	23.32%	16.39%	11.26%	25.05%	22.03%	41.62%
Operating Return on Assets (OROA)	12.16%	14.40%	15.00%	9.44%	15.19%	14.59%	15.71%	15.40%	17.87%	20.60%
Return on Assets (ROA)	7.45%	9.16%	9.33%	7.09%	11.58%	11.05%	12.15%	11.73%	14.03%	16.30%
Return on Common Equity (ROCE)	11.62%	13.22%	12.96%	9.57%	14.87%	14.25%	15.93%	15.73%	19.31%	22.26%
Return on Equity Simple (ROE_SIMPLE)	11.17%	12.60%	12.46%	9.16%	14.25%	13.66%	15.11%	15.03%	17.93%	20.61%
Net Operating Profit after Tax (NOPAT)	27	34	36	44	48	49	61	66	90	119
NOPAT Margin	7.07%	8.67%	8.87%	10.16%	11.21%	11.63%	12.07%	11.70%	12.74%	14.34%
Net Nonoperating Expense Percent (NNEP)	1.16%	3.91%	3.47%	84.94%	-2.10%	-0.23%	-0.10%	0.28%	1.80%	2.64%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	14.96%	17.35%	19.55%
Cost of Revenue to Revenue	64.05%	61.76%	61.30%	62.57%	61.49%	60.46%	59.33%	61.11%	60.71%	60.17%
SG&A Expenses to Revenue	24.73%	24.86%	24.64%	24.32%	23.88%	24.23%	25.09%	23.46%	22.51%	20.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.73%	24.86%	24.64%	24.32%	23.88%	24.26%	25.12%	23.48%	22.51%	20.72%
Earnings before Interest and Taxes (EBIT)	42	51	56	37	62	65	79	87	118	158
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	63	73	80	61	86	90	107	114	146	190
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.68	3.90	4.72	4.49	5.50	7.37	7.57	7.12	8.72	10.29
Price to Tangible Book Value (P/TBV)	3.07	6.45	8.69	7.71	8.60	12.16	13.02	10.95	12.88	13.88
Price to Revenue (P/Rev)	1.03	2.54	3.25	3.14	4.28	6.26	6.04	5.57	6.40	7.55
Price to Earnings (P/E)	15.01	30.97	37.88	49.05	38.56	53.98	50.15	47.35	48.62	49.93
Dividend Yield	1.45%	1.25%	1.09%	1.20%	1.02%	0.77%	0.73%	0.79%	0.65%	0.58%
Earnings Yield	6.66%	3.23%	2.64%	2.04%	2.59%	1.85%	1.99%	2.11%	2.06%	2.00%
Enterprise Value to Invested Capital (EV/IC)	1.53	3.59	4.32	4.44	6.19	8.97	9.39	9.89	13.27	19.11
Enterprise Value to Revenue (EV/Rev)	1.20	2.62	3.34	3.15	4.18	6.09	5.87	5.32	6.13	7.19
Enterprise Value to EBITDA (EV/EBITDA)	7.19	14.08	16.78	22.31	20.64	28.67	27.83	26.52	29.51	31.26
Enterprise Value to EBIT (EV/EBIT)	10.68	20.31	24.14	36.97	28.69	39.77	37.68	34.49	36.55	37.63
Enterprise Value to NOPAT (EV/NOPAT)	16.95	30.21	37.64	31.04	37.29	52.37	48.65	45.50	48.09	50.15
Enterprise Value to Operating Cash Flow (EV/OCF)	12.63	18.35	26.99	22.67	21.99	28.93	33.89	36.52	39.14	38.34
Enterprise Value to Free Cash Flow (EV/FCFF)	30.51	24.10	115.13	29.46	25.58	54.93	87.10	38.75	62.20	44.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.31	0.15	0.16	0.06	0.01	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.30	0.19	0.12	0.07	-0.06	-0.17	-0.21	-0.27	-0.34	-0.43
Leverage Ratio	1.56	1.44	1.39	1.35	1.28	1.29	1.31	1.34	1.38	1.37
Compound Leverage Factor	1.52	1.42	1.37	1.31	1.28	1.29	1.31	1.35	1.42	1.44
Debt to Total Capital	23.50%	12.90%	13.84%	5.62%	1.34%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	23.50%	12.90%	13.84%	5.62%	1.34%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	76.50%	87.10%	86.16%	94.38%	98.66%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	1.13	0.52	0.56	0.29	0.05	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	1.00	0.42	0.42	0.08	-0.52	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	2.67	1.11	1.25	0.41	0.09	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	2.37	0.90	0.94	0.11	-0.93	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	4.31	9.18	9.45	11.82	14.86	17.22	17.12	14.57	16.42	21.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.99	1.70	2.74	3.50	3.29	3.18	3.15	3.35	4.57
Quick Ratio	0.62	0.89	0.75	1.32	1.93	1.97	1.86	1.95	2.09	3.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	15	43	12	46	69	47	34	78	69	132
Operating Cash Flow to CapEx	181.28%	530.25%	330.15%	698.25%	1,076.76%	988.83%	1,297.21%	1,399.61%	917.41%	1,209.50%
Free Cash Flow to Firm to Interest Expense	12.19	46.45	14.78	40.14	274.27	1,572.23	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	29.44	61.00	63.06	52.16	319.03	2,985.93	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	13.20	49.50	43.96	44.69	289.40	2,683.97	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.08	1.12	1.09	1.11	1.04	0.95	1.01	1.00	1.07	1.08
Accounts Receivable Turnover	6.83	6.76	6.82	6.97	6.65	6.92	7.92	7.94	8.79	9.85
Inventory Turnover	3.22	3.11	3.03	3.27	3.21	3.15	3.31	3.15	3.12	3.35
Fixed Asset Turnover	4.37	4.35	4.38	4.72	4.82	5.05	6.29	7.46	9.55	11.16
Accounts Payable Turnover	13.74	12.97	10.51	10.63	9.67	7.74	7.81	6.10	5.57	7.24
Days Sales Outstanding (DSO)	53.45	53.98	53.52	52.39	54.87	52.77	46.08	45.99	41.54	37.06
Days Inventory Outstanding (DIO)	113.44	117.29	120.49	111.62	113.76	116.00	110.33	115.89	116.86	109.01
Days Payable Outstanding (DPO)	26.56	28.15	34.73	34.34	37.74	47.13	46.75	59.83	65.47	50.44
Cash Conversion Cycle (CCC)	140.32	143.13	139.28	129.66	130.89	121.64	109.66	102.05	92.93	95.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	295	287	311	308	287	289	316	304	325	311
Invested Capital Turnover	1.30	1.35	1.35	1.40	1.43	1.48	1.67	1.82	2.24	2.60
Increase / (Decrease) in Invested Capital	12	-8.65	24	-2.36	-22	2.31	27	-12	20	-14
Enterprise Value (EV)	453	1,031	1,343	1,368	1,775	2,591	2,966	3,011	4,310	5,943
Market Capitalization	389	1,000	1,310	1,363	1,819	2,663	3,053	3,149	4,502	6,239
Book Value per Share	$16.00	$8.80	$9.53	$10.43	$11.37	$12.41	$13.78	$15.12	$17.60	$20.61
Tangible Book Value per Share	$8.75	$5.33	$5.18	$6.07	$7.27	$7.52	$8.02	$9.82	$11.91	$15.28
Total Capital	304	294	322	322	336	361	403	442	516	606
Total Debt	71	38	45	18	4.48	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	63	31	33	4.97	-44	-72	-87	-138	-192	-295
Capital Expenditures (CapEx)	20	11	15	8.64	7.50	9.06	6.75	5.89	12	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	108	106	99	110	98	83	92	99	118	127
Debt-free Net Working Capital (DFNWC)	116	113	110	123	147	156	179	238	310	422
Net Working Capital (NWC)	45	75	66	105	143	156	179	238	310	422
Net Nonoperating Expense (NNE)	0.77	1.83	1.11	16	0.41	0.13	0.08	-0.32	-2.97	-6.43
Net Nonoperating Obligations (NNO)	63	31	33	4.97	-44	-72	-87	-138	-192	-295
Total Depreciation and Amortization (D&A)	21	22	24	24	24	25	28	26	28	32
Debt-free, Cash-free Net Working Capital to Revenue	28.59%	26.87%	24.58%	25.27%	23.19%	19.59%	18.22%	17.59%	16.83%	15.32%
Debt-free Net Working Capital to Revenue	30.75%	28.73%	27.35%	28.29%	34.70%	36.58%	35.47%	42.00%	44.09%	51.04%
Net Working Capital to Revenue	11.86%	19.09%	16.28%	24.13%	33.64%	36.58%	35.47%	42.00%	44.09%	51.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.80	$1.12	$1.20	$0.96	$1.63	$1.70	$2.09	$2.28	$3.16	$4.26
Adjusted Weighted Average Basic Shares Outstanding	14.38M	28.89M	28.93M	28.99M	29.03M	29.05M	29.14M	29.22M	29.28M	29.36M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.95	$1.61	$1.69	$2.08	$2.26	$3.14	$4.23
Adjusted Weighted Average Diluted Shares Outstanding	14.45M	29.05M	29.11M	29.19M	29.22M	29.23M	29.34M	29.38M	29.46M	29.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.52M	29.11M	29.11M	29.11M	29.11M	29.15M	29.25M	29.29M	29.35M	29.41M
Normalized Net Operating Profit after Tax (NOPAT)	27	34	36	44	48	50	61	66	90	119
Normalized NOPAT Margin	7.07%	8.67%	8.87%	10.16%	11.21%	11.65%	12.09%	11.72%	12.74%	14.34%
Pre Tax Income Margin	10.90%	12.66%	13.63%	8.27%	14.51%	15.27%	15.56%	15.51%	17.33%	20.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	34.81	55.12	70.50	31.99	244.51	2,171.87	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	21.94	37.05	45.22	38.10	188.11	1,649.20	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	18.57	43.61	51.40	24.52	214.88	1,869.90	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	5.70	25.55	26.13	30.63	158.48	1,347.23	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	43.42%	38.58%	41.12%	58.53%	39.42%	41.22%	36.39%	37.42%	31.37%	28.69%
Augmented Payout Ratio	43.42%	38.58%	53.85%	75.78%	50.45%	47.54%	37.14%	38.06%	31.37%	28.69%

This table displays calculated financial ratios and metrics derived from Badger Meter's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.97%	8.53%	20.17%	27.59%	25.80%	23.84%	23.37%	23.20%	11.95%	12.47%
EBITDA Growth	15.41%	-4.01%	24.94%	26.60%	25.90%	37.53%	39.33%	36.36%	26.48%	20.43%
EBIT Growth	22.63%	-1.69%	33.01%	33.62%	31.68%	42.74%	46.00%	40.87%	29.41%	22.27%
NOPAT Growth	12.49%	-0.32%	31.78%	31.19%	40.07%	37.80%	47.47%	44.48%	21.13%	20.59%
Net Income Growth	13.11%	1.52%	35.20%	34.98%	44.81%	40.95%	50.04%	46.96%	23.37%	24.25%
EPS Growth	12.96%	0.00%	34.69%	33.33%	44.26%	42.37%	50.00%	47.37%	22.73%	23.81%
Operating Cash Flow Growth	55.10%	9.72%	94.27%	15.80%	31.90%	27.73%	19.42%	59.95%	43.44%	37.22%
Free Cash Flow Firm Growth	167.49%	397.83%	-18.27%	-83.78%	-90.42%	-88.23%	114.91%	597.07%	741.68%	1,152.71%
Invested Capital Growth	-5.15%	-3.65%	2.81%	5.64%	7.05%	6.68%	2.00%	0.94%	0.74%	-4.24%
Revenue Q/Q Growth	7.38%	-0.46%	7.99%	10.53%	5.88%	-2.02%	7.59%	10.38%	-3.79%	-1.56%
EBITDA Q/Q Growth	6.30%	-6.52%	12.17%	13.70%	5.72%	2.11%	13.51%	11.28%	-1.94%	-2.77%
EBIT Q/Q Growth	8.09%	-5.73%	11.61%	17.66%	6.52%	2.20%	13.99%	13.53%	-2.14%	-3.45%
NOPAT Q/Q Growth	7.07%	-3.74%	10.23%	15.48%	14.31%	-5.30%	17.97%	13.13%	-4.16%	-5.72%
Net Income Q/Q Growth	7.62%	-2.20%	10.70%	15.85%	15.45%	-4.81%	17.84%	13.47%	-3.08%	-4.12%
EPS Q/Q Growth	7.02%	-3.28%	11.86%	15.15%	15.79%	-4.55%	17.86%	13.13%	-3.57%	-3.70%
Operating Cash Flow Q/Q Growth	21.20%	24.66%	-39.51%	26.71%	38.05%	20.72%	-43.44%	69.71%	23.80%	15.48%
Free Cash Flow Firm Q/Q Growth	37.20%	-16.93%	-65.36%	-58.92%	-18.96%	2.04%	532.53%	33.26%	-2.14%	51.88%
Invested Capital Q/Q Growth	-2.50%	-1.20%	8.31%	1.25%	-1.20%	-1.55%	3.56%	0.20%	-1.39%	-6.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.86%	38.67%	39.48%	39.48%	39.06%	39.17%	39.32%	39.40%	40.24%	40.33%
EBITDA Margin	20.64%	19.38%	20.11%	20.68%	20.65%	21.52%	22.71%	22.89%	23.34%	23.05%
Operating Margin	16.13%	15.25%	15.74%	16.78%	16.88%	17.58%	18.64%	19.16%	19.49%	19.12%
EBIT Margin	16.11%	15.25%	15.74%	16.76%	16.86%	17.58%	18.63%	19.16%	19.49%	19.12%
Profit (Net Income) Margin	12.12%	11.91%	12.20%	12.79%	13.95%	13.55%	14.84%	15.26%	15.37%	14.97%
Tax Burden Percent	74.89%	76.57%	75.73%	74.24%	79.68%	73.92%	76.48%	76.23%	74.66%	72.90%
Interest Burden Percent	100.45%	101.93%	102.36%	102.81%	103.82%	104.26%	104.17%	104.46%	105.63%	107.42%
Effective Tax Rate	25.11%	23.43%	24.27%	25.76%	20.32%	26.08%	23.52%	23.77%	25.34%	27.10%
Return on Invested Capital (ROIC)	21.15%	21.30%	21.72%	24.16%	28.19%	29.07%	31.71%	34.04%	35.33%	36.24%
ROIC Less NNEP Spread (ROIC-NNEP)	21.08%	21.01%	21.30%	23.68%	27.52%	28.46%	31.00%	33.27%	34.53%	35.37%
Return on Net Nonoperating Assets (RNNOA)	-4.71%	-5.60%	-5.34%	-6.43%	-8.35%	-9.79%	-10.22%	-11.79%	-13.44%	-15.35%
Return on Equity (ROE)	16.44%	15.70%	16.37%	17.74%	19.84%	19.28%	21.48%	22.25%	21.90%	20.90%
Cash Return on Invested Capital (CROIC)	26.21%	25.05%	18.99%	17.90%	19.25%	22.03%	27.64%	31.38%	33.60%	41.62%
Operating Return on Assets (OROA)	16.32%	15.22%	15.81%	17.32%	17.83%	18.75%	20.05%	20.79%	20.99%	20.61%
Return on Assets (ROA)	12.28%	11.88%	12.26%	13.22%	14.75%	14.45%	15.97%	16.56%	16.55%	16.14%
Return on Common Equity (ROCE)	16.44%	15.70%	16.37%	17.74%	19.84%	19.28%	21.48%	22.25%	21.90%	20.90%
Return on Equity Simple (ROE_SIMPLE)	15.66%	0.00%	15.62%	16.27%	17.34%	0.00%	19.10%	20.04%	20.12%	0.00%
Net Operating Profit after Tax (NOPAT)	18	17	19	22	25	24	28	32	30	29
NOPAT Margin	12.08%	11.68%	11.92%	12.46%	13.45%	13.00%	14.25%	14.61%	14.55%	13.94%
Net Nonoperating Expense Percent (NNEP)	0.06%	0.29%	0.41%	0.49%	0.67%	0.61%	0.71%	0.77%	0.81%	0.87%
Return On Investment Capital (ROIC_SIMPLE)	-	3.89%	-	-	-	4.59%	-	-	-	4.72%
Cost of Revenue to Revenue	61.14%	61.33%	60.52%	60.52%	60.94%	60.83%	60.68%	60.60%	59.76%	59.67%
SG&A Expenses to Revenue	22.74%	23.41%	23.74%	22.71%	22.18%	21.59%	20.68%	20.24%	20.75%	21.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.74%	23.50%	23.76%	22.71%	22.18%	21.57%	20.68%	20.25%	20.76%	21.23%
Earnings before Interest and Taxes (EBIT)	24	22	25	29	31	32	37	42	41	39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	31	29	32	36	38	39	45	50	49	47
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.31	7.12	7.71	9.02	8.50	8.72	8.84	9.71	10.87	10.29
Price to Tangible Book Value (P/TBV)	9.90	10.95	12.41	14.10	12.88	12.88	12.81	13.68	15.04	13.88
Price to Revenue (P/Rev)	4.81	5.57	5.97	6.81	6.27	6.40	6.39	7.00	7.99	7.55
Price to Earnings (P/E)	40.27	47.35	49.38	55.44	49.06	48.62	46.27	48.45	54.01	49.93
Dividend Yield	0.91%	0.79%	0.73%	0.62%	0.66%	0.65%	0.64%	0.58%	0.53%	0.58%
Earnings Yield	2.48%	2.11%	2.03%	1.80%	2.04%	2.06%	2.16%	2.06%	1.85%	2.00%
Enterprise Value to Invested Capital (EV/IC)	8.29	9.89	10.33	12.43	12.21	13.27	13.49	15.56	18.56	19.11
Enterprise Value to Revenue (EV/Rev)	4.61	5.32	5.75	6.58	6.02	6.13	6.12	6.71	7.67	7.19
Enterprise Value to EBITDA (EV/EBITDA)	22.25	26.52	28.40	32.53	29.73	29.51	28.57	30.49	33.85	31.26
Enterprise Value to EBIT (EV/EBIT)	29.11	34.49	36.43	41.12	37.14	36.55	35.00	37.02	40.88	37.63
Enterprise Value to NOPAT (EV/NOPAT)	38.54	45.50	48.13	54.62	48.45	48.09	45.98	48.38	54.24	50.15
Enterprise Value to Operating Cash Flow (EV/OCF)	31.98	36.52	37.35	44.00	39.53	39.14	39.92	41.19	43.75	38.34
Enterprise Value to Free Cash Flow (EV/FCFF)	30.78	38.75	55.15	71.35	65.59	62.20	49.27	49.82	55.43	44.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.22	-0.27	-0.25	-0.27	-0.30	-0.34	-0.33	-0.35	-0.39	-0.43
Leverage Ratio	1.34	1.34	1.36	1.37	1.38	1.38	1.39	1.39	1.38	1.37
Compound Leverage Factor	1.35	1.37	1.39	1.41	1.43	1.44	1.44	1.45	1.45	1.47
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	13.07	14.21	14.52	16.51	15.29	16.02	16.27	17.69	20.89	20.54
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.20	3.15	3.12	3.27	3.28	3.35	3.48	3.69	4.10	4.57
Quick Ratio	1.95	1.95	1.84	1.90	1.96	2.09	2.16	2.41	2.73	3.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	35	29	9.95	4.09	3.31	3.38	21	29	28	42
Operating Cash Flow to CapEx	1,243.14%	2,473.61%	420.74%	854.69%	1,042.90%	1,847.37%	801.94%	1,555.70%	1,439.59%	1,115.16%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.01	1.00	1.00	1.03	1.06	1.07	1.08	1.09	1.08	1.08
Accounts Receivable Turnover	7.05	7.94	7.29	7.82	7.75	8.79	8.39	8.22	8.81	9.85
Inventory Turnover	3.27	3.15	3.06	2.99	3.11	3.12	3.07	3.10	3.17	3.35
Fixed Asset Turnover	7.27	7.46	7.87	8.47	9.11	9.55	10.05	10.62	10.88	11.16
Accounts Payable Turnover	6.23	6.10	5.46	5.38	5.40	5.57	5.29	5.36	5.99	7.24
Days Sales Outstanding (DSO)	51.80	45.99	50.04	46.69	47.11	41.54	43.49	44.42	41.43	37.06
Days Inventory Outstanding (DIO)	111.53	115.89	119.25	121.90	117.34	116.86	118.75	117.61	115.04	109.01
Days Payable Outstanding (DPO)	58.56	59.83	66.87	67.90	67.54	65.47	69.02	68.07	60.98	50.44
Cash Conversion Cycle (CCC)	104.77	102.05	102.42	100.69	96.91	92.93	93.22	93.97	95.49	95.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	308	304	330	334	330	325	336	337	332	311
Invested Capital Turnover	1.75	1.82	1.82	1.94	2.10	2.24	2.22	2.33	2.43	2.60
Increase / (Decrease) in Invested Capital	-17	-12	9.01	18	22	20	6.58	3.14	2.43	-14
Enterprise Value (EV)	2,553	3,011	3,405	4,148	4,027	4,310	4,535	5,242	6,165	5,943
Market Capitalization	2,667	3,149	3,533	4,290	4,190	4,502	4,734	5,468	6,424	6,239
Book Value per Share	$14.45	$15.12	$15.64	$16.22	$16.81	$17.60	$18.27	$19.16	$20.10	$20.61
Tangible Book Value per Share	$9.21	$9.82	$9.72	$10.38	$11.10	$11.91	$12.61	$13.59	$14.53	$15.28
Total Capital	423	442	458	476	493	516	536	563	591	606
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-115	-138	-128	-142	-163	-192	-199	-226	-259	-295
Capital Expenditures (CapEx)	1.92	1.20	4.27	2.66	3.01	2.05	2.68	2.34	3.13	4.67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	109	99	117	128	131	118	136	145	141	127
Debt-free Net Working Capital (DFNWC)	224	238	245	270	294	310	336	371	400	422
Net Working Capital (NWC)	224	238	245	270	294	310	336	371	400	422
Net Nonoperating Expense (NNE)	-0.06	-0.33	-0.45	-0.59	-0.93	-1.01	-1.16	-1.41	-1.71	-2.12
Net Nonoperating Obligations (NNO)	-115	-138	-128	-142	-163	-192	-199	-226	-259	-295
Total Depreciation and Amortization (D&A)	6.71	6.08	6.95	6.91	7.07	7.19	8.01	8.09	8.02	8.07
Debt-free, Cash-free Net Working Capital to Revenue	19.69%	17.59%	19.70%	20.29%	19.64%	16.83%	18.39%	18.54%	17.56%	15.32%
Debt-free Net Working Capital to Revenue	40.41%	42.00%	41.38%	42.79%	44.01%	44.09%	45.29%	47.48%	49.78%	51.04%
Net Working Capital to Revenue	40.41%	42.00%	41.38%	42.79%	44.01%	44.09%	45.29%	47.48%	49.78%	51.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.61	$0.61	$0.66	$0.77	$0.89	$0.84	$0.99	$1.13	$1.09	$1.05
Adjusted Weighted Average Basic Shares Outstanding	29.22M	29.22M	29.26M	29.27M	29.29M	29.28M	29.32M	29.36M	29.37M	29.36M
Adjusted Diluted Earnings per Share	$0.61	$0.59	$0.66	$0.76	$0.88	$0.84	$0.99	$1.12	$1.08	$1.04
Adjusted Weighted Average Diluted Shares Outstanding	29.37M	29.38M	29.42M	29.45M	29.47M	29.46M	29.49M	29.53M	29.55M	29.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	29.27M	29.29M	29.31M	29.32M	29.35M	29.35M	29.39M	29.41M	29.41M	29.41M
Normalized Net Operating Profit after Tax (NOPAT)	18	17	19	22	25	24	28	32	30	29
Normalized NOPAT Margin	12.08%	11.68%	11.94%	12.46%	13.45%	13.00%	14.25%	14.61%	14.56%	13.94%
Pre Tax Income Margin	16.18%	15.55%	16.11%	17.23%	17.50%	18.33%	19.41%	20.01%	20.59%	20.54%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.43%	37.42%	35.83%	34.10%	32.46%	31.37%	29.68%	28.09%	28.40%	28.69%
Augmented Payout Ratio	37.08%	38.06%	35.83%	34.10%	32.46%	31.37%	29.68%	28.09%	28.40%	28.69%

Frequently Asked Questions About Badger Meter's Financials

When does Badger Meter's financial year end?

According to the most recent income statement we have on file, Badger Meter's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Badger Meter's net income changed over the last 9 years?

Badger Meter's net income appears to be on an upward trend, with a most recent value of $124.94 million in 2024, rising from $25.94 million in 2015. The previous period was $92.60 million in 2023.

What is Badger Meter's operating income?

Badger Meter's total operating income in 2024 was $157.94 million, based on the following breakdown:

Total Gross Profit: $329.18 million
Total Operating Expenses: $171.30 million

How has Badger Meter revenue changed over the last 9 years?

Over the last 9 years, Badger Meter's total revenue changed from $377.70 million in 2015 to $826.56 million in 2024, a change of 118.8%.

How much debt does Badger Meter have?

Badger Meter's total liabilities were at $210.18 million at the end of 2024, a 4.9% increase from 2023, and a 70.6% increase since 2015.

How much cash does Badger Meter have?

In the past 9 years, Badger Meter's cash and equivalents has ranged from $7.34 million in 2016 to $295.31 million in 2024, and is currently $295.31 million as of their latest financial filing in 2024.

How has Badger Meter's book value per share changed over the last 9 years?

Over the last 9 years, Badger Meter's book value per share changed from 16.00 in 2015 to 20.61 in 2024, a change of 28.8%.

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This page (NYSE:BMI) was last updated on 4/15/2025 by MarketBeat.com Staff

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Badger Meter (BMI) Financials

Frequently Asked Questions About Badger Meter's Financials

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Badger Meter (BMI) Financials

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