Badger Meter, Inc.

BMI

BMIBadger Meter, Inc. US flag

New York Stock Exchange

130.63

USD

+2.20

- -

3.81BMarket Cap

Income Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Sales/Revenue/Turnover	263	320	334	365	378	394	402	434	425	426	505	566	704	827	917
+ Sales & Services Revenue	263	320	334	365	378	394	402	434	425	426	505	566	704	827	917
- Cost of Revenue	173	197	217	234	242	243	247	271	261	257	300	346	427	497	535
+ Cost of Goods & Services	173	197	217	234	242	243	247	271	261	257	300	346	427	497	535
Gross Profit	90	122	117	131	136	151	156	162	164	168	205	220	276	329	382
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	62	78	78	85	93	98	99	105	101	103	127	133	158	171	199
+ Selling, General & Admin	62	78	78	85	93	98	99	105	101	103	127	133	158	171	199
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	28	44	39	46	42	53	57	57	62	65	79	87	118	158	183
- Non-Operating (Income) Loss	- -	1	1	1	1	3	2	21	1	- -	- -	- -	-4	-9	-5
+ Interest Expense, Net	- -	1	1	1	1	1	1	1	- -	- -	- -	-1	-4	-9	-5
+ Interest Expense	- -	1	1	1	1	1	1	1	- -	- -	- -	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	4	9	5
+ Other Non-Op (Income) Loss	- -	- -	- -	- -	- -	2	1	20	- -	- -	- -	- -	- -	- -	- -
Pretax Income	27	43	38	45	41	50	55	36	62	65	79	88	122	166	189
- Income Tax Expense (Benefit)	8	15	13	15	15	18	20	8	14	16	18	21	29	42	47
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	19	28	25	30	26	32	35	28	47	49	61	66	93	125	142
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	19	28	25	30	26	32	35	28	47	49	61	66	93	125	142
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	19	28	25	30	26	32	35	28	47	49	61	66	93	125	142
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	19	28	25	30	26	32	35	28	47	49	61	66	93	125	142
EBIT	28	44	39	46	42	53	57	57	62	65	79	87	118	158	183
EBITDA	37	57	53	62	63	75	81	81	86	90	107	114	146	190	218
EBITDA Margin (%)	14.08	17.68	15.74	16.92	16.67	19.08	20.13	18.72	20.32	21.24	21.1	20.07	20.77	23	23.78
EBITA	28	44	39	46	42	53	57	57	62	65	79	87	118	158	183
Gross Margin (%)	34.16	38.24	35.01	35.95	35.95	38.24	38.7	37.43	38.51	39.54	40.67	38.89	39.29	39.83	41.68
Operating Margin (%)	10.47	13.91	11.7	12.62	11.22	13.38	14.06	13.11	14.64	15.31	15.58	15.43	16.78	19.11	20.01
Profit Margin (%)	7.29	8.77	7.37	8.14	6.87	8.2	8.59	6.41	11.11	11.6	12.05	11.76	13.16	15.12	15.45
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.3	0.33	0.35	0.37	0.39	0.43	0.49	0.56	0.64	0.7	0.76	0.85	0.99	1.22	1.48
Depreciation Expense	9	12	13	16	21	22	24	24	24	25	28	26	28	32	35
Basic Weighted Avg Shares	30	29	29	29	29	29	29	29	29	29	29	29	29	29	29
Basic EPS, GAAP	0.64	0.98	0.86	1.04	0.9	1.12	1.2	0.96	1.63	1.7	2.09	2.28	3.16	4.26	4.82
Basic EPS from Cont Ops	0.64	0.98	0.86	1.04	0.9	1.12	1.2	0.96	1.63	1.7	2.09	2.28	3.16	4.26	4.82
Diluted Weighted Avg Shares	30	29	29	29	29	29	29	29	29	29	29	29	29	30	30
Diluted EPS, GAAP	0.64	0.97	0.85	1.03	0.9	1.11	1.19	0.95	1.61	1.69	2.08	2.26	3.14	4.23	4.79
Diluted EPS from Cont Ops	0.64	0.97	0.85	1.03	0.9	1.11	1.19	0.95	1.61	1.69	2.08	2.26	3.14	4.23	4.79

Balance Sheet (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Current Assets	101	121	127	141	149	151	159	165	200	224	261	348	442	540	507
+ Cash, Cash Equivalents & STI	5	7	7	7	8	7	11	13	49	72	87	138	192	295	226
+ Cash & Cash Equivalents	5	7	7	7	8	7	11	13	49	72	87	138	192	295	226
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	41	46	50	54	57	60	58	66	61	62	66	77	84	84	112
+ Accounts Receivable, Net	41	46	50	54	57	60	58	66	61	62	66	77	84	84	112
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	49	61	61	72	79	78	85	81	82	82	100	120	154	143	152
+ Raw Materials	25	28	31	33	37	42	40	40	41	40	49	65	78	83	100
+ Work In Process	11	13	12	13	13	17	22	17	18	17	25	24	41	37	29
+ Finished Goods	13	20	18	25	29	18	23	23	23	25	26	31	35	24	23
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	6	8	9	9	6	6	4	4	8	8	9	13	13	17	17
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	118	169	189	200	206	199	233	228	222	248	269	255	275	276	466
+ Property, Plant & Equip, Net	66	70	76	82	91	90	94	90	86	83	78	74	74	74	80
+ Property, Plant & Equip	145	153	164	177	194	201	212	214	210	217	217	221	226	233	248
- Accumulated Depreciation	79	82	88	96	103	111	119	123	124	135	139	147	152	159	169
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	52	99	112	118	115	108	140	138	136	165	191	182	201	202	387
+ Total Intangible Assets	43	94	105	114	105	101	133	132	125	148	174	155	171	161	358
+ Goodwill	9	36	45	48	48	49	67	71	71	89	104	101	113	112	236
+ Other Intangible Assets	34	58	60	67	57	52	65	61	54	60	70	54	57	49	122
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	9	4	8	4	10	7	7	6	11	17	17	27	30	41	29
Total Assets	219	290	316	341	355	350	392	393	422	471	531	603	717	816	974
+ Payables & Accruals	12	17	20	18	20	21	30	22	32	35	42	71	82	56	72
+ Accounts Payable	11	16	19	16	19	18	29	22	32	35	42	71	82	56	72
+ Accrued Taxes	1	1	1	1	1	3	1	2	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	-2	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	2	67	70	76	71	38	45	18	4	- -	- -	- -	- -	- -	- -
+ ST Borrowings	2	67	70	76	71	38	45	18	4	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	8	11	8	14	13	17	19	19	21	33	40	39	50	63	78
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	8	11	8	14	13	17	19	19	21	33	40	39	50	63	78
Total Current Liabilities	22	94	98	107	105	76	93	60	57	68	82	110	132	118	151
+ LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	17	25	21	20	19	18	21	29	34	42	46	50	68	92	110
+ Accrued Liabilities	- -	9	10	6	1	2	3	3	1	6	5	37	55	68	76
+ Pension Liabilities	6	6	6	6	6	6	6	5	6	6	5	4	4	3	2
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	11	10	6	7	12	10	12	21	27	30	35	10	10	21	31
Total Noncurrent Liabilities	17	25	21	20	19	18	21	29	34	42	46	50	68	92	110
Total Liabilities	40	119	119	127	123	93	114	89	91	110	128	161	200	210	260
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	61	62	66	69	73	65	69	75	79	82	86	91	96	103	113
+ Common Stock	21	20	21	21	41	37	37	37	37	37	37	37	37	37	37
+ Additional Paid in Capital	39	42	46	48	32	28	32	38	42	45	49	53	59	66	75
- Treasury Stock	32	31	31	31	31	21	25	29	34	37	37	37	37	37	52
+ Retained Earnings	166	156	170	189	204	224	244	257	286	315	354	395	459	548	646
+ Other Equity	-15	-14	-8	-12	-13	-12	-11	1	- -	1	- -	-6	-2	-8	6
Equity Before Minority Interest	179	171	197	214	232	256	277	304	331	361	403	442	516	606	713
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	179	171	197	214	232	256	277	304	331	361	403	442	516	606	713
Total Liabilities & Equity	219	290	316	341	355	350	392	393	422	471	531	603	717	816	974
Shares Outstanding	30	29	29	29	29	29	29	29	29	29	29	29	29	29	29
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	-3	60	63	69	63	31	33	5	-44	-72	-87	-138	-192	-295	-226
Net Debt to Equity	-1.78	35.14	31.94	32.32	27.21	11.95	12.03	1.64	-13.41	-20.01	-21.63	-31.2	-37.13	-48.71	-31.69
Tangible Common Equity Ratio	77.47	39.23	43.43	44.1	50.75	62.38	55.87	65.8	69.4	65.95	64.19	64.16	63.31	67.95	57.73
Current Ratio	4.52	1.29	1.3	1.32	1.43	1.99	1.7	2.74	3.5	3.29	3.18	3.15	3.35	4.57	3.36
Cash Conversion Cycle	108.04	128.11	126.1	129.91	141.05	143.02	140.3	129.1	131.05	121.57	112.31	105.36	97.74	94.56	96.99

Cash Flow Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

+ Net Income	19	28	25	30	26	32	35	28	47	49	61	66	93	125	142
+ Depreciation & Amortization	9	12	13	16	21	22	24	24	24	25	28	26	28	32	35
+ Non-Cash Items	5	- -	4	5	- -	2	-2	16	- -	-1	-1	-3	-5	-5	8
+ Stock-Based Compensation	1	1	1	1	2	2	2	4	1	1	2	3	5	6	9
+ Deferred Income Taxes	-1	-1	1	-1	-3	1	-4	-5	-2	-3	-3	-6	-10	-11	-1
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	5	-1	1	4	1	- -	- -	18	- -	- -	- -	-1	- -	- -	- -
+ Chg in Non-Cash Work Cap	-3	-5	-8	-14	-10	- -	-7	-8	10	16	- -	-7	-6	3	-1
+ (Inc) Dec in Accts Receiv	-1	1	-4	-1	-6	-4	-1	-8	5	3	-1	-11	-6	-1	-20
+ (Inc) Dec in Inventories	- -	-5	- -	-7	-7	1	-6	5	-1	5	-14	-21	-32	10	-1
+ (Inc) Dec in Prepaid Assets	-1	-1	- -	-2	-2	-1	-6	-5	-8	-4	-8	-11	-7	-15	-4
+ Inc (Dec) in Accts Payable	- -	- -	- -	- -	- -	- -	5	-10	12	- -	7	28	9	-12	14
+ Inc (Dec) in Other	-1	- -	-4	-4	4	3	1	10	2	12	16	8	32	22	10
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	31	35	35	36	36	56	50	60	81	90	88	82	110	155	184
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-5	-8	-14	-12	-20	-11	-15	-9	-7	-9	-7	-6	-12	-13	- -
+ Acq of Fixed Prod Assets	-5	-8	-14	-12	-20	-11	-15	-9	-7	-9	-7	-6	-12	-13	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	-30	- -	- -	- -	1	-4	-4	-5	-3	- -	- -	- -	- -	-15
+ Increase in Capital Stock	- -	- -	- -	- -	- -	1	1	1	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	-30	- -	- -	- -	- -	-4	-5	-5	-3	- -	- -	- -	- -	-15
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-4	-52	-15	-21	-2	-2	-20	-8	- -	-29	-45	- -	-17	-3	-184
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-4	-52	-15	-21	-2	-2	-20	-8	- -	-29	-45	- -	-17	-3	-184
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	-14
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-9	-60	-30	-33	-22	-12	-35	-17	-7	-38	-51	-6	-29	-16	-198
+ Dividends Paid	-9	-10	-10	-11	-11	-12	-14	-16	-19	-20	-22	-25	-29	-36	-44
+ Net Cash From Debt	-12	- -	- -	- -	- -	- -	- -	-21	-14	-5	- -	- -	- -	- -	- -
+ Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Repayments of Debt	-12	- -	- -	- -	- -	- -	- -	-21	-14	-5	- -	- -	- -	- -	- -
+ Other Financing Activities	- -	66	5	7	-2	-33	8	-1	-1	- -	2	1	1	1	1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-20	27	-4	-3	-13	-44	-10	-42	-38	-28	-21	-25	-28	-35	-58
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	-1	1	-1	3
Net Changes in Cash	2	2	1	- -	1	-1	4	2	36	24	16	52	53	104	-72
EBITDA	37	57	53	62	63	75	81	81	86	90	107	114	146	190	218
EBITDA Margin (%)	14.08	17.68	15.74	16.92	16.67	19.08	20.13	18.72	20.32	21.24	21.1	20.07	20.77	23	23.78
Free Cash Flow	26	27	21	23	16	46	35	52	73	81	81	77	98	142	184
Net Cash Paid for Acquisitions	4	52	15	21	2	2	20	8	- -	29	45	- -	17	3	184
Free Cash Flow to Firm	26	27	21	24	17	46	35	53	73	81	81	77	98	142	184
Free Cash Flow to Equity	14	27	21	23	16	46	35	31	60	76	81	77	98	142	184
Free Cash Flow per Basic Share	0.87	0.93	0.71	0.82	0.56	1.58	1.2	1.78	2.52	2.77	2.77	2.62	3.35	4.84	6.25
Price/Free Cash Flow	12.08	15.88	16.02	17.76	15.23	16.07	21.47	20.82	21.51	27.87	33.17	36.26	37.23	37.32	28.07
Cash Flow to Net Income	1.63	1.24	1.41	1.2	1.38	1.74	1.44	2.17	1.71	1.82	1.44	1.24	1.19	1.24	1.3
Capital Expenditures	-5	-8	-14	-12	-20	-11	-15	-9	-7	-9	-7	-6	-12	-13	- -