Badger Meter, Inc. Financial Ratios — BMI Stock

Profitability (USD)

	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

Return on Common Equity (%)	11.02	15.99	13.39	14.45	11.62	13.22	12.96	9.57	14.87	14.25	15.93	15.73	19.31	22.26	21.47
Return on Assets (%)	8.81	11.01	8.12	9.03	7.45	9.16	9.33	7.09	11.58	11.05	12.15	11.73	14.03	16.3	15.83
Return on Capital (%)	10.65	13.69	10.04	10.93	8.99	11	11.38	8.91	14.42	14.17	15.93	15.73	19.31	22.26	21.47
Return on Invested Capital (%)	10.61	13.65	10.02	10.91	8.97	11.35	11.51	13.66	14.46	14.22	15.98	15.69	18.77	21.22	20.96
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
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
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
Incremental Operating Margin (%)	126.02	29.84	-37.08	22.65	-28.45	64.14	45.2	0.88	-57.97	327.31	17.03	14.2	22.28	32.44	28.28
Pretax Margin (%)	10.4	13.6	11.38	12.31	10.9	12.66	13.63	8.27	14.51	15.27	15.56	15.51	17.33	20.14	20.58
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
Net Income to Common 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
Effective Tax Rate (%)	29.94	35.52	35.23	33.92	36.97	35.21	36.95	22.49	23.42	24.07	22.56	24.19	24.08	24.96	24.93
Dvd Payout Ratio (%)	47.09	33.94	40.64	35.83	43.42	38.58	41.12	58.53	39.42	41.22	36.39	37.42	31.37	28.69	30.73
Sustainable Growth Rate (%)	5.83	10.57	7.95	9.27	6.57	8.12	7.63	3.97	9.01	8.38	10.13	9.84	13.25	15.87	14.87

Credit (USD)

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	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 Debt	2	67	70	76	71	38	45	18	4	- -	- -	- -	- -	- -	- -
ST Debt	2	67	70	76	71	38	45	18	4	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	0.05	1.18	1.33	1.23	1.13	0.51	0.55	0.22	0.05	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	-0.09	1.06	1.19	1.12	1	0.41	0.41	0.06	-0.51	-0.8	-0.82	-1.22	-1.31	-1.55	-1.04
Total Debt/EBIT	0.07	1.5	1.79	1.65	1.68	0.72	0.79	0.32	0.07	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-0.12	1.35	1.61	1.5	1.49	0.58	0.59	0.09	-0.71	-1.11	-1.11	-1.58	-1.62	-1.87	-1.23
EBITDA to Interest Expense	200.14	56.64	47.91	54.37	51.74	81.56	102.65	70.17	341.08	3,012.4	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	171.29	48.42	34.87	43.51	35.5	70.05	83.55	62.7	311.45	2,710.43	- -	- -	- -	- -	- -
EBIT to Interest Expense	148.83	44.56	35.62	40.57	34.81	57.19	71.73	49.15	245.64	2,171.87	- -	- -	- -	- -	- -
Interest Expense	- -	1	1	1	1	1	1	1	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	81.9	58.96	62.19	62.82	65.34	73.27	70.83	77.29	78.47	76.67	75.93	73.36	72.04	74.26	73.27
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	1	38.97	35.63	35.43	30.72	14.81	16.06	5.95	1.35	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	0.99	28.04	26.27	26.16	23.5	12.9	13.84	5.62	1.34	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	0.82	22.97	22.16	22.26	20.07	10.85	11.37	4.6	1.06	- -	- -	- -	- -	- -	- -
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
Net Debt/Capital (%)	-1.81	26	24.21	24.43	21.39	10.67	10.74	1.61	-15.48	-25.01	-27.6	-45.36	-59.06	-94.98	-46.38
EBITDA	37	57	53	62	63	75	81	81	86	90	107	114	146	190	218
EBITDA-CapEx	32	48	38	49	43	65	66	73	79	81	100	108	134	177	218
Operating Income (Loss)	28	44	39	46	42	53	57	57	62	65	79	87	118	158	183

Liquidity (USD)

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	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

Cash Ratio	0.22	0.07	0.07	0.06	0.08	0.1	0.12	0.22	0.85	1.06	1.06	1.25	1.45	2.5	1.5
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
Quick Ratio	2.06	0.55	0.59	0.57	0.62	0.89	0.75	1.32	1.93	1.97	1.86	1.95	2.09	3.21	2.25
CFO/Avg Current Liab	1.14	0.6	0.36	0.35	0.34	0.62	0.59	0.79	1.38	1.43	1.17	0.86	0.91	1.24	1.37
Common Equity/Total Assets	81.9	58.96	62.19	62.82	65.34	73.27	70.83	77.29	78.47	76.67	75.93	73.36	72.04	74.26	73.27
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	1	38.97	35.63	35.43	30.72	14.81	16.06	5.95	1.35	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	0.99	28.04	26.27	26.16	23.5	12.9	13.84	5.62	1.34	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	0.82	22.97	22.16	22.26	20.07	10.85	11.37	4.6	1.06	- -	- -	- -	- -	- -	- -
CFO/Total Liabilities	79.03	29.19	29.14	28.18	29.08	60.1	43.54	67.67	88.87	81.47	68.5	51.33	54.94	73.76	70.58
CFO/CapEx	5.87	4.24	2.43	2.9	1.81	5.3	3.3	6.98	10.77	9.89	12.97	14	9.17	12.1	- -
Altman's Z-Score	10.61	7.07	7.43	7.69	7.57	10.81	11.21	13.89	16.54	18.89	18.77	15.71	17.42	21.81	16.45

Working Capital (USD)

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	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

Accounts Receivable Turnover	12.77	7.37	6.98	7.01	6.83	6.76	6.82	6.97	6.65	6.92	7.92	7.94	8.79	9.85	9.32
Days Sales Outstanding	28.58	49.53	52.28	52.08	53.45	53.98	53.52	52.39	54.87	52.77	46.08	45.99	41.54	37.06	39.16
Inventory Turnover	3.54	3.58	3.56	3.52	3.22	3.11	3.03	3.27	3.21	3.15	3.31	3.15	3.12	3.35	3.62
Days Inventory Outstanding	103.06	102.09	102.49	103.67	113.44	117.29	120.49	111.62	113.76	116	110.33	115.89	116.86	109.01	100.82
Accounts Payable Turnover	15.47	15.53	12.73	14.13	14.13	12.92	10.83	10.46	9.71	7.73	8.28	6.46	6.02	7.09	8.49
Accounts Payable Turnover Days	23.6	23.51	28.67	25.84	25.84	28.25	33.71	34.91	37.57	47.2	44.1	56.52	60.67	51.5	43
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
Inventory to Cash Days	-74.49	-52.56	-50.21	-51.59	-59.99	-63.32	-66.97	-59.23	-58.89	-63.22	-64.25	-69.91	-75.32	-71.95	-61.67
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
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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

Market Capitalization	445	679	785	858	851	1,076	1,392	1,433	1,891	2,742	3,117	3,194	4,530	6,239	5,125
- Cash & Cash Equivalents	5	7	7	7	8	7	11	13	49	72	87	138	192	295	226
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	2	67	70	76	71	38	45	18	4	- -	- -	- -	- -	- -	- -
Enterprise Value	442	739	848	928	914	1,107	1,425	1,438	1,846	2,669	3,030	3,056	4,339	5,943	4,899
Total Capital	181	238	267	290	304	294	322	322	336	361	403	442	516	606	713
Total Debt/Capital (%)	0.99	28.04	26.27	26.16	23.5	12.9	13.84	5.62	1.34	- -	- -	- -	- -	- -	- -
Total Debt / EV	- -	0.09	0.08	0.08	0.08	0.03	0.03	0.01	- -	- -	- -	- -	- -	- -	- -
EV/Sales	1.68	2.31	2.54	2.54	2.42	2.81	3.54	3.32	4.35	6.27	6	5.4	6.17	7.19	5.34
EV/EBITDA	11.93	13.07	16.13	15.03	14.52	14.73	17.6	17.71	21.4	29.54	28.42	26.91	29.68	31.26	22.47
EV/EBIT	16.04	16.62	21.69	20.15	21.58	21.01	25.18	25.28	29.71	40.97	38.49	35.01	36.75	37.63	26.71
EV/Cash Flow to Firm	14.05	20.85	23.87	25.43	24.98	19.49	28.36	23.48	22.82	29.79	34.62	37.06	39.4	38.34	26.67
EV/Free Cash Flow to Firm	12.01	16.93	17.02	19	16.22	16.42	21.82	20.57	20.88	27.06	32.14	34.59	35.53	35.41	26.67
Diluted Market Cap	443	683	787	853	847	1,073	1,392	1,436	1,897	2,749	3,126	3,203	4,547	6,265	5,157
Diluted Enterprise Value	440	743	850	923	910	1,104	1,425	1,441	1,853	2,677	3,039	3,065	4,355	5,969	4,931
EV per Share	14.6	25.81	29.43	32.08	31.48	38	48.95	49.38	63.41	91.58	103.58	104.32	147.84	202.08	166.72
TTM Sales	263	320	334	365	378	394	402	434	425	426	505	566	704	827	917
TTM EBITDA	37	57	53	62	63	75	81	81	86	90	107	114	146	190	218
TTM Operating Income	28	44	39	46	42	53	57	57	62	65	79	87	118	158	183
TTM Cash Flow to Firm	31	35	36	36	37	57	50	61	81	90	88	82	110	155	184
TTM Free Cash Flow to Firm	37	44	50	49	56	67	65	70	88	99	94	88	122	168	184

Multiples (USD)

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	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

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
EV/EBIT	16.04	16.62	21.69	20.15	21.58	21.01	25.18	25.28	29.71	40.97	38.49	35.01	36.75	37.63	26.71
Enterprise Value	442	739	848	928	914	1,107	1,425	1,438	1,846	2,669	3,030	3,056	4,339	5,943	4,899
Low Price	13.43	14.65	20.94	23.24	25.82	26.4	34.4	41	47.59	41.5	88.98	73.2	103.93	139.5	162.17
EV/Sales	1.68	2.31	2.54	2.54	2.42	2.81	3.54	3.32	4.35	6.27	6	5.4	6.17	7.19	5.34
EV/EBITDA	11.93	13.07	16.13	15.03	14.52	14.73	17.6	17.71	21.4	29.54	28.42	26.91	29.68	31.26	22.47
Price/Earnings	22.99	24.25	31.8	28.61	32.49	33.05	40	51.34	39.95	55.38	51.01	47.91	48.82	49.84	36.2
Price/Earnings Average	27.77	18.85	28.48	25.34	33.3	30.46	34.82	51.07	34.51	38.89	48.21	41.98	44.16	44.41	42.07
Price/Earnings High	35.53	24.85	32.88	29.37	36.52	35.21	43.59	59.59	41	56.52	53.78	52.97	54.03	56.18	53.15
Price/Earnings Low	20.99	14.98	24.43	22.41	28.63	23.61	28.78	42.77	29.28	24.43	42.59	32.16	32.87	32.78	33.66
Price/Book Value	2.48	3.96	4	4.01	3.66	4.2	5.02	4.72	5.71	7.59	7.73	7.22	8.77	10.29	7.19
Price/Book Value Average	3	3.08	3.58	3.55	3.76	3.87	4.37	4.7	4.93	5.33	7.31	6.33	7.94	9.17	8.35
Price/Book Value High	3.84	4.06	4.13	4.11	4.12	4.47	5.47	5.48	5.86	7.75	8.15	7.98	9.71	11.6	10.55
Price/Book Value Low	2.27	2.45	3.07	3.14	3.23	3	3.61	3.93	4.19	3.35	6.46	4.85	5.91	6.77	6.68
Price/Tangible Book Value	3.27	8.82	8.56	8.58	6.7	6.94	9.62	8.35	9.18	12.87	13.61	11.11	13.1	14	14.42
Price/Tangible Book Value Average	3.94	6.86	7.67	7.6	6.87	6.4	8.37	8.3	7.93	9.04	12.86	9.73	11.85	12.48	16.76
Price/Tangible Book Value High	5.05	9.04	8.85	8.81	7.54	7.39	10.48	9.69	9.42	13.14	14.35	12.28	14.5	15.78	21.17
Price/Tangible Book Value Low	2.98	5.45	6.58	6.72	5.91	4.96	6.92	6.96	6.73	5.68	11.37	7.46	8.82	9.21	13.4
Price/Sales	1.68	2.13	2.34	2.33	2.23	2.71	3.44	3.29	4.44	6.42	6.15	5.63	6.43	7.53	5.59
Price/Sales Average	2.02	1.65	2.1	2.06	2.29	2.5	2.99	3.27	3.83	4.51	5.81	4.94	5.81	6.71	6.5
Price/Sales High	2.59	2.18	2.42	2.39	2.51	2.89	3.74	3.82	4.56	6.55	6.48	6.23	7.11	8.49	8.21
Price/Sales Low	1.53	1.31	1.8	1.82	1.97	1.94	2.47	2.74	3.25	2.83	5.13	3.78	4.33	4.95	5.2
Price/Cash Flow	14.06	19.53	22.48	23.76	23.52	19	27.79	23.64	23.35	30.51	35.49	38.64	41.05	40.16	27.91
Price/Cash Flow Average	16.99	15.19	20.14	21.05	24.11	17.51	24.2	23.52	20.17	21.42	33.54	33.85	37.14	35.79	32.44
Price/Cash Flow High	21.74	20.01	23.25	24.39	26.44	20.24	30.29	27.44	23.97	31.14	37.42	42.72	45.44	45.28	40.98
Price/Cash Flow Low	12.84	12.07	17.28	18.61	20.72	13.57	20	19.7	17.12	13.46	29.63	25.94	27.64	26.41	25.95
Price/Free Cash Flow Average	14.59	12.35	14.35	15.73	15.61	14.81	18.69	20.71	18.58	19.58	31.35	31.77	33.68	33.26	32.63
Price/Free Cash Flow High	18.67	16.27	16.57	18.22	17.12	17.12	23.4	24.17	22.07	28.45	34.97	40.08	41.21	42.07	41.22
Price/Free Cash Flow Low	11.03	9.81	12.31	13.9	13.42	11.48	15.45	17.35	15.76	12.3	27.7	24.34	25.07	24.55	26.1
EV/Sales Average	2.03	1.84	2.29	2.27	2.48	2.6	3.09	3.3	3.74	4.35	5.66	4.7	5.55	6.37	6.25
EV/Sales High	2.6	2.36	2.62	2.61	2.7	2.99	3.85	3.85	4.47	6.41	6.33	6	6.85	8.15	7.96
EV/Sales Low	1.53	1.5	1.99	2.03	2.15	2.03	2.57	2.76	3.16	2.67	4.98	3.55	4.06	4.61	4.95
EV/EBITDA Average	14.43	10.4	14.57	13.44	14.86	13.61	15.37	17.62	18.41	20.51	26.82	23.43	26.73	27.69	26.29
EV/EBITDA High	18.49	13.37	16.64	15.4	16.2	15.67	19.14	20.55	21.97	30.16	30.02	29.88	32.99	35.44	33.48
EV/EBITDA Low	10.88	8.48	12.67	12.01	12.92	10.64	12.78	14.77	15.54	12.59	23.6	17.67	19.56	20.03	20.82
EV/EBIT Average	19.4	13.22	19.59	18.02	22.09	19.41	22	25.15	25.56	28.44	36.31	30.47	33.09	33.33	31.24
EV/EBIT High	24.86	17	22.38	20.64	24.08	22.34	27.4	29.33	30.51	41.84	40.64	38.87	40.85	42.66	39.8
EV/EBIT Low	14.64	10.78	17.04	16.1	19.19	15.18	18.29	21.08	21.58	17.46	31.95	22.98	24.21	24.11	24.75
Last Price	14.71	23.71	27.25	29.68	29.3	36.95	47.8	49.21	64.93	94.06	106.56	109.03	154.37	212.12	174.41
High Price	22.74	24.3	28.18	30.46	32.94	39.36	52.1	57.12	66.64	96	112.36	120.54	170.86	239.11	256.08
Enterprise Value Average	534	588	766	830	936	1,022	1,245	1,430	1,589	1,853	2,858	2,660	3,907	5,264	5,731
Enterprise Value High	685	756	875	950	1,020	1,177	1,550	1,668	1,896	2,726	3,199	3,393	4,823	6,737	7,299
Enterprise Value Low	403	480	666	741	813	799	1,035	1,199	1,341	1,137	2,515	2,006	2,858	3,808	4,540

Shares Outstanding	30	29	29	29	29	29	29	29	29	29	29	29	29	29	29
Diluted Weighted Avg Shares	30	29	29	29	29	29	29	29	29	29	29	29	29	30	30
Basic Weighted Avg Shares	30	29	29	29	29	29	29	29	29	29	29	29	29	29	29
Revenue per Share	8.78	11.15	11.63	12.75	13.13	13.63	13.91	14.96	14.63	14.65	17.33	19.36	24.03	28.16	31.18
EBITDA per Share	1.24	1.97	1.83	2.16	2.19	2.6	2.8	2.8	2.97	3.11	3.66	3.89	4.99	6.48	7.42
Operating Income per Share	0.92	1.55	1.36	1.61	1.47	1.82	1.96	1.96	2.14	2.24	2.7	2.99	4.03	5.38	6.24
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 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
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
Cash Flow per Share	1.05	1.21	1.21	1.25	1.25	1.94	1.72	2.08	2.78	3.08	3	2.82	3.76	5.28	6.25
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
Cash & Equivalents per Share	0.16	0.23	0.25	0.23	0.28	0.25	0.38	0.45	1.68	2.48	2.98	4.71	6.53	10.04	7.69
Book Value per Share	5.93	5.98	6.82	7.41	8	8.8	9.53	10.42	11.37	12.39	13.78	15.1	17.6	20.61	24.27
Tangible Book Value per Share	4.5	2.69	3.18	3.46	4.37	5.32	4.97	5.89	7.07	7.31	7.83	9.82	11.79	15.15	12.1

Badger Meter, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)