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BADGER METER INC
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
41.7%Gross margin3
20.0%Operating margin3
15.5%Net margin3
10.9%Revenue growth, 20253
19.9%Return on equity3
$169.7MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 90% of the revenue BADGER METER INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $621.2M | $745.2M | $825.9M |
| Europe | $39.1M | $37.3M | $43.9M |
| Canada | $13.0M | $10.4M | $15.2M |
| Asia | $13.5M | $11.2M | $14.3M |
| Middle East | $10.4M | $16.8M | $11.0M |
| Other Geographical Areas | $2.2M | $2.0M | $3.6M |
| Mexico | $4.3M | $3.6M | $2.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue57¢$534.6M
- Research and development2¢$21.6M
- Selling, general and admin21¢$198.6M
- Income tax5¢$47.0M
- Profit15¢$141.6M
Out of $916.7M in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending8¢$14.0M
- Dividends paid24¢$43.5M
- Share buybacks8¢$15.0M
- Kept or used elsewhere61¢$111.1M
Out of $183.7M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net sales | $916.7M | $826.6M | $703.6M |
| Cost of sales | $534.6M | $497.4M | $427.2M |
| Gross margin | $382.1M | $329.2M | $276.4M |
| Selling, engineering and administration | $198.6M | $171.2M | $158.4M |
| Operating earnings | $183.4M | $157.9M | $118.0M |
| Interest income, net | -$5.1M | -$8.6M | -$4.0M |
| Other pension and postretirement (income) costs | -$112.0K | $49.0K | $130.0K |
| Earnings before income taxes | $188.7M | $166.5M | $122.0M |
| Provision for income taxes | $47.0M | $41.6M | $29.4M |
| Net earnings | $141.6M | $124.9M | $92.6M |
| Basic | $4.82 | $4.26 | $3.16 |
| Diluted | $4.79 | $4.23 | $3.14 |
| Basic | 29.4M shares | 29.4M shares | 29.3M shares |
| Impact of dilutive securities | 171.0K shares | 178.0K shares | 172.0K shares |
| Diluted | 29.6M shares | 29.5M shares | 29.5M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $226.0M | $295.3M | |
| Receivables, net of allowance for doubtful accounts | $112.4M | $84.3M | |
| Finished goods | $23.1M | $24.0M | |
| Work in process | $29.2M | $36.7M | |
| Raw materials | $99.6M | $82.7M | |
| Total inventories | $151.9M | $143.4M | |
| Prepaid expenses and other current assets | $16.8M | $17.1M | |
| Total current assets | $507.1M | $540.1M | |
| Land and improvements | $9.5M | $9.2M | |
| Building and improvements | $75.0M | $71.5M | |
| Machinery and equipment | $163.9M | $152.4M | |
| Property, plant and equipment, at cost | $248.4M | $233.2M | |
| Less accumulated depreciation | -$168.8M | -$158.9M | |
| Net property, plant and equipment | $79.6M | $74.3M | |
| Intangible assets, at cost less accumulated amortization | $118.5M | $45.1M | |
| Other assets | $18.7M | $12.7M | |
| Deferred income taxes | $14.1M | $32.5M | |
| Goodwill | $235.6M | $111.8M | |
| Total assets | $973.6M | $816.4M | |
| Payables | $72.3M | $55.7M | |
| Accrued compensation and employee benefits | $37.6M | $34.9M | |
| Warranty and after-sale costs, current | $8.5M | $7.3M | |
| Other current liabilities | $32.3M | $20.4M | |
| Total current liabilities | $150.7M | $118.2M | |
| Long-term deferred revenue | $72.8M | $64.2M | |
| Deferred income taxes | $3.5M | $3.7M | |
| Accrued non-pension postretirement benefits | $2.5M | $3.0M | |
| Other accrued employee benefits | $6.7M | $6.9M | |
| Warranty and after-sale costs, long-term | $13.1M | $9.4M | |
| Other long-term liabilities | $11.1M | $4.8M | |
| Total long-term liabilities | $109.6M | $92.0M | |
| Common stock, $1 par, authorized 80,000,000 shares, issued 37,221,098 shares in 2025 and 2024 | $37.2M | $37.2M | |
| Capital in excess of par value | $75.3M | $65.8M | |
| Reinvested earnings | $645.9M | $547.8M | |
| Accumulated other comprehensive loss | $6.5M | -$7.9M | |
| Less: Treasury stock, at cost, 7,834,360 shares in 2025 and 7,810,158 shares in 2024 | -$51.6M | -$36.7M | |
| Total shareholders equity | $713.3M | $606.2M | $516.5M |
| Total liabilities and shareholders equity | $973.6M | $816.4M | |
| Common stock, par value (in dollars per share) | $1.00 | $1.00 | $1.00 |
| Common stock, shares authorized (in shares) | 80.0M shares | 80.0M shares | |
| Common stock, shares issued (in shares) | 37.2M shares | 37.2M shares | |
| Treasury stock, shares (in shares) | 7.8M shares | 7.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net earnings | $141.6M | $124.9M | $92.6M |
| Depreciation | $11.1M | $11.1M | $10.9M |
| Amortization | $23.5M | $21.1M | $17.2M |
| Deferred income taxes | -$854.0K | -$11.1M | -$9.7M |
| Noncurrent employee benefits | $136.0K | -$153.0K | -$338.0K |
| Stock-based compensation expense | $9.2M | $6.2M | $5.2M |
| Receivables | -$20.1M | -$1.4M | -$6.4M |
| Inventories | -$987.0K | $10.3M | -$32.5M |
| Payables | $14.4M | -$12.2M | $8.5M |
| Prepaid expenses and other assets | -$3.8M | -$15.3M | -$7.0M |
| Other liabilities | $9.5M | $21.5M | $31.5M |
| Total adjustments | $42.1M | $30.1M | $17.5M |
| Net cash provided by operations | $183.7M | $155.0M | $110.1M |
| Property, plant and equipment expenditures | -$14.0M | -$12.8M | -$12.0M |
| Acquisitions, net of cash acquired | -$184.0M | -$3.0M | -$17.1M |
| Net cash used for investing activities | -$198.1M | -$15.8M | -$29.1M |
| Dividends paid | -$43.5M | -$35.8M | -$29.1M |
| Proceeds from exercise of stock options | $554.0K | $751.0K | $967.0K |
| Repurchase of common stock for treasury stock | -$15.0M | $0 | $0 |
| Net cash used for financing activities | -$58.0M | -$35.1M | -$28.1M |
| Effect of foreign exchange rates on cash | $3.0M | -$597.0K | $828.0K |
| (Decrease) increase in cash and cash equivalents | -$69.3M | $103.5M | $53.7M |
| Income taxes | $48.8M | $56.0M | $38.9M |
| Interest | $0 | $0 | $0 |
| Property, plant and equipment acquired through operating lease | $5.5M | $2.3M | $830.0K |
| Property, plant and equipment accrued and unpaid | $0 | $364.0K | $450.0K |
Recent filings
- Oct 2, 20264
- Oct 2, 20264
- Jul 31, 20264
- Jul 23, 202610-Q
- Jul 22, 20268-K
- Jul 2, 20264
- Jul 2, 20264
- Jun 22, 202611-K
- Jun 11, 20268-K
- May 28, 2026SD
- May 21, 20268-K
- May 4, 20264
- Apr 29, 20264
- Apr 29, 20264
- Apr 29, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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