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Badger Meter, Inc.

BMI

Badger Meter, Inc. • NYSE
$178.54 ▲ 0.92% (+1.63)
Market Cap $5.26 B
52w High $256.08
52w Low $162.17
Dividend Yield 1.48%
P/E 37.99
Volume 135.57K
Outstanding Shares 29.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $235.651M ▼ $49.752M ▼ $35.077M ▲ 14.885% ▲ $1.19 ▲ $56.149M ▲
Q2-2025 $238.095M ▲ $52.947M ▲ $34.584M ▼ 14.525% ▼ $1.18 ▼ $54.581M ▼
Q1-2025 $222.211M ▲ $46.012M ▲ $38.398M ▲ 17.28% ▲ $1.31 ▲ $57.707M ▲
Q4-2024 $205.182M ▼ $43.537M ▲ $30.717M ▼ 14.971% ▼ $1.05 ▼ $39.223M ▼
Q3-2024 $208.438M $43.255M $32.038M 15.371% $1.09 $48.626M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $201.693M ▲ $978.27M ▲ $275.76M ▲ $702.51M ▲
Q2-2025 $165.208M ▲ $936.42M ▲ $258.828M ▲ $677.592M ▲
Q1-2025 $131.358M ▼ $899.596M ▲ $257.91M ▲ $641.686M ▲
Q4-2024 $295.305M ▲ $816.413M ▲ $210.181M ▼ $606.232M ▲
Q3-2024 $258.955M $802.861M $211.676M $591.185M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $35.077M ▲ $51.284M ▲ $-3.089M ▼ $-11.77M ▼ $36.485M ▲ $48.195M ▲
Q2-2025 $34.584M ▼ $44.586M ▲ $-3.025M ▲ $-9.518M ▲ $33.85M ▲ $40.648M ▲
Q1-2025 $38.398M ▲ $33.027M ▼ $-187.903M ▼ $-9.949M ▲ $-163.947M ▼ $30.061M ▼
Q4-2024 $30.717M ▼ $52.067M ▲ $-4.669M ▼ $-9.985M ▲ $36.35M ▲ $47.398M ▲
Q3-2024 $32.038M $45.088M $-3.132M $-9.986M $32.743M $41.956M

Five-Year Company Overview

Income Statement

Income Statement Badger Meter’s income statement shows a company that has grown steadily while becoming more profitable. Sales have climbed each year, and profits have risen faster than sales, which implies improving margins and good cost control. Earnings per share have moved up strongly, suggesting both solid demand for its products and operating leverage as the business scales. This pattern points to a stable, expanding business rather than a volatile, boom‑and‑bust story, though it remains exposed to the timing of utility projects and broader economic cycles.

Balance Sheet

Balance Sheet The balance sheet looks conservative and resilient. Assets have grown consistently, with cash building meaningfully over time and no financial debt on the books, which provides considerable flexibility and a cushion against downturns. Shareholders’ equity has also been rising, indicating that profits are largely being retained to fund growth rather than relying on borrowing. This low‑leverage, cash‑rich profile reduces financial risk but also raises the question of how effectively that cash will be deployed through future investment or acquisitions.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has grown alongside earnings, and free cash flow has been consistently positive, even after funding ongoing investments in equipment and technology. Capital spending is modest relative to the cash the business produces, which is typical of asset‑light, technology‑driven models. Overall, the company appears to convert a good share of its accounting profits into real cash, supporting its ability to self‑fund growth and strategic deals, though larger acquisitions could still absorb a substantial portion of the cash balance in some years.

Competitive Edge

Competitive Edge Badger Meter sits in a focused niche at the intersection of water infrastructure and digital technology, which gives it a distinctive competitive position. Its strength comes from a tightly integrated system of smart meters, cellular communication endpoints, and cloud software, all tailored to water utilities. Long‑standing relationships with municipalities, combined with a specialized focus on water rather than broad industrial markets, create switching costs and customer trust that are not easy to replicate. At the same time, it faces credible competition from larger, diversified players in smart metering and infrastructure, and it must keep pace with rapid advances in connectivity, cybersecurity, and data analytics to maintain its edge.

Innovation and R&D

Innovation and R&D Innovation is at the center of Badger Meter’s strategy, and it is clearly moving beyond being just a hardware maker. The company has developed solid‑state ultrasonic meters, cellular endpoints that avoid the need for proprietary networks, and a cloud‑based analytics platform that ties everything together. Recent acquisitions in water quality, pressure monitoring, and wastewater network monitoring broaden its capabilities and push it toward full‑network visibility and management. The emphasis on software, analytics, and recurring service revenue suggests an ongoing shift to higher‑value, more predictable business lines, though this relies on successfully integrating acquired technologies and continually enhancing its platforms with advanced analytics and security.

Summary

Overall, Badger Meter appears to be a financially strong, focused water‑technology company that is steadily compounding its business. It combines disciplined growth in revenue and profitability with a very clean balance sheet and solid cash generation. Strategically, it is evolving from a metering hardware vendor into a smart water platform provider, supported by cellular connectivity, SaaS analytics, and targeted acquisitions across the water cycle. Key opportunities lie in expanding recurring software and services, deepening its role in water and wastewater network management, and leveraging its long utility relationships, while key risks center on competitive technology pressure, execution on acquisitions, and dependence on infrastructure and municipal spending cycles.

NEWS

November 7, 2025 · 4:15 PM UTC

Badger Meter Declares Regular Quarterly Dividend and Expands Share Repurchase Authorization

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October 21, 2025 · 8:30 AM UTC

Badger Meter Reports Third Quarter 2025 Financial Results

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October 3, 2025 · 9:30 AM UTC

Badger Meter Schedules Third Quarter 2025 Earnings Call

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October 2, 2025 · 9:10 AM UTC

Amber Premium Added to S&P Global Broad Market Index (BMI)

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September 29, 2025 · 8:30 AM UTC

Mercurity Fintech Holding Inc. Added to the S&P Global Broad Market Index (BMI)

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