BMI
Badger Meter Inc
NYSE: BMI · TECHNOLOGY · SCIENTIFIC & TECHNICAL INSTRUMENTS
$117.86
-0.47% today
Updated 2026-04-29
Market cap
$3.44B
P/E ratio
26.67
P/S ratio
3.84x
EPS (TTM)
$4.42
Dividend yield
1.30%
52W range
$112 – $254
Volume
0.6M
Badger Meter Inc (BMI) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $229.75M | $234.82M | $279.55M | $250.34M | $276.63M | $262.92M | $319.66M | $334.12M | $364.77M | $377.70M | $393.76M | $402.44M | $433.73M | $424.63M | $425.54M | $505.20M | $565.57M | $703.59M | $826.56M | $916.66M |
| Revenue growth (YoY) | — | +2.2% | +19.1% | -10.5% | +10.5% | -5.0% | +21.6% | +4.5% | +9.2% | +3.5% | +4.3% | +2.2% | +7.8% | -2.1% | +0.2% | +18.7% | +11.9% | +24.4% | +17.5% | +10.9% |
| Cost of revenue | $153.13M | $153.42M | $181.09M | $153.32M | $173.81M | $173.09M | $197.41M | $217.13M | $233.63M | $241.92M | $243.19M | $246.69M | $271.38M | $261.10M | $257.30M | $299.71M | $345.60M | $427.15M | $497.37M | $534.59M |
| Gross profit | $76.63M | $81.40M | $98.46M | $97.01M | $102.82M | $89.82M | $122.25M | $116.99M | $131.14M | $135.78M | $150.58M | $155.75M | $162.35M | $163.53M | $168.25M | $205.48M | $219.97M | $276.44M | $329.18M | $382.07M |
| Gross margin | 33.4% | 34.7% | 35.2% | 38.8% | 37.2% | 34.2% | 38.2% | 35.0% | 36.0% | 35.9% | 38.2% | 38.7% | 37.4% | 38.5% | 39.5% | 40.7% | 38.9% | 39.3% | 39.8% | 41.7% |
| R&D | $5.46M | $5.71M | $7.14M | $6.91M | $7.16M | $8.09M | $9.86M | $10.50M | $9.50M | $10.64M | $10.60M | $10.60M | $11.10M | $11.90M | $11.60M | $14.70M | $15.80M | $19.00M | $19.20M | — |
| SG&A | $47.84M | $50.78M | $57.56M | $54.77M | $58.00M | $62.29M | $77.78M | $77.88M | $85.09M | $93.41M | $99.81M | $100.12M | $125.34M | $101.67M | $103.24M | $126.88M | $132.81M | $158.52M | $171.25M | $198.65M |
| Operating income | $28.79M | $30.62M | $40.90M | $42.24M | $44.82M | $27.53M | $44.47M | $39.11M | $46.05M | $42.37M | $50.77M | $55.62M | $56.87M | $62.15M | $65.16M | $78.72M | $87.30M | $118.05M | $157.94M | $183.42M |
| Operating margin | 12.5% | 13.0% | 14.6% | 16.9% | 16.2% | 10.5% | 13.9% | 11.7% | 12.6% | 11.2% | 12.9% | 13.8% | 13.1% | 14.6% | 15.3% | 15.6% | 15.4% | 16.8% | 19.1% | 20.0% |
| EBITDA | $35.80M | $37.08M | $47.95M | $42.24M | $53.28M | $37.02M | $56.52M | $52.60M | $61.71M | $62.97M | $73.21M | $80.02M | $61.32M | $86.01M | $90.23M | $106.47M | $113.41M | $146.03M | $190.12M | $223.24M |
| EBITDA margin | 15.6% | 15.8% | 17.2% | 16.9% | 19.3% | 14.1% | 17.7% | 15.7% | 16.9% | 16.7% | 18.6% | 19.9% | 14.1% | 20.3% | 21.2% | 21.1% | 20.1% | 20.8% | 23.0% | 24.4% |
| EBIT | $28.79M | $30.62M | $40.90M | $34.09M | $44.82M | $27.53M | $44.47M | $39.11M | $46.05M | $42.37M | $50.77M | $55.62M | $37.01M | $61.86M | $65.01M | $78.60M | $87.17M | $117.92M | $157.94M | $188.66M |
| Interest expense | $1.30M | $1.29M | $1.35M | $90000.00 | $385000.00 | $185000.00 | $998000.00 | $1.10M | $1.14M | $1.22M | $921000.00 | $789000.00 | $1.16M | $253000.00 | $30000.00 | $20000.00 | $552000.00 | — | — | — |
| Income tax | $10.92M | $10.94M | $14.47M | $15.55M | $15.78M | $8.19M | $15.44M | $13.39M | $15.23M | $15.21M | $17.55M | $20.26M | $8.06M | $14.43M | $15.64M | $17.74M | $21.22M | $29.37M | $41.56M | $47.02M |
| Effective tax rate | 59.1% | 39.9% | 36.6% | 31.3% | 35.5% | 29.9% | 35.5% | 35.2% | 33.9% | 37.0% | 35.2% | 37.0% | 22.5% | 23.4% | 24.1% | 22.6% | 24.2% | 24.1% | 25.0% | 24.9% |
| Net income | $7.55M | $16.46M | $25.08M | $34.17M | $28.66M | $19.16M | $28.03M | $24.62M | $29.68M | $25.94M | $32.30M | $34.57M | $27.79M | $47.18M | $49.34M | $60.88M | $66.50M | $92.60M | $124.94M | $141.63M |
| Net income growth (YoY) | — | +118.0% | +52.4% | +36.2% | -16.1% | -33.1% | +46.3% | -12.2% | +20.6% | -12.6% | +24.5% | +7.0% | -19.6% | +69.8% | +4.6% | +23.4% | +9.2% | +39.3% | +34.9% | +13.4% |
| Profit margin | 3.3% | 7.0% | 9.0% | 13.6% | 10.4% | 7.3% | 8.8% | 7.4% | 8.1% | 6.9% | 8.2% | 8.6% | 6.4% | 11.1% | 11.6% | 12.1% | 11.8% | 13.2% | 15.1% | 15.5% |