BMI BADGER METER INC

Overview and Growth

In fiscal 2025, BADGER METER INC recorded $916.66M of revenue, net income of $141.63M, and an operating cash inflow of $183.70M. The $916.66M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $826.56M in fiscal 2024, revenue recorded a 10.9% year-over-year increase. Diluted earnings per share were $4.79, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 13.2% increase from fiscal 2024 diluted EPS of $4.23. The company employed $973.58M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.94x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $382.07M as gross profit before recognizing operating expenses and other items. Gross profit represented 41.7% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $183.42M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 20.0%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $141.63M for the fiscal year. Measured against reported revenue, net income produced a 15.5% margin after operating costs and the remaining recognized items. Pretax income was $188.66M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 20.6% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $47.02M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 24.9%, without assuming a statutory-rate comparison. Net income equaled 19.9% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 14.5% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

At period end, the $973.58M asset base was financed through $260.28M of liabilities and $713.29M of equity. At period end, current assets of $507.08M compared with current liabilities of $150.72M, defining the company’s short-term resource position. Current assets covered current liabilities by 3.36x, leaving a positive buffer for near-term obligations. The company carried $0.00 of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.0x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 0.0% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 26.7%, complementing the separate equity-based view of the company’s capital structure. Compared with $816.41M in fiscal 2024, the current asset base moved 19.3% and finished higher. Reported equity changed 17.7% from $606.23M in fiscal 2024, placing the current capital base higher year over year.

Cash Flow and Earnings Quality

The company reported $183.70M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 1.3x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $14.03M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 7.6% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $169.67M of positive free cash flow for the period. The free-cash-flow margin was 18.5%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 17.4%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.