Badger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions worldwide. The company offers Utility water smart metering solutions and software technologies and services to municipal water utility market. It also provides flow instrumentation products, including meters, valves, and other sensing instruments to measure and control fluids, including water, air, steam, and other liquids and gases to original equipment manufacturers as the primary flow measurement device within a product or system, as well as through manufacturers' representatives. In addition, the company offers ORION Cellular endpoints to power network as a service; ORION mobile read endpoints support for deploying AMR solution; radio products; hardware, instruments, and sensors, and related software, to enhance connected data to a water utility's operation; water quality monitoring solutions, including optical sensing and electrochemical instruments; and high frequency pressure and leak detection sensors to aid in burst pipe and leak events; as well as BEACON, a secure cloud-hosted software suite that establishes alerts for specific conditions and allows consumer engagement tools that permit end water user to view and manage their water usage activity. Its flow instrumentation products are used in water/wastewater, heating, ventilating and air conditioning, and corporate sustainability markets. The company serves water utilities, commercial, and industrial industries; and provides training, project management, technical support, and other collaborative services for customers. It sells its products and software to employees, resellers, and representatives. The company was incorporated in 1905 and is based in Milwaukee, Wisconsin.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $917M | $218M | $142M | $170M | 19.9% | 10.9% | 13.4% |
| 2024 | $827M | $190M | $125M | $142M | 20.6% | 17.5% | 34.9% |
| 2023 | $704M | $146M | $93M | $98M | 17.9% | 24.4% | 39.3% |
| 2022 | $566M | $114M | $66M | $77M | 15.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 565.57 | 703.59 | 826.56 | 916.66 |
| Operating Revenue | - | 565.57 | 703.59 | 826.56 | 916.66 |
| Cost Of Revenue | - | 345.60 | 427.15 | 497.37 | 534.59 |
| Gross Profit | - | 219.97 | 276.44 | 329.18 | 382.07 |
| Operating Expense | - | 132.68 | 158.39 | 171.25 | 198.65 |
| Selling General And Administration | - | 132.68 | 158.39 | 171.25 | 198.65 |
| Total Expenses | - | 478.27 | 585.54 | 668.62 | 733.24 |
| Operating Income | - | 87.30 | 118.05 | 157.94 | 183.42 |
| Total Operating Income As Reported | - | 87.30 | 118.05 | 157.94 | 183.42 |
| EBITDA | - | 113.54 | 146.16 | 190.12 | 218 |
| Normalized EBITDA | - | 113.54 | 146.16 | 190.12 | 218 |
| EBIT | - | 87.30 | 118.05 | 157.94 | 183.42 |
| Interest Income | - | 0.55 | 4.05 | 8.61 | 5.12 |
| Net Interest Income | - | 0.55 | 4.05 | 8.61 | 5.12 |
| Other Non Operating Income Expenses | - | -0.13 | -0.13 | -0.05 | 0.11 |
| Other Income Expense | - | -0.13 | -0.13 | -0.05 | 0.11 |
| Interest Income Non Operating | - | 0.55 | 4.05 | 8.61 | 5.12 |
| Net Non Operating Interest Income Expense | - | 0.55 | 4.05 | 8.61 | 5.12 |
| Pretax Income | - | 87.72 | 121.97 | 166.50 | 188.66 |
| Tax Provision | - | 21.22 | 29.37 | 41.56 | 47.02 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 66.50 | 92.60 | 124.94 | 141.63 |
| Net Income From Continuing And Discontinued Operation | - | 66.50 | 92.60 | 124.94 | 141.63 |
| Net Income From Continuing Operation Net Minority Interest | - | 66.50 | 92.60 | 124.94 | 141.63 |
| Net Income | - | 66.50 | 92.60 | 124.94 | 141.63 |
| Net Income Common Stockholders | - | 66.50 | 92.60 | 124.94 | 141.63 |
| Net Income Including Noncontrolling Interests | - | 66.50 | 92.60 | 124.94 | 141.63 |
| Normalized Income | - | 66.50 | 92.60 | 124.94 | 141.63 |
| Diluted NI Availto Com Stockholders | - | 66.50 | 92.60 | 124.94 | 141.63 |
| Basic Average Shares | - | 29.22 | 29.28 | 29.36 | 29.40 |
| Diluted Average Shares | - | 29.38 | 29.46 | 29.53 | 29.57 |
| Reconciled Depreciation | - | 26.24 | 28.11 | 32.18 | 34.58 |
| Reconciled Cost Of Revenue | - | 345.60 | 427.15 | 497.37 | 534.59 |
| General And Administrative Expense | 126.88 | 132.80 | 158.52 | - | - |
| Other Gand A | 126.76 | 132.68 | 158.39 | - | - |
| Salaries And Wages | 0.12 | 0.13 | 0.13 | - | - |
| Total Other Finance Cost | -0.02 | -0.55 | - | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Badger Meter, Inc.this co. | BMI | $3.7B | 26.37β discount | 5.24 | 19.9% | 16.10 |
| Veeco Instruments Inc. | VECO | $3.9B | 109.79 | 4.39 | 4.0% | 58.12 |
| Life360, Inc. | LIF | $3.9B | 25.68 | 7.07 | 27.5% | 112.98 |
| Extreme Networks, Inc. | EXTR | $3.9B | - | 59.05 | -11.4% | 98.02 |
| Box, Inc. | BOX | $3.7B | 32.14 |
| - |
| - |
| - |
| - |
| - |
| -12.39 |
| -38.6% |
| 27.13 |
| RingCentral, Inc. | RNG | $3.7B | 85.09 | -6.28 | -7.4% | 14.30 |
| Itron, Inc. | ITRI | $3.6B | 11.94 | 2.09 | 17.5% | 9.27 |
| Insight Enterprises, Inc. | NSIT | $3.6B | 22.81 | 2.18 | 9.5% | 11.55 |
| Adeia Inc. | ADEA | $3.6B | 32.13 | 7.43 | 23.1% | 16.36 |
| Peer Median | - | 32.13 | 3.28 | 6.8% | 21.74 | |