Badger Meter Inc (BMI) Financial Statements
Industry: Totalizing Fluid Meters & Counting Devices
In fiscal 2023, Badger Meter reported revenue of $703.6M, up 24.4% from $565.6M the year before. Net income was $92.6M (a 13.2% net margin), or $3.14 per diluted share. Gross margin was 39.3% and operating margin was 16.8%. Operating activities generated $110.1M of cash, leaving $98.1M of free cash flow. At fiscal year end, Badger Meter held $716.9M in total assets against $200.4M in total liabilities.
Open the full interactive Badger Meter financials → Quarterly statements, key ratios, valuation history and price charts.
Badger Meter Key Stats
| Share Price | $131.25 |
|---|---|
| Market Cap | $3.82B |
| P/E Ratio | 41.8 |
| Revenue YoY Growth | +24.4% |
| 52-Week Range | $112.67 – $185.73 |
| Shares Outstanding | 29.0 million (basic, 2026 Q2) |
Badger Meter Income Statement
| FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | |
|---|---|---|---|---|---|---|
| Revenue | $433.7M | $424.6M | $425.5M | $505.2M | $565.6M | $703.6M |
| Cost of Goods Sold | $271.4M | $261.1M | $257.3M | $299.7M | $345.6M | $427.2M |
| Gross Profit | $162.3M | $163.5M | $168.2M | $205.5M | $220.0M | $276.4M |
| Operating Income | $56.9M | $62.1M | $65.2M | $78.7M | $87.3M | $118.0M |
| Pre-Tax Income | $35.9M | $61.6M | $65.0M | $78.6M | $87.7M | $122.0M |
| Income Tax | $8.1M | $14.4M | $15.6M | $17.7M | $21.2M | $29.4M |
| Net Income | $27.8M | $47.2M | $49.3M | $60.9M | $66.5M | $92.6M |
| Diluted EPS | $0.95 | $1.61 | $1.69 | $2.08 | $2.26 | $3.14 |
Badger Meter Quarterly Results
| 2025 Q2 | 2025 Q3 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $238.1M | $235.7M | $202.3M | $222.3M |
| Net Income | $34.6M | $35.1M | $27.3M | $29.7M |
| Diluted EPS | $1.17 | $1.19 | $0.93 | $1.02 |
Badger Meter Balance Sheet
| FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | — | — | $72.3M | $87.2M | — | — |
| Current Assets | $164.7M | $200.1M | $220.9M | $261.4M | $347.8M | $442.2M |
| Total Assets | $392.7M | $421.9M | $468.4M | $530.8M | $603.0M | $716.9M |
| Current Liabilities | $60.0M | $57.2M | $65.2M | $82.1M | $110.3M | $131.9M |
| Total Liabilities | $89.2M | $90.8M | $107.1M | $127.7M | $160.6M | $200.4M |
| Shareholders' Equity | $303.5M | $331.1M | $361.3M | $403.1M | $442.4M | $516.5M |
Badger Meter Cash Flow Statement
| FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $60.4M | $80.7M | $89.6M | $87.5M | $82.5M | $110.1M |
| Cash From Investing | -$16.7M | -$7.5M | -$38.2M | -$51.4M | -$5.9M | -$29.1M |
| Cash From Financing | -$42.1M | -$37.7M | -$27.8M | -$20.5M | -$24.6M | -$28.1M |
| Free Cash Flow | $51.7M | $73.2M | $80.5M | $80.8M | $76.6M | $98.1M |
Figures from Badger Meter's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Badger Meter financials page for every line item.
Badger Meter Company Profile
| Ticker | BMI |
|---|---|
| Exchange | NYSE |
| Industry | Totalizing Fluid Meters & Counting Devices |
| Headquarters | Milwaukee, Wisconsin |
| Incorporated in | Wisconsin |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000009092 |
Frequently Asked Questions
What was Badger Meter's revenue in fiscal 2023?
Badger Meter (BMI) reported revenue of $703.6M for fiscal 2023.
What is Badger Meter's annual revenue history?
Badger Meter's annual revenue by fiscal year: 2018: $433.7M; 2019: $424.6M; 2020: $425.5M; 2021: $505.2M; 2022: $565.6M; 2023: $703.6M.
What was Badger Meter's net income in fiscal 2023?
Badger Meter reported net income of $92.6M for fiscal 2023.
What was Badger Meter's earnings per share (EPS) in fiscal 2023?
Badger Meter's diluted EPS was $3.14 for fiscal 2023 (adjusted for any later stock splits).
How much free cash flow did Badger Meter generate in fiscal 2023?
Badger Meter generated $98.1M of free cash flow in fiscal 2023.
What was Badger Meter's revenue last quarter?
In its most recent reported quarter (2026 Q2), Badger Meter reported revenue of $222.3M.
How many shares of Badger Meter are outstanding?
Badger Meter reported a weighted average of 29.0 million basic shares outstanding in 2026 Q2.
What is Badger Meter's market cap?
Based on its latest closing price, Badger Meter (BMI) has a market capitalization of about $3.82B.
When does Badger Meter's fiscal year end?
Badger Meter's fiscal year end, as registered with the SEC, is December 31.
Where is Badger Meter headquartered?
Badger Meter lists its business address in Milwaukee, Wisconsin in its SEC filings.