Badger Meter, Inc. (BMI) Balance Sheet
BMI balance sheet, 2025
December 31, 2025 · U.S. dollars$973.6M assets = $260.3M liabilities + $713.3M equity
Both columns are drawn to the same scale: what BMI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BMI financial health
Descriptive bands, not a rating. Fiscal 2025.
BMI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $350.0M2016 | $973.6M2025 | +12.0%/yr | |
| Total liabilities | $93.5M2016 | $260.3M2025 | +12.0%/yr | |
| Shareholders’ equity | $256.2M2016 | $713.3M2025 | +12.0%/yr | |
| Cash & short-term investments | $7.3M2016 | $226.0M2025 | +46.4%/yr | |
| Total debt | $38.0M2016 | $02025 | −100.0% | |
| Net cash (debt) | −$30.6M2016 | $226.0M2025 | +$256.6M | |
| Working capital | $75.2M2016 | $356.4M2025 | +$281.2M | |
| Book value per share | $8.822016 | $24.122025 | +11.8%/yr | |
| Current ratio | 1.992016 | 3.362025 | +1.37 | |
| Debt / equity | 0.152016 | 0.002025 | −0.15 | |
| Shares outstanding | 29.0M2016 | 29.6M2025 | +0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BMI assets
BMI liabilities and equity
BMI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BMI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $226.0M | $295.3M | $191.8M | $138.1M | $87.2M | $72.3M | $48.9M | $13.1M | $11.2M | $7.3M |
| Cash & equivalents | $226.0M | $295.3M | $191.8M | $138.1M | $87.2M | $72.3M | $48.9M | $13.1M | $11.2M | $7.3M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $112.4M | $84.3M | $83.5M | $76.7M | $65.9M | $61.7M | $61.4M | $66.3M | $58.2M | $59.8M |
| Inventory | $151.9M | $143.4M | $153.7M | $119.9M | $99.6M | $81.6M | $81.9M | $80.8M | $85.2M | $77.7M |
| Other current assets | $16.8M | $17.1M | $13.2M | $13.3M | $8.7M | $8.1M | $7.9M | $4.5M | $4.1M | $6.2M |
| Total current assets | $507.1M | $540.1M | $442.2M | $347.8M | $261.4M | $223.7M | $200.1M | $164.7M | $158.6M | $151.0M |
| Property, plant & equipment (net) | $79.6M | $74.3M | $73.9M | $73.5M | $78.0M | $82.7M | $85.8M | $90.3M | $93.6M | $90.2M |
| Goodwill & intangible assets | $357.8M | $160.6M | $170.6M | $154.9M | $174.1M | $148.3M | $125.1M | $131.9M | $132.8M | $101.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $29.1M | $41.4M | $30.3M | $26.8M | $17.3M | $16.5M | $10.9M | $5.8M | $6.8M | $7.6M |
| Total assets | $973.6M | $816.4M | $716.9M | $603.0M | $530.8M | $471.2M | $421.9M | $392.7M | $391.7M | $350.0M |
| Liabilities | ||||||||||
| Accounts payable | $72.3M | $55.7M | $81.8M | $71.4M | $41.9M | $34.9M | $31.5M | $22.5M | $28.6M | $18.4M |
| Short-term debt | $0 | $5.3M | $2.6M | $2.4M | $1.9M | $2.5M | $4.5M | $18.1M | $44.5M | $38.0M |
| Deferred revenue | — | $64.2M | $49.8M | $12.8M | $7.5M | −$2.5M | $12.8M | $2.2M | $2.9M | $700,000 |
| Total current liabilities | $150.7M | $118.2M | $131.9M | $110.3M | $82.1M | $68.0M | $57.2M | $60.0M | $93.1M | $75.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $109.6M | $92.0M | $68.5M | $50.3M | $45.6M | $41.9M | $33.6M | $29.2M | $21.2M | $17.7M |
| Total liabilities | $260.3M | $210.2M | $200.4M | $160.6M | $127.7M | $110.0M | $90.8M | $89.2M | $114.3M | $93.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.1M |
| Retained earnings (deficit) | $645.9M | $547.8M | $458.7M | $395.2M | $353.5M | $314.9M | $285.9M | $257.3M | $244.2M | $223.9M |
| Treasury stock | — | — | — | −$37.3M | −$37.0M | −$37.1M | −$34.2M | −$29.4M | −$24.8M | −$20.6M |
| Accumulated other comprehensive income | $6.5M | −$7.9M | −$1.6M | −$6.0M | $136,000 | $1.3M | $425,000 | $580,000 | −$10.9M | −$11.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $713.3M | $606.2M | $516.5M | $442.4M | $403.1M | $361.3M | $331.1M | $303.5M | $277.5M | $256.2M |
| Key figures | ||||||||||
| Total debt | $0 | $6.0M | $5.8M | $6.8M | $6.2M | $7.2M | $4.5M | $18.1M | $44.5M | $38.0M |
| Net cash (debt) | $226.0M | $289.3M | $186.0M | $131.3M | $81.0M | $65.1M | $44.4M | −$5.0M | −$33.4M | −$30.6M |
| Working capital | $356.4M | $421.9M | $310.2M | $237.5M | $179.2M | $155.7M | $142.8M | $104.6M | $65.5M | $75.2M |
| Tangible book value | $355.5M | $445.6M | $345.9M | $287.6M | $229.0M | $213.0M | $205.9M | $171.6M | $144.7M | $155.0M |
| Book value per share | $24.12 | $20.53 | $17.53 | $15.06 | $13.74 | $12.36 | $11.33 | $10.40 | $9.53 | $8.82 |
| Shares outstanding | 29.6M | 29.5M | 29.5M | 29.4M | 29.3M | 29.2M | 29.2M | 29.2M | 29.1M | 29.0M |
| Current ratio | 3.36 | 4.57 | 3.35 | 3.15 | 3.18 | 3.29 | 3.50 | 2.74 | 1.70 | 1.99 |
| Quick ratio | 2.25 | 3.21 | 2.09 | 1.95 | 1.86 | 1.97 | 1.93 | 1.32 | 0.75 | 0.89 |
| Debt / equity | 0.00 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 0.06 | 0.16 | 0.15 |
| Equity / assets | 73.3% | 74.3% | 72.0% | 73.4% | 75.9% | 76.7% | 78.5% | 77.3% | 70.8% | 73.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $95.7M | $205.5M | $226.0M | $201.7M | $165.2M | $131.4M | $295.3M | $259.0M | $226.2M | $199.3M | $191.8M | $162.9M |
| Cash & equivalents | $95.7M | $205.5M | $226.0M | $201.7M | $165.2M | $131.4M | $295.3M | $259.0M | $226.2M | $199.3M | $191.8M | $162.9M |
| Receivables | $121.2M | $110.3M | $112.4M | $115.1M | $117.7M | $111.9M | $84.3M | $93.4M | $106.2M | $92.3M | $83.5M | $89.1M |
| Inventory | $178.1M | $175.2M | $151.9M | $152.6M | $147.3M | $149.4M | $143.4M | $158.5M | $161.3M | $160.4M | $153.7M | $147.8M |
| Other current assets | $21.1M | $17.4M | $16.8M | $25.2M | $18.1M | $19.0M | $17.1M | $18.4M | $15.5M | $18.6M | $13.2M | $23.2M |
| Total current assets | $416.2M | $508.3M | $507.1M | $494.6M | $448.3M | $411.6M | $540.1M | $529.3M | $509.2M | $470.6M | $442.2M | $423.0M |
| Property, plant & equipment (net) | $83.4M | $80.8M | $79.6M | $78.4M | $77.9M | $75.7M | $74.3M | $73.3M | $72.5M | $72.9M | $73.9M | $74.4M |
| Goodwill & intangible assets | $465.1M | $349.0M | $357.8M | $358.7M | $361.8M | $362.6M | $160.6M | $164.0M | $163.5M | $165.9M | $166.9M | $167.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $33.4M | $32.6M | $29.1M | $46.6M | $48.4M | $49.7M | $41.4M | $36.3M | $36.1M | $34.0M | $34.0M | $25.0M |
| Total assets | $998.2M | $970.8M | $973.6M | $978.3M | $936.4M | $899.6M | $816.4M | $802.9M | $781.3M | $743.5M | $716.9M | $689.8M |
| Liabilities | ||||||||||||
| Accounts payable | $97.8M | $106.5M | $72.3M | $69.8M | $74.1M | $73.8M | $55.7M | $77.4M | $96.0M | $90.6M | $81.8M | $85.0M |
| Short-term debt | — | — | $0 | $0 | $0 | $0 | $0 | $734,000 | $1.4M | $2.0M | $2.6M | $625,000 |
| Deferred revenue | $126.7M | $107.6M | $106.1M | $98.3M | $96.0M | $65.4M | — | $60.9M | $59.4M | $54.2M | $49.8M | −$625,000 |
| Total current liabilities | $171.9M | $169.4M | $150.7M | $153.4M | $138.7M | $141.0M | $118.2M | $129.2M | $138.1M | $135.1M | $131.9M | $128.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $143.4M | $111.0M | $109.6M | $122.3M | $120.1M | $116.9M | $92.0M | $82.5M | $80.0M | $72.8M | $68.5M | $68.3M |
| Total liabilities | $315.3M | $280.4M | $260.3M | $275.8M | $258.8M | $257.9M | $210.2M | $211.7M | $218.1M | $207.9M | $200.4M | $197.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M | $37.2M |
| Retained earnings (deficit) | $679.7M | $661.5M | $645.9M | $624.1M | $600.8M | $576.2M | $547.8M | $527.1M | $505.0M | $479.9M | $458.7M | $441.9M |
| Accumulated other comprehensive income | $265,000 | $3.9M | $6.5M | $5.1M | $5.5M | −$2.7M | −$7.9M | −$650,000 | −$5.3M | −$5.3M | −$1.6M | −$7.4M |
| Total shareholders' equity | $683.1M | $690.4M | $713.3M | $702.5M | $677.6M | $641.7M | $606.2M | $591.2M | $563.1M | $535.6M | $516.5M | $492.7M |
| Key figures | ||||||||||||
| Total debt | — | — | $0 | $0 | $0 | $0 | $0 | $6.6M | $6.7M | $5.3M | $5.8M | $6.8M |
| Net cash (debt) | — | — | $226.0M | $201.7M | $165.2M | $131.4M | $295.3M | $252.4M | $219.5M | $194.0M | $186.0M | $156.1M |
| Working capital | $244.3M | $338.9M | $356.4M | $341.2M | $309.6M | $270.6M | $421.9M | $400.1M | $371.1M | $335.5M | $310.2M | $294.2M |
| Tangible book value | $218.0M | $341.4M | $355.5M | $343.8M | $315.8M | $279.1M | $445.6M | $427.2M | $399.6M | $369.6M | $349.6M | $325.4M |
| Book value per share | $23.44 | $23.51 | $24.14 | $23.75 | $22.91 | $21.70 | $20.64 | $20.01 | $19.07 | $18.16 | $17.52 | $16.72 |
| Shares outstanding | 29.1M | 29.4M | 29.5M | 29.6M | 29.6M | 29.6M | 29.4M | 29.5M | 29.5M | 29.5M | 29.5M | 29.5M |
| Current ratio | 2.42 | 3.00 | 3.36 | 3.22 | 3.23 | 2.92 | 4.57 | 4.10 | 3.69 | 3.48 | 3.35 | 3.28 |
| Quick ratio | 1.26 | 1.86 | 2.25 | 2.06 | 2.04 | 1.72 | 3.21 | 2.73 | 2.41 | 2.16 | 2.09 | 1.96 |
| Debt / equity | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 68.4% | 71.1% | 73.3% | 71.8% | 72.4% | 71.3% | 74.3% | 73.6% | 72.1% | 72.0% | 72.0% | 71.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
BMI financial position
At the end of fiscal 2025 (December 31, 2025), Badger Meter had total assets of $973.6 million (up 19.3% from a year earlier), total liabilities of $260.3 million and shareholders' equity of $713.3 million. It held $226.0 million in cash and short-term investments against $0 of debt, a net cash position of $226.0 million. Its current ratio was 3.36. In the latest quarter (ended June 30, 2026) total assets were $998.2 million and equity $683.1 million.
Related: BMI income statement, BMI cash flow statement, BMI key metrics. See the BMI stock overview for the latest quote and news.
BMI balance sheet FAQ
What are Badger Meter's total assets?
Badger Meter reported total assets of $973.6 million at the end of fiscal 2025 (December 31, 2025), compared with $816.4 million a year earlier.
How much debt does Badger Meter have?
Badger Meter had $0 of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.00.
How much cash does Badger Meter have?
Badger Meter held $226.0 million in cash and short-term investments at the end of fiscal 2025; with $0 of debt that is net cash of $226.0 million.
What is Badger Meter's book value?
Badger Meter's shareholders' equity (book value) was $713.3 million at the end of fiscal 2025, or $24.12 per share.
What is Badger Meter's current ratio?
Badger Meter had current assets of $507.1 million and current liabilities of $150.7 million, a current ratio of 3.36 (it can cover its short-term obligations).
How much goodwill does Badger Meter have?
Badger Meter carried $357.8 million of goodwill and intangible assets, 36.7% of total assets, at the end of fiscal 2025.