Badger Meter, Inc. (BMI) Key Metrics
BMI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.67B
- Enterprise value
- $3.76B
- P/E (TTM)
- 29.6 10-yr median 48.6
- Forward P/E
- 26.2
- PEG ratio
- 3.06
- Price / sales
- 4.2 10-yr median 5.6
- Price / book
- 5.6 10-yr median 7.2
- EV / EBITDA
- 18.7 10-yr median 25.3
- Dividend yield
- 1.39% $1.76 a year
- Beta
- 0.64
BMI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBMI valuation Price multiples at each fiscal year-end price.
BMI returns How much profit the business earns on the capital it uses.
BMI per-share figures Results divided by the shares outstanding at year-end.
BMI financial health Debt, liquidity and how easily interest is covered.
BMI efficiency & capital use Working capital cycle and where the cash goes.
BMI valuation history
BMI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BMI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BMI cash returned to shareholders
BMI price vs earnings per share
BMI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.16B | $6.26B | $4.55B | $3.20B | $3.13B | $2.75B | $1.90B | $1.44B | $1.39B | $1.07B |
| Enterprise value | $4.93B | $5.98B | $4.36B | $3.07B | $3.05B | $2.68B | $1.85B | $1.44B | $1.42B | $1.10B |
| P/E ratio | 36.4 | 50.1 | 49.1 | 48.2 | 51.3 | 55.7 | 40.2 | 51.7 | 40.3 | 33.2 |
| Price / sales | 5.6 | 7.6 | 6.5 | 5.7 | 6.2 | 6.5 | 4.5 | 3.3 | 3.5 | 2.7 |
| Price / book | 7.2 | 10.3 | 8.8 | 7.2 | 7.8 | 7.6 | 5.7 | 4.7 | 5.0 | 4.2 |
| Price / free cash flow | 30.4 | 44.1 | 46.3 | 41.8 | 38.7 | 34.1 | 25.9 | 27.8 | 40.1 | 23.5 |
| Price / operating cash flow | 28.1 | 40.4 | 41.3 | 38.8 | 35.7 | 30.7 | 23.5 | 23.8 | 28.0 | 19.1 |
| EV / sales | 5.4 | 7.2 | 6.2 | 5.4 | 6.0 | 6.3 | 4.4 | 3.3 | 3.5 | 2.8 |
| EV / EBITDA | 22.1 | 31.4 | 29.9 | 27.1 | 28.6 | 29.8 | 21.5 | 23.5 | 17.8 | 15.1 |
| EV / free cash flow | 29.1 | 42.0 | 44.4 | 40.1 | 37.7 | 33.3 | 25.3 | 27.9 | 41.1 | 24.2 |
| Earnings yield | 2.7% | 2.0% | 2.0% | 2.1% | 1.9% | 1.8% | 2.5% | 1.9% | 2.5% | 3.0% |
| Free cash flow yield | 3.3% | 2.3% | 2.2% | 2.4% | 2.6% | 2.9% | 3.9% | 3.6% | 2.5% | 4.2% |
| Dividend yield | 0.8% | 0.6% | 0.6% | 0.8% | 0.7% | 0.7% | 1.0% | 1.1% | 1.0% | 1.2% |
| Shareholder yield (dividends + buybacks) | 1.1% | 0.6% | 0.6% | 0.8% | 0.7% | 0.9% | 1.3% | 1.5% | 1.3% | 1.2% |
| Share price at fiscal year-end | $174.41 | $212.12 | $154.37 | $109.03 | $106.56 | $94.06 | $64.93 | $49.21 | $47.80 | $36.95 |
| Per share | ||||||||||
| Revenue per share | $31.00 | $27.99 | $23.89 | $19.25 | $17.22 | $14.56 | $14.53 | $14.86 | $13.82 | $13.55 |
| Earnings per share | $4.79 | $4.23 | $3.14 | $2.26 | $2.08 | $1.69 | $1.61 | $0.95 | $1.19 | $1.11 |
| Operating cash flow per share | $6.21 | $5.25 | $3.74 | $2.81 | $2.98 | $3.06 | $2.76 | $2.07 | $1.71 | $1.93 |
| Free cash flow per share | $5.74 | $4.82 | $3.33 | $2.61 | $2.75 | $2.75 | $2.51 | $1.77 | $1.19 | $1.57 |
| Cash per share | $7.64 | $10.00 | $6.51 | $4.70 | $2.97 | $2.47 | $1.67 | $0.45 | $0.38 | $0.25 |
| Book value per share | $24.12 | $20.53 | $17.53 | $15.06 | $13.74 | $12.36 | $11.33 | $10.40 | $9.53 | $8.82 |
| Tangible book value per share | $12.02 | $15.09 | $11.74 | $9.79 | $7.80 | $7.29 | $7.05 | $5.88 | $4.97 | $5.34 |
| Dividends per share | $1.47 | $1.21 | $0.99 | $0.85 | $0.76 | $0.70 | $0.64 | $0.56 | $0.49 | $0.43 |
| Capex per share | $0.47 | $0.43 | $0.41 | $0.20 | $0.23 | $0.31 | $0.26 | $0.30 | $0.52 | $0.36 |
| Debt per share | $0.00 | $0.20 | $0.20 | $0.23 | $0.21 | $0.25 | $0.15 | $0.62 | $1.53 | $1.31 |
| Shares outstanding | 29.6M | 29.5M | 29.5M | 29.4M | 29.3M | 29.2M | 29.2M | 29.2M | 29.1M | 29.0M |
| Change in shares outstanding | +0.1% | +0.3% | +0.3% | +0.1% | +0.4% | +0.0% | +0.1% | +0.3% | +0.2% | +0.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 21.5% | 22.3% | 19.3% | 15.7% | 15.9% | 14.3% | 14.9% | 9.6% | 13.0% | 13.2% |
| Return on invested capital (ROIC) | 34.2% | 36.6% | 27.9% | 20.9% | 19.7% | 17.0% | 16.0% | 14.2% | 11.7% | 11.3% |
| Return on assets (ROA) | 15.8% | 16.3% | 14.0% | 11.7% | 12.2% | 11.0% | 11.6% | 7.1% | 9.3% | 9.2% |
| Return on tangible assets | 23.0% | 19.1% | 16.9% | 14.8% | 17.1% | 15.3% | 15.9% | 10.7% | 13.3% | 13.0% |
| Free cash flow margin | 18.5% | 17.2% | 13.9% | 13.5% | 16.0% | 18.9% | 17.2% | 11.9% | 8.6% | 11.6% |
| Income quality (OCF / net income) | 1.30 | 1.24 | 1.19 | 1.24 | 1.44 | 1.82 | 1.71 | 2.17 | 1.44 | 1.74 |
| Financial health | ||||||||||
| Total debt | $0 | $6.0M | $5.8M | $6.8M | $6.2M | $7.2M | $4.5M | $18.1M | $44.5M | $38.0M |
| Cash & short-term investments | $226.0M | $295.3M | $191.8M | $138.1M | $87.2M | $72.3M | $48.9M | $13.1M | $11.2M | $7.3M |
| Net debt | −$226.0M | −$289.3M | −$186.0M | −$131.3M | −$81.0M | −$65.1M | −$44.4M | $5.0M | $33.4M | $30.6M |
| Debt / equity | 0.00 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 0.06 | 0.16 | 0.15 |
| Debt / assets | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.05 | 0.11 | 0.11 |
| Net debt / EBITDA | −1.01 | −1.52 | −1.27 | −1.16 | −0.76 | −0.72 | −0.52 | 0.08 | 0.42 | 0.42 |
| Current ratio | 3.36 | 4.57 | 3.35 | 3.15 | 3.18 | 3.29 | 3.50 | 2.74 | 1.70 | 1.99 |
| Quick ratio | 2.36 | 3.36 | 2.19 | 2.07 | 1.97 | 2.09 | 2.06 | 1.40 | 0.79 | 0.97 |
| Interest coverage | — | — | — | 158.1 | — | — | 245.6 | 49.2 | 70.5 | 55.1 |
| Working capital | $356.4M | $421.9M | $310.2M | $237.5M | $179.2M | $155.7M | $142.8M | $104.6M | $65.5M | $75.2M |
| Invested capital | $487.3M | $316.9M | $330.5M | $311.2M | $322.1M | $296.2M | $286.7M | $308.5M | $310.8M | $286.8M |
| Tangible asset value | $355.5M | $445.6M | $345.9M | $287.6M | $229.0M | $213.0M | $205.9M | $171.6M | $144.7M | $155.3M |
| Net current asset value | $246.8M | $329.9M | $241.7M | $187.2M | $133.6M | $113.7M | $109.3M | $75.5M | $44.3M | $57.5M |
| Graham number | $50.99 | $44.20 | $35.22 | $27.70 | $25.33 | $21.67 | $20.29 | $14.92 | $15.96 | $14.85 |
| Graham net-net per share | $4.26 | $7.45 | $4.44 | $3.23 | $2.00 | $1.69 | $1.54 | $0.48 | −$0.58 | −$0.08 |
| Capital allocation | ||||||||||
| Dividends paid | $43.5M | $35.8M | $29.1M | $24.9M | $22.2M | $20.3M | $18.6M | $16.3M | $14.2M | $12.5M |
| Share buybacks (net) | $15.0M | $0 | $0 | $427,000 | $460,000 | $3.1M | $5.2M | $4.8M | $4.4M | $0 |
| Dividend payout ratio | 30.7% | 28.7% | 31.4% | 37.4% | 36.4% | 41.2% | 39.4% | 58.5% | 41.1% | 38.6% |
| Dividends + buybacks / free cash flow | 34.5% | 25.2% | 29.6% | 33.1% | 28.0% | 29.1% | 32.5% | 40.7% | 53.7% | 27.3% |
| Capex / revenue | 1.5% | 1.6% | 1.7% | 1.0% | 1.3% | 2.1% | 1.8% | 2.0% | 3.7% | 2.7% |
| Capex / operating cash flow | 7.6% | 8.3% | 10.9% | 7.1% | 7.7% | 10.1% | 9.3% | 14.3% | 30.3% | 18.9% |
| Capex / depreciation | 0.41 | 0.40 | 0.43 | 0.22 | 0.24 | 0.36 | 0.31 | 0.36 | 0.62 | 0.47 |
| Stock-based compensation / revenue | 1.0% | 0.7% | 0.7% | 0.6% | 0.5% | 0.3% | 0.3% | 1.0% | 0.4% | 0.4% |
| R&D / revenue | — | 2.3% | 2.7% | 2.8% | 2.9% | 2.7% | 2.8% | 2.6% | 2.6% | 2.7% |
| SG&A / revenue | 21.7% | 20.7% | 22.5% | 23.5% | 25.1% | 24.3% | 23.9% | 28.9% | 24.9% | 25.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 39.2 | 37.1 | 41.5 | 46.0 | 46.1 | 52.8 | 54.9 | 52.4 | 53.5 | 54.0 |
| Days of inventory on hand | 100.8 | 109.0 | 116.9 | 115.9 | 110.3 | 116.0 | 113.8 | 111.6 | 120.5 | 115.3 |
| Days payables outstanding | 43.7 | 50.4 | 65.5 | 59.8 | 46.8 | 47.1 | 37.7 | 34.3 | 34.7 | 28.1 |
| Cash conversion cycle (days) | 96.3 | 95.6 | 92.9 | 102.1 | 109.7 | 121.6 | 130.9 | 129.7 | 139.3 | 141.2 |
| Receivables turnover | 9.32 | 9.85 | 8.79 | 7.94 | 7.92 | 6.92 | 6.65 | 6.97 | 6.82 | 6.76 |
| Payables turnover | 8.36 | 7.24 | 5.57 | 6.10 | 7.81 | 7.74 | 9.67 | 10.63 | 10.51 | 12.97 |
| Inventory turnover | 3.62 | 3.35 | 3.12 | 3.15 | 3.31 | 3.15 | 3.21 | 3.27 | 3.03 | 3.16 |
| Asset turnover | 1.02 | 1.08 | 1.07 | 1.00 | 1.01 | 0.95 | 1.04 | 1.11 | 1.09 | 1.12 |
| Average receivables | $98.3M | $83.9M | $80.1M | $71.3M | $63.8M | $61.5M | $63.8M | $62.3M | $59.0M | $58.2M |
| Average payables | $64.0M | $68.7M | $76.6M | $56.6M | $38.4M | $33.2M | $27.0M | $25.5M | $23.5M | $18.8M |
| Average inventory | $147.7M | $148.5M | $136.8M | $109.7M | $90.6M | $81.8M | $81.4M | $83.0M | $81.4M | $76.8M |
| Intangibles / total assets | 36.7% | 19.7% | 23.8% | 25.7% | 32.8% | 31.5% | 29.7% | 33.6% | 33.9% | 28.9% |
Computed from BMI's annual financial statements (latest annual report filed February 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BMI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Badger Meter traded at 36.4 times earnings, against a 10-year median of 48.6. Based on the latest twelve months, the trailing P/E is 29.6 and the forward P/E is 26.2. Badger Meter earned a return on equity of 21.5% and a return on invested capital of 34.2% in fiscal 2025. It ended the year with $0 of debt and $226.0 million in cash and short-term investments, a net cash position of $226.0 million. It returned $58.5 million to shareholders: $43.5 million in dividends and $15.0 million in share buybacks, 34% of free cash flow.
See the BMI income statement, the BMI chart for price history, or the BMI stock overview for the latest quote and news.
BMI key metrics FAQ
What is Badger Meter's P/E ratio?
Badger Meter's trailing P/E ratio is 29.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 26.2. At the end of fiscal 2025 it was 36.4, compared with a 10-year median of 48.6.
What is Badger Meter's EV/EBITDA?
Badger Meter's enterprise value was 22.1 times EBITDA at the end of fiscal 2025 (enterprise value $4.9 billion, EBITDA $223.2 million); the current EV/EBITDA is 18.7.
What is Badger Meter's return on equity?
Badger Meter's return on equity (ROE) was 21.5% in fiscal 2025: net income of $141.6 million on average shareholders' equity of $659.8 million.
What is Badger Meter's ROIC?
Badger Meter's return on invested capital was 34.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Badger Meter have?
Badger Meter had total debt of $0 at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
What is Badger Meter's dividend yield?
Badger Meter's forward dividend yield is 1.39%. Badger Meter paid $43.5 million in dividends in fiscal 2025 ($1.47 per share), a payout ratio of 30.7%.
Does Badger Meter buy back its shares?
Yes. Badger Meter spent $15.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.1% over the year, to 29.6M..
What is Badger Meter's free cash flow yield?
Badger Meter generated $169.7 million of free cash flow in fiscal 2025, a free cash flow yield of 3.3% on its market value at year-end ($5.2 billion).
What is Badger Meter's current ratio?
Badger Meter's current ratio was 3.36 at the end of fiscal 2025: current assets were 3.36 times current liabilities.