BMI · XBRL financial data

Badger Meter financial statements, every fiscal year

The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal years (BMI's year ends in late December)

In thousands of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue from contracts with customers	425,544	505,198	565,568	703,592	826,558	916,663
Cost of goods and services sold	257,295	299,714	345,598	427,154	497,374	534,593
Gross profit	168,249	205,484	219,970	276,438	329,184	382,070
Research and development	11,600	14,700	15,800	19,000	19,200	21,600
Selling, general and administrative	103,093	126,761	132,675	158,389	171,248	198,649
Operating income (loss)	65,156	78,723	87,295	118,049	157,936	183,421
Income tax expense (benefit)	15,638	17,739	21,221	29,368	41,558	47,023
Net income (loss)	49,343	60,884	66,496	92,598	124,942	141,634
Earnings per share, basic USD per share	1.70	2.09	2.28	3.16	4.26	4.82
Earnings per share, diluted USD per share	1.69	2.08	2.26	3.14	4.23	4.79
Weighted average shares, basic thousands of shares	29	29	29	29	29	29,398
Weighted average shares, diluted thousands of shares	29	29	29	29	30	29,569

Fiscal years (BMI's year ends in late December)

In thousands of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	72,273	87,174	138,052	191,782	295,305	226,016
Accounts receivable	61,689	65,866	76,651	83,507	84,325	112,356
Inventory	81,586	99,611	119,856	153,674	143,408	151,935
Prepaid and other current assets	5,303	8,709	13,273	13,214	17,078	16,770
Total current assets	220,851	261,360	347,832	442,177	540,116	507,077
Property and equipment, net	82,705	78,050	73,542	73,878	74,260	79,636
Right-of-use asset	6,865	5,877	6,533	5,522	5,858	12,538
Goodwill	88,708	104,313	101,261	113,163	111,770	235,575
Total assets	468,380	530,818	603,047	716,919	816,413	973,577
Accounts payable	34,923	41,859	71,440	81,807	55,659	72,299
Total current liabilities	65,199	82,146	110,312	131,948	118,205	150,716
Retained earnings	314,850	353,535	395,155	458,719	547,796	645,876
Total stockholders' equity	361,259	403,070	442,422	516,482	606,232	713,294
Total liabilities and equity	468,380	530,818	603,047	716,919	816,413	973,577
Common shares outstanding (cover page) thousands of shares	29,145	29,249	29,293	29,352	29,411	29,182

Fiscal years (BMI's year ends in late December)

In thousands of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	49,343	60,884	66,496	92,598	124,942	141,634
Stock-based compensation	1,415	2,330	3,148	5,188	6,182	9,190
Net cash from operating activities	89,578	87,510	82,451	110,117	155,034	183,698
Purchases of property and equipment	9,059	6,746	5,891	12,003	12,818	14,026
Net cash from investing activities	(38,193)	(51,423)	(5,891)	(29,130)	(15,818)	(198,050)
Share repurchases	3,116	460	427	0	0	15,002
Dividends paid	20,340	22,155	24,881	29,052	35,847	43,529
Net cash from financing activities	(27,819)	(20,507)	(24,605)	(28,085)	(35,096)	(57,977)
Net change in cash	23,402	14,901	50,878	53,730	103,523	(69,289)

SIC 3824 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 3824 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
* marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.

Company	Cash ($K)	Revenue, quarter ($K)	Operating cash flow, quarter ($K)	Shares outstanding	Quarter
Badger Meter	67,928	235,938	43,274*	28.6M	Q3 FY26 10-QSep 30, 2026
MKS	454,000	1,248,000	243,000*	67.6M	Q2 FY26 10-QJun 30, 2026
Itron	840,323	599,333	101,953*	43.9M	Q3 FY26 10-QSep 30, 2026
Avantor	464,300	1,698,300	195,100*	677.6M	Q3 FY26 10-QSep 30, 2026
Illumina	1,289,000	1,129,000	419,000*	151.2M	Q3 FY26 10-QSep 27, 2026
Vontier	265,800	756,700	116,300*	135.2M	Q2 FY26 10-QJul 3, 2026
Cognex	302,521	291,263	69,153*	168.2M	Q2 FY26 10-QJul 5, 2026
Onto Innovation	1,253,205	343,129	61,507*	49.1M	Q2 FY26 10-QJun 30, 2026
Mirion Technologies	408,700	277,800	59,200*	not reported	Q3 FY26 10-QSep 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.