Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $394M | $402M | $434M | $425M | $426M | $505M | $566M | $704M | $827M | $917M |
| Revenue growth | — | 2.2% | 7.8% | -2.1% | 0.2% | 18.7% | 11.9% | 24.4% | 17.5% | 10.9% |
| Gross profit | $151M | $156M | $162M | $164M | $168M | $205M | $220M | $276M | $329M | $382M |
| Gross margin | 38.2% | 38.7% | 37.4% | 38.5% | 39.5% | 40.7% | 38.9% | 39.3% | 39.8% | 41.7% |
| Operating income | $52.7M | $56.6M | $56.9M | $62.1M | $65.2M | $78.7M | $87.3M | $118M | $158M | $183M |
| Operating margin | 13.4% | 14.1% | 13.1% | 14.6% | 15.3% | 15.6% | 15.4% | 16.8% | 19.1% | 20.0% |
| Net income | $32.3M | $34.6M | $27.8M | $47.2M | $49.3M | $60.9M | $66.5M | $92.6M | $125M | $142M |
| Net margin | 8.2% | 8.6% | 6.4% | 11.1% | 11.6% | 12.1% | 11.8% | 13.2% | 15.1% | 15.5% |
| EPS (diluted) | $1.11 | $1.19 | $0.95 | $1.61 | $1.69 | $2.08 | $2.26 | $3.14 | $4.23 | $4.79 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $56.2M | $49.8M | $60.4M | $80.7M | $89.6M | $87.5M | $82.5M | $110M | $155M | $184M |
| Capital expenditures | $10.6M | $15.1M | $8.64M | $7.50M | $9.06M | $6.75M | $5.89M | $12.0M | $12.8M | $14.0M |
| Free cash flow | $45.6M | $34.7M | $51.7M | $73.2M | $80.5M | $80.8M | $76.6M | $98.1M | $142M | $170M |
| Share buybacks | $0.00 | $4.40M | $4.79M | $5.21M | $3.12M | $460K | $427K | $0.00 | $0.00 | $15.0M |
| Dividends paid | $12.5M | $14.2M | $16.3M | $18.6M | $20.3M | $22.2M | $24.9M | $29.1M | $35.8M | $43.5M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | — | $11.2M | $13.1M | $48.9M | $72.3M | $87.2M | — | — | — | — |
| Total assets | $350M | $392M | $393M | $422M | $471M | $531M | $603M | $717M | $816M | $974M |
| Shareholders' equity | $256M | $277M | $304M | $331M | $361M | $403M | $442M | $516M | $606M | $713M |
| Retained earnings | $224M | $244M | $257M | $286M | $315M | $354M | $395M | $459M | $548M | $646M |
| Shares (wtd avg diluted) | 29.1B | 29.1B | 29.2B | 29.2B | 29.2B | 29.3B | 29.4B | 29.5M | 29.5M | 29.6M |
Every figure is extracted from BADGER METER INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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