Companies / Badger Meter COMPANY FILINGS
Badger Meter BMI In fiscal 2025, Badger Meter supplied products and software primarily to water utilities, including digital smart water solutions, and also served global flow instrumentation markets.
Business description: FY2025 CIK 0000009092 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2017–2025
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 FY2024 FY2023 FY2022 FY2021 Net sales increased 10.9% to $916.7 million in 2025 from $826.6 million in 2024. Utility water sales reached $816.1 million, up 12.5%.
Source: 2025 Operating earnings rose to $183.4 million, or 20.0% of sales, in 2025 from $157.9 million, or 19.1%, in 2024.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Warranty reserve rose The product warranty reserve (estimated future warranty costs) increased to $21.6 million at December 31, 2025 from $16.7 million a year earlier. Management said additional technology, including ORION cellular radios and electronic meters, had generally increased annual warranty claim rates over time.
Source: 2025 Business context SmartCover Badger Meter acquired SmartCover, a sewer line and lift station monitoring provider, effective January 30, 2025. Purchase consideration, net of cash acquired and after the working capital adjustment, was $184.0 million. SmartCover contributed $39.7 million of revenue for the eleven months ended December 31, 2025.
Source: 2025 Business in fiscal 2025 In fiscal 2025, Badger Meter supplied products and software primarily to water utilities, including digital smart water solutions, and also served global flow instrumentation markets.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Sales expansion The selected disclosures report company net sales of $505.2 million in 2021, $565.6 million in 2022, $703.6 million in 2023, $826.6 million in 2024 and $916.7 million in 2025. These reported totals include acquisition contributions: the 2025 figure includes $39.7 million from SmartCover for the eleven months ended December 31, 2025. SmartCover was included in the utility water product line, while Badger Meter continued to report a single segment. The sales comparison therefore does not represent growth solely from the same businesses throughout the period.
Source: 2021 , 2022 , 2023 , 2024 , 2025 Operating cash-flow growth Operating cash flow fell from $87.5 million in 2021 to $82.5 million in 2022, then reached $110.1 million in 2023, $155.0 million in 2024 and $183.7 million in 2025, according to the selected disclosures. Management attributed the 2025 increase primarily to higher operating earnings. For 2025, management said operating cash flow together with cash on hand adequately funded $184.0 million of acquisitions, $14.0 million of capital expenditures and $43.5 million of dividends. The company reported no borrowings and a $226.0 million net cash position at year-end 2025.
Source: 2021 , 2023 , 2024 , 2025 Request a correction Net sales increased 17.5% to $826.6 million in 2024. Utility water sales reached $725.5 million, up 20.3% from 2023.
Source: 2024 Operating earnings rose to $157.9 million, or 19.1% of sales, in 2024 from $118.0 million, or 16.8% of sales, in 2023.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Larger warranty reserve The product warranty reserve, an estimate of future warranty costs, increased to $16.7 million at December 31, 2024 from $11.1 million a year earlier. Management said additional technology, including ORION cellular radios and electronic meters, had generally increased annual warranty claim rates over time.
Source: 2024 Supply risk Badger Meter relied on single suppliers for most brass castings and certain resin and electronic subassemblies. Although management believed alternative sources were available, it warned that losing certain suppliers could raise material costs and delay deliveries in the short term.
Source: 2024 Business context Telog/Unity asset acquisition Effective January 1, 2024, Badger Meter acquired selected remote water monitoring hardware and software, including the Telog product line and Unity Remote Monitoring software as a service (SaaS), for $3.0 million in cash.
Source: 2024 Business in fiscal 2024 In fiscal 2024, Badger Meter provided water management technology, software and support services under its BlueEdge offering. Water-related applications accounted for nearly 95% of net sales.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Both market categories show endpoint growth The selected disclosures report sales into the utility water market (meters and related solutions for water utilities) of $344.3 million in 2020 and $725.5 million in 2024. Sales into global flow instrumentation markets (products for measuring and controlling fluid flow) were $81.2 million and $101.1 million, respectively. These figures compare reported market sales at the two endpoints of the five-year window.
Source: 2020 , 2024 Monitoring acquisitions Badger Meter acquired water-quality businesses s::can in November 2020 and ATi in January 2021. It subsequently acquired Syrinix, a pressure-monitoring and leak-detection provider, in January 2023, followed by selected Telog/Unity remote water-monitoring hardware and software assets in January 2024. The transaction scopes differed: s::can, ATi and Syrinix were purchases of all outstanding stock, while the Telog/Unity transaction covered selected assets.
Source: 2020 , 2021 , 2023 , 2024 Operating cash recovers after declines Cash generated by operations declined from $89.6 million in 2020 to $87.5 million in 2021 and $82.5 million in 2022, before rising to $110.1 million in 2023 and $155.0 million in 2024. Management attributed the 2024 increase primarily to higher operating earnings and working capital management (managing cash needed for day-to-day operations). The annual amounts therefore show a decline followed by a recovery, rather than uninterrupted growth.
Source: 2020 , 2021 , 2022 , 2023 , 2024 Request a correction Net sales rose 24.4% to $703.6 million in 2023. Utility water sales reached $603.1 million, up 27.8%; management cited adoption of ORION Cellular radio devices for meter readings and BEACON software services, alongside higher E-Series Ultrasonic meter volumes.
Source: 2023 Operating earnings reached $118.0 million, or 16.8% of sales, in 2023, compared with $87.3 million, or 15.4%, in 2022. Separately, management attributed the gross margin improvement to higher volumes and favorable sales mix.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Supply risk The company relied on single suppliers for most brass castings and certain resin and electronic subassemblies. It believed alternative sources were available but warned that losing suppliers could raise material costs and cause delivery delays, temporary inventory increases and higher quality-control costs.
Source: 2023 Business context Syrinix acquisition Effective January 1, 2023, Badger Meter acquired all outstanding stock of UK-based Syrinix, a provider of high-frequency pressure monitoring and leak detection solutions. Purchase consideration was $17.1 million, net of cash acquired.
Source: 2023 Business in fiscal 2023 In fiscal 2023, Badger Meter provided water management solutions spanning smart measurement hardware, communications, and data and analytics software. Nearly 95% of net sales came from water-related applications.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Sales expansion The selected disclosures show consolidated net sales of $424.6 million in 2019 and $425.5 million in 2020, followed by $505.2 million in 2021, $565.6 million in 2022 and $703.6 million in 2023. These reported totals include acquired businesses: the company attributed $40.7 million of the 2021 sales increase to s::can and ATi. The sequence therefore includes acquisition-related growth.
Source: 2019 , 2020 , 2021 , 2022 , 2023 Monitoring acquisitions Acquisitions described in the selected disclosures added different monitoring capabilities during the window. Badger Meter acquired s::can in November 2020, adding light-based water-quality sensing, and ATi in January 2021, adding water-quality monitoring systems. Its January 2023 acquisition of Syrinix extended this acquisition activity to pressure monitoring with frequent readings and leak detection. These transactions describe additions to the offering, without establishing their individual financial returns.
Source: 2020 , 2021 , 2023 Cash-flow fluctuations Operating cash flow did not rise steadily with sales. The selected disclosures report $80.7 million in 2019, $89.6 million in 2020, $87.5 million in 2021, $82.5 million in 2022 and $110.1 million in 2023. Management attributed the 2021 and 2022 declines primarily to working-capital requirements (cash needed for day-to-day operations) outweighing higher operating earnings, and the 2023 increase primarily to higher operating earnings and working-capital management.
Source: 2020 , 2021 , 2022 , 2023 Request a correction Net sales rose 11.9% to $565.6 million in 2022. Utility water sales reached $471.8 million, up 13.6%; management attributed that growth to strong demand, continued adoption of cellular advanced metering infrastructure and increased meter volumes.
Source: 2022 Operating earnings increased to $87.3 million in 2022 from $78.7 million in 2021, while diluted earnings per share rose to $2.26 from $2.08.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Gross margin decline Gross margin declined from 40.7% in 2021 to 38.9% in 2022. Management attributed the pressure to increased inflationary costs and production volatility caused by intermittent component delays.
Source: 2022 Supply risk Badger Meter relied on single suppliers for most brass castings and certain resin and electronic subassemblies. Although management believed alternatives were available, it warned that losing certain suppliers could raise costs and delay deliveries.
Source: 2022 Business context Replacement and technology sales Water meter replacement and adoption of new technology accounted for most smart water product sales, including radio products. Housing starts contributed to a much lesser extent, making replacement and technology adoption central to the disclosed sales mix.
Source: 2022 Business in fiscal 2022 In fiscal 2022, Badger Meter supplied water meters, radios, software and water quality monitoring solutions to water utilities, alongside flow instrumentation for industrial applications.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Sales rise after an early decline The selected disclosures show consolidated net sales of $433.7 million in 2018, $424.6 million in 2019 and $425.5 million in 2020, followed by $505.2 million in 2021 and $565.6 million in 2022. The later increases include acquired operations: management attributed $40.7 million of the 2021 sales increase over 2020 to s::can and ATi. These reported totals therefore include acquisition-related growth.
Source: 2018 , 2020 , 2021 , 2022 Cash fluctuates; year-end borrowings fall Operating cash flow rose from $60.4 million in 2018 to $80.7 million in 2019 and $89.6 million in 2020, then declined to $87.5 million in 2021 and $82.5 million in 2022. Management attributed the two later declines to increased working capital requirements (cash needed for day-to-day operations) outweighing higher operating earnings. Separately, short-term debt stood at $18.1 million at December 31, 2018; the company reported no short-term borrowings at either year-end 2021 or 2022.
Source: 2018 , 2020 , 2021 , 2022 Request a correction Net sales increased 18.7% to $505.2 million in 2021. The s::can and ATi acquisitions contributed $40.7 million of the increase over 2020.
Source: 2021 Effective January 1, 2021, Badger Meter acquired all outstanding stock of water quality monitoring provider ATi for $44.0 million, net of cash acquired.
Source: 2021 View full 10-K summary 2021 Hide full 10-K summary 2021 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Earnings and margin growth Operating earnings reached $78.7 million, or 15.6% of sales, in 2021, compared with $65.2 million, or 15.3%, in 2020. Gross margin rose to 40.7% from 39.5%; management attributed the improvement to higher volumes, improved sales mix, acquisition mix and pricing actions that offset material cost inflation.
Source: 2021 Negative signals Supply disruptions Management reported that electronics and other component shortages, together with logistics constraints, interrupted manufacturing and limited output throughout 2021. It attributed record levels of unfilled orders (backlog) during the year to these disruptions.
Source: 2021 Supplier risk The company relied on single suppliers for most brass castings and certain resin and electronic subassemblies. Although management believed alternatives were available, it warned that losing certain suppliers could raise costs, delay deliveries and temporarily increase inventory.
Source: 2021 Business context Replacement and technology adoption Meter replacement and adoption of new technology accounted for most water meter product sales, including radios. The filing described a growing shift from manual reading to radio-equipped meters and from automatic meter reading to advanced metering infrastructure, which collects readings through fixed or cellular networks.
Source: 2021 Business in fiscal 2021 In fiscal 2021, Badger Meter provided flow measurement, water quality monitoring and control solutions for water utilities and industrial customers.
Source: 2021
5-year changes FY2017–FY2021 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Water-quality expansion The selected disclosures show acquisitions extending Badger Meter’s capabilities. In 2017, the company acquired D-Flow, which management described as supporting its E-Series electronic water meters and adding a technology center. It subsequently acquired s::can in November 2020 and ATi effective January 2021. Management described the combined offerings as covering both water quantity and water quality, broadening the information available to customers.
Source: 2017 , 2020 , 2021 Cash rises overall; year-end borrowings fall Reported operating cash flow was $49.8 million in 2017, $89.6 million in 2020 and $87.5 million in 2021. Management attributed the 2021 decline to greater working-capital requirements (cash needed for day-to-day operations) outweighing higher operating earnings. Year-end short-term debt fell from $44.6 million in 2017 to $18.1 million in 2018 and approximately $4.5 million in 2019; the company reported no short-term borrowings at either the 2020 or 2021 year-end. These selected figures show higher operating cash generation at the end of the window than at its beginning, alongside the reduction in short-term borrowings.
Source: 2017 , 2018 , 2019 , 2020 , 2021 Request a correction FINANCIAL STATEMENTS
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