BADGER METER INC (BMI) FY2025 10-K Annual Report
BADGER METER INC (BMI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
BADGER METER INC FY2025 10-K Analysis
Business Overview
- • Core business model focused on water measurement and control technologies
- • No new products, services, or business segments introduced or emphasized this year
- • Continued adherence to corporate governance with emphasis on Code of Conduct for Financial Executives
- • Proxy Statement integration for executive compensation and ownership details, no standalone disclosures here
- • Disclosure compliance maintained via website postings, but website content not incorporated by reference into 10-K
Management Discussion & Analysis
- • Revenue $916.7M in 2025, up 10.9% YoY from $826.6M in 2024; utility water sales up 12.5% to $816.1M
- • Operating margin 20.0% vs 19.1% in 2024; gross margin 41.7% vs 39.8%, SEA expenses 21.7% vs 20.7% of sales
- • Best segment utility water: $816.1M sales, 12.5% growth; worst segment global flow instrumentation: $100.6M, down 0.5%
- • Cash from operations $183.7M in 2025, up from $155.0M; capex $14.0M; dividends $43.5M; $184.0M spent on SmartCover acquisition
- • 2026 capex guidance $15-19M; tariff impacts mitigated by price increases and trade agreements; continuing AMI and smart water solutions growth focus
Risk Factors
- • Exposure to U.S. federal funding timing and size impacting municipal water utility customer purchases
- • Single supplier dependency for certain castings risking short-term operational disruption despite alternate sources
- • Increasing North American competition in static water metering from new entrants lacking brand recognition
- • Economic downturns and international conflicts affecting ability of customers to finance product purchases
- • Raw material cost volatility (copper, brass, aluminum) influenced by unpredictable supply-demand factors
BADGER METER INC FY2025 Key Financial MetricsXBRL
Revenue
$917M
▲ +10.9% YoY
Net Income
$142M
▲ +13.4% YoY
Gross Margin
41.7%
▲ +185bp YoY
Operating Margin
20.0%
▲ +90bp YoY
Net Margin
15.5%
▲ +34bp YoY
ROE
19.9%
▼ -75bp YoY
Total Assets
$974M
▲ +19.3% YoY
EPS (Diluted)
$4.79
▲ +13.2% YoY
Operating Cash Flow
$184M
▲ +18.5% YoY
Source: XBRL data from BADGER METER INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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