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Badger Meter

Badger Meter's net profit rose 23.4% yoy to USD 60.9 mil in 2021

By Helgi Analytics - August 29, 2022

Badger Meter made a net profit of USD 60.9 mil with revenues of USD 505 mil in 2021, up by 23.4% and up by 18.7%, r...

Badger Meter's price/earnings (P/E) fell 7.85% yoy to 51.3 in 2021

By Helgi Analytics - August 29, 2022

Badger Meter stock traded at USD 107 per share at the end 2021 translating into a market capitalization of USD 3,126 mil. Since t...

Badger Meter's ROCE rose 13.6% yoy to 16.3% in 2021

By Helgi Analytics - August 29, 2022

Badger Meter made a net profit of USD 60.9 mil in 2021, up 23.4% compared to the previous year. Historically, between 2006 a...

Profit Statement 2019 2020 2021
Sales USD mil 425 426 505
Gross Profit USD mil 164 168 205
EBITDA USD mil 89.4 93.2 110
EBIT USD mil 62.1 65.2 78.7
Financing Cost USD mil ... 0.030 ...
Pre-Tax Profit USD mil 61.6 65.0 78.6
Net Profit USD mil 47.2 49.3 60.9
Dividends USD mil 18.6 20.4 22.2
Balance Sheet 2019 2020 2021
Total Assets USD mil 422 468 531
Non-Current Assets USD mil 222 248 269
Current Assets USD mil 200 221 261
Working Capital USD mil 112 108 124
Shareholders' Equity USD mil 331 361 403
Liabilities USD mil 90.8 107 128
Total Debt USD mil 13.3 7.22 6.18
Net Debt USD mil -35.6 -65.1 -81.0
Ratios 2019 2020 2021
ROE % 14.9 14.3 15.9
ROCE % 13.7 14.3 16.3
Gross Margin % 38.5 39.5 40.7
EBITDA Margin % 21.1 21.9 21.7
EBIT Margin % 14.6 15.3 15.6
Net Margin % 11.1 11.6 12.1
Net Debt/EBITDA -0.398 -0.698 -0.739
Net Debt/Equity % -10.8 -18.0 -20.1
Cost of Financing % ... 0.293 ...
Valuation 2019 2020 2021
Market Capitalisation USD mil 1,897 2,749 3,126
Enterprise Value (EV) USD mil 1,862 2,684 3,045
Number Of Shares mil 29.2 29.2 29.3
Share Price USD 64.9 94.1 107
EV/EBITDA 20.8 28.8 27.8
EV/Sales 4.38 6.31 6.03
Price/Earnings (P/E) 40.2 55.7 51.3
Price/Book Value (P/BV) 5.73 7.61 7.76
Dividend Yield % 0.987 0.746 0.715

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overview Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
income statement                                          
Sales USD mil                   378 394 402 434 425              
Gross Profit USD mil                   136 151 156 162 164              
EBIT USD mil                   42.4 50.8 56.6 56.9 62.1              
Net Profit USD mil                   25.9 32.3 34.6 27.8 47.2              
                                             
ROE % ...                 11.6 13.2 13.0 9.57 14.9              
EBIT Margin %                   11.2 12.9 14.1 13.1 14.6              
Net Margin %                   6.87 8.20 8.59 6.41 11.1              
Employees         ... ... ...     1,514 1,562 1,632 1,531 1,567     ... ... ... ... ...
balance sheet                                          
Total Assets USD mil                   355 350 392 393 422              
Non-Current Assets USD mil     ...             206 199 233 228 222              
Current Assets USD mil                   149 151 159 165 200              
                                             
Shareholders' Equity USD mil                   232 256 277 304 331              
Liabilities USD mil                   123 93.5 114 89.2 90.8              
Non-Current Liabilities USD mil                   18.7 17.7 21.2 29.2 33.6              
Current Liabilities USD mil                   105 75.8 93.1 60.0 57.2              
                                             
Net Debt/EBITDA                   1.00 0.418 0.412 0.061 -0.398              
Net Debt/Equity %                   27.2 11.9 12.0 1.64 -10.8              
Cost of Financing % ...     ...   ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ...
cash flow                                          
Total Cash From Operations USD mil                   35.8 56.2 49.8 60.4 80.7              
Total Cash From Investing USD mil                   -21.7 -12.4 -35.4 -16.7 -7.50              
Total Cash From Financing USD mil                   -13.0 -44.5 -10.4 -42.1 -37.7              
Net Change In Cash USD mil                   1.51 -0.825 3.88 1.52 35.5              
valuation                                          
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ... 1,392 1,403 1,897              
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ... 1,425 1,408 1,862              
Number Of Shares mil ... ... ... ... ... ... ... ... ... ... ... 29.1 29.2 29.2              
Share Price USD ... ... ... ... ... ... ... ... ... ... ... 47.8 48.1 64.9              
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... 40.3 50.5 40.2              
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ... 29.8 35.8 32.3              
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ... 17.6 17.3 20.8              
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... 5.02 4.62 5.73              
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... 1.03 1.17 0.987              
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
income statement                                          
Sales USD mil                   378 394 402 434 425              
Cost of Goods & Services USD mil                   242 243 247 271 261              
Gross Profit USD mil                   136 151 156 162 164              
Selling, General & Admin USD mil ... ...               82.8 99.8 99.2 105 101     ... ... ... ... ...
Research & Development USD mil                   10.6 10.6 10.6 11.1 11.9     ... ... ... ... ...
Other Operating Expense USD mil ... ... ...             0 0 0 0 0     ... ... ... ... ...
Other Operating Cost (Income) USD mil ... ... ...             0 0 0 0 0     ... ... ... ... ...
EBITDA USD mil                   63.0 73.2 81.0 81.2 89.4              
Depreciation USD mil                   9.99 10.7 12.1 11.4 11.6              
EBIT USD mil                   42.4 50.8 56.6 56.9 62.1              
Net Financing Cost USD mil     ... ...           1.22 0.921 0.789 1.16 0.253              
Financing Cost USD mil       ...   ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ...
Financing Income USD mil ... ... ...   ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ...
FX (Gain) Loss USD mil     ...             0 0 0 0 0     ... ... ... ... ...
(Income) / Loss from Affiliates USD mil ... ... ...           ... ... ... ... ... ... ... ... ... ... ... ... ...
Extraordinary Cost USD mil     ...             0 0 0 0 0              
Pre-Tax Profit USD mil                   41.2 49.8 54.8 35.9 61.6              
Tax USD mil                   15.2 17.5 20.3 8.06 14.4              
Minorities USD mil     ...             0 0 0 0 0              
Net Profit USD mil                   25.9 32.3 34.6 27.8 47.2              
Net Profit Avail. to Common USD mil                   25.9 32.3 34.6 27.8 47.2              
Dividends USD mil                   11.3 12.5 14.2 16.3 18.6              
growth rates                                          
Total Revenue Growth % ...                 3.54 4.25 2.20 7.78 -2.10              
Operating Cost Growth % ...                 9.77 6.86 -0.661 6.38 -3.89     ... ... ... ... ...
EBITDA Growth % ...                 2.04 16.3 10.6 0.236 10.1              
EBIT Growth % ...                 -7.99 19.8 11.5 0.484 9.28              
Pre-Tax Profit Growth % ...                 -8.37 21.1 10.0 -34.6 71.8              
Net Profit Growth % ...                 -12.6 24.5 7.05 -19.6 69.8              
ratios                                          
ROE % ...                 11.6 13.2 13.0 9.57 14.9              
ROA % ...                 7.45 9.16 9.33 7.09 11.6              
ROCE % ...   ... ...           8.21 10.1 10.4 7.93 13.7              
Gross Margin %                   35.9 38.2 38.7 37.4 38.5              
EBITDA Margin %                   16.7 18.6 20.1 18.7 21.1              
EBIT Margin %                   11.2 12.9 14.1 13.1 14.6              
Net Margin %                   6.87 8.20 8.59 6.41 11.1              
Payout Ratio %                   43.4 38.6 41.1 58.6 39.4              
Cost of Financing % ...     ...   ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ...
Net Debt/EBITDA                   1.00 0.418 0.412 0.061 -0.398              
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
balance sheet                                          
Cash & Cash Equivalents USD mil ... ... ...             8.16 7.34 11.2 13.1 48.9              
Receivables USD mil                   56.6 59.8 58.2 66.3 61.4              
Inventories USD mil                   78.6 77.7 85.2 80.8 81.9              
Other ST Assets USD mil                   5.93 6.16 4.08 4.47 7.91              
Current Assets USD mil                   149 151 159 165 200              
Property, Plant & Equipment USD mil                   90.9 90.2 93.6 90.3 94.2              
LT Investments & Receivables USD mil     ...             0 0 0 0 0              
Intangible Assets USD mil                   105 101 127 127 119              
Goodwill USD mil                   48.0 49.3 67.4 71.3 71.3              
Non-Current Assets USD mil     ...             206 199 233 228 222              
Total Assets USD mil                   355 350 392 393 422              
                                             
Trade Payables USD mil                   19.2 18.4 28.6 22.5 31.5              
Short-Term Debt USD mil                   71.4 38.0 44.6 18.1 7.32              
Other ST Liabilities USD mil                   3.13 2.78 3.37 4.21 5.65              
Current Liabilities USD mil                   105 75.8 93.1 60.0 57.2              
Long-Term Debt USD mil                   0 0 0 0 5.95              
Other LT Liabilities USD mil                   18.7 17.7 21.2 29.2 27.6              
Non-Current Liabilities USD mil                   18.7 17.7 21.2 29.2 33.6              
Liabilities USD mil                   123 93.5 114 89.2 90.8              
Preferred Equity and Hybrid Capital USD mil                   0 0 0 0 0              
Share Capital USD mil                   72.7 65.1 69.3 75.3 79.2              
Treasury Stock USD mil                   31.0 20.6 24.8 29.4 34.2              
Equity Before Minority Interest USD mil                   232 256 277 304 331              
Minority Interest USD mil                   0 0 0 0 0              
Equity USD mil                   232 256 277 304 331              
growth rates                                          
Total Asset Growth % ...                 4.20 -1.63 12.0 0.246 7.44              
Shareholders' Equity Growth % ...                 8.37 10.3 8.29 9.39 9.08              
Net Debt Growth % ...                 -8.77 -51.6 9.06 -85.1 -816              
Total Debt Growth % ...                 -6.01 -46.8 17.4 -59.5 -26.5              
ratios                                          
Total Debt USD mil                   71.4 38.0 44.6 18.1 13.3              
Net Debt USD mil                   63.2 30.6 33.4 4.97 -35.6              
Working Capital USD mil                   116 119 115 125 112              
Capital Employed USD mil     ...             322 318 348 353 334              
Net Debt/Equity %                   27.2 11.9 12.0 1.64 -10.8              
Current Ratio                   1.43 1.99 1.70 2.74 3.50              
Quick Ratio ... ... ...             0.620 0.886 0.745 1.32 1.93              
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
cash flow                                          
Net Profit USD mil                   25.9 32.3 34.6 27.8 47.2              
Depreciation USD mil                   9.99 10.7 12.1 11.4 11.6              
Non-Cash Items USD mil                   -0.221 1.91 -2.49 16.4 -0.350     ... ... ... ... ...
Change in Working Capital USD mil                   -10.5 -0.459 -6.73 -8.16 9.74              
Total Cash From Operations USD mil                   35.8 56.2 49.8 60.4 80.7              
                                             
Capital Expenditures USD mil ... ... ...             -19.8 -10.6 -15.1 -8.64 -7.50              
Net Change in LT Investment USD mil                   0 0 0 0 0     ... ... ... ... ...
Net Cash From Acquisitions USD mil ... ... ...             -1.91 -1.80 -20.4 -8.05 0     ... ... ... ... ...
Other Investing Activities USD mil                   0 0 0 0 0     ... ... ... ... ...
Total Cash From Investing USD mil                   -21.7 -12.4 -35.4 -16.7 -7.50              
                                             
Dividends Paid USD mil                   -11.3 -12.5 -14.2 -16.3 -18.6              
Issuance Of Shares USD mil                   2.25 1.09 -3.80 -4.27 -5.02              
Issuance Of Debt USD mil                   -3.96 -33.1 6.38 -21.0 -13.5              
Other Financing Activities USD mil                   0 0 0 -2.03 -2.56     ... ... ... ... ...
Total Cash From Financing USD mil                   -13.0 -44.5 -10.4 -42.1 -37.7              
                                             
Effect of FX Rates USD mil ... ... ...             0.318 -0.143 -0.054 0.403 0.276     ... ... ... ... ...
Net Change In Cash USD mil                   1.51 -0.825 3.88 1.52 35.5              
ratios                                          
Days Sales Outstanding days                   54.7 55.4 52.8 55.8 52.7              
Days Sales Of Inventory days                   119 117 126 109 115              
Days Payable Outstanding days                   28.9 27.5 42.3 30.2 44.1              
Cash Conversion Cycle days                   144 145 136 134 123              
Cash Earnings USD mil                   35.9 43.0 46.6 39.1 58.7              
Free Cash Flow USD mil                   14.2 43.8 14.3 43.7 73.2              
Capital Expenditures (As % of Sales) % ... ... ...             5.23 2.69 3.74 1.99 1.77              
other ratios Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
                                           
Employees         ... ... ...     1,514 1,562 1,632 1,531 1,567     ... ... ... ... ...
Operating Cost (As % of Sales) %                   24.7 25.3 24.6 24.3 23.9     ... ... ... ... ...
Research & Development (As % of Sales) %                   2.82 2.69 2.63 2.56 2.80     ... ... ... ... ...
Effective Tax Rate %                   37.0 35.2 37.0 22.5 23.4              
Total Revenue Growth (5-year average) % ... ... ... ... ...         6.43 8.41 4.71 5.36 3.09              
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 5.54 5.54 4.49 5.43              
valuation Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
                                           
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ... 1,392 1,403 1,897              
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ... 1,425 1,408 1,862              
Number Of Shares mil ... ... ... ... ... ... ... ... ... ... ... 29.1 29.2 29.2              
Share Price USD ... ... ... ... ... ... ... ... ... ... ... 47.8 48.1 64.9              
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ... 17.6 17.3 20.8              
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... 40.3 50.5 40.2              
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ... 29.8 35.8 32.3              
P/FCF ... ... ... ... ... ... ... ... ... ... ... 97.3 32.1 25.9              
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... 5.02 4.62 5.73              
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... 1.03 1.17 0.987              
Free Cash Flow Yield % ... ... ... ... ... ... ... ... ... ... ... 1.03 3.11 3.86              
Earnings Per Share (EPS) USD ... ... ... ... ... ... ... ... ... ... ... 1.19 0.952 1.61              
Cash Earnings Per Share USD ... ... ... ... ... ... ... ... ... ... ... 1.60 1.34 2.01              
Free Cash Flow Per Share USD ... ... ... ... ... ... ... ... ... ... ... 0.491 1.50 2.51              
Book Value Per Share USD ... ... ... ... ... ... ... ... ... ... ... 9.53 10.4 11.3              
Dividend Per Share USD ... ... ... ... ... ... ... ... ... ... ... 0.492 0.561 0.641              
EV/Sales ... ... ... ... ... ... ... ... ... ... ... 3.54 3.25 4.38              
EV/EBIT ... ... ... ... ... ... ... ... ... ... ... 25.2 24.8 30.0              
EV/Free Cash Flow ... ... ... ... ... ... ... ... ... ... ... 99.6 32.3 25.4              
EV/Capital Employed ... ... ... ... ... ... ... ... ... ... ... 4.10 3.99 5.58              
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... -19.8 69.6              
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... -16.3 49.9              
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... 9.10 8.97              

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Badger Meter's P/FCF rose 61.9% yoy to 86.6 in 2021

By Helgi Analytics - August 29, 2022

Badger Meter stock traded at USD 107 per share at the end 2021 translating into a market capitalization of USD 3,126 mil. Since the end of 2016, the stock has appreciated by 0% representing an annual average growth of %. At the end of 2021, the firm trad...

Badger Meter's Net Debt/EBITDA fell 5.93% yoy to -0.739 in 2021

By Helgi Analytics - August 29, 2022

Badger Meter's net debt stood at USD -81.0 mil and accounted for -20.1% of equity at the end of 2021. The ratio is down 2.09 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 35.1% in 2012 and a low o...

Badger Meter's Net Margin rose 3.93% yoy to 12.1% in 2021

By Helgi Analytics - August 29, 2022

Badger Meter made a net profit of USD 60.9 mil with revenues of USD 505 mil in 2021, up by 23.4% and up by 18.7%, respectively, compared to the previous year. This translates into a net margin of 12.1%. Historically, between 2006 and 2021, the firm...

Badger Meter's Capital Expenditures rose 25.5% yoy to USD 6.75 mil in 2021

By Helgi Analytics - August 29, 2022

Badger Meter invested a total of USD 6.75 mil in 2021, down 25.5% compared to the previous year. Historically, between 2009 - 2021, the company's investments stood at a high of USD 19.8 mil in 2015 and a low of USD 5.34 mil in 2011. A...

Badger Meter's Share Price rose 13.3% yoy to USD 107 in 2021

By Helgi Analytics - August 29, 2022

Badger Meter stock traded at USD 107 per share at the end 2021 implying a market capitalization of USD 3,126 mil. Since the end of 2016, stock has appreciated by % implying an annual average growth of % In absolute terms, the value of the company rose ...

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Finance

Badger Meter has been growing its sales by 5.52% a year on average in the last 5 years. EBITDA has grown on average by 7.59% a year during that time to total of USD 158 mil in 2026, or 23.9% of sales. That’s compared to 22.2% average margin seen in last five years.

The company netted USD 97.3 mil in 2026 implying ROE of 15.4% and ROCE of 20.6%. Again, the average figures were 15.4% and 18.1%, respectively when looking at the previous 5 years.

Badger Meter’s net debt amounted to USD -106 mil at the end of 2026, or -15.8% of equity. When compared to EBITDA, net debt was -0.671x, up when compared to average of -0.718x seen in the last 5 years.

Valuation

Badger Meter stock traded at USD 97.1 per share at the end of 2026 resulting in a market capitalization of USD 2,834 mil. Over the previous five years, stock price fell by 8.91% or -1.85% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 17.3x and price to earnings (PE) of 29.1x as of 2026.