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Badger Meter

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

By Helgi Library - 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 net profit rose 23.4% yoy to USD 60.9 mil in 2021

By Helgi Library - 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 Library - 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...

Profit Statement 2024 2025 2026
Sales USD mil 608 626 661
Gross Profit USD mil 241 258 273
EBITDA USD mil 130 147 158
EBIT USD mil 106 118 128
Financing Cost USD mil ... ... ...
Pre-Tax Profit USD mil 109 125 139
Net Profit USD mil 76.0 87.2 97.3
Dividends USD mil 27.8 23.4 23.4
Balance Sheet 2024 2025 2026
Total Assets USD mil 635 672 709
Non-Current Assets USD mil 294 303 312
Current Assets USD mil 341 368 397
Working Capital USD mil 150 160 170
Shareholders' Equity USD mil 531 595 669
Liabilities USD mil 104 76.7 40.6
Total Debt USD mil 36.2 46.2 56.2
Net Debt USD mil -96.0 -101 -106
Ratios 2024 2025 2026
ROE % 15.0 15.5 15.4
ROCE % 17.5 19.2 20.6
Gross Margin % 39.7 41.2 41.2
EBITDA Margin % 21.4 23.5 23.9
EBIT Margin % 17.4 18.8 19.4
Net Margin % 12.5 13.9 14.7
Net Debt/EBITDA -0.737 -0.687 -0.671
Net Debt/Equity % -18.1 -17.0 -15.8
Cost of Financing % ... ... ...
Valuation 2024 2025 2026
Market Capitalisation USD mil 2,834 2,834 2,834
Enterprise Value (EV) USD mil 2,738 2,733 2,728
Number Of Shares mil 29.2 29.2 29.2
Share Price USD 97.1 97.1 97.1
EV/EBITDA 21.0 18.6 17.3
EV/Sales 4.50 4.37 4.13
Price/Earnings (P/E) 37.3 32.5 29.1
Price/Book Value (P/BV) 5.33 4.76 4.24
Dividend Yield % 0.981 0.826 0.826

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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                         434 425 426 505 549        
Gross Profit USD mil                         162 164 168 205 217        
EBIT USD mil                         56.9 62.1 65.2 78.7 87.7        
Net Profit USD mil                         27.8 47.2 49.3 60.9 65.0        
                                             
ROE % ...                       9.57 14.9 14.3 15.9 15.5        
EBIT Margin %                         13.1 14.6 15.3 15.6 16.0        
Net Margin %                         6.41 11.1 11.6 12.1 11.8        
Employees         ... ... ...           1,531 1,567 1,602 1,837 ... ... ... ... ...
balance sheet                                          
Total Assets USD mil                         393 422 468 531 565        
Non-Current Assets USD mil     ...                   228 222 248 269 278        
Current Assets USD mil                         165 200 221 261 287        
                                             
Shareholders' Equity USD mil                         304 331 361 403 437        
Liabilities USD mil                         89.2 90.8 107 128 128        
Non-Current Liabilities USD mil                         29.2 33.6 41.9 45.6 54.0        
Current Liabilities USD mil                         60.0 57.2 65.2 82.1 73.6        
                                             
Net Debt/EBITDA                         0.061 -0.398 -0.698 -0.739 -0.748        
Net Debt/Equity %                         1.64 -10.8 -18.0 -20.1 -19.7        
Cost of Financing % ...     ...   ... ... ... ... ... ... ... ... ... 0.293 ... ... ... ... ... ...
cash flow                                          
Total Cash From Operations USD mil                         60.4 80.7 89.6 87.5 129        
Total Cash From Investing USD mil                         -16.7 -7.50 -38.2 -51.4 -10.0        
Total Cash From Financing USD mil                         -42.1 -37.7 -27.8 -20.5 -14.2        
Net Change In Cash USD mil                         1.52 35.5 23.6 15.6 15.0        
valuation                                          
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ...   1,403 1,897 2,749 3,126 2,850        
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ...   1,408 1,862 2,684 3,045 2,764        
Number Of Shares mil ... ... ... ... ... ... ... ... ... ... ...   29.2 29.2 29.2 29.3 29.4        
Share Price USD ... ... ... ... ... ... ... ... ... ... ...   48.1 64.9 94.1 107 97.1        
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ...   50.5 40.2 55.7 51.3 43.8        
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ...   35.8 32.3 44.6 43.3 37.3        
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ...   17.3 20.8 28.8 27.8 24.0        
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ...   4.62 5.73 7.61 7.76 6.52        
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ...   1.17 0.987 0.746 0.715 0.855        
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                         434 425 426 505 549        
Cost of Goods & Services USD mil                         271 261 257 300 332        
Gross Profit USD mil                         162 164 168 205 217        
Selling, General & Admin USD mil ... ...                     105 101 103 127 ... ... ... ... ...
Research & Development USD mil                         11.1 11.9 11.6 14.7 ... ... ... ... ...
Other Operating Expense USD mil ... ... ...                   0 0 0 0 ... ... ... ... ...
Other Operating Cost (Income) USD mil ... ... ...                   0 0 0 0 ... ... ... ... ...
EBITDA USD mil                         81.2 89.4 93.2 110 115        
Depreciation USD mil                         11.4 11.6 12.3 11.3 11.3        
EBIT USD mil                         56.9 62.1 65.2 78.7 87.7        
Net Financing Cost USD mil     ... ...                 1.16 0.253 0.030 0.100 -0.420        
Financing Cost USD mil       ...   ... ... ... ... ... ... ... ... ... 0.030 ... ... ... ... ... ...
Financing Income USD mil ... ... ...   ... ... ... ... ... ... ... ... ... ... 0 0.020 ... ... ... ... ...
FX (Gain) Loss USD mil     ...                   0 0 0 0 ... ... ... ... ...
(Income) / Loss from Affiliates USD mil ... ... ...           ... ... ... ... ... ... ... ... ... ... ... ... ...
Extraordinary Cost USD mil     ...                   0 0 0 0 0        
Pre-Tax Profit USD mil                         35.9 61.6 65.0 78.6 88.1        
Tax USD mil                         8.06 14.4 15.6 17.7 23.1        
Minorities USD mil     ...                   0 0 0 0 0        
Net Profit USD mil                         27.8 47.2 49.3 60.9 65.0        
Net Profit Avail. to Common USD mil                         27.8 47.2 49.3 60.9 65.0        
Dividends USD mil                         16.3 18.6 20.4 22.2 24.2        
growth rates                                          
Total Revenue Growth % ...                       7.78 -2.10 0.216 18.7 8.67        
Operating Cost Growth % ...                       6.38 -3.89 1.69 23.0 ... ... ... ... ...
EBITDA Growth % ...                       0.236 10.1 4.30 17.5 4.95        
EBIT Growth % ...                       0.484 9.28 4.84 20.8 11.4        
Pre-Tax Profit Growth % ...                       -34.6 71.8 5.48 21.0 12.1        
Net Profit Growth % ...                       -19.6 69.8 4.59 23.4 6.76        
ratios                                          
ROE % ...                       9.57 14.9 14.3 15.9 15.5        
ROA % ...                       7.09 11.6 11.1 12.2 11.9        
ROCE % ...   ... ...                 7.93 13.7 14.3 16.3 16.2        
Gross Margin %                         37.4 38.5 39.5 40.7 39.5        
EBITDA Margin %                         18.7 21.1 21.9 21.7 20.9        
EBIT Margin %                         13.1 14.6 15.3 15.6 16.0        
Net Margin %                         6.41 11.1 11.6 12.1 11.8        
Payout Ratio %                         58.6 39.4 41.3 36.5 37.3        
Cost of Financing % ...     ...   ... ... ... ... ... ... ... ... ... 0.293 ... ... ... ... ... ...
Net Debt/EBITDA                         0.061 -0.398 -0.698 -0.739 -0.748        
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 ... ... ...                   13.1 48.9 72.3 87.2 102        
Receivables USD mil                         66.3 61.4 61.7 65.9 69.2        
Inventories USD mil                         80.8 81.9 81.6 99.6 107        
Other ST Assets USD mil                         4.47 7.91 5.30 8.71 9.14        
Current Assets USD mil                         165 200 221 261 287        
Property, Plant & Equipment USD mil                         90.3 94.2 89.6 83.9 86.4        
LT Investments & Receivables USD mil     ...                   0 0 0 0 0        
Intangible Assets USD mil                         127 119 142 168 168        
Goodwill USD mil                         71.3 71.3 88.7 104 104        
Non-Current Assets USD mil     ...                   228 222 248 269 278        
Total Assets USD mil                         393 422 468 531 565        
                                             
Trade Payables USD mil                         22.5 31.5 34.9 41.9 44.0        
Short-Term Debt USD mil                         18.1 7.32 2.53 0 10.0        
Other ST Liabilities USD mil                         4.21 5.65 13.1 19.6 19.6        
Current Liabilities USD mil                         60.0 57.2 65.2 82.1 73.6        
Long-Term Debt USD mil                         0 5.95 4.69 6.18 6.18        
Other LT Liabilities USD mil                         29.2 27.6 37.2 39.4 39.4        
Non-Current Liabilities USD mil                         29.2 33.6 41.9 45.6 54.0        
Liabilities USD mil                         89.2 90.8 107 128 128        
Preferred Equity and Hybrid Capital USD mil                         0 0 0 0 0        
Share Capital USD mil                         75.3 79.2 82.2 86.4 86.4        
Treasury Stock USD mil                         29.4 34.2 37.1 37.0 37.0        
Equity Before Minority Interest USD mil                         304 331 361 403 437        
Minority Interest USD mil                         0 0 0 0 0        
Equity USD mil                         304 331 361 403 437        
growth rates                                          
Total Asset Growth % ...                       0.246 7.44 11.0 13.3 6.36        
Shareholders' Equity Growth % ...                       9.39 9.08 9.12 11.6 8.41        
Net Debt Growth % ...                       -85.1 -816 82.7 24.5 6.17        
Total Debt Growth % ...                       -59.5 -26.5 -45.6 -14.4 162        
ratios                                          
Total Debt USD mil                         18.1 13.3 7.22 6.18 16.2        
Net Debt USD mil                         4.97 -35.6 -65.1 -81.0 -86.0        
Working Capital USD mil                         125 112 108 124 132        
Capital Employed USD mil     ...                   353 334 356 393 409        
Net Debt/Equity %                         1.64 -10.8 -18.0 -20.1 -19.7        
Current Ratio                         2.74 3.50 3.39 3.18 3.90        
Quick Ratio ... ... ...                   1.32 1.93 2.05 1.86 2.33        
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                         27.8 47.2 49.3 60.9 65.0        
Depreciation USD mil                         11.4 11.6 12.3 11.3 11.3        
Non-Cash Items USD mil                         16.4 -0.350 -1.46 -0.959 ... ... ... ... ...
Change in Working Capital USD mil                         -8.16 9.74 16.5 -0.277 -8.17        
Total Cash From Operations USD mil                         60.4 80.7 89.6 87.5 129        
                                             
Capital Expenditures USD mil ... ... ...                   -8.64 -7.50 -9.06 -6.75 -10.0        
Net Change in LT Investment USD mil                         0 0 0 0 ... ... ... ... ...
Net Cash From Acquisitions USD mil ... ... ...                   -8.05 0 -29.1 -45.3 ... ... ... ... ...
Other Investing Activities USD mil                         0 0 0 0.596 ... ... ... ... ...
Total Cash From Investing USD mil                         -16.7 -7.50 -38.2 -51.4 -10.0        
                                             
Dividends Paid USD mil                         -16.3 -18.6 -20.3 -22.2 -24.2        
Issuance Of Shares USD mil                         -4.27 -5.02 -2.94 -0.388 0        
Issuance Of Debt USD mil                         -21.0 -13.5 -4.60 0 10.0        
Other Financing Activities USD mil                         -2.03 -2.56 -1.00 0 ... ... ... ... ...
Total Cash From Financing USD mil                         -42.1 -37.7 -27.8 -20.5 -14.2        
                                             
Effect of FX Rates USD mil ... ... ...                   0.403 0.276 -0.164 -0.679 ... ... ... ... ...
Net Change In Cash USD mil                         1.52 35.5 23.6 15.6 15.0        
ratios                                          
Days Sales Outstanding days                         55.8 52.7 52.9 47.6 46.0        
Days Sales Of Inventory days                         109 115 116 121 117        
Days Payable Outstanding days                         30.2 44.1 49.5 51.0 48.3        
Cash Conversion Cycle days                         134 123 119 118 115        
Cash Earnings USD mil                         39.1 58.7 61.6 72.2 76.3        
Free Cash Flow USD mil                         43.7 73.2 51.4 36.1 119        
Capital Expenditures (As % of Sales) % ... ... ...                   1.99 1.77 2.13 1.34 1.82        
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         ... ... ...           1,531 1,567 1,602 1,837 ... ... ... ... ...
Operating Cost (As % of Sales) %                         24.3 23.9 24.2 25.1 ... ... ... ... ...
Research & Development (As % of Sales) %                         2.56 2.80 2.73 2.91 ... ... ... ... ...
Effective Tax Rate %                         22.5 23.4 24.1 22.6 26.2        
Total Revenue Growth (5-year average) % ... ... ... ... ...               5.36 3.09 2.41 5.11 6.41        
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...     4.49 5.43 4.40 6.75 5.56        
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 ... ... ... ... ... ... ... ... ... ... ...   1,403 1,897 2,749 3,126 2,850        
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ...   1,408 1,862 2,684 3,045 2,764        
Number Of Shares mil ... ... ... ... ... ... ... ... ... ... ...   29.2 29.2 29.2 29.3 29.4        
Share Price USD ... ... ... ... ... ... ... ... ... ... ...   48.1 64.9 94.1 107 97.1        
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ...   17.3 20.8 28.8 27.8 24.0        
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ...   50.5 40.2 55.7 51.3 43.8        
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ...   35.8 32.3 44.6 43.3 37.3        
P/FCF ... ... ... ... ... ... ... ... ... ... ...   32.1 25.9 53.5 86.6 24.0        
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ...   4.62 5.73 7.61 7.76 6.52        
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ...   1.17 0.987 0.746 0.715 0.855        
Free Cash Flow Yield % ... ... ... ... ... ... ... ... ... ... ...   3.11 3.86 1.87 1.15 4.17        
Earnings Per Share (EPS) USD ... ... ... ... ... ... ... ... ... ... ...   0.952 1.61 1.69 2.08 2.21        
Cash Earnings Per Share USD ... ... ... ... ... ... ... ... ... ... ...   1.34 2.01 2.11 2.46 2.60        
Free Cash Flow Per Share USD ... ... ... ... ... ... ... ... ... ... ...   1.50 2.51 1.76 1.23 4.05        
Book Value Per Share USD ... ... ... ... ... ... ... ... ... ... ...   10.4 11.3 12.4 13.7 14.9        
Dividend Per Share USD ... ... ... ... ... ... ... ... ... ... ...   0.561 0.641 0.701 0.762 0.830        
EV/Sales ... ... ... ... ... ... ... ... ... ... ...   3.25 4.38 6.31 6.03 5.03        
EV/EBIT ... ... ... ... ... ... ... ... ... ... ...   24.8 30.0 41.2 38.7 31.5        
EV/Free Cash Flow ... ... ... ... ... ... ... ... ... ... ...   32.3 25.4 52.2 84.4 23.3        
EV/Capital Employed ... ... ... ... ... ... ... ... ... ... ...   3.99 5.58 7.54 7.75 6.75        
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... -19.8 69.6 4.56 22.9 6.69        
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... -16.3 49.9 4.82 16.7 5.65        
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... 9.10 8.97 9.08 11.2 8.34        

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

By Helgi Library - 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, stock has appreciated by 0% representing an annual average growth of %. In absolute terms, the value of the ...

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

By Helgi Library - 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 and 2021, the company's net profit reached a high of USD 60.9 mil in 2021 and a low of USD 7.55 mil in 2006. The result implies a re...

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

By Helgi Library - 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 and 2021, the company's net profit reached a high of USD 60.9 mil in 2021 and a low of USD 7.55 mil in 2006. The result implies a re...

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

By Helgi Library - 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 P/FCF rose 61.9% yoy to 86.6 in 2021

By Helgi Library - 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 Library - 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 Debt/EBITDA fell 5.93% yoy to -0.739 in 2021

By Helgi Library - 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 Library - 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 firmâ...

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

By Helgi Library - 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 firmâ...

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

By Helgi Library - 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...

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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.