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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                       402 434 425 426 505          
Gross Profit USD mil                       156 162 164 168 205          
EBIT USD mil                       56.6 56.9 62.1 65.2 78.7          
Net Profit USD mil                       34.6 27.8 47.2 49.3 60.9          
                                             
ROE % ...                     13.0 9.57 14.9 14.3 15.9          
EBIT Margin %                       14.1 13.1 14.6 15.3 15.6          
Net Margin %                       8.59 6.41 11.1 11.6 12.1          
Employees         ... ... ...         1,632 1,531 1,567 1,602 1,837 ... ... ... ... ...
balance sheet                                          
Total Assets USD mil                       392 393 422 468 531          
Non-Current Assets USD mil     ...                 233 228 222 248 269          
Current Assets USD mil                       159 165 200 221 261          
                                             
Shareholders' Equity USD mil                       277 304 331 361 403          
Liabilities USD mil                       114 89.2 90.8 107 128          
Non-Current Liabilities USD mil                       21.2 29.2 33.6 41.9 45.6          
Current Liabilities USD mil                       93.1 60.0 57.2 65.2 82.1          
                                             
Net Debt/EBITDA                       0.412 0.061 -0.398 -0.698 -0.739          
Net Debt/Equity %                       12.0 1.64 -10.8 -18.0 -20.1          
Cost of Financing % ...     ...   ... ... ... ... ... ... ... ... ... 0.293 ... ... ... ... ... ...
cash flow                                          
Total Cash From Operations USD mil                       49.8 60.4 80.7 89.6 87.5          
Total Cash From Investing USD mil                       -35.4 -16.7 -7.50 -38.2 -51.4          
Total Cash From Financing USD mil                       -10.4 -42.1 -37.7 -27.8 -20.5          
Net Change In Cash USD mil                       3.88 1.52 35.5 23.6 15.6          
valuation                                          
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ... 1,392 1,403 1,897 2,749 3,126          
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ... 1,425 1,408 1,862 2,684 3,045          
Number Of Shares mil ... ... ... ... ... ... ... ... ... ... ... 29.1 29.2 29.2 29.2 29.3          
Share Price USD ... ... ... ... ... ... ... ... ... ... ... 47.8 48.1 64.9 94.1 107          
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... 40.3 50.5 40.2 55.7 51.3          
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ... 29.8 35.8 32.3 44.6 43.3          
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ... 17.6 17.3 20.8 28.8 27.8          
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... 5.02 4.62 5.73 7.61 7.76          
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... 1.03 1.17 0.987 0.746 0.715          
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                       402 434 425 426 505          
Cost of Goods & Services USD mil                       247 271 261 257 300          
Gross Profit USD mil                       156 162 164 168 205          
Selling, General & Admin USD mil ... ...                   99.2 105 101 103 127 ... ... ... ... ...
Research & Development USD mil                       10.6 11.1 11.9 11.6 14.7 ... ... ... ... ...
Other Operating Expense USD mil ... ... ...                 0 0 0 0 0 ... ... ... ... ...
Other Operating Cost (Income) USD mil ... ... ...                 0 0 0 0 0 ... ... ... ... ...
EBITDA USD mil                       81.0 81.2 89.4 93.2 110          
Depreciation USD mil                       12.1 11.4 11.6 12.3 11.3          
EBIT USD mil                       56.6 56.9 62.1 65.2 78.7          
Net Financing Cost USD mil     ... ...               0.789 1.16 0.253 0.030 0.100          
Financing Cost USD mil       ...   ... ... ... ... ... ... ... ... ... 0.030 ... ... ... ... ... ...
Financing Income USD mil ... ... ...   ... ... ... ... ... ... ... ... ... ... 0 0.020 ... ... ... ... ...
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                       54.8 35.9 61.6 65.0 78.6          
Tax USD mil                       20.3 8.06 14.4 15.6 17.7          
Minorities USD mil     ...                 0 0 0 0 0          
Net Profit USD mil                       34.6 27.8 47.2 49.3 60.9          
Net Profit Avail. to Common USD mil                       34.6 27.8 47.2 49.3 60.9          
Dividends USD mil                       14.2 16.3 18.6 20.4 22.2          
growth rates                                          
Total Revenue Growth % ...                     2.20 7.78 -2.10 0.216 18.7          
Operating Cost Growth % ...                     -0.661 6.38 -3.89 1.69 23.0 ... ... ... ... ...
EBITDA Growth % ...                     10.6 0.236 10.1 4.30 17.5          
EBIT Growth % ...                     11.5 0.484 9.28 4.84 20.8          
Pre-Tax Profit Growth % ...                     10.0 -34.6 71.8 5.48 21.0          
Net Profit Growth % ...                     7.05 -19.6 69.8 4.59 23.4          
ratios                                          
ROE % ...                     13.0 9.57 14.9 14.3 15.9          
ROA % ...                     9.33 7.09 11.6 11.1 12.2          
ROCE % ...   ... ...               10.4 7.93 13.7 14.3 16.3          
Gross Margin %                       38.7 37.4 38.5 39.5 40.7          
EBITDA Margin %                       20.1 18.7 21.1 21.9 21.7          
EBIT Margin %                       14.1 13.1 14.6 15.3 15.6          
Net Margin %                       8.59 6.41 11.1 11.6 12.1          
Payout Ratio %                       41.1 58.6 39.4 41.3 36.5          
Cost of Financing % ...     ...   ... ... ... ... ... ... ... ... ... 0.293 ... ... ... ... ... ...
Net Debt/EBITDA                       0.412 0.061 -0.398 -0.698 -0.739          
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 ... ... ...                 11.2 13.1 48.9 72.3 87.2          
Receivables USD mil                       58.2 66.3 61.4 61.7 65.9          
Inventories USD mil                       85.2 80.8 81.9 81.6 99.6          
Other ST Assets USD mil                       4.08 4.47 7.91 5.30 8.71          
Current Assets USD mil                       159 165 200 221 261          
Property, Plant & Equipment USD mil                       93.6 90.3 94.2 89.6 83.9          
LT Investments & Receivables USD mil     ...                 0 0 0 0 0          
Intangible Assets USD mil                       127 127 119 142 168          
Goodwill USD mil                       67.4 71.3 71.3 88.7 104          
Non-Current Assets USD mil     ...                 233 228 222 248 269          
Total Assets USD mil                       392 393 422 468 531          
                                             
Trade Payables USD mil                       28.6 22.5 31.5 34.9 41.9          
Short-Term Debt USD mil                       44.6 18.1 7.32 2.53 0          
Other ST Liabilities USD mil                       3.37 4.21 5.65 13.1 19.6          
Current Liabilities USD mil                       93.1 60.0 57.2 65.2 82.1          
Long-Term Debt USD mil                       0 0 5.95 4.69 6.18          
Other LT Liabilities USD mil                       21.2 29.2 27.6 37.2 39.4          
Non-Current Liabilities USD mil                       21.2 29.2 33.6 41.9 45.6          
Liabilities USD mil                       114 89.2 90.8 107 128          
Preferred Equity and Hybrid Capital USD mil                       0 0 0 0 0          
Share Capital USD mil                       69.3 75.3 79.2 82.2 86.4          
Treasury Stock USD mil                       24.8 29.4 34.2 37.1 37.0          
Equity Before Minority Interest USD mil                       277 304 331 361 403          
Minority Interest USD mil                       0 0 0 0 0          
Equity USD mil                       277 304 331 361 403          
growth rates                                          
Total Asset Growth % ...                     12.0 0.246 7.44 11.0 13.3          
Shareholders' Equity Growth % ...                     8.29 9.39 9.08 9.12 11.6          
Net Debt Growth % ...                     9.06 -85.1 -816 82.7 24.5          
Total Debt Growth % ...                     17.4 -59.5 -26.5 -45.6 -14.4          
ratios                                          
Total Debt USD mil                       44.6 18.1 13.3 7.22 6.18          
Net Debt USD mil                       33.4 4.97 -35.6 -65.1 -81.0          
Working Capital USD mil                       115 125 112 108 124          
Capital Employed USD mil     ...                 348 353 334 356 393          
Net Debt/Equity %                       12.0 1.64 -10.8 -18.0 -20.1          
Current Ratio                       1.70 2.74 3.50 3.39 3.18          
Quick Ratio ... ... ...                 0.745 1.32 1.93 2.05 1.86          
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                       34.6 27.8 47.2 49.3 60.9          
Depreciation USD mil                       12.1 11.4 11.6 12.3 11.3          
Non-Cash Items USD mil                       -2.49 16.4 -0.350 -1.46 -0.959 ... ... ... ... ...
Change in Working Capital USD mil                       -6.73 -8.16 9.74 16.5 -0.277          
Total Cash From Operations USD mil                       49.8 60.4 80.7 89.6 87.5          
                                             
Capital Expenditures USD mil ... ... ...                 -15.1 -8.64 -7.50 -9.06 -6.75          
Net Change in LT Investment USD mil                       0 0 0 0 0 ... ... ... ... ...
Net Cash From Acquisitions USD mil ... ... ...                 -20.4 -8.05 0 -29.1 -45.3 ... ... ... ... ...
Other Investing Activities USD mil                       0 0 0 0 0.596 ... ... ... ... ...
Total Cash From Investing USD mil                       -35.4 -16.7 -7.50 -38.2 -51.4          
                                             
Dividends Paid USD mil                       -14.2 -16.3 -18.6 -20.3 -22.2          
Issuance Of Shares USD mil                       -3.80 -4.27 -5.02 -2.94 -0.388          
Issuance Of Debt USD mil                       6.38 -21.0 -13.5 -4.60 0          
Other Financing Activities USD mil                       0 -2.03 -2.56 -1.00 0 ... ... ... ... ...
Total Cash From Financing USD mil                       -10.4 -42.1 -37.7 -27.8 -20.5          
                                             
Effect of FX Rates USD mil ... ... ...                 -0.054 0.403 0.276 -0.164 -0.679 ... ... ... ... ...
Net Change In Cash USD mil                       3.88 1.52 35.5 23.6 15.6          
ratios                                          
Days Sales Outstanding days                       52.8 55.8 52.7 52.9 47.6          
Days Sales Of Inventory days                       126 109 115 116 121          
Days Payable Outstanding days                       42.3 30.2 44.1 49.5 51.0          
Cash Conversion Cycle days                       136 134 123 119 118          
Cash Earnings USD mil                       46.6 39.1 58.7 61.6 72.2          
Free Cash Flow USD mil                       14.3 43.7 73.2 51.4 36.1          
Capital Expenditures (As % of Sales) % ... ... ...                 3.74 1.99 1.77 2.13 1.34          
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         ... ... ...         1,632 1,531 1,567 1,602 1,837 ... ... ... ... ...
Operating Cost (As % of Sales) %                       24.6 24.3 23.9 24.2 25.1 ... ... ... ... ...
Research & Development (As % of Sales) %                       2.63 2.56 2.80 2.73 2.91 ... ... ... ... ...
Effective Tax Rate %                       37.0 22.5 23.4 24.1 22.6          
Total Revenue Growth (5-year average) % ... ... ... ... ...             4.71 5.36 3.09 2.41 5.11          
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...   5.54 4.49 5.43 4.40 6.75          
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 2,749 3,126          
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ... 1,425 1,408 1,862 2,684 3,045          
Number Of Shares mil ... ... ... ... ... ... ... ... ... ... ... 29.1 29.2 29.2 29.2 29.3          
Share Price USD ... ... ... ... ... ... ... ... ... ... ... 47.8 48.1 64.9 94.1 107          
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ... 17.6 17.3 20.8 28.8 27.8          
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... 40.3 50.5 40.2 55.7 51.3          
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ... 29.8 35.8 32.3 44.6 43.3          
P/FCF ... ... ... ... ... ... ... ... ... ... ... 97.3 32.1 25.9 53.5 86.6          
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... 5.02 4.62 5.73 7.61 7.76          
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... 1.03 1.17 0.987 0.746 0.715          
Free Cash Flow Yield % ... ... ... ... ... ... ... ... ... ... ... 1.03 3.11 3.86 1.87 1.15          
Earnings Per Share (EPS) USD ... ... ... ... ... ... ... ... ... ... ... 1.19 0.952 1.61 1.69 2.08          
Cash Earnings Per Share USD ... ... ... ... ... ... ... ... ... ... ... 1.60 1.34 2.01 2.11 2.46          
Free Cash Flow Per Share USD ... ... ... ... ... ... ... ... ... ... ... 0.491 1.50 2.51 1.76 1.23          
Book Value Per Share USD ... ... ... ... ... ... ... ... ... ... ... 9.53 10.4 11.3 12.4 13.7          
Dividend Per Share USD ... ... ... ... ... ... ... ... ... ... ... 0.492 0.561 0.641 0.701 0.762          
EV/Sales ... ... ... ... ... ... ... ... ... ... ... 3.54 3.25 4.38 6.31 6.03          
EV/EBIT ... ... ... ... ... ... ... ... ... ... ... 25.2 24.8 30.0 41.2 38.7          
EV/Free Cash Flow ... ... ... ... ... ... ... ... ... ... ... 99.6 32.3 25.4 52.2 84.4          
EV/Capital Employed ... ... ... ... ... ... ... ... ... ... ... 4.10 3.99 5.58 7.54 7.75          
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... -19.8 69.6 4.56 22.9          
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... -16.3 49.9 4.82 16.7          
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... 9.10 8.97 9.08 11.2          

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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.