BMI FINANCIAL STATEMENTS

Badger Meter Inc — balance sheet, income statement and cash flow trends

BMIBadger Meter Inc

🇺🇸 USA · NYSE · Technology · Scientific & Technical Instruments

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue896.7 M $+5.2%

Gross Profit371 M $+6.8%

Operating Income169.2 M $-0.9%

EBITDA203.3 M $-0.6%

Net Income130.6 M $-2.7%

Peer Comparison· Scientific & Technical Instruments

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BMI	5.2%	41.4%	22.7%	14.6%
CDA	29.1%	54.1%	24.3%	16.9%
HEXA-B	-6.3%	65.2%	66.1%	40.1%
Industry median	6.5%	43.6%	22.2%	12.4%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BMI	5.2%	41.4%	22.7%	14.6%
VNT	4.1%	46.5%	21.9%	13.4%
ITRI	-4.0%	38.8%	17.4%	12.3%
ST	-3.0%	28.0%	20.6%	1.3%
NOVT	5.6%	41.5%	14.9%	5.3%
ESE	23.3%	41.9%	23.3%	24.7%
Industry median	6.5%	43.6%	22.2%	12.4%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity690.4 M $71%
Current Liabilities169.4 M $17%
Long-term Liabilities111 M $11%

Key Figures

YoY change

Total Assets970.8 M $+7.9%

Total Liabilities280.4 M $+8.7%

Total Equity690.4 M $+7.6%

Cash & ST Investments205.5 M $+56.4%

Total Debt——

Net Debt-205.5 M $—

Peer Comparison· Scientific & Technical Instruments

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BMI	3.00	—	—	71.1%
CDA	1.78	33.0%	0.88	61.2%
HEXA-B	3.44	27.1%	0.38	66.9%
Industry median	1.90	32.5%	0.87	61.8%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BMI	3.00	—	—	71.1%
VNT	1.23	154.0%	2.52	30.5%
ITRI	2.66	99.7%	2.17	40.4%
ST	2.75	99.8%	2.88	41.9%
NOVT	3.56	22.2%	-0.66	72.9%
ESE	1.45	13.4%	0.41	65.9%
Industry median	1.90	32.5%	0.87	61.8%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow184.6 M $+10.8%

Capital Expenditures15.5 M $+18.1%

Free Cash Flow169.1 M $+10.2%

Dividends Paid-45.2 M $-219.2%

Peer Comparison· Scientific & Technical Instruments

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BMI	20.6%	18.9%	1.7%	141.4%
CDA	21.0%	19.8%	1.3%	124.7%
HEXA-B	32.0%	23.6%	8.5%	80.0%
Industry median	17.8%	16.9%	2.6%	141.4%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BMI	20.6%	18.9%	1.7%	141.4%
VNT	14.5%	12.1%	2.4%	108.4%
ITRI	17.8%	16.7%	1.1%	144.4%
ST	16.8%	13.6%	3.1%	1,290.0%
NOVT	8.2%	6.7%	1.5%	153.9%
ESE	20.7%	17.0%	3.7%	84.0%
Industry median	17.8%	16.9%	2.6%	141.4%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.