Badger Meter, Inc.

Badger Meter, Inc. (BMI) filed its 10-K for the fiscal year ended December 31, 2025, reporting robust financial performance. The company achieved net sales of $916.7 million and net earnings of $141.6 million, resulting in diluted earnings per share of $5.00. Gross margin stood at $382.1 million, while operating earnings reached $183.4 million. The balance sheet reflects a strong liquidity position with $226.0 million in cash and cash equivalents and total current assets of $507.1 million. Total shareholders’ equity increased to $713.3 million. Operationally, the company generated $183.7 million in net cash provided by operating activities. However, significant cash outflows were recorded in investing activities, totaling -$198.1 million, primarily driven by $184.0 million in acquisitions net of cash acquired. Financing activities utilized $58.0 million, largely due to $43.5 million in dividends paid and $15.0 million in share repurchases. The filing indicates a strategic pivot towards growth through acquisition, impacting cash reserves but expanding asset base.

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