What is Badger Meter's net debt?

Badger Meter (BMI) reported net debt of -$213.33M in Q4 2025.

How has Badger Meter's net debt changed year-over-year?

Badger Meter's net debt increased by 26.3% year-over-year, from -$289.29M to -$213.33M.

What is the long-term trend for Badger Meter's net debt?

Over 5 years (2020 to 2025), Badger Meter's net debt has grown at a 26.8% compound annual growth rate (CAGR), from -$65.06M to -$213.33M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Badger Meter BMI Net debt

Discontinued — last reported Q4 '25

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Other financials

Income statement

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Revenue$202.3M-9.0%

Gross profit$84.3M-11.6%

Operating income$35.2M-28.8%

Net income$27.3M-28.8%

EPS (diluted)$0.93-28.5%

Balance sheet

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Cash & equivalents$205.5M+56.4%

Total debt$12.7M+111%

Total equity$690.4M+7.6%

Total assets$970.8M+7.9%

Cash flow

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Operating cash flow$33.9M+2.6%

CapEx$4.4M+49.3%

Free cash flow$29.5M-2.0%

Valuation

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Market cap$3.73B-20.5%

Profitability

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Gross margin41.4%+0.6pp

Operating margin18.9%-1.2pp

Net margin14.6%-1.2pp

FCF margin18.9%+0.8pp

Returns & leverage

See full

Return on equity19.6%-3.2pp

Debt / equity0×0.0×

Current ratio3×+0.1×

Where this comes from

Calculated from Badger Meter’s reported figures.

$12.7Mtotal debt−$226.0Mcash and equivalents=-$213.33M

The official record: Badger Meter’s 10-Q, filed April 20, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Badger Meter's net debt?: Badger Meter (BMI) reported net debt of -$213.33M in Q4 2025.
How has Badger Meter's net debt changed year-over-year?: Badger Meter's net debt increased by 26.3% year-over-year, from -$289.29M to -$213.33M.
What is the long-term trend for Badger Meter's net debt?: Over 5 years (2020 to 2025), Badger Meter's net debt has grown at a 26.8% compound annual growth rate (CAGR), from -$65.06M to -$213.33M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.