Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 9, 2026

Badger Meter Inc (BMI)

A forensic read on Badger Meter Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

18.4

Distress distance

Clean

Earnings quality

Forensic signals

31.8

P / E (ttm)

19.9%

ROE

$4.0B

Market cap

1.17%

Dividend yield

10.9%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Badger Meter Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 18.4, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+16.2%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +16.2% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +33% against revenue +11%. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 6% of net operating assets, diverging from the balance-sheet accrual read.

+0.2%/yr

FY2022–FY2025

Share count. Diluted share count changed +1% over the last 3 years to FY2025 (+0.2%/yr). Roughly flat — buybacks ($15M) are about offsetting stock comp ($9M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$916.7M

Revenue Growth YoY+10.9%

Revenue CAGR (3yr)+17.5%

Net Margin15.5%

Free Cash Flow$169.7M

Return on Equity19.9%

Debt / Equity0.00x

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Data from SEC EDGAR public filings · metrics as of Aug 9, 2026. Forensic signals flag probability, not certainty.