Badger Meter, Inc. (BMI) Margin Analysis

Badger Meter, Inc.

BMI (NYSE)

(%)

Models
Badger Meter, Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 18	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	916.7	916.7	826.6	703.6	565.6
Revenue Growth Rate	0%	10.9%	17.48%	24.4%	11.95%
Cost of Revenue	534.6	534.6	497.4	427.2	345.6
Gross Profit	382.1	382.1	329.2	276.4	220
Gross Margin	41.68%	41.68%	39.83%	39.29%	38.89%
Operating Income	183.4	183.4	157.9	118	87.3
Operating Margin	20.01%	20.01%	19.11%	16.78%	15.43%
Net Income	141.6	141.6	124.9	92.6	66.5
Net Margin	15.45%	15.45%	15.12%	13.16%	11.76%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 18	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	916.7	916.7	826.6	703.6	565.6
Cash from Operating Activities	183.7	183.7	155	110.1	82.45
Cash from Operating Activities Margin	20.04%	20.04%	18.76%	15.65%	14.58%
Free Cash Flow	169.7	169.7	142.2	98.11	76.56
Free Cash Flow Margin	18.51%	18.51%	17.21%	13.94%	13.54%
Depreciation and Amortization	23.23	34.58	32.19	28.11	26.24
Depreciation and Amortization Margin	2.53%	3.77%	3.89%	4%	4.64%
Capital Expenditure	-14.03	-14.03	-12.82	-12	-5.89
Capital Expenditure Margin	-1.53%	-1.53%	-1.55%	-1.71%	-1.04%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 38.89}, {"l": "2023", "x": "2023-12-31", "y": 39.29}, {"l": "2024", "x": "2024-12-31", "y": 39.83}, {"l": "2025", "x": "2025-12-31", "y": 41.68}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 15.43}, {"l": "2023", "x": "2023-12-31", "y": 16.78}, {"l": "2024", "x": "2024-12-31", "y": 19.11}, {"l": "2025", "x": "2025-12-31", "y": 20.01}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 11.76}, {"l": "2023", "x": "2023-12-31", "y": 13.16}, {"l": "2024", "x": "2024-12-31", "y": 15.12}, {"l": "2025", "x": "2025-12-31", "y": 15.45}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 13.54}, {"l": "2023", "x": "2023-12-31", "y": 13.94}, {"l": "2024", "x": "2024-12-31", "y": 17.21}, {"l": "2025", "x": "2025-12-31", "y": 18.51}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	220.7	235.7	238.1	222.2	205.2	208.4
Revenue Growth Rate	-6.34%	-1.03%	7.15%	8.3%	-1.56%
Cost of Revenue	127.7	139.8	140.3	126.8	122.4	124.6
Gross Profit	92.99	95.84	97.81	95.44	82.76	83.88
Gross Margin	42.13%	40.67%	41.08%	42.95%	40.33%	40.24%
Operating Income	43.05	46.08	44.86	49.42	39.22	40.62
Operating Margin	19.51%	19.56%	18.84%	22.24%	19.12%	19.49%
Net Income	33.58	35.08	34.58	38.4	30.72	32.04
Net Margin	15.21%	14.89%	14.53%	17.28%	14.97%	15.37%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	220.7	235.7	238.1	222.2	205.2	208.4
Cash from Operating Activities	54.8	51.28	44.59	33.03	52.07	45.09
Cash from Operating Activities Margin	24.83%	21.76%	18.73%	14.86%	25.38%	21.63%
Free Cash Flow	50.77	48.2	40.65	30.06	47.4	41.96
Free Cash Flow Margin	23%	20.45%	17.07%	13.53%	23.1%	20.13%
Depreciation and Amortization	8.8	8.71	-2.56	8.28	8.07	8.02
Depreciation and Amortization Margin	3.99%	3.69%	-1.08%	3.73%	3.93%	3.85%
Capital Expenditure	-4.03	-3.09	-3.94	-2.97	-4.67	-3.13
Capital Expenditure Margin	-1.83%	-1.31%	-1.65%	-1.33%	-2.28%	-1.5%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 40.24}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 40.33}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 42.95}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 41.08}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 40.67}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 42.13}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 19.49}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 19.12}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 22.24}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 18.84}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 19.56}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 19.51}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 15.37}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 14.97}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 17.28}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 14.53}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 14.89}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 15.21}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 20.13}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 23.1}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 13.53}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 17.07}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 20.45}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 23}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}