Badger Meter, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $141.6M | $124.9M | $92.6M | $66.5M | $60.9M | $49.3M | $47.2M | $27.8M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $11.1M | $11.1M | $10.9M | $11.1M | $11.3M | $12.3M | $11.6M | $11.4M |
| Amortization | $14.7M | $9.1M | $8.6M | $8.6M | $10.0M | $7.2M | $7.2M | $7.5M |
| Stock-Based Compensation | $9.2M | $6.2M | $5.2M | $3.1M | $2.3M | $1.4M | $1.2M | $4.2M |
| Net Cash from Operating Activities | $183.7M | $155.0M | $110.1M | $82.5M | $87.5M | $89.6M | $80.7M | $60.4M |
| Investing Activities | ||||||||
| Capital Expenditures | $14.0M | $12.8M | $12.0M | $5.9M | $6.7M | $9.1M | $7.5M | $8.6M |
| Business Acquisitions | $184.0M | $3.0M | $17.1M | $0 | $45.3M | $29.1M | — | $8.0M |
| Net Cash from Investing Activities | $-198.1M | $-15.8M | $-29.1M | $-5.9M | $-51.4M | $-38.2M | $-7.5M | $-16.7M |
| Financing Activities | ||||||||
| Dividends Paid | $43.5M | $35.8M | $29.1M | $24.9M | $22.2M | $20.3M | $18.6M | $16.3M |
| Stock Repurchases | $15.0M | $0 | $0 | $427.0K | $460.0K | $3.1M | $5.2M | $4.8M |
| Net Cash from Financing Activities | $-58.0M | $-35.1M | $-28.1M | $-24.6M | $-20.5M | $-27.8M | $-37.7M | $-42.1M |
| Net Change in Cash | $-69.3M | $103.5M | $53.7M | $50.9M | $14.9M | $23.4M | $35.8M | $1.9M |
| Free Cash Flow | $169.7M | $142.2M | $98.1M | $76.6M | $80.8M | $80.5M | $73.2M | $51.7M |