Badger Meter (Badger Meter) Operating Income : $129.5 Mil (TTM As of Mar. 2024)

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What is Badger Meter Operating Income?

Badger Meter's Operating Income for the three months ended in Mar. 2024 was $36.6 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 was $129.5 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Badger Meter's Operating Income for the three months ended in Mar. 2024 was $36.6 Mil. Badger Meter's Revenue for the three months ended in Mar. 2024 was $196.3 Mil. Therefore, Badger Meter's Operating Margin % for the quarter that ended in Mar. 2024 was 18.63%.

Good Sign:

Badger Meter Inc operating margin is expanding. Margin expansion is usually a good sign.

Badger Meter's 5-Year average Growth Rate for Operating Margin % was 10.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Badger Meter's annualized ROC % for the quarter that ended in Mar. 2024 was 24.94%. Badger Meter's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 was 72.87%.

Badger Meter Operating Income Historical Data

The historical data trend for Badger Meter's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Badger Meter Operating Income Chart

Badger Meter Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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61.86

65.01

78.60

87.17

117.92

Badger Meter Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Operating Income	Get a 7-Day Free Trial															25.01	29.47	31.39	32.05	36.57

Badger Meter Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 adds up the quarterly data reported by the company within the most recent 12 months, which was $129.5 Mil.

Badger Meter (NYSE:BMI) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Badger Meter's annualized ROC % for the quarter that ended in Mar. 2024 is calculated as:

	ROC % (Q: Mar. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2023 )	+	Invested Capital (Q: Mar. 2024 ))	/ count )
=	146.264 * ( 1 - 23.52% )	/	( (443.33	+	453.547)	/ 2 )
=	111.8627072	/	448.4385
=	24.94 %

where

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	716.919	-	81.807	-	( 191.782	-	max(0, 131.948	-	442.177	+	191.782	))
=	443.33

	Invested Capital		(Q: Mar. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	743.474	-	90.617	-	( 199.31	-	max(0, 135.094	-	470.598	+	199.31	))
=	453.547

Note: The Operating Income data used here is four times the quarterly (Mar. 2024) data.

2. Joel Greenblatt's definition of Return on Capital:

Badger Meter's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2023		Q: Mar. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	146.264	/	( ( (73.878 + max(118.447, 0))	+	(72.934 + max(136.194, 0)) )	/	2 )
=	146.264	/	( ( 192.325	+	209.128 )	/	2 )
=	146.264	/	200.7265
=	72.87 %

where Working Capital is:

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(83.507	+	153.674	+	13.214)	-	(81.807	+	0	+	50.141)
=	118.447

	Working Capital		(Q: Mar. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(92.287	+	160.444	+	18.557)	-	(90.617	+	0	+	44.477)
=	136.194

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2024) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Badger Meter's Operating Margin % for the quarter that ended in Mar. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2024 )	/	Revenue (Q: Mar. 2024 )
	=	36.566	/	196.28
	=	18.63 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Badger Meter Operating Income Related Terms

Thank you for viewing the detailed overview of Badger Meter's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Badger Meter (Badger Meter) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Badger Meter Inc (NYSE:BMI) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

33B:Germany 33B:Germany

Address

4545 West Brown Deer Road, Milwaukee, WI, USA, 53233

Website

https://www.badgermeter.com

Badger Meter Inc is an innovator, manufacturer, and marketer of products incorporating flow measurement, quality, control, and other system solutions serving markets. The company's products measure water, oil, chemicals, and other fluids, and provide and communicate timely measurement data. Badger's product lines include two categories: sales of water meters, radios, software, and related technologies, and water quality monitoring solutions to water utilities (utility water) and sales of meters and other sensing instruments, valves, software, and other solutions for industrial applications in water, wastewater, and other industries (flow instrumentation). It derives a majority of its revenues from the United States.

Executives

Todd A. Adams	director	4701 WEST GREENFIELD AVENUE, MILWAUKEE WI 53214
Kimberly K Stoll	officer: VP-Marketing	4545 W BROWN DEER ROAD, MILWAUKEE WI 53223
Fred J Begale	officer: VP-Engineering	4545 W BROWN DEER ROAD, MILWAUKEE WI 53223
Richard Htwe	officer: VP-Global Operations	4545 W. BROWN DEER ROAD, MILWAUKEE WI 53223
Lars Bo Kristensen	officer: VP-Global Flow and Intl Water	4545 W. BROWN DEER ROAD, MILWAUKEE WI 53223
Bergum William R A	officer: VP-Gen. Counsel and Secretary	P O BOX 245036, 4545 W BROWN DEER RD, MILWAUKEE WI 53223
Xia Liu	director	ONE ENERGY PLACE, PENSACOLA FL 32520
Gregory M Gomez	officer: VP-Engineering	4545 W BROWN DEER RD, MILWAUKEE WI 53223
Melanie K. Cook	director	4545 W. BROWN DEER ROAD, P.O. BOX 245036, MILWAUKEE WI 53224
Matthew L Stuyvenberg	officer: Vice President-Water Quality	4545 W BROWN DEER ROAD, P.O. BOX 245036, MILWAUKEE WI 53224
Henry F Brooks	director	4545 W. BROWN DEER ROAD, P.O. BOX 245036, MILWAUKEE WI 53224-9536
Gail A Lione	director	C/O HARLEY DAVIDSON, 3700 W. JUNEAU AVE, MILWAUKEE WI 53208
Sheryl Hopkins	officer: VP - Human Resources	4545 W. BROWN DEER ROAD, P.O. BOX 245036, MILWAUKEE WI 53224-9536
Richard A Meeusen	director, officer: President & CEO, other: Co-trustee, Officers Voting Tr	P O BOX 23099, MILWAUKEE WI 532230099
James W Mcgill	director	8550 MOSLEY ROAD, HOUSTON TX 77075