• Badger Meter average return on tangible equity for 2023 was 27.62, a 4.98% increase from 2022.
• Badger Meter average return on tangible equity for 2022 was 26.31, a 0.53% increase from 2021.
• Badger Meter average return on tangible equity for 2021 was 26.45, a 18.29% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.