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Badger Meter Inc (BMI) stock

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NYSE: BMI NYSE Electronic Equipment & Instruments Next results ~January 27, 2027

B Fundamentals grade

Badger Meter Inc is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$97

Cash-flow model

Base case. Range ~$74–$130 across our lower- and higher-growth cases (-1.3%–8.7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 38% below it.

Price used: $157.69, November 2, 2026

Badger Meter Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds244 adding, 228 cuttingOf 57 active managers that changed their stake, 21 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Badger Meter files

Where Badger Meter stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $881m, down 2.2% on a year earlier, against growth of 0.8% a quarter earlier. That puts it 18 of 22 for growth among the electronic equipment & instruments companies we cover. Free-cash-flow margin fell to 16.2% from 18.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 1 financial-health checks. Our cash-flow model value is $92.03 a share, against a share price of $145. At that price, our model says the market is pricing in about 12.0% a year of cash-flow growth for five years, close to the 11.8% a year revenue growth it has delivered.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Badger Meter Inc's trailing-twelve-month revenue fell 2.2% year on year, with a free-cash-flow margin of 16.2%. Where it stands out: free-cash-flow margin of 16.2% ranks 7 of 52 electronic equipment & instruments companies we cover. Where it lags: revenue growth of -2.2% ranks 44 of 53 electronic equipment & instruments companies we cover.

Our discounted-cash-flow model values the business at ~$97 per share in the base case (~$74–$130 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -2.2% (-3.0pp vs the prior quarter), the 4th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.2% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Priced above our value. The share price of $157.69 is 38% above our value per share of $97.
  • Revenue shrinking. Revenue fell 2.2% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 48% and a beta of 0.6 against the S&P 500.
  • Growth easing. The growth rate is 3.0 points lower than a quarter earlier.
  • Heavily shorted. 22.5% of the shares available to trade are sold short (10.7 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$1.24 against an average estimate of $1.22: beat by 1.8%
Revenue
$236m, up 0.1% on a year earlier
Share reaction
+14.7% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Next report
October 22, 2026; average EPS estimate $1.24

Badger Meter's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+6.3%
  • 1 week+1.1%
  • 1 month+23.4%
  • This year-8.8%
  • 1 year-11.6%
  • 5 years+59.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$881M
Operating margin
18.8%
Net margin
14.4%
EPS (TTM, diluted)
$4.33

Growth

Revenue growth
−2.2%
Change in growth rate
−3.0 pts
Share count change
−1.2%

Cash

Free cash flow (TTM)
$142M
FCF margin
16.2%
Stock pay % of revenue
1.2%

Earnings

Last results
October 22, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Badger Meter Inc valuation models and calculator

What the price is pricing in

The share price implies about 13.2% a year of cash-flow growth for five years.That is close to the 11.8% a year revenue growth Badger Meter has delivered.

  • Priced in13.2%
  • Last 12 months-2.2%
  • 3 years a year9.6%
  • 5 years a year11.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($155.55, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$97
Price used
$155.55close November 3, 2026
Implied change
▼ 37%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Badger Meter Inc's free cash flow after stock-based pay with after-tax interest added back ($141M, FY2026 Q3 TTM), growing 7.1% and 5.2% in the next two years (forecasts, guidance and its record), then back to 3.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$74–~$130 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Badger Meter Inc's free cash flow after stock-based pay ( $141M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Badger Meter Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.07 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$97 ~$74–$130 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$89 ~$71–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$55 ~$41–$76 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$55 ~$48–$64 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$79 ~$55–$97 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Badger Meter Inc with Electronic Equipment & Instruments in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▼ −12%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $73$98$132$176$233$308
8.5% $56$75$99$130$171$224
10% $46$61$79$103$135$175

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$26.42$33.74$44.17$45.98$61.36$89.82$102.49$105.80$150.86$208.61$172.83$157.69
Market value$763m$980m$1.3bn$1.3bn$1.8bn$2.6bn$3.0bn$3.1bn$4.4bn$6.2bn$5.1bn$4.6bn
+ Net debt (− = net cash)$0$0$33m$5m−$44m−$72m−$87m$0$0$0$0$0
Enterprise value$763m$980m$1.3bn$1.3bn$1.7bn$2.6bn$2.9bn$3.1bn$4.4bn$6.2bn$5.1bn$4.6bn
Multiples
Price / sales 2.0x2.5x3.2x3.1x4.2x6.2x6.0x5.5x6.3x7.5x5.6x5.2x
Price / earnings 29.4x30.4x37.2x48.3x38.0x53.2x49.4x46.7x48.0x49.3x36.1x36.4x
Price / free cash flow 47.5x21.5x37.1x26.0x24.5x32.6x37.2x40.6x45.3x43.3x30.1x32.4x
EV / EBITDA 14.6x15.5x19.2x19.7x23.7x33.0x32.4x31.6x34.5x36.4x26.3x26.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

77 /100

Strong moat

How hard Badger Meter's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.5% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 39.3%, moving by 1.3 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.6%; its worst year was 13.1%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 15.1% of revenue.

  • Discipline 17 / 20

    The diluted share count rose 0.1% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (82 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.47 −7% $903m −2%
Next $4.99 +12% $976m +8%

Next year's EPS estimate has moved +0.9% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.3% on 90 days ago. In the last 30 days, 0 analysts raised Badger Meter Inc's forecast and 7 cut it.

Consensus EPS forecast Badger Meter Inc, last 90 days
$4.40 $4.60 $4.80 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.46 Current fiscal year, 60 days ago: $4.51 Current fiscal year, 30 days ago: $4.49 Current fiscal year, 7 days ago: $4.48 Current fiscal year, Now: $4.47 $4.47 Next fiscal year, 90 days ago: $4.94 Next fiscal year, 60 days ago: $4.98 Next fiscal year, 30 days ago: $4.97 Next fiscal year, 7 days ago: $4.96 Next fiscal year, Now: $4.99 $4.99

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.46$4.94
60 days ago $4.51$4.98
30 days ago $4.49$4.97
7 days ago $4.48$4.96
Now $4.47$4.99

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.22 $1.24 +1.8%
Jun 2026 $1.01 $1.02 +0.7%
Mar 2026 $1.22 $0.93 −24.0%
Dec 2025 $1.16 $1.14 −1.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026

No numeric guidance in Badger Meter Inc's latest earnings release (filed October 22, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Badger Meter Inc's revenue by +7.1% next year and +5.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.7%, weight 68%) and the company's own record (+3.7%, weight 32%) . How the weights are set.

Analyst recommendations

10 analysts, Oct 2026
Buy660%
Hold330%
Sell110%

Monthly trend

  1. Oct 2026243110
  2. Sep 2026352111
  3. Aug 2026343111
  4. Jul 2026345113

Counts of recommendations published by analysts covering Badger Meter Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
22.5%
of tradable shares
Days to cover
10.72
at average volume
Short interest, 1 month
+17%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.6%
of shares
Employees
2,477
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −11.6%

$178.39 on October 31, 2025 to $157.69

ThenNowEffect
Revenue (last 12 months) $874m $881m +0.8%
Net margin 15.5% 14.3% −8.1%
P/E multiple 38.9x 36.9x −5.1%
Share count 30m 29m +0.5%

Biggest factor: net margin.

Last 3 years +13.1%

$139.41 on November 3, 2023 to $157.69

ThenNowEffect
Revenue (last 12 months) $630m $881m +39.8%
Net margin 12.3% 14.3% +16.2%
P/E multiple 53.0x 36.9x −30.3%
Share count 29m 29m 0.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BMI+14%+3%+43%+38%−17%−9%
Industry peers (median)−3%−38%+13%−1%−5%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BMI75%42%83%67%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BMI−18%−31%−20%−13%−34%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 55% from June 3, 2025 to April 20, 2026. Getting back needed a 123% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$112.67 – $185.73
From 52-week high
−15.1%
vs 50-day average
+18.4%
vs 200-day average
+14.4%
Volatility (1 year)
48%
Beta vs S&P 500
0.62

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±11.1%
After a week
5 up, 7 down
typical move ±11.5%
After a month
5 up, 6 down
typical move ±13.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +14.7% −1.7% +13.5% —
July 22, 2026 −15.5% −1.3% −8.5% −12.2%
April 17, 2026 −25.5% +1.0% −20.0% −21.9%
January 28, 2026 −12.2% −0.2% −11.0% −7.0%
October 21, 2025 −2.6% −0.5% −1.0% −9.8%
July 22, 2025 −21.7% +0.9% −23.3% −23.5%
April 17, 2025 +8.7% −2.2% +17.7% +32.3%
January 31, 2025 +3.4% −1.2% +2.5% +0.7%
October 17, 2024 −5.5% +0.4% −8.5% −2.0%
July 19, 2024 +3.9% +0.4% +6.3% +4.9%
April 18, 2024 +15.5% −1.1% +20.1% +28.9%
January 26, 2024 −3.9% +0.7% −5.7% +3.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Badger Meter Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Badger Meter Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Badger Meter Inc
$700M $800M $900M $1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $703.6M Revenue (TTM), FY24 Q1: $740.8M Revenue (TTM), FY24 Q2: $781.6M Revenue (TTM), FY24 Q3: $803.8M Revenue (TTM), FY24 Q4: $826.6M Revenue (TTM), FY25 Q1: $852.5M Revenue (TTM), FY25 Q2: $873.9M Revenue (TTM), FY25 Q3: $901.1M Revenue (TTM), FY25 Q4: $916.7M Revenue (TTM), FY26 Q1: $896.7M Revenue (TTM), FY26 Q2: $881M Revenue (TTM), FY26 Q3: $881.2M $881.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $703.6M
FY24 Q1 $740.8M
FY24 Q2 $781.6M
FY24 Q3 $803.8M
FY24 Q4 $826.6M
FY25 Q1 $852.5M
FY25 Q2 $873.9M
FY25 Q3 $901.1M
FY25 Q4 $916.7M
FY26 Q1 $896.7M
FY26 Q2 $881M
FY26 Q3 $881.2M
Revenue growth, TTM YoY Badger Meter Inc
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 24.4% Revenue growth, TTM YoY, FY24 Q1: 25.1% Revenue growth, TTM YoY, FY24 Q2: 24.0% Revenue growth, TTM YoY, FY24 Q3: 20.2% Revenue growth, TTM YoY, FY24 Q4: 17.5% Revenue growth, TTM YoY, FY25 Q1: 15.1% Revenue growth, TTM YoY, FY25 Q2: 11.8% Revenue growth, TTM YoY, FY25 Q3: 12.1% Revenue growth, TTM YoY, FY25 Q4: 10.9% Revenue growth, TTM YoY, FY26 Q1: 5.2% Revenue growth, TTM YoY, FY26 Q2: 0.8% Revenue growth, TTM YoY, FY26 Q3: -2.2% -2.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 24.4%
FY24 Q1 25.1%
FY24 Q2 24.0%
FY24 Q3 20.2%
FY24 Q4 17.5%
FY25 Q1 15.1%
FY25 Q2 11.8%
FY25 Q3 12.1%
FY25 Q4 10.9%
FY26 Q1 5.2%
FY26 Q2 0.8%
FY26 Q3 -2.2%
Operating margin (TTM) Badger Meter Inc
16% 17% 18% 19% 20% 21% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.8% Operating margin (TTM), FY24 Q1: 17.5% Operating margin (TTM), FY24 Q2: 18.1% Operating margin (TTM), FY24 Q3: 18.8% Operating margin (TTM), FY24 Q4: 19.1% Operating margin (TTM), FY25 Q1: 20.0% Operating margin (TTM), FY25 Q2: 19.9% Operating margin (TTM), FY25 Q3: 19.9% Operating margin (TTM), FY25 Q4: 20.0% Operating margin (TTM), FY26 Q1: 18.9% Operating margin (TTM), FY26 Q2: 18.6% Operating margin (TTM), FY26 Q3: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.8%
FY24 Q1 17.5%
FY24 Q2 18.1%
FY24 Q3 18.8%
FY24 Q4 19.1%
FY25 Q1 20.0%
FY25 Q2 19.9%
FY25 Q3 19.9%
FY25 Q4 20.0%
FY26 Q1 18.9%
FY26 Q2 18.6%
FY26 Q3 18.8%
FCF margin (TTM) Badger Meter Inc
12% 14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 13.9% FCF margin (TTM), FY24 Q1: 13.9% FCF margin (TTM), FY24 Q2: 15.0% FCF margin (TTM), FY24 Q3: 16.3% FCF margin (TTM), FY24 Q4: 17.2% FCF margin (TTM), FY25 Q1: 18.0% FCF margin (TTM), FY25 Q2: 18.3% FCF margin (TTM), FY25 Q3: 18.5% FCF margin (TTM), FY25 Q4: 18.5% FCF margin (TTM), FY26 Q1: 18.9% FCF margin (TTM), FY26 Q2: 17.1% FCF margin (TTM), FY26 Q3: 16.2% 16.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 13.9%
FY24 Q1 13.9%
FY24 Q2 15.0%
FY24 Q3 16.3%
FY24 Q4 17.2%
FY25 Q1 18.0%
FY25 Q2 18.3%
FY25 Q3 18.5%
FY25 Q4 18.5%
FY26 Q1 18.9%
FY26 Q2 17.1%
FY26 Q3 16.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 250 277 263 320 334 365 378 394 402 434 425 426 505 566 704 827 917 881
Gross profit 97 103 90 122 117 131 136 151 156 162 164 168 205 220 276 329 382 367
EBITDA 49 52 35 52 48 55 52 63 69 68 74 77 90 98 129 169 195 176
Operating income 42 45 28 44 39 46 42 53 57 57 62 65 79 87 118 158 183 165
Net income 34 29 19 28 25 30 26 32 35 28 47 49 61 66 93 125 142 127
Diluted EPS $1.14 $0.95 $0.64 — — — — $1.11 $1.19 $0.95 $1.61 $1.69 $2.08 $2.26 $3.14 $4.23 $4.79 $4.33
Growth (year on year)
Revenue — +10.5% −5.0% +21.6% +4.5% +9.2% +3.5% +4.3% +2.2% +7.8% −2.1% +0.2% +18.7% +11.9% +24.4% +17.5% +10.9% −2.2%
EBITDA — +5.2% −32.7% +50.1% −8.5% +15.4% −4.7% +21.1% +8.3% −0.6% +8.1% +5.0% +16.3% +9.3% +31.1% +31.1% +15.1% −7.5%
Operating income — +6.1% −38.6% +61.5% −12.1% +17.7% −8.0% +24.3% +7.4% +0.5% +9.3% +4.8% +20.8% +10.9% +35.2% +33.8% +16.1% −7.9%
Net income — −16.1% −33.1% +46.3% −12.2% +20.6% −12.6% +24.5% +7.0% −19.6% +69.8% +4.6% +23.4% +9.2% +39.3% +34.9% +13.4% −8.8%
Diluted EPS — −16.2% −33.5% — — — — — +7.2% −20.2% +69.5% +5.0% +23.1% +8.7% +38.9% +34.7% +13.2% −7.7%
Margins
Gross margin 38.8% 37.2% 34.2% 38.2% 35.0% 36.0% 35.9% 38.2% 38.7% 37.4% 38.5% 39.5% 40.7% 38.9% 39.3% 39.8% 41.7% 41.6%
EBITDA margin 19.6% 18.6% 13.2% 16.3% 14.3% 15.1% 13.9% 16.1% 17.1% 15.7% 17.4% 18.2% 17.8% 17.4% 18.3% 20.5% 21.2% 20.0%
Operating margin 16.9% 16.2% 10.5% 13.9% 11.7% 12.6% 11.2% 13.4% 14.1% 13.1% 14.6% 15.3% 15.6% 15.4% 16.8% 19.1% 20.0% 18.8%
Net margin 13.6% 10.4% 7.3% 8.8% 7.4% 8.1% 6.9% 8.2% 8.6% 6.4% 11.1% 11.6% 12.1% 11.8% 13.2% 15.1% 15.5% 14.4%
Free-cash-flow margin 11.5% 3.3% 9.9% 8.3% 6.1% 6.4% 4.3% 11.6% 8.6% 11.9% 17.2% 18.9% 16.0% 13.5% 13.9% 17.2% 18.5% 16.2%
Cash flow
Cash from operations 37 18 31 35 35 36 36 56 50 60 81 90 88 82 110 155 184 159
Capital spending 8 9 5 8 14 12 20 11 15 9 7 9 7 6 12 13 14 16
Free cash flow 29 9 26 27 21 23 16 46 35 52 73 81 81 77 98 142 170 142
Stock-based pay 1 1 1 1 1 1 2 2 2 4 1 1 2 3 5 6 9 11
Free cash flow after stock pay 28 8 25 25 19 22 15 44 33 48 72 79 78 73 93 136 160 132
Balance sheet
Cash — — — — — — — — 11 13 49 72 87 — — — — —
Total debt 0 13 2 67 70 76 71 38 45 18 4 0 0 0 0 0 0 0
Net debt (negative = net cash) — — — — — — — — 33 5 −44 −72 −87 — — — — —
Diluted shares 30m 30m 30m 29m 29m 29m 29m 29m 29m 29m 29m 29m 29m 29m 29m 30m 30m 29m
Returned to shareholders
Dividends 7 8 9 10 10 11 11 12 14 16 19 20 22 25 29 36 44 48
Buybacks — 0 0 30 0 0 0 0 4 5 5 3 0 0 0 0 15 —
Total returned 7 8 9 40 10 11 11 12 19 21 24 23 23 25 29 36 59 48

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 1 checks passed · September 30, 2026
What it owns · $944m
Short-term assets $368mLonger-term assets $576m
What it owes, and who funded it · $799m
Short-term liabilities $148mShareholders' equity $651m
  • Short-term assets cover short-term liabilities $368m of assets due within a year against $148m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Badger Meter Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$47.7M
Buybacks, last 3 fiscal years
$15M
Diluted share count
−1.2%
year over year
Total shareholder yield
1.1%
dividends 1.1% + buybacks 0.0% of market value
Dividend payout ratio
38%
of net income paid out
Sales & admin spending
22.9%
of revenue
Days sales outstanding
46 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic equipment & instruments
Last 12 months unless stated BMI DAKT MIR CGNX ARLO CAN Median
Revenue, last 12 months $881m $854m $1.1bn $1.1bn $587m $530m $104m
Revenue growth, last 12 months −2.2% 14.0% 19.6% 17.1% 15.6% 96.7% 9.8%
Revenue growth, 3-year average 9.6% 1.6% 11.0% 6.8% 7.5% — 7.2%
Revenue growth, latest quarter 0.1% 7.1% 24.5% 16.9% 20.5% — 16.5%
Gross margin 41.6% 27.6% 48.1% 68.9% 46.0% 7.8% 38.5%
Operating margin 18.8% 7.3% 6.0% 21.9% 2.7% −21.2% −7.3%
Operating margin, 3-year average 19.2% 6.8% 4.4% 15.8% −1.5% — −5.1%
Net margin 14.4% 5.7% 2.7% 16.1% 5.2% −39.7% −5.3%
Cash from operations / revenue 18.0% 6.4% 19.4% 25.4% 13.3% −51.2% −1.6%
Free-cash-flow margin 16.2% 4.7% 15.6% 24.6% 12.2% −55.8% −2.5%
Free-cash-flow margin, 3-year average 17.0% 7.2% 10.9% 17.6% 10.7% — 3.7%
Stock pay / revenue 1.2% 0.6% 2.1% 4.5% 12.2% 4.3% 3.0%
Change in share count −1.2% 1.5% 18.6% −1.0% 10.0% 72.9% 1.9%

Median of all 53 companies we cover in electronic equipment & instruments. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

53 electronic equipment & instruments companies
Measure Company Peer median Rank
Revenue growth Growth -2.2% 9.8% 44 of 53
Change in growth rate Growth -3.0pp +2.3pp 39 of 53
Gross margin Profitability 41.6% 39.7% 21 of 48
Operating margin Profitability 18.8% -7.3% 8 of 53
Net margin Profitability 14.4% -5.3% 8 of 53
Free-cash-flow margin Cash generation 16.2% -2.1% 7 of 52
Stock pay as % of revenue Cash generation 1.2% 3.0% 9 of 49
Change in share count Balance sheet -1.2% 1.9% 8 of 46
Days sales outstanding Balance sheet 46 days 68 days 8 of 52

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $826M 90.1% ▲ 10.8%
Europe $43.9M 4.8% ▲ 17.8%
Canada $15.2M 1.7% ▲ 45.8%
Asia $14.3M 1.6% ▲ 27.1%
Middle East $11M 1.2% ▼ 34.5%
Other Geographical Areas $3.6M 0.4% ▲ 81.8%
Mexico $2.7M 0.3% ▼ 25.7%

From Badger Meter Inc's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.8B
Institutions reporting
477
Shares held vs prior quarter
▲ 7.8%
Positions opened / closed
75 / 70

Top buyers and sellers, Q2 2026: 244 institutions bought and 228 sold ; the biggest buyer was Impax Asset Management Group PLC (+946K shares) and the biggest seller BAMCO Inc (−312K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $726M 4.9M 15.0% ▼ 1.2%
Vanguard Portfolio Management LLC $372M 2.5M 7.7% ▲ 2.2%
State Street Corp $245M 1.7M 5.1% ▲ 8.3%
Vanguard Capital Management LLC $195M 1.3M 4.0% ▲ 1.2%
Geode Capital Management, LLC $150M 1.0M 3.1% ▲ 7.4%
Impax Asset Management Group PLC $140M 946K 2.9% New
First Trust Advisors LP $115M 772K 2.4% ▲ 37.7%
Morgan Stanley $110M 740K 2.3% ▲ 11.6%
Boston Trust Walden Corp $108M 729K 2.2% ▲ 37.5%
UBS Group AG $93.4M 629K 1.9% ▼ 26.7%
Amundi $87.6M 590K 1.8% ▲ 28.5%
Pictet Asset Management Holding SA $85.2M 574K 1.8% ▲ 45.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Badger Meter Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Badger Meter Inc disclosed in the last 12 months; 2 earlier trades on record.

  • Suzan K. DelBene(D-WA 1):Sale (full), $15,001 - $50,000, traded June 9, 2016, filed July 13, 2016
  • Suzan K. DelBene(D-WA 1):Sale (full), $1,001 - $15,000, traded March 2, 2016, filed April 15, 2016

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 22, 2026
  • April 17, 2026
  • January 28, 2026
  • October 21, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Badger Meter Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Badger Meter Inc in brief

What does Badger Meter Inc do?
Badger Meter Inc is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.
What is Badger Meter Inc's stock ticker?
Badger Meter Inc trades under the ticker BMI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Badger Meter Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Badger Meter Inc reported revenue of $881M, 2.2% lower than a year earlier, according to its SEC filings.
What is Badger Meter Inc's free cash flow?
Badger Meter Inc's free-cash-flow margin is 16.2% of revenue over the trailing twelve months, ranking 7 of the 52 electronic equipment & instruments companies we cover.
What is Badger Meter Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Badger Meter Inc's free cash flow after stock-based pay gives ~$97 per share in the base case, and ~$74–$130 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Badger Meter Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Badger Meter Inc's market cap?
On November 2, 2026, Badger Meter Inc's market capitalisation was about $4.6B, with a price-to-earnings ratio of 36.4 and net debt of $0. Market figures come from third-party market data and may be delayed.
Does Badger Meter Inc pay a dividend?
Yes: Badger Meter Inc paid $47.7M in dividends over the trailing twelve months, a dividend yield of 1.05% and a payout ratio of 37.7%.
Who are Badger Meter Inc's competitors?
In our Electronic Equipment & Instruments peer group, the companies closest to Badger Meter Inc are Daktronics Inc, Mirion Technologies, Inc., Cognex Corp, Arlo Technologies, Inc. and Canaan Inc. The side-by-side comparison below sets their revenue, margins and growth against Badger Meter Inc's.
When is Badger Meter Inc's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Badger Meter Inc announces its own schedule.