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Badger Meter, Inc. BMI

Technology — Scientific & Technical Instruments
Dividend Champion (5y) Cash Flow Champion (3y) Insider Buys (last 12m)
Growth Flags show if company had growth for consecutive years ,
Insider Buys alert about insiders buying in the last 12 month

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Insider Decisions

Total buys
2.13
Total sells
0.60
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — 3 — 5 — — 1 — —
Sell — — — — 1 3 — — — — — —
Insider Ownership
0.85%

Capital & Financial Ratios

Market Cap
3,700.00
Revenue
880.96
Net Income
125.71
Free Cash Flow
150.30
Net Debt
(95.73)
Current Ratio
2.42
Debt/Equity
0.00
P/E ratio
30.95
P/S ratio
4.38
P/B ratio
5.65
Past 5Y EPS Growth
21.25%
This Y EPS Growth
(7.05%)
Next Y EPS Growth
9.12%
Next 5Y EPS Growth
5.01%
in millions of $

Dividends

Payout Ratio
0.34
Annual Dividend Rate
0.94
Annual Dividend Yield
0.72%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 1.63
—
—
—
2025 1.48
—
—
—
—
2024 1.22
—
—
—
—
2023 0.99
—
—
—
—
2022 0.85
—
—
—
—
2021 0.76
—
—
—
—
2020 0.70
—
—
—
—
2019 0.64
—
—
—
—
2018 0.56
—
—
—
—
2017 0.49
—
—
—
—
2016 0.43
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 191.78 295.31 226.02 95.73
Receivables 83.51 84.33 112.36 121.23
Inventory 153.67 143.41 151.94 178.09
Other 13.21 17.08 16.77 21.15
442.18 540.12 507.08 416.21
2023 2024 2025 Q'26
Payables 81.81 55.66 72.30 97.83
ST’ Debt — — — —
Other 20.27 27.63 40.80 55.31
131.95 118.21 150.72 171.87
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 202.28 222.32 — —
—
’25 222.21 238.10 235.65 220.71
916.66
’24 196.28 216.66 208.44 205.18
826.56
’23 159.10 175.86 186.19 182.44
703.59
’22 132.40 137.83 148.01 147.32
565.57
’21 117.84 122.87 128.74 135.75
505.20
’20 108.51 91.12 113.59 112.33
425.54
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 33.89 26.71 — —
—
’25 33.03 44.59 51.28 54.80
183.70
’24 21.46 36.42 45.09 52.07
155.03
’23 17.97 22.77 31.43 37.95
110.12
’22 9.25 19.66 23.83 29.71
82.45
’21 30.56 14.51 15.37 27.08
87.51
’20 30.54 21.75 21.39 15.90
89.58
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 29.47 21.87 — —
—
’25 (154.88) 40.65 48.20 50.77
169.67
’24 15.78 34.08 41.96 47.40
142.22
’23 13.70 20.11 28.42 35.89
98.11
’22 8.11 18.03 21.91 28.51
76.56
’21 28.80 11.89 13.90 26.17
80.76
’20 28.60 20.11 19.12 12.70
80.52
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.93 1.02 — —
—
’25 1.30 1.17 1.19 1.14
4.79
’24 0.99 1.12 1.08 1.04
4.23
’23 0.66 0.76 0.88 0.84
3.14
’22 0.49 0.57 0.61 0.60
2.26
’21 0.47 0.48 0.54 0.59
2.08
’20 0.41 0.33 0.51 0.45
1.69

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

2
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 73.20 103.93 139.50 162.17 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 120.54 170.86 239.11 256.08 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,976 2,140 2,210 2,477 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.29 0.33 0.37 0.37 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 565.57 703.59 826.56 916.66 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 38.89% 39.29% 39.83% 41.68% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 87.72 121.97 166.50 188.66 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 15.51% 17.33% 20.14% 20.58% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 66.50 92.60 124.94 141.63 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 26.24 28.11 32.19 34.58 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.36 24.03 28.16 31.18 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡ ‡‡‡‡ 2.28 3.16 4.26 4.82 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.82 3.76 5.28 6.25 ‡‡‡‡ — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.20) (0.41) (0.44) (0.48) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.62 3.35 4.84 5.77 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 15.14 17.64 20.65 24.26 ‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 29.22 29.28 29.36 29.40 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 48.31 49.49 49.79 36.18 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.67 6.51 7.53 5.59 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.24 8.87 10.27 7.19 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.43 6.25 7.18 5.35 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 40.14 44.79 41.76 28.93 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 82.45 110.12 155.03 183.70 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (5.89) (12.00) (12.82) (14.03) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 76.56 98.11 142.22 169.67 ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 237.52 310.23 421.91 356.36 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.79 — — — — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (131.26) (191.78) (295.30) (226.02) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 442.42 516.48 606.23 713.29 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.73% 14.03% 16.30% 15.83% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.53% 22.72% 31.75% 23.53% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 15.73% 19.31% 22.26% 21.47% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Badger Meter, Inc. (BMI) stands out as a resilient compounder in the water technology sector, with revenue surging from $394 million in 2016 to $827 million in 2024 at an 11% CAGR, fueled by smart metering demand amid infrastructure upgrades and water scarcity. Profitability has accelerated even faster, with EPS tripling to $4.26 and ROIC climbing to 31.8%, underpinned by margin expansion to 20.1% EBT and robust free cash flow generation—$142 million in 2024—while maintaining operational efficiency with revenue per employee up 48%.

The company’s fortress balance sheet, featuring $295 million in net cash (36% of revenue) and negligible debt, provides a strong buffer against downturns, supporting dividends, buybacks, and acquisitions. Stock returns have mirrored this trajectory, delivering 5-6x gains since 2016, though elevated multiples—PE at 50x, EV/FCF at 42x—signal overvaluation risks if growth moderates. Insider activity shows net selling but recent executive buys offer some reassurance.

Analysts project steady expansion to $1.035 billion revenue and $5.63 EPS by 2027, backed by U.S. infrastructure tailwinds and ESG trends, yet risks like rising capex, competition from Itron/Sensus, and supply chain vulnerabilities loom large. For risk-averse investors, BMI warrants a hold—upside from execution, downside cushioned by cash riches—but vigilance on Q1 2026 earnings and growth above 10% is essential to avoid multiple contraction.

Read full commentary →

Badger Meter, Inc. (BMI) Latest News

News by impact score

Fine-tune

27 Aug

4 , 10:35 AM
Technological advancements are fueling Badger Meter Inc.'s (BMI) long-term growth potential. Technological advancements are positioned to significantly boost Badger Meter's future performance and market position.

6 Aug

3 , 9:33 AM
Badger Meter revenue contracted, signaling a demand air pocket. Revenue contraction points to demand weakness that may affect financial performance and market sentiment.

30 Jul

3 , 9:35 AM
Badger Meter maintains appeal through steady demand and infrastructure advancements supporting its market position. Steady demand and infrastructure focus may moderately support revenue consistency and investor sentiment.

3 , 7:08 AM
Badger Meter executes share buyback while shifting focus to digital water software, raising questions whether the move conceals or spotlights the transition. Share buyback coincides with digital software shift that may moderately reshape competitive positioning without guaranteed fundamental change.

29 Jul

3 , 8:15 AM
Badger Meter's growth depends on rising demand for cellular advanced metering infrastructure and BlueEdge products. Cellular AMI and BlueEdge demand represent key product drivers that could moderately shape future revenue and positioning.

3 , 8:07 AM
Badger Meter benefits from rising demand for advanced water and sewer network solutions. Growing demand for smart infrastructure supports Badger Meter revenue growth and market positioning.

24 Jul

3 www.fool.com, 1:43 PM
Badger Meter stock drops 18% this week on negative market reaction to company developments. Sharp weekly share price decline signals short-term pressure on valuation and sentiment without altering long-term fundamentals.

22 Jul

3 transcript www.fool.com, 9:27 PM
Badger Meter (BMI) Q2 2026 earnings call transcript covers quarterly financial results, operations, and forward outlook. Quarterly earnings and guidance updates can shift near-term investor sentiment and valuation metrics.

3 transcript , 7:00 PM
Badger Meter Inc reported Q2 2026 earnings amid operational challenges, emphasizing strategic initiatives to sustain performance and market position. Earnings details outline strategic responses to challenges that may moderately influence financial results and positioning.

3 transcript app.moby.co, 12:59 PM
Badger Meter, Inc. reported Q2 2026 financial results during its earnings call, including revenue, earnings per share, segment performance, and forward guidance on sales growth and margins. Quarterly earnings results and guidance provide updates on financial performance and outlook that moderately influence near-term stock sentiment.

3 transcript www.marketbeat.com, 12:06 PM
Badger Meter Q2 earnings call highlights financial results, operational metrics and forward outlook for the water metering company. Quarterly earnings updates supply performance data that can shift near-term investor sentiment and valuation.

3 , 9:35 AM
Badger Meter exceeded Q2 earnings and revenue estimates. Q2 earnings and revenue beat signals stronger financial results with moderate positive effect on stock trajectory.

3 , 8:30 AM
Badger Meter, Inc. released its second quarter 2026 financial results. Quarterly results directly shape views of Badger Meter's performance and near-term outlook.

18 Jul

3 , 6:10 AM
Questions arise on whether Badger Meter (BMI) trades at full valuation as water technology growth expectations increase. Valuation questions tied to water tech growth expectations can moderately shift BMI investor sentiment and stock trajectory.

13 Jun

3 , 3:18 AM
Class action lawsuits and revenue recognition allegations against Badger Meter, Inc. have triggered scrutiny of the company's stock valuation amid concerns over financial reporting practices. Lawsuits and revenue allegations introduce legal risks and potential short-term pressure on financials and investor views without guaranteed long-term structural change.

8 Jun

3 StockStory, 5:25 PM
Badger Meter reported Q1 earnings results placed in direct comparison with peer inspection instruments companies on metrics including revenue growth, margins and market positioning. Q1 earnings data offers moderate insight into BMI financial trends and relative standing versus sector peers.

29 May

4 Simply Wall St., 8:14 PM
Badger Meter acquires UDlive to expand into sewer monitoring beyond traditional water meters. UDlive acquisition marks a major strategic move into adjacent sewer monitoring that can significantly alter growth trajectory.

12 May

4 Simply Wall St., 8:14 AM
Badger Meter, Inc. (BMI) missed Q1 earnings expectations and reported order weakness, triggering legal probes into potential issues. Earnings miss, order weakness, and legal probes signal major risks to financial performance and investor sentiment.

6 May

3 Zacks, 9:53 AM
Badger Meter (BMI) Q4 earnings and revenues beat estimates and rose year-over-year, driving stock price higher. Earnings beat and year-over-year revenue growth positively affect financial performance and market sentiment with moderate influence.

5 May

3 Simply Wall St., 12:35 AM
Badger Meter (BMI) shares have sharply declined, prompting questions on whether investors should reassess the stock amid concerns over its future performance. Sharp share price slide influences investor sentiment and financial performance assessment but remains balanced by other factors.

1 May

4 Business Wire, 3:08 PM
Badger Meter, Inc. (BMI) has completed its acquisition of UDlive, enhancing its intelligent water infrastructure solutions with advanced remote monitoring and predictive analytics capabilities. Completing the UDlive acquisition represents a major strategic expansion into advanced water monitoring technologies, likely boosting BMI's competitive edge and revenue growth.

29 Apr

3 Simply Wall St., 6:08 AM
Badger Meter (BMI) posted softer Q1 sales and earnings, triggering a valuation reassessment amid concerns over growth slowdowns and margin pressures. Softer Q1 sales and earnings may noticeably impact BMI's near-term financials and stock valuation but are unlikely to derail long-term trajectory.

24 Apr

3 StockStory, 3:25 PM
Badger Meter's Q1 earnings call featured five revealing analyst questions probing revenue growth, margin pressures, supply chain issues, smart metering adoption, and international expansion outlook. Analyst questions expose moderate influences on financial performance and strategic positioning without fundamentally altering long-term trajectory.

21 Apr

3 , 2:39 PM
Badger Meter, Inc. missed earnings expectations, leading analysts to update their models. Earnings miss affects financial performance and market sentiment moderately, balanced by analysts' model updates.

20 Apr

3 , 11:46 AM
Badger Meter (BMI) reported underwhelming Q1 earnings miss amid a revenue air pocket, according to RBC. Q1 earnings miss highlights financial underperformance that may moderately impact near-term market sentiment and stock price.

3 , 10:04 AM
Badger Meter's Q1 earnings and revenues missed analyst estimates, causing its stock to dip. Q1 earnings and revenue misses highlight financial underperformance with moderate impact on market sentiment and near-term trajectory.

19 Apr

4 StockStory, 2:37 AM
Badger Meter (BMI) Q1 results show project pacing delays and short-cycle order weakness, partially offset by a new acquisition influencing the 2026 outlook. New acquisition and 2026 outlook amid pacing issues and weakness signal major strategic shifts for BMI's trajectory.

18 Apr

3 GuruFocus.com, 3:01 AM
Badger Meter Inc. (BMI) Q1 2026 earnings call highlights strategic navigation of challenges amid ongoing operations. Earnings highlights on strategic challenge navigation moderately influence financial performance and market sentiment.

17 Apr

4 app.moby.co, 4:44 PM
Badger Meter, Inc. released Q1 2026 earnings call summary detailing financial results, revenue growth, and forward guidance. Q1 2026 earnings summary provides critical financial data and outlook directly influencing BMI's valuation and investor sentiment.

3 StockStory, 4:40 PM
Badger Meter (BMI) stock plunged over 10% today after third-quarter earnings beat expectations but fourth-quarter revenue guidance of $212-217 million fell short of analyst forecasts amid municipal market softness. Disappointing Q4 guidance offsets Q3 beat and signals near-term revenue pressure from weaker municipal demand.
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