Badger Meter, Inc. BMI

Information TechnologyMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited States of America

Last close 148.38 USD on Nov 1, 2026, −14.2% year to date

Quant rating

Quant rating B Rank 114 of 389 in Information Technology

Growth B 127 of 389
Valuation C 188 of 389
Quality A 38 of 389
Revisions C 229 of 389
Momentum B 149 of 389

Wall Street consensus Buy (2.00)Average target 168.49 USD +13.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.2B
Enterprise value: 4.2B
52-week range: 112.09 – 192.00
3-year range: 112.09 – 254.17
Dividend yield: 1.19%
Beta (5 years): 0.65
Shares outstanding: 28.6M
Next earnings: Jan 26, 2027

About the company

Badger Meter, Inc. is a manufacturer and marketer of products incorporating flow measurement, quality, control and other system solutions serving markets worldwide. Its offerings, marketed as BlueEdge, include a suite of tailorable solutions that connect water management technology, software and support services to deliver insights enabling the proactive management of water across the water cycle. Its solutions include measurement and control hardware, connectivity and communication, data visualization and software-delivered actionable insights, and ongoing support to optimize customers' operations. Its measurement and control hardware, instruments and sensors include product families, such as meters that measure the flow of water and other fluids, water quality monitoring solutions and high frequency pressure and acoustic leak detection hardware that provides real-time monitoring data. It offers a range of communication solutions including the ORION branded family of radio endpoints.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	917	827	704	566	505	–
Revenue growth	10.9%	17.5%	24.4%	11.9%	18.7%	16.6%
EPS (basic, normalized)	4.79	4.23	3.14	2.26	2.08	–
EPS growth	13.2%	34.7%	38.9%	8.7%	–	–
Gross margin	41.7%	39.8%	39.3%	38.9%	40.7%	40.1%
Net margin	15.5%	15.1%	13.2%	11.8%	12.1%	13.5%
ROE	21.5%	22.3%	19.3%	15.7%	15.9%	18.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	67.9
Current ratio	2.48x
Long-term debt (mil)	0
Net debt (mil)	−67.9
Total equity (mil)	651
Net debt / equity	−0.10x
Net debt / EBITDA	−0.31x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	917	+10.9%	4.5x	218	+16.0%	19.1x	4.79	+13.2%	31.0x
2026	903	−1.5%	4.6x	210	−3.8%	19.9x	4.47	−6.6%	33.2x
2027	973	+7.8%	4.3x	228	+8.9%	18.3x	4.99	+11.5%	29.8x
2028	1,048	+7.7%	4.0x	248	+8.6%	16.8x	5.55	+11.4%	26.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	903	−1.0%	−1.0%	−1.2%	4.47	−0.3%	+0.5%	−1.4%
2027	973	−0.8%	−1.2%	−0.9%	4.99	+0.3%	+1.9%	+0.1%
2028	1,048	−1.0%	−1.4%	−0.6%	5.55	−0.6%	−1.0%	−1.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	196	217	208	205	222	238	236	221	202	222
Sales mean (mil)	182	203	212	202	221	237	232	232	230	220
Surprise	+7.7%	+6.5%	−1.7%	+1.5%	+0.6%	+0.5%	+1.6%	−4.9%	−12.2%	+1.0%
EPS reported	0.99	1.12	1.08	1.04	1.30	1.17	1.19	1.14	0.93	1.02
EPS mean	0.82	1.03	1.11	1.09	1.06	1.25	1.14	1.16	1.22	1.01
Surprise	+20.7%	+9.1%	−2.7%	−5.0%	+23.1%	−6.7%	+4.6%	−2.1%	−24.0%	+1.5%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BMI Badger Meter, Inc.	4.2B	−0.31x	15.5%	6.51x	33.2x	29.8x	19.9x	18.3x
PH Parker-Hannifin Corporation	113.5B	1.43x	17.0%	7.36x	25.3x	22.8x	17.9x	16.4x
TT Trane Technologies PLC	89.7B	0.70x	13.9%	9.86x	26.8x	23.2x	19.2x	16.7x
JCI Johnson Controls International PLC	90.3B	1.83x	7.3%	6.63x	23.8x	20.0x	17.7x	15.6x
EMR Emerson Electric Co	92.0B	2.13x	12.7%	4.51x	25.1x	22.7x	18.7x	17.4x
AME AMETEK Inc	55.3B	0.65x	20.0%	4.91x	28.8x	25.6x	21.4x	18.5x
Mean		1.07x	14.4%	6.63x	27.2x	24.0x	19.1x	17.1x
Median		1.07x	14.7%	6.57x	26.1x	23.0x	19.0x	17.1x

Technical analysis

1M+17.3%
3M+10.6%
1Y−19.1%
3Y+10.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Badger Meter, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	917	827	704	566	505	426
Cost of revenue	535	497	427	346	300	257
Gross profit	382	329	276	220	205	168
Selling, general & administrative expenses	199	171	158	133	127	103
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	183	158	118	87.3	78.7	65.2
Net interest income (expense)	5.1	8.6	4.0	0.6	0	0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.1	0	−0.1	−0.1	−0.1	−0.1
Net income before taxes	189	166	122	87.7	78.6	65.0
Provision for taxes	47.0	41.6	29.4	21.2	17.7	15.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	142	125	92.6	66.5	60.9	49.3
Extraordinary items	–	–	–	–	–	–
Net income	142	125	92.6	66.5	60.9	49.3
EBIT, normalized	183	158	118	87.3	78.7	65.2
EBITDA, normalized	218	190	146	114	107	90.4
Basic EPS, normalized	4.79	4.23	3.14	2.26	2.08	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Badger Meter, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	226	295	192	138	87.2	72.3
Receivables	112	84.3	83.5	76.7	65.9	61.7
Total inventory	152	143	154	120	99.6	81.6
Prepaid expenses	16.8	17.1	13.2	13.3	8.7	8.1
Other current assets	0	0	0	0	0	0
Total current assets	507	540	442	348	261	224
Property, plant & equipment	92.2	80.1	79.4	80.1	83.9	89.6
Goodwill	236	112	113	101	104	88.7
Intangibles	122	48.9	57.4	58.4	69.8	59.6
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	16.6	35.5	24.7	15.5	11.4	9.7
Total assets	974	816	717	603	531	471
Liabilities
Accounts payable	72.3	55.7	81.8	71.4	41.9	34.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	37.6	34.9	29.9	20.5	20.6	14.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	40.8	27.6	20.3	18.4	19.6	18.5
Total current liabilities	151	118	132	110	82.1	68.0
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	110	92.0	68.5	50.3	45.6	41.9
Total liabilities	260	210	200	161	128	110
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	37.2	37.2	37.2	37.2	37.2	37.2
Additional paid-in capital	75.3	65.8	59.2	53.3	49.2	45.0
Retained earnings (accumulated deficit)	646	548	459	395	354	315
Treasury stock	−51.6	−36.7	−37.0	−37.3	−37.0	−37.1
Other equity	6.5	−7.9	−1.6	−6.0	0.1	1.3
Total equity	713	606	516	442	403	361
Total liabilities & shareholders' equity	974	816	717	603	531	471

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Badger Meter, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	142	125	92.6	66.5	60.9	49.3
Depreciation, depletion & amortization	34.6	32.2	28.1	26.2	27.9	25.2
Deferred taxes	−0.9	−11.1	−9.7	−5.6	−3.1	−3.1
Non-cash items	9.3	6.0	4.8	2.5	2.1	1.6
Changes in working capital	−1.0	3.0	−5.8	−7.2	−0.3	16.5
Cash from operations	184	155	110	82.5	87.5	89.6
Investing activities
Capital expenditures	−14.0	−12.8	−12.0	−5.9	−6.7	−9.1
Other investing cash flows	−184	−3.0	−17.1	0	−44.7	−29.1
Cash from investing	−198	−15.8	−29.1	−5.9	−51.4	−38.2
Financing activities
Financing cash flow items	–	–	–	–	–	−1.0
Cash dividends paid	−43.5	−35.8	−29.1	−24.9	−22.2	−20.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−14.4	0.8	1.0	0.3	1.6	−6.5
Cash from financing	−58.0	−35.1	−28.1	−24.6	−20.5	−27.8
Foreign exchange effects	3.0	−0.6	0.8	−1.1	−0.7	−0.2
Net change in cash	−69.3	104	53.7	50.9	14.9	23.4
Free cash flow	170	142	98.1	76.6	80.8	80.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.