Badger Meter, Inc.
- Open
- 133.33
- Day high
- 135.97
- Day low
- 132.11
- Prev close
- 132.27
- Volume
- 312K
- Mkt cap
- $3.8B
- P/E (TTM)
- 30.9
- EPS (TTM)
- $4.29
- P/B
- 5.6
- P/S
- 4.4
- Yield
- 1.24%
- Per share
- $1.64
- ▲Insiders net buying $102K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
Badger Meter, Inc. (BMI) is a Technology company listed on NYSE. The stock is down 26% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4). Drillr has 1 published research article covering BMI.
Badger Meter, Inc. (BMI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BMI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 22, 2026 | $1.01 | $1.02 | +0.9% | $222M | +0.1% |
| Apr 17, 2026 | $1.21 | $0.93 | -22.8% | $202M | -12.2% |
| Jan 28, 2026 | $1.15 | $1.14 | -1.0% | $221M | -8.4% |
| Oct 21, 2025 | $1.14 | $1.19 | +4.1% | $236M | +1.6% |
| Jul 22, 2025 | $1.20 | $1.12 | -6.4% | $238M | +2.0% |
| Apr 17, 2025 | $1.07 | $1.30 | +20.9% | $222M | +0.4% |
| Jan 31, 2025 | $1.01 | $1.04 | +2.7% | $205M | -3.7% |
| Oct 17, 2024 | $1.11 | $1.08 | -3.0% | $208M | -2.1% |
| Jul 19, 2024 | $1.03 | $1.12 | +8.6% | $217M | +6.1% |
| Apr 18, 2024 | $0.82 | $0.99 | +20.4% | $196M | +7.2% |
| Jan 26, 2024 | $0.82 | $0.84 | +2.6% | $182M | +0.2% |
| Oct 19, 2023 | $0.81 | $0.88 | +8.9% | $186M | +2.4% |
BMI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 31, 2026 | Callahan Edward F.officer: VP-Engineering | Buy | 751 | $135.25 |
| Jul 2, 2026 | ADAMS TODD A.director | Grant | 128 | — |
| Jul 2, 2026 | Liu Xiadirector | Grant | 128 | — |
| May 4, 2026 | Liu Xiadirector | Grant | 131 | — |
| Apr 29, 2026 | STERN JAMES Fdirector | Grant | 952 | $122.96 |
| Apr 29, 2026 | TELLOCK GLEN Edirector | Grant | 952 | $122.96 |
| Apr 29, 2026 | Brooks Henry Fdirector | Grant | 952 | $122.96 |
| Apr 29, 2026 | Myers Tessa M.director | Grant | 952 | $122.96 |
| Apr 29, 2026 | Liu Xiadirector | Grant | 952 | — |
| Apr 29, 2026 | McGill James Wdirector | Grant | 952 | $122.96 |
| Apr 29, 2026 | Cook Melanie K.director | Grant | 952 | $122.96 |
| Apr 29, 2026 | ADAMS TODD A.director | Grant | 952 | — |
| Apr 23, 2026 | Wrocklage Robertofficer: EVP-N.A. Muncipal Utility | Buy | 1,000 | $122.35 |
| Apr 22, 2026 | Htwe Richardofficer: VP-Global Operations | Buy | 1,700 | $116.13 |
| Apr 22, 2026 | Callahan Edward F.officer: VP-Engineering | Buy | 858 | $116.30 |
Source: BMI SEC Form 4 filings, latest Jul 31, 2026. For informational purposes only — not investment advice.
See the full BMI insider & 13F page →Badger Meter, Inc. company profile
Overview
Badger Meter, Inc. (NYSE:BMI) is a Milwaukee-based manufacturer of flow measurement and water management solutions founded in 1905. The company has evolved from a traditional mechanical meter manufacturer into a comprehensive provider of smart water infrastructure technologies. Today, Badger Meter serves municipal water utilities, industrial customers, and original equipment manufacturers across the United States and internationally, offering both hardware products and software-as-a-service solutions for water measurement, monitoring, and analytics.
Business
Badger Meter operates in the water infrastructure technology sector, providing flow measurement and monitoring solutions across two primary business segments. The company's core business revolves around helping utilities and industrial customers measure, monitor, and manage water usage through advanced metering infrastructure. The Utility Water Product Line represents the company's largest segment, generating approximately 75-80% of total revenue. This division manufactures water meters that measure consumption for residential, commercial, and industrial customers of municipal water utilities. These meters range from traditional mechanical units to advanced smart meters equipped with radio frequency communication capabilities. The company's ORION radio technology enables automatic meter reading (AMR) and advanced metering infrastructure (AMI) systems, allowing utilities to collect usage data remotely rather than requiring manual meter readings. The BEACON software platform provides cloud-hosted analytics that help utilities detect leaks, monitor consumption patterns, and engage with end customers about their water usage. The Flow Instrumentation Product Line accounts for roughly 20-25% of revenue and serves industrial applications. This segment produces specialized flow measurement devices for original equipment manufacturers and industrial end-users who need to measure and control various fluids including water, air, steam, oil, and other liquids and gases flowing through pipes and pipelines. These products are used in heating, ventilation, air conditioning (HVAC), water treatment, and various industrial processes where precise flow measurement is critical for operational efficiency and regulatory compliance. The company has recently expanded into adjacent markets through strategic acquisitions, including sewer and lift station monitoring solutions through its SmartCover acquisition, and pressure monitoring capabilities through previous acquisitions like Syrinix.
Revenue model
Badger Meter generates revenue through multiple streams within its comprehensive water technology ecosystem. The primary revenue model is product sales of flow measurement hardware, including mechanical and smart water meters, radio communication devices, and industrial flow instrumentation equipment. These one-time equipment sales typically represent the largest portion of quarterly revenue. The company also operates a growing software-as-a-service (SaaS) business model through its BEACON analytics platform and related software solutions. This recurring revenue stream has been expanding rapidly, growing 25-35% annually and now exceeding $56 million in annual revenue. The SaaS model provides predictable, higher-margin revenue as customers pay ongoing subscription fees for cloud-hosted analytics, data management, and customer engagement tools. Additionally, Badger Meter generates revenue from service and maintenance contracts, particularly in its newer SmartCover business where approximately one-third of revenue comes from software and maintenance services, with another 20% from aftermarket product replacements. The company's customers are primarily municipal water utilities for the utility segment, and original equipment manufacturers plus industrial end-users for the flow instrumentation segment. Utilities typically purchase meters as part of infrastructure replacement cycles or new development projects, while industrial customers buy flow measurement solutions for manufacturing processes and facility management. Several factors influence Badger Meter's margins and profitability. Commodity price fluctuations, particularly copper and rare earth elements like bismuth, can pressure input costs and gross margins. The company manages this through value-based pricing strategies and has maintained gross margins in the 38-40% range. Product mix significantly impacts profitability, with software and advanced technology solutions carrying higher margins than basic mechanical meters. Manufacturing efficiency and supply chain optimization provide margin expansion opportunities, while competitive pricing pressure in commodity meter markets can compress margins. The company's diversified manufacturing footprint, including facilities in Mexico, helps manage labor costs and potential tariff impacts.
Competitive moat
Badger Meter possesses a moderate but growing competitive moat built primarily around technological integration, customer switching costs, and market position. The company's strongest defensive characteristic is the high switching costs associated with utility meter infrastructure. Once a utility deploys Badger Meter's AMI system with ORION radio technology and BEACON software, replacing the entire system involves significant capital expenditure, operational disruption, and retraining costs. This creates substantial customer stickiness, particularly as utilities typically operate on 15-20 year meter replacement cycles. The company has developed technological integration advantages through its comprehensive BlueEdge platform, which combines hardware, radio communications, and software analytics into a unified ecosystem. This end-to-end solution approach makes it difficult for competitors to displace Badger Meter without offering comparable integrated capabilities. The recurring revenue from software services further strengthens customer relationships and provides valuable usage data that enhances the company's product development. However, the moat faces several challenges. The water meter industry includes large, well-capitalized competitors like Itron, Sensus (Xylem), and Neptune Technology Group, all offering similar smart metering solutions. Technological disruption represents a constant threat, as new entrants could potentially leapfrog existing AMI technology with more advanced IoT, cellular, or satellite-based solutions. The company's limited brand differentiation in commodity meter markets also constrains pricing power. The moat is strengthening over time as Badger Meter expands beyond basic metering into comprehensive water management solutions, increases its software and recurring revenue components, and builds deeper customer relationships through data analytics and digital services. The recent acquisitions in adjacent markets like sewer monitoring also broaden the competitive barriers by creating a more comprehensive water infrastructure platform.
Risks & safety
Badger Meter demonstrates a strong margin of safety with excellent financial health and conservative capital structure, though valuation metrics suggest limited downside protection at current price levels. Financial Strength: 1. Zero debt with $131 million in cash and short-term investments as of Q1 2025 2. Strong current ratio of 2.92 and quick ratio of 1.86 3. Consistent positive free cash flow generation: $30 million in Q1 2025, $142 million for full year 2024 4. Return on equity of 20.6% for fiscal 2024 demonstrates efficient capital utilization Valuation Concerns: 1. High P/E ratio of 36.4x based on Q1 2025 results 2. Elevated EV/EBITDA multiple of 23.1x 3. Price-to-book ratio of 8.7x suggests significant premium to tangible assets 4. Graham number of $25.34 indicates potential overvaluation at current price of $201.63 Other Considerations: 1. Predictable, utility-focused customer base provides revenue stability 2. Growing recurring software revenue improves business model quality 3. Essential infrastructure nature of water metering provides defensive characteristics 4. Potential tariff and input cost pressures could impact near-term margins
Recent development
Over the past few years, Badger Meter has executed a strategic transformation from a traditional meter manufacturer to a comprehensive smart water technology provider. The company launched its BlueEdge platform in 2024, which serves as an overarching suite of integrated water management solutions spanning the entire water cycle. This platform approach allows Badger Meter to offer more comprehensive solutions and cross-sell technologies across its customer base. The company has pursued strategic acquisitions to expand its capabilities beyond basic metering. The $185 million acquisition of SmartCover in late 2024 added sewer and lift station monitoring solutions, bringing approximately $35 million in annual revenue with significant recurring revenue components. Earlier acquisitions included Syrinix for pressure monitoring capabilities and Telog/Unity for network monitoring assets, all aimed at building a more comprehensive water infrastructure technology portfolio. Software and recurring revenue growth has become a key strategic focus, with SaaS revenues growing 25-35% annually and now exceeding $56 million annually. The BEACON analytics platform has evolved into a sophisticated cloud-hosted suite that provides utilities with leak detection, consumption analytics, and customer engagement tools. This shift toward software and services represents a fundamental business model evolution that improves margin profiles and customer stickiness. The company has also expanded its international presence, particularly in markets like the UK where smart water adoption is accelerating. International utility revenue has grown more than 30% in recent periods, representing a significant growth opportunity as global water infrastructure modernization accelerates.
BMI company profile · for informational purposes only — not investment advice.
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