Tearsheet

Badger Meter (BMI)

Market Price (12/4/2025): $178.3 | Market Cap: $5.2 Bil
Sector: Information Technology | Industry: Electronic Equipment & Instruments

Badger Meter (BMI)

Market Price (12/4/2025): $178.3
Market Cap: $5.2 Bil
Sector: Information Technology
Industry: Electronic Equipment & Instruments

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%	Weak multi-year price returns 2Y Excs Rtn is -27%, 3Y Excs Rtn is -12%
1	Low stock price volatility Vol 12M is 35%
2	Megatrend and thematic drivers Megatrends include Smart Grids & Grid Modernization, Water Infrastructure, and Sustainable Resource Management. Themes include Smart Metering, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%
1	Low stock price volatility Vol 12M is 35%
2	Megatrend and thematic drivers Megatrends include Smart Grids & Grid Modernization, Water Infrastructure, and Sustainable Resource Management. Themes include Smart Metering, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -27%, 3Y Excs Rtn is -12%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$178.30	$210.51	$152.24	$106.77	$103.43
Market Cap CYE ($ Bil)	5.2	6.2	4.5	3.1	3.0
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.2	0.3	0.2	0.1	0.1
Enterprise Value ($ Bil)	5.0	6.2	4.5	3.1	3.0
Valuation Ratios
P/S TTM	5.8	7.5	6.4	5.6	6.2
P/EBIT TTM	29.3	39.4	38.3	36.5	39.5
P/E TTM	37.9	49.8	48.8	47.9	51.0
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$178.30	$210.51	$152.24
Market Cap CYE ($ Bil)	5.2	6.2	4.5
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.2	0.3	0.2
Enterprise Value ($ Bil)	5.0	6.2	4.5
Valuation Ratios
P/S TTM	5.8	7.5	6.4
P/EBIT TTM	29.3	39.4	38.3
P/E TTM	37.9	49.8	48.8
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	BMI	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.9
Rev Chg Q	13.1%	7.1%
Rev Chg LTM	12.1%	6.1%
Rev Chg 3Y Avg	17.7%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	19.9%	18.8%
CFO/Rev LTM	20.1%	20.5%
Net Inc Mgn	15.4%	13.1%
VALUATION	HIGH
P/S	5.8	3.2
P/CFO	29.0	15.8
P/FCF	31.6	20.5
P/E	37.9	23.5
STABILITY	VERY GOOD
Debt/Equity	0.00	0.20
Cash/Assets	0.21	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Software-as-a-Service (SaaS) Revenue	over $56 million	12312024	Link
Consecutive Years of Dividend Increases	33	8082025	Link
Number of Employees	>2,400	9302025	Link
Total Patent Families	177	9302025	Link

Recent
11/21/2025	Dividend	Amount: $0.40 Payment On: 12/05/2025
Upcoming
1/30/2026	Earnings Release	Rev: $233 Mil (E) EPS: $1.14 (E)

BMI Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Badger Meter experienced a -2.35% price change over the seven days leading up to December 1, 2025, signaling a period of short-term negative stock movement.

2. As of December 1, 2025, the short-term sentiment for Badger Meter was bearish, with the Fear & Greed Index indicating "Fear," suggesting investor caution or a negative outlook.

Stock Movement Drivers

Fundamental Drivers

The -1.7% change in BMI stock from 9/3/2025 to 12/3/2025 was primarily driven by a -3.8% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	181.33	178.30	-1.67%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	873.93	901.14	3.11%
Net Income Margin (%)	15.53%	15.40%	-0.85%
P/E Multiple	39.29	37.80	-3.79%
Shares Outstanding (Mil)	29.41	29.42	-0.03%
Cumulative Contribution			-1.67%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
BMI	-1.7%
Market (SPY)	6.2%	36.8%
Sector (XLK)	11.0%	22.1%

Fundamental Drivers

The -28.1% change in BMI stock from 6/4/2025 to 12/3/2025 was primarily driven by a -30.3% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	247.93	178.30	-28.08%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	852.49	901.14	5.71%
Net Income Margin (%)	15.74%	15.40%	-2.18%
P/E Multiple	54.27	37.80	-30.34%
Shares Outstanding (Mil)	29.38	29.42	-0.15%
Cumulative Contribution			-28.08%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
BMI	-28.1%
Market (SPY)	15.1%	33.0%
Sector (XLK)	22.7%	28.8%

Fundamental Drivers

The -17.9% change in BMI stock from 12/3/2024 to 12/3/2025 was primarily driven by a -29.5% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	217.29	178.30	-17.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	803.82	901.14	12.11%
Net Income Margin (%)	14.80%	15.40%	4.07%
P/E Multiple	53.65	37.80	-29.54%
Shares Outstanding (Mil)	29.37	29.42	-0.18%
Cumulative Contribution			-17.95%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
BMI	-17.9%
Market (SPY)	14.3%	50.6%
Sector (XLK)	23.1%	47.0%

Fundamental Drivers

The 58.0% change in BMI stock from 12/4/2022 to 12/3/2025 was primarily driven by a 62.7% change in the company's Total Revenues ($ Mil).

	12042022	12032025	Change
Stock Price ($)	112.88	178.30	57.95%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	553.99	901.14	62.66%
Net Income Margin (%)	11.96%	15.40%	28.81%
P/E Multiple	49.79	37.80	-24.08%
Shares Outstanding (Mil)	29.22	29.42	-0.71%
Cumulative Contribution			57.95%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
BMI	19.8%
Market (SPY)	53.2%	49.7%
Sector (XLK)	60.2%	43.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BMI Return	46%	14%	3%	43%	38%	-17%	182%
Peers Return	159%	-11%	-30%	44%	19%	8%	198%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
BMI Win Rate	67%	75%	42%	83%	67%	40%
Peers Win Rate	60%	50%	45%	58%	52%	54%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
BMI Max Drawdown	-34%	-4%	-31%	-3%	-9%	-20%
Peers Max Drawdown	-58%	-17%	-41%	-5%	-22%	-28%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: AEIS, ITRI, OSIS, PAR, MVIS. See BMI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	BMI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-33.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	50.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	131 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-39.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	64.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	203 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-19.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	24.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	87 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-68.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	215.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2290 days	1480 days

Compare to AEIS, ITRI, OSIS, PAR, MVIS

In The Past

Badger Meter's stock fell -33.5% during the 2022 Inflation Shock from a high on 12/8/2021. A -33.5% loss requires a 50.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Badger Meter (BMI)

Badger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions in the United States, Asia, Canada, Europe, Mexico, the Middle East, and internationally. It offers mechanical or static water meters, and related radio and software technologies and services to municipal water utilities. The company also provides flow instrumentation products, including meters, valves, and other sensing instruments to measure and control fluids going through a pipe or pipeline, including water, air, steam, oil, and other liquids and gases to original equipment manufacturers as the primary flow measurement device within a product or system, as well as through manufacturers' representatives. Its flow instrumentation products are used in water/wastewater, heating, ventilating and air conditioning, and corporate sustainability markets. In addition, the company offers ORION Migratable for automatic meter reading; ORION (SE) for traditional fixed network applications; and ORION Cellular for infrastructure-free fixed network meter reading solution, as well as BEACON advanced metering analytics, a secure cloud-hosted software suite that establishes alerts for specific conditions and allows consumer engagement tools that permit end water customers to view and manage their water usage activity. It also serves water utilities, industrial, and other industries. The company sells its products directly, as well as through resellers and representatives. Badger Meter, Inc. was incorporated in 1905 and is headquartered in Milwaukee, Wisconsin.

AI Generated Analysis | Feedback

Here are a few brief analogies to describe Badger Meter:

Cisco for water utility networks
Honeywell for water management solutions
The Intel of smart water meters

AI Generated Analysis | Feedback

**Major Products of Badger Meter (BMI):**

Water Meters: Devices for accurately measuring water consumption in residential, commercial, and industrial settings.
Advanced Metering Infrastructure (AMI) & Automatic Meter Reading (AMR) Systems: Integrated solutions, including communication networks and data collectors, for remote and automated collection of water meter data.
Industrial Flow Measurement Products: A range of sensors and instrumentation for measuring liquid and gas flow, level, and pressure in industrial processes and critical applications.
Utility Software Solutions: Data analytics, asset management, and billing software platforms designed to optimize water utility operations and enhance customer service.

AI Generated Analysis | Feedback

Badger Meter (BMI) primarily sells its products and solutions to other companies and organizations (B2B).

According to Badger Meter's recent SEC filings (e.g., their annual 10-K report), no single customer accounts for 10% or more of its net sales. This indicates a highly diverse and fragmented customer base, meaning there are no individual "major customer" companies by name that constitute a significant portion of their revenue to be listed with their public symbols.

However, Badger Meter serves several major categories of customers across various sectors:

Municipal Water Utilities: These are the primary customers for Badger Meter's smart water meters, advanced metering infrastructure (AMI), communications solutions, and software for water distribution and consumption monitoring. These entities are typically government-owned or quasi-governmental organizations (e.g., city water departments, regional water authorities) and are generally not publicly traded companies.
Industrial Companies: Various industrial sectors utilize Badger Meter's flow measurement and control products for critical applications. These include companies in chemical processing, food & beverage, pharmaceutical, power generation, oil & gas, and general manufacturing industries. While many companies in these sectors are publicly traded, no single company represents a major customer for BMI due to their diversified client base.
Commercial Entities: This category includes businesses and large institutions that use flow measurement and control solutions for applications such as HVAC systems, irrigation, and sub-metering in commercial buildings.

AI Generated Analysis | Feedback

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AI Generated Analysis | Feedback

Kenneth C. Bockhorst, Chairman, President & Chief Executive Officer

Ken joined Badger Meter in October 2017 as Chief Operating Officer and was promoted to President and Chief Executive Officer on January 1, 2019, and Chairman of the Board on January 1, 2020. He has over 20 years of experience in global operations management. Prior to joining Badger Meter, he served at Actuant Corporation (now Enerpac Tool Group) for six years, most recently as executive vice president of the energy segment. His career also includes product management and operational leadership roles at IDEX Corporation and Eaton Corporation. During his time at Actuant, he developed and executed strategic plans that involved major portfolio enhancements through both acquisition and divestiture activities. He previously held positions as president of the Hydratight business unit and global vice president of operations for Enerpac.

Robert A. Wrocklage, Senior Vice President – Chief Financial Officer

Bob joined Badger Meter in August 2018 as VP-Finance, was promoted to Vice President – Chief Financial Officer effective January 1, 2019, and became Senior Vice President – Chief Financial Officer in 2020. Before joining Badger Meter, he spent ten years at Actuant Corporation, where his most recent role was Corporate Controller and Principal Accounting Officer. He also held various finance leadership roles within Actuant's Enerpac division and served three years as Internal Audit Leader. He began his career in public accounting with seven years at Deloitte & Touche LLP and Arthur Andersen LLP.

William R.A. Bergum, Vice President – General Counsel and Secretary

Bill has served as Vice President – General Counsel and Secretary at Badger Meter since 2003, overseeing global legal affairs, corporate governance, compliance, and risk management. Prior to Badger Meter, he was corporate counsel for a U.S. division of Veolia Environmental Services (Onyx Waste Systems, Inc.). His professional background also includes roles as vice president and assistant general counsel for Fortis Health (Fortis Insurance Company) and staff attorney for Care Providers of Minnesota.

Fred J. Begale, Vice President – Engineering

Fred joined Badger Meter in 2007 as director of business development and was promoted to Vice President – Engineering in 2011, where he is responsible for all of the company's engineering and product design and development activities. Before his time at Badger Meter, Fred spent nearly 20 years at Eaton Corporation in various operations, research, product development, engineering, technology, and project management roles.

Sheryl Hopkins, Vice President – Human Resources

Sheryl joined Badger Meter in her current role in October 2020, where she is responsible for leading and overseeing all of the company's human resources policies, programs, and practices. Prior to Badger Meter, she served as vice president of human resources for ADVENT. Her career also includes human resources leadership positions at Runzheimer International, Eaton Corporation, and other multinational public companies.

AI Generated Analysis | Feedback

The potential emergence of dominant, integrated utility management platforms from large technology companies or industrial software giants. These platforms could standardize and control entire utility technology stacks across water, electric, and gas, thereby commoditizing specialized hardware (like water meters) and proprietary software offered by companies like Badger Meter, shifting the primary value capture to the overarching platform provider.

AI Generated Analysis | Feedback

Badger Meter (BMI) operates primarily in two main product categories: Utility Water and Flow Instrumentation. The addressable markets for these segments are as follows:

Utility Water

Global Water Meter Market: The global water meter market size was valued at $19.7 billion in 2020 and is projected to reach $29.16 billion by 2030, with a compound annual growth rate (CAGR) of 4.1% from 2021 to 2030. Another estimate places the global water meter market size at approximately USD 26.39 billion in 2025.
Global Smart Water Meter Market: This market was valued at USD 4.6 billion in 2024 and is predicted to reach USD 13.1 billion by 2034, growing at an 11.0% CAGR during that period. Other reports indicate the global smart water metering market reached US$6.8 billion in 2024. It is also projected to reach USD 9.04 billion by 2030 from USD 4.61 billion in 2024, at a CAGR of 11.9% between 2024 and 2030. Another source estimates the global smart water metering market to reach approximately USD 14.06 billion by 2034, growing at an 11.65% CAGR.
North America Smart Water Meter Market: This market was valued at USD 1.65 billion in 2024 and is expected to reach USD 2.98 billion by 2030, rising at a CAGR of 10.35%. Another valuation for North America smart water metering market was US$ 1.598 billion in 2023, projected to reach US$ 3.121 billion by 2031 with a CAGR of approximately 8.7%.
North America AMI Water Meter Market: The North America AMI water meter market size was valued at USD 468.9 million in 2024 and is estimated to grow at a CAGR of 28.7% from 2025 to 2034. The U.S. AMI water meters market is projected to surpass USD 3.9 billion by 2034.

Flow Instrumentation

Global Flow Meter Market: The global flow meter market size was estimated at USD 10.64 billion in 2024 and is projected to reach USD 15.17 billion by 2030, growing at a CAGR of 6.0% from 2025 to 2030. Other estimates value the global flow meters market size at USD 13.20 billion in 2025, forecasted to reach around USD 27.97 billion by 2034, accelerating at a CAGR of 8.70%. Additionally, the global flow meter market size was valued at USD 9.2 billion in 2024 and is estimated to reach USD 15.1 billion by 2033, exhibiting a CAGR of 5.14% during 2025-2033.
North America Flow Meters Market: The North America Flowmeters market was valued at USD 1456.12 million in 2022 and is projected to reach USD 3.492 billion by 2030, with a CAGR of 5.0% during the forecast period. This market is also expected to witness growth of 7.1% CAGR during the forecast period (2024-2031). North America accounted for a significant global share of 46.4% in the flow meter market in 2023.

AI Generated Analysis | Feedback

Badger Meter (BMI) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and ongoing market trends in smart water solutions. The key drivers include:

Continued Adoption of Advanced Metering Infrastructure (AMI) Solutions: Badger Meter anticipates sustained revenue growth from the increasing adoption of its cellular AMI solutions. This includes higher sales of ultrasonic meters and ORION cellular endpoints, which are integral to modernizing water utility infrastructure. The company holds a leading position in North American smart water markets, with the AMI adoption rate currently at approximately one-third of connections, indicating significant future growth potential as utilities upgrade their systems.
Expansion of Software-as-a-Service (SaaS) Offerings: Growth in Badger Meter's SaaS platforms, particularly BEACON Software and the comprehensive BlueEdge suite of modular smart water management solutions, is a significant revenue driver. These software solutions provide actionable data for utilities and homeowners, generating recurring revenue streams with higher gross margins compared to hardware sales.
Strategic Acquisitions and Portfolio Enhancement: Strategic acquisitions, such as the recent integration of SmartCover, are expected to contribute to utility water sales and broaden Badger Meter's smart water portfolio. SmartCover, which offers advanced sewer and lift-station monitoring capabilities, is now integrated into Badger's BlueEdge suite and is positioned for growth by leveraging Badger Meter's sales network.
Growth in Water Quality and Network Monitoring Solutions: Badger Meter is expanding its offerings beyond traditional metering to include real-time water quality monitoring, high-frequency pressure monitoring, and network monitoring solutions. These advanced solutions help utilities improve operational efficiency and address the increasing emphasis on water conservation and sustainable infrastructure, driving demand for a broader range of smart water technologies.
Favorable Product Mix and Pricing Strategies: An ongoing structural shift towards products with higher average selling prices and margins, combined with the company's ability to implement strategic price increases, will support revenue growth. This favorable product mix, particularly with ultrasonic meters and cellular AMI radios, contributes to an expanding gross margin profile and is expected to continue.

AI Generated Analysis | Feedback

Share Repurchases

Badger Meter's Board of Directors approved a new share repurchase authorization of up to $75 million through November 30, 2028, in November 2025.
Under a previous authorization from February 2023, the company repurchased approximately $15 million worth of common stock during the fourth quarter of 2025.
Annual share buybacks amounted to $427K in 2022.

Share Issuance

Badger Meter's net common equity issued/repurchased for 2024 was $1 million.
Net common equity issued/repurchased for 2023 was also $1 million.
Net common equity issued/repurchased for 2021 was $2 million.

Outbound Investments

In January 2025, Badger Meter announced the acquisition of SmartCover Systems, which provides real-time monitoring of water collection systems.
This acquisition strengthens Badger Meter's BlueEdge suite of solutions.

Capital Expenditures

Badger Meter's capital expenditures were $13 million in 2024, $12 million in 2023, and $5.89 million in 2022.
In 2024, the company invested capital to expand manufacturing output, add automation, and acquire test equipment to support its growing customer base.

Better Bets than Badger Meter (BMI)

	BMI	Better Performance than BMI
Metric	Value	INDUSTRY: Electronic Equipment & Instruments
Rev Chg LTM	12.1%	ACFN (51.0%), ODYS (46.7%), MIND (27.7%), ROP (14.0%), ZBRA (12.9%)
Rev Chg 3Y Avg	17.7%	MVIS (198.8%), ODYS (130.6%), CXT (122.6%), ACFN (25.8%), MIND (18.3%)
Op Mgn LTM	19.9%	ROP (28.1%), ACFN (23.9%)
CFO/Rev LTM	20.1%	ROP (32.7%), KEYS (29.4%), CGNX (22.8%)
FCF/Rev LTM	18.5%	ROP (31.2%), KEYS (27.0%), CGNX (22.0%)
Total Yield	3.4%	VNT (6.8%), RAL (5.1%), ITRI (4.5%), OSIS (3.6%), ROP (3.6%)
P/S	5.8	RAL (2.7), ZBRA (2.9), TDY (4.6), KEYS (5.4), TRMB (5.4)
P/Op Inc	29.3	VNT (11.0), RAL (17.3), ZBRA (18.7), ROP (24.7), TDY (24.8)

	BMI	Better Performance than BMI
Metric	Value	SECTOR: Information Technology
Rev Chg LTM	12.1%	NVDA (71.6%), PLTR (47.2%), AMD (31.8%), AVGO (28.0%), MSFT (15.6%)
Rev Chg 3Y Avg	17.7%	NVDA (92.0%), APP (36.0%), PLTR (29.3%), AVGO (24.0%), MU (20.3%)
Op Mgn LTM	19.9%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), AAPL (31.9%), ORCL (31.6%)
CFO/Rev LTM	20.1%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), ORCL (36.5%), AAPL (26.6%)
FCF/Rev LTM	18.5%	PLTR (46.0%), NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%)
Total Yield	3.4%	CSCO (6.0%), AMAT (5.6%), IBM (5.4%), MU (4.8%), LRCX (4.1%)
P/S	5.8	INTC (2.8), IBM (4.0), CSCO (4.9), MU (5.0), AMAT (5.1)
P/Op Inc	29.3	MU (19.1), CSCO (22.0), IBM (22.8), MSFT (28.3), AAPL (29.1)

	BMI	Better Performance than BMI
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	12.1%	LLY (36.8%), META (21.3%), NFLX (15.4%), MA (14.6%), GOOGL (13.4%)
Rev Chg 3Y Avg	17.7%	LLY (23.4%), WELL (20.9%), BRK-B (19.8%), UBER (19.6%), BKNG (17.8%)
Op Mgn LTM	19.9%	MA (58.3%), META (43.2%), LLY (43.0%), GOOGL (32.2%), JNJ (26.2%)
CFO/Rev LTM	20.1%	META (56.8%), MA (56.1%), GOOGL (39.3%), JNJ (26.3%), LLY (20.5%)
FCF/Rev LTM	18.5%	MA (52.5%), META (23.7%), NFLX (20.7%), JNJ (20.3%), GOOGL (19.1%)
Total Yield	3.4%	JPM (6.7%), BRK-B (6.2%), GOOGL (4.6%), WMT (3.6%), META (3.5%)
P/S	5.8	WMT (1.1), XOM (1.4), BRK-B (2.7), AMZN (3.5), JPM (4.9)
P/Op Inc	29.3	XOM (12.4), JNJ (18.5), META (22.6), GOOGL (23.7), WMT (26.9)

		Best Bets In Information Technology Sector
	BMI
What You Pay
P/E	37.9
P/EBIT	29.3
What You Get
Rev Chg Q	13.1%
Rev Chg LTM	12.1%
Rev Chg 3Y Avg	17.7%
FCF/Rev 3Y Avg	16.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	How Low Can Badger Meter Stock Really Go?	Return
2	Big Decline for BMI, but Do META's Margins and Growth Give It the Edge?	Counter-Intuitive Comparisons
3	How Does Badger Meter Stock Stack Up Against Its Peers?	Peer Comparison
4	Is The 21.8% Decline In Badger Meter (BMI) Stock A Dip Buying Opportunity?	Actionable
5	Better Bet Than BMI Stock: Pay Less Than Badger Meter To Get More From LLY, RCL
6	Better Bet Than BMI Stock: Pay Less Than Badger Meter To Get More From FTNT, FSLR
7	Is The 24.4% Decline In Badger Meter (BMI) Stock A Dip Buying Opportunity?	Actionable
8	Is The 21.7% Decline In Badger Meter (BMI) Stock A Dip Buying Opportunity?	Actionable
9	Is The 22.3% Decline In Badger Meter (BMI) Stock A Dip Buying Opportunity?	Actionable
10	BMI Dip Buy Analysis
11	ARTICLES
12	BMI Stock Sinks 22%, Is A Rebound Coming?		August 13th, 2025
13	BMI Stock Has Fallen 24%, Is It Time To Get In?		August 5th, 2025
14	Down 22%, Is BMI Stock A Buy Now?		July 29th, 2025
15	Down 22%, Is BMI Stock A Buy Now?		July 24th, 2025

	Title
0	DASHBOARDS
1	How Low Can Badger Meter Stock Really Go?
2	Big Decline for BMI, but Do META's Margins and Growth Give It the Edge?
3	How Does Badger Meter Stock Stack Up Against Its Peers?
4	Is The 21.8% Decline In Badger Meter (BMI) Stock A Dip Buying Opportunity?
5	Better Bet Than BMI Stock: Pay Less Than Badger Meter To Get More From LLY, RCL
6	Better Bet Than BMI Stock: Pay Less Than Badger Meter To Get More From FTNT, FSLR
7	Is The 24.4% Decline In Badger Meter (BMI) Stock A Dip Buying Opportunity?
8	Is The 21.7% Decline In Badger Meter (BMI) Stock A Dip Buying Opportunity?
9	Is The 22.3% Decline In Badger Meter (BMI) Stock A Dip Buying Opportunity?
10	BMI Dip Buy Analysis
11	ARTICLES
12	BMI Stock Sinks 22%, Is A Rebound Coming?
13	BMI Stock Has Fallen 24%, Is It Time To Get In?
14	Down 22%, Is BMI Stock A Buy Now?
15	Down 22%, Is BMI Stock A Buy Now?

Trade Ideas

Select past ideas related to BMI. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%
BMI_8312022_Quality_Momentum_RoomToRun_10%	08312022	BMI	Badger Meter	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	27.3%	76.6%	-4.3%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%
BMI_8312022_Quality_Momentum_RoomToRun_10%	08312022	BMI	Badger Meter	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	27.3%	76.6%	-4.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Badger Meter

Peers to compare with:

Financials

	BMI	AEIS	ITRI	OSIS	PAR	MVIS	Median
Name	Badger M.	Advanced.	Itron	OSI Syst.	PAR Tech.	Microvis.
Mkt Price	178.30	213.44	98.34	273.19	35.02	0.88	138.32
Mkt Cap	5.2	8.0	4.5	4.6	1.4	0.2	4.6
Rev LTM	901	1,725	2,408	1,754	440	3	1,313
Op Inc LTM	180	155	301	227	-67	-62	167
FCF LTM	166	153	342	111	-21	-56	132
FCF 3Y Avg	129	119	186	-4	-31	-62	57
CFO LTM	181	235	366	152	-12	-56	166
CFO 3Y Avg	141	188	212	35	-22	-60	88

Growth & Margins

	BMI	AEIS	ITRI	OSIS	PAR	MVIS	Median
Name	Badger M.	Advanced.	Itron	OSI Syst.	PAR Tech.	Microvis.
Rev Chg LTM	12.1%	17.2%	0.1%	9.4%	39.9%	-71.3%	10.7%
Rev Chg 3Y Avg	17.7%	0.4%	10.2%	14.6%	13.7%	198.8%	14.1%
Rev Chg Q	13.1%	23.8%	-5.5%	11.8%	23.2%	-91.8%	12.4%
QoQ Delta Rev Chg LTM	3.1%	5.4%	-1.4%	2.4%	5.4%	-40.3%	2.7%
Op Mgn LTM	19.9%	9.0%	12.5%	13.0%	-15.3%	-2,383.0%	10.8%
Op Mgn 3Y Avg	18.3%	7.7%	9.8%	12.4%	-25.5%	-3,301.7%	8.8%
QoQ Delta Op Mgn LTM	0.0%	1.5%	0.5%	-0.1%	0.3%	-800.1%	0.1%
CFO/Rev LTM	20.1%	13.6%	15.2%	8.7%	-2.7%	-2,166.2%	11.2%
CFO/Rev 3Y Avg	17.6%	11.3%	9.0%	2.4%	-7.6%	-2,431.1%	5.7%
FCF/Rev LTM	18.5%	8.9%	14.2%	6.3%	-4.7%	-2,182.0%	7.6%
FCF/Rev 3Y Avg	16.1%	7.1%	7.8%	-0.2%	-10.4%	-2,580.7%	3.5%

Valuation

	BMI	AEIS	ITRI	OSIS	PAR	MVIS	Median
Name	Badger M.	Advanced.	Itron	OSI Syst.	PAR Tech.	Microvis.
Mkt Cap	5.2	8.0	4.5	4.6	1.4	0.2	4.6
P/S	5.8	3.7	2.4	2.4	3.6	112.3	3.7
P/EBIT	29.3	37.8	16.3	19.1	-20.7	-4.1	17.7
P/E	37.9	44.1	22.1	27.7	-19.0	-3.2	24.9
P/CFO	29.0	27.2	15.5	27.7	-133.5	-5.2	21.4
Total Yield	3.4%	2.5%	4.5%	3.6%	-5.3%	-30.9%	3.0%
Dividend Yield	0.8%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	2.5%	2.5%	3.7%	-0.5%	-2.2%	-20.2%	1.0%
D/E	0.0	0.1	0.2	0.2	0.3	0.2	0.2
Net D/E	-0.0	-0.0	-0.0	0.1	0.2	-0.1	-0.0

Returns

	BMI	AEIS	ITRI	OSIS	PAR	MVIS	Median
Name	Badger M.	Advanced.	Itron	OSI Syst.	PAR Tech.	Microvis.
1M Rtn	-1.8%	3.9%	-7.9%	-2.8%	-1.6%	-23.3%	-2.3%
3M Rtn	-1.7%	47.0%	-18.7%	17.3%	-28.7%	-20.5%	-10.2%
6M Rtn	-28.1%	77.9%	-17.8%	22.2%	-46.5%	-24.6%	-21.2%
12M Rtn	-17.9%	81.3%	-16.7%	51.7%	-55.4%	0.2%	-8.2%
3Y Rtn	58.0%	132.8%	80.5%	202.8%	35.3%	-71.3%	69.2%
1M Excs Rtn	-1.7%	3.9%	-7.9%	-2.8%	-1.6%	-23.3%	-2.3%
3M Excs Rtn	-7.8%	36.9%	-24.2%	10.6%	-32.6%	-25.2%	-16.0%
6M Excs Rtn	-42.8%	63.2%	-32.5%	7.4%	-61.2%	-39.3%	-35.9%
12M Excs Rtn	-30.7%	72.5%	-30.6%	40.4%	-70.4%	-15.5%	-23.1%
3Y Excs Rtn	-12.4%	70.4%	19.8%	135.2%	-20.1%	-141.6%	3.7%

Comparison Analyses

	Title
0	How Does Badger Meter Stock Stack Up Against Its Peers?
1	Badger Meter vs. Itron: With Return Forecast Of 4.7%, Itron Is A Better Bet
2	BMI Could Deliver 48% Returns And Outperform OSIS
3	Badger Meter vs. Trupanion: With Return Forecast Of 87%, Trupanion Is A Better Bet
4	Badger Meter vs. Telephone and Data Systems: With Return Forecast Of 5.7%, Badger Meter Is A Better Bet
5	Badger Meter vs. Globalstar: With Return Forecast Of 5.7%, Badger Meter Is A Better Bet
6	Badger Meter vs. Spire: Similar Market Cap, But Spire Is A Better Bet
7	Badger Meter vs. Alliance Data Systems: Similar Market Cap, But Alliance Data Systems Is A Better Bet
8	Badger Meter vs. Nordstrom: Similar Market Cap, But Nordstrom Is A Better Bet
9	Badger Meter vs Advanced Energy Industries: Industry Peers; Which Stock Is A Better Bet?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/22/2025	2/14/2025	2/16/2024	2/22/2023	2/23/2022	2/24/2021	2/21/2020
Key Financials
Total Revenue	901	827	704	566	505	426	425
EBITDA	213	190	146	114	107	90	86
Operating Income	180	158	118	87	79	65	62
Net Income	139	125	93	66	61	49	47
EPS	4.73	4.26	3.16	2.28	2.09	1.70	1.63
Growth Rates
Total Revenue Growth	12.1%	17.5%	24.4%	11.9%	18.7%	0.2%	-2.1%
EBITDA Growth	17.2%	30.1%	28.7%	6.5%	17.9%	4.7%	6.3%
Operating Income Growth	19.1%	33.8%	35.2%	10.9%	20.8%	4.8%	9.3%
Net Income Growth	16.7%	34.9%	39.3%	9.2%	23.4%	4.6%	69.8%
Margins
EBITDA Margin	23.7%	23.0%	20.8%	20.1%	21.1%	21.2%	20.3%
Operating Income Margin	19.9%	19.1%	16.8%	15.4%	15.6%	15.3%	14.6%
Net Income Margin	15.4%	15.1%	13.2%	11.8%	12.1%	11.6%	11.1%
Cash & Debt
Total Cash	202	295	192	138	87	72	49
Total Debt	0	0	0	0	0	0	4
Net Debt / (Cash)	-202	-295	-192	-138	-87	-72	-44
Cash Flows
Net Cash from Operations	181	155	110	82	88	90	81
Free Cash from Operations	166	142	98	77	81	81	73
Returns to Shareholders
Dividends	42	36	29	25	22	20	19
Share Repurchases	-0	-0	-0	0	0	3	5

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/22/2025	7/23/2025	4/18/2025	2/14/2025	10/18/2024	7/22/2024	4/19/2024	2/16/2024	10/24/2023	7/25/2023	4/25/2023	2/22/2023
Key Financials Quarterly
Total Revenue	236	238	222	205	208	217	196	182	186	176	159	147
Ebitda	55	54	58	47	49	50	45	39	38	36	32	29
Operating Income	46	45	49	39	41	42	37	32	31	30	25	22
Net Income	35	35	38	31	32	33	29	25	26	22	19	18
EPS	1.19	1.18	1.31	1.05	1.09	1.13	0.99	0.84	0.89	0.77	0.66	0.60
Key Financials TTM
Total Revenue TTM	901	874	852	827	804	782	741	704	668	630	592	566
Ebitda TTM	213	207	203	190	182	172	159	146	135	128	120	114
Operating Income TTM	180	174	171	158	151	142	130	118	108	101	93	87
Net Income TTM	139	136	134	125	119	113	102	93	85	77	72	66
Growth Rates Quarterly
Total Revenue Growth	13.1%	9.9%	13.2%	12.5%	11.9%	23.2%	23.4%	23.8%	25.8%	27.6%	20.2%	8.5%
EBITDA Growth	12.6%	8.2%	29.4%	20.4%	26.4%	36.2%	39.4%	37.5%	25.9%	26.6%	24.8%	-4.0%
Operating Income Growth	13.4%	8.1%	35.1%	22.3%	29.3%	40.7%	46.0%	42.7%	31.6%	33.6%	32.8%	-1.7%
Net Income Growth	9.5%	4.6%	31.8%	24.3%	23.4%	47.0%	50.0%	40.9%	44.8%	35.0%	35.2%	1.5%
Margins Quarterly
EBITDA Margin	23.3%	22.5%	26.0%	23.0%	23.3%	22.9%	22.7%	21.5%	20.7%	20.7%	20.1%	19.4%
Operating Income Margin	19.6%	18.8%	22.2%	19.1%	19.5%	19.2%	18.6%	17.6%	16.9%	16.8%	15.7%	15.3%
Net Income Margin	14.9%	14.5%	17.3%	15.0%	15.4%	15.3%	14.8%	13.6%	13.9%	12.8%	12.2%	11.9%
Cash & Debt
Total Cash	202	165	131	295	259	226	199	192	163	142	128	138
Total Debt	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt / (Cash)	-202	-165	-131	-295	-259	-226	-199	-192	-163	-142	-128	-138
Cash Flows Quarterly
FCF from Operations	51	45	33	52	45	36	21	38	31	23	18	30
Cash Flows TTM
FCF from Operations TTM	181	175	167	155	141	127	114	110	102	94	91	82
Returns to Shareholders Quarterly
Dividends	12	10	10	10	10	8	8	8	8	7	7	7
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Innovator, manufacturer, marketer and distributor of products incorporating flow measurement	704	566	505	426	425
Total	704	566	505	426	425

Price Behavior

Price Behavior

Market Price	$178.30
Market Cap ($ Bil)	5.2
First Trading Date	09/07/1984
Distance from 52W High	-29.5%
	50 Days	200 Days
DMA Price	$179.14	$202.21
DMA Trend	down	indeterminate
Distance from DMA	-0.5%	-11.8%
	3M	1YR
Volatility	30.4%	35.1%
Downside Capture	164.57	116.77
Upside Capture	110.79	82.02
Correlation (SPY)	36.6%	50.6%

BMI Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.87	0.77	0.87	1.06	0.89	0.95
Up Beta	0.83	0.94	1.19	2.08	0.93	1.06
Down Beta	0.95	-0.04	-0.17	0.27	0.71	0.80
Up Capture	67%	95%	98%	30%	71%	80%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	21	31	57	123	392
Down Capture	97%	114%	144%	164%	108%	99%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	20	31	68	125	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of BMI With Other Asset Classes (Last 1Y)
	BMI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-17.0%	25.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	34.9%	27.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.47	0.81	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		47.0%	50.6%	13.8%	22.8%	37.6%	20.4%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of BMI With Other Asset Classes (Last 5Y)
	BMI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.7%	19.9%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	31.6%	24.6%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.57	0.73	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		48.5%	54.1%	8.5%	14.0%	42.3%	22.4%

Based On 10-Year Data

		Comparison of BMI With Other Asset Classes (Last 10Y)
	BMI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.6%	22.2%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	32.3%	24.2%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.66	0.84	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		51.5%	58.1%	5.3%	19.0%	48.0%	14.5%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	2,357,773
Short Interest: % Change Since 10312025	22.8%
Average Daily Volume	287,728
Days-to-Cover Short Interest	8.19
Basic Shares Quantity	29,424,004
Short % of Basic Shares	8.0%

Returns Analyses

	Title
0	How Low Can Badger Meter Stock Really Go?
1	Badger Meter Stock Return Comparison
2	Badger Meter Total Shareholder Return (TSR): 2.3% in 2022 and 18.9% 3-yr returns (above peer average)

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10222025	10-Q 9/30/2025
6302025	7232025	10-Q 6/30/2025
3312025	4182025	10-Q 3/31/2025
12312024	2142025	10-K 12/31/2024
9302024	10182024	10-Q 9/30/2024
6302024	7222024	10-Q 6/30/2024
3312024	4192024	10-Q 3/31/2024
12312023	2162024	10-K 12/31/2023
9302023	10242023	10-Q 9/30/2023
6302023	7252023	10-Q 6/30/2023
3312023	4252023	10-Q 3/31/2023
12312022	2222023	10-K 12/31/2022
9302022	10252022	10-Q 9/30/2022
6302022	7262022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	2232022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Badger Meter (BMI)

Market Price (12/4/2025): $178.3 | Market Cap: $5.2 BilSector: Information Technology | Industry: Electronic Equipment & Instruments

Badger Meter (BMI)

Market Price (12/4/2025): $178.3Market Cap: $5.2 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments

Valuation, Metrics & Events

BMI Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

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Market Drivers

Fundamental Drivers

Market Drivers

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Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Badger Meter (BMI)

Utility Water

Flow Instrumentation

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Interactive Breakdown

Better Bets than Badger Meter (BMI)

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Based On 1-Year Data

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Market Price (12/4/2025): $178.3 | Market Cap: $5.2 Bil
Sector: Information Technology | Industry: Electronic Equipment & Instruments

Market Price (12/4/2025): $178.3
Market Cap: $5.2 Bil
Sector: Information Technology
Industry: Electronic Equipment & Instruments