Badger Meter (BMI)
Market Price (2/5/2026): $146.58 | Market Cap: $4.3 BilSector: Information Technology | Industry: Electronic Equipment & Instruments
Badger Meter (BMI)
Market Price (2/5/2026): $146.58Market Cap: $4.3 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/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 returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -38% | Key risksBMI key risks include [1] its heavy reliance on the unpredictable spending of public utilities and [2] intense competition within the smart water solutions market. |
| Low stock price volatilityVol 12M is 38% | ||
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Water Infrastructure, and Sustainable Resource Management. Themes include Smart Metering, Show more. |
| Attractive cash flow generationCFO/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% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Water Infrastructure, and Sustainable Resource Management. Themes include Smart Metering, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -38% |
| Key risksBMI key risks include [1] its heavy reliance on the unpredictable spending of public utilities and [2] intense competition within the smart water solutions market. |
Qualitative Assessment
AI Analysis | Feedback
1. Badger Meter's Q4 2025 revenue fell short of analyst expectations. The company reported fourth-quarter 2025 revenue of $220.7 million, missing the consensus estimate of approximately $230.8 million to $231.98 million. This revenue miss directly contributed to a significant stock decline.
2. The company provided slower growth guidance for the first half of 2026. Management indicated that organic sales growth slowed to 2% in the fourth quarter and projected continued slower growth in the first half of 2026 due to project timing. This outlook, suggesting a deceleration in growth, concerned investors.
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Stock Movement Drivers
Fundamental Drivers
The -18.7% change in BMI stock from 10/31/2025 to 2/4/2026 was primarily driven by a -18.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2042026 | Change |
|---|---|---|---|
| Stock Price ($) | 180.02 | 146.31 | -18.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 901 | 901 | 0.0% |
| Net Income Margin (%) | 15.4% | 15.4% | 0.0% |
| P/E Multiple | 38.2 | 31.0 | -18.7% |
| Shares Outstanding (Mil) | 29 | 29 | 0.0% |
| Cumulative Contribution | -18.7% |
Market Drivers
10/31/2025 to 2/4/2026| Return | Correlation | |
|---|---|---|
| BMI | -18.7% | |
| Market (SPY) | 0.6% | 35.9% |
| Sector (XLK) | -8.1% | 10.2% |
Fundamental Drivers
The -22.1% change in BMI stock from 7/31/2025 to 2/4/2026 was primarily driven by a -23.8% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2042026 | Change |
|---|---|---|---|
| Stock Price ($) | 187.90 | 146.31 | -22.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 874 | 901 | 3.1% |
| Net Income Margin (%) | 15.5% | 15.4% | -0.8% |
| P/E Multiple | 40.7 | 31.0 | -23.8% |
| Shares Outstanding (Mil) | 29 | 29 | 0.0% |
| Cumulative Contribution | -22.1% |
Market Drivers
7/31/2025 to 2/4/2026| Return | Correlation | |
|---|---|---|
| BMI | -22.1% | |
| Market (SPY) | 8.9% | 41.3% |
| Sector (XLK) | 5.3% | 21.5% |
Fundamental Drivers
The -31.1% change in BMI stock from 1/31/2025 to 2/4/2026 was primarily driven by a -40.8% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2042026 | Change |
|---|---|---|---|
| Stock Price ($) | 212.29 | 146.31 | -31.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 804 | 901 | 12.1% |
| Net Income Margin (%) | 14.8% | 15.4% | 4.1% |
| P/E Multiple | 52.4 | 31.0 | -40.8% |
| Shares Outstanding (Mil) | 29 | 29 | -0.2% |
| Cumulative Contribution | -31.1% |
Market Drivers
1/31/2025 to 2/4/2026| Return | Correlation | |
|---|---|---|
| BMI | -31.1% | |
| Market (SPY) | 15.0% | 46.6% |
| Sector (XLK) | 20.2% | 40.8% |
Fundamental Drivers
The 28.9% change in BMI stock from 1/31/2023 to 2/4/2026 was primarily driven by a 62.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2042026 | Change |
|---|---|---|---|
| Stock Price ($) | 113.50 | 146.31 | 28.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 554 | 901 | 62.7% |
| Net Income Margin (%) | 12.0% | 15.4% | 28.8% |
| P/E Multiple | 50.1 | 31.0 | -38.0% |
| Shares Outstanding (Mil) | 29 | 29 | -0.7% |
| Cumulative Contribution | 28.9% |
Market Drivers
1/31/2023 to 2/4/2026| Return | Correlation | |
|---|---|---|
| BMI | 28.9% | |
| Market (SPY) | 75.1% | 44.7% |
| Sector (XLK) | 107.3% | 36.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BMI Return | 14% | 3% | 43% | 38% | -17% | -15% | 63% |
| Peers Return | 22% | -24% | 40% | 29% | 11% | 6% | 95% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| BMI Win Rate | 75% | 42% | 83% | 67% | 33% | 50% | |
| Peers Win Rate | 63% | 35% | 58% | 57% | 58% | 90% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BMI Max Drawdown | -4% | -31% | -3% | -9% | -20% | -17% | |
| Peers Max Drawdown | -11% | -38% | -4% | -8% | -13% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ITRI, XYL, MWA, WTS, PNR. 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] 2026 data is for the year up to 2/4/2026 (YTD)
How Low Can It Go
| Event | BMI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -33.5% | -25.4% |
| % Gain to Breakeven | 50.4% | 34.1% |
| Time to Breakeven | 131 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -39.1% | -33.9% |
| % Gain to Breakeven | 64.3% | 51.3% |
| Time to Breakeven | 203 days | 148 days |
| 2018 Correction | ||
| % Loss | -19.6% | -19.8% |
| % Gain to Breakeven | 24.3% | 24.7% |
| Time to Breakeven | 87 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -68.3% | -56.8% |
| % Gain to Breakeven | 215.4% | 131.3% |
| Time to Breakeven | 2,290 days | 1,480 days |
Compare to ITRI, XYL, MWA, WTS, PNR
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.
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About Badger Meter (BMI)
AI 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 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 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 Analysis | Feedback
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AI 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 Analysis | Feedback
The key risks to Badger Meter's business include its reliance on public utility spending, the intense competitive landscape in the smart water solutions market, and potential disruptions in its supply chain coupled with rising material and labor costs.
- Reliance on Municipal Spending and Demand Volatility: A substantial portion of Badger Meter's revenue, approximately two-thirds, is dependent on spending by public utilities. Fluctuations or delays in state and local government funding can lead to deferred orders for smart metering projects, creating near-term volatility in the company's sales, despite the long-term demand for infrastructure upgrades.
- Intense Competition: Badger Meter operates within a highly competitive global market for flow measurement and smart water solutions. Major competitors, such as Sensus (a Xylem company), Neptune Technology Group, and Itron, hold significant market shares. This competitive environment necessitates continuous innovation and differentiation to maintain market position and secure new business.
- Supply Chain Disruptions and Cost Inflation: The company's financial results are susceptible to risks associated with its supply chain, including potential disruptions and increases in the cost of materials (such as copper, electronics, and batteries) and labor. Sustained inflation in input costs could pressure profit margins, even with efforts in automation and pricing power.
AI 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 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 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 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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 120.84 |
| Mkt Cap | 7.5 |
| Rev LTM | 2,381 |
| Op Inc LTM | 374 |
| FCF LTM | 343 |
| FCF 3Y Avg | 252 |
| CFO LTM | 377 |
| CFO 3Y Avg | 282 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.9% |
| Rev Chg 3Y Avg | 8.3% |
| Rev Chg Q | 8.6% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 18.9% |
| Op Mgn 3Y Avg | 16.6% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 15.9% |
| CFO/Rev 3Y Avg | 15.0% |
| FCF/Rev LTM | 14.4% |
| FCF/Rev 3Y Avg | 12.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.5 |
| P/S | 3.8 |
| P/EBIT | 21.6 |
| P/E | 27.7 |
| P/CFO | 21.7 |
| Total Yield | 4.6% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.0% |
| 3M Rtn | -5.9% |
| 6M Rtn | -3.4% |
| 12M Rtn | 4.7% |
| 3Y Rtn | 70.8% |
| 1M Excs Rtn | 3.2% |
| 3M Excs Rtn | -5.7% |
| 6M Excs Rtn | -13.4% |
| 12M Excs Rtn | -9.2% |
| 3Y Excs Rtn | 19.8% |
Comparison Analyses
Price Behavior
| Market Price | $146.31 | |
| Market Cap ($ Bil) | 4.3 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -42.2% | |
| 50 Days | 200 Days | |
| DMA Price | $173.08 | $197.23 |
| DMA Trend | down | down |
| Distance from DMA | -15.5% | -25.8% |
| 3M | 1YR | |
| Volatility | 41.7% | 38.2% |
| Downside Capture | 259.53 | 143.69 |
| Upside Capture | 101.38 | 83.72 |
| Correlation (SPY) | 37.3% | 46.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.96 | 1.54 | 1.21 | 1.20 | 0.91 | 0.95 |
| Up Beta | 3.82 | 2.03 | 1.14 | 1.58 | 0.95 | 1.07 |
| Down Beta | 0.78 | 0.45 | 0.29 | 0.05 | 0.61 | 0.75 |
| Up Capture | 32% | 104% | 95% | 108% | 72% | 78% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 11 | 21 | 31 | 63 | 125 | 393 |
| Down Capture | 481% | 309% | 213% | 192% | 120% | 102% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 9 | 20 | 30 | 62 | 126 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMI | |
|---|---|---|---|---|
| BMI | -31.8% | 38.1% | -0.91 | - |
| Sector ETF (XLK) | 22.0% | 27.1% | 0.71 | 41.0% |
| Equity (SPY) | 15.9% | 19.2% | 0.64 | 46.8% |
| Gold (GLD) | 76.1% | 24.5% | 2.27 | -1.8% |
| Commodities (DBC) | 9.3% | 16.5% | 0.36 | 13.7% |
| Real Estate (VNQ) | 4.6% | 16.5% | 0.10 | 37.9% |
| Bitcoin (BTCUSD) | -24.7% | 40.5% | -0.60 | 19.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMI | |
|---|---|---|---|---|
| BMI | 9.5% | 32.0% | 0.34 | - |
| Sector ETF (XLK) | 16.8% | 24.7% | 0.61 | 47.6% |
| Equity (SPY) | 14.2% | 17.0% | 0.66 | 53.6% |
| Gold (GLD) | 21.5% | 16.8% | 1.04 | 5.1% |
| Commodities (DBC) | 12.1% | 18.9% | 0.52 | 11.3% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 42.7% |
| Bitcoin (BTCUSD) | 18.0% | 57.4% | 0.52 | 21.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMI | |
|---|---|---|---|---|
| BMI | 19.7% | 32.7% | 0.63 | - |
| Sector ETF (XLK) | 22.8% | 24.2% | 0.86 | 50.4% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 57.3% |
| Gold (GLD) | 15.6% | 15.5% | 0.84 | 3.4% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 17.8% |
| Real Estate (VNQ) | 5.9% | 20.8% | 0.25 | 47.4% |
| Bitcoin (BTCUSD) | 69.3% | 66.5% | 1.09 | 13.6% |
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Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2025 | -5.4% | -2.3% | -8.0% |
| 7/22/2025 | -16.5% | -21.5% | -23.5% |
| 4/17/2025 | 9.6% | 18.3% | 33.2% |
| 1/31/2025 | 2.6% | 3.5% | 0.7% |
| 10/17/2024 | -6.3% | -7.8% | -0.1% |
| 7/19/2024 | -1.8% | 3.9% | 3.1% |
| 4/18/2024 | 16.7% | 19.7% | 28.3% |
| 1/26/2024 | -5.6% | -4.6% | 3.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 19 |
| # Negative | 10 | 7 | 5 |
| Median Positive | 7.3% | 8.0% | 9.5% |
| Median Negative | -5.5% | -4.6% | -8.0% |
| Max Positive | 16.7% | 19.7% | 33.2% |
| Max Negative | -16.5% | -21.5% | -23.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/18/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/18/2024 | 10-Q |
| 06/30/2024 | 07/22/2024 | 10-Q |
| 03/31/2024 | 04/19/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bauer, Karen M | VP-IR, Strategy & Treasurer | Direct | Sell | 3072025 | 209.74 | 1,147 | 240,572 | 1,064,640 | Form |
| 2 | Bockhorst, Kenneth | Chairman, President & CEO | Direct | Sell | 3072025 | 209.74 | 16,073 | 3,371,151 | 7,332,720 | Form |
| 3 | Stoll, Kimberly K | VP-Sales & Marketing | Direct | Sell | 3072025 | 209.74 | 1,376 | 288,602 | 674,734 | Form |
| 4 | Bergum, William R A | VP-Gen. Counsel and Secretary | Direct | Sell | 3072025 | 209.74 | 1,147 | 240,572 | 2,665,586 | Form |
| 5 | Begale, Fred J | VP-Engineering | Direct | Sell | 3072025 | 209.74 | 936 | 196,317 | 434,581 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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