Badger Meter, Inc. logo

Badger Meter, Inc.

BMI

NYSEIndustrialsIndustrial - Machinery

Previous close

$131.81

+$3.68 · +2.87%

Aug 21, 4:00 PM ET

BMI company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

73

Undervalued

Momentum

41

Neutral

Sentiment

58

Mixed

Risk resilience

54

Elevated Risk

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Company profile

Company website

Badger Meter, Inc. (BMI) provides a comprehensive range of solutions for flow measurement, quality assessment, control, and communication. Operating globally, the company serves markets across North America, Europe, Asia, and the Middle East. For municipal water utilities, BMI supplies both conventional and advanced water meters, complemented by associated radio, software, and service technologies. Additionally, Badger Meter engineers and produces a variety of flow instrumentation devices, including meters, valves, and sensing tools. These instruments are vital for measuring and controlling the flow of various substances—from water, air, and steam to oil and other liquids and gases—within industrial piping and pipelines. They are incorporated by original equipment manufacturers (OEMs) as primary measurement components within their products or systems and distributed through manufacturer representatives. Key applications for this instrumentation span water/wastewater treatment, heating, ventilation, and air conditioning (HVAC) systems, and corporate sustainability efforts. The company further innovates with its ORION suite of automatic meter reading (AMR) technologies, encompassing ORION Migratable, ORION (SE) for traditional fixed networks, and ORION Cellular for infrastructure-free fixed network solutions. Its BEACON advanced metering analytics platform, a secure cloud-hosted software, empowers users with alerts for specified conditions and consumer engagement tools to visualize and manage water usage. Serving a broad customer base, including water utilities, industrial clients, and other sectors, Badger Meter sells its offerings directly and through a network of resellers and representatives. Founded in 1905, Badger Meter, Inc. is headquartered in Milwaukee, Wisconsin.

Industry
Industrial - Machinery
Sector
Industrials
Headquarters
US
CEO
Kenneth C. Bockhorst
Listed since
Oct 27, 1983
Employees
2,477

Market position

Day range

Current $131.81

52-week range

Current $131.81

Open
$128.45
Previous close
$128.13
Volume
265.37K
0.46× average
Average volume
582.81K
Average daily volume
Market cap
3.82B USD
Beta
0.64
Market reference 1
50-day average
$137.07
-3.84% below average
200-day average
$149.82
-12.02% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
4.9B USD
P/E (TTM)
30.72×
P/B (TTM)
5.6×
P/S (TTM)
4.34×
EV / EBITDA
21.96×
Earnings yield
2.76%
Free cash flow yield
3.31%
Dividend yield
1.21%

Profitability & efficiency

Gross margin
41.31%
Operating margin
18.58%
Net margin
14.27%
Return on equity
19.86%
Return on assets
14.55%
Return on invested capital
16.73%

Financial health

Debt / equity
Current ratio
3.36×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends45%33%21%9%Gross margin, FY2021: 40.67%Gross margin, FY2022: 38.89%Gross margin, FY2023: 39.29%Gross margin, FY2024: 39.83%Gross margin, FY2025: 41.68%Operating margin, FY2021: 15.58%Operating margin, FY2022: 15.43%Operating margin, FY2023: 16.78%Operating margin, FY2024: 19.11%Operating margin, FY2025: 20.01%Net margin, FY2021: 12.05%Net margin, FY2022: 11.76%Net margin, FY2023: 13.16%Net margin, FY2024: 15.12%Net margin, FY2025: 15.45%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 40.67%. Gross margin FY2022 38.89%. Gross margin FY2023 39.29%. Gross margin FY2024 39.83%. Gross margin FY2025 41.68%. Operating margin FY2021 15.58%. Operating margin FY2022 15.43%. Operating margin FY2023 16.78%. Operating margin FY2024 19.11%. Operating margin FY2025 20.01%. Net margin FY2021 12.05%. Net margin FY2022 11.76%. Net margin FY2023 13.16%. Net margin FY2024 15.12%. Net margin FY2025 15.45%.

Income trends

Revenue

916.66M USD+10.90%

Operating income

183.42M USD+16.14%

Net income

141.63M USD+13.36%
Income trends across reported periods1B USD659.93M USD317.62M USD−24.69M USDRevenue, FY2021: 505.2M USDRevenue, FY2022: 565.57M USDRevenue, FY2023: 703.59M USDRevenue, FY2024: 826.56M USDRevenue, FY2025: 916.66M USDOperating income, FY2021: 78.72M USDOperating income, FY2022: 87.3M USDOperating income, FY2023: 118.05M USDOperating income, FY2024: 157.94M USDOperating income, FY2025: 183.42M USDNet income, FY2021: 60.88M USDNet income, FY2022: 66.5M USDNet income, FY2023: 92.6M USDNet income, FY2024: 124.94M USDNet income, FY2025: 141.63M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 505.2M USD. Revenue FY2022 565.57M USD. Revenue FY2023 703.59M USD. Revenue FY2024 826.56M USD. Revenue FY2025 916.66M USD. Operating income FY2021 78.72M USD. Operating income FY2022 87.3M USD. Operating income FY2023 118.05M USD. Operating income FY2024 157.94M USD. Operating income FY2025 183.42M USD. Net income FY2021 60.88M USD. Net income FY2022 66.5M USD. Net income FY2023 92.6M USD. Net income FY2024 124.94M USD. Net income FY2025 141.63M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue916.66M USD826.56M USD703.59M USD565.57M USD505.2M USD
Cost of goods sold534.59M USD497.37M USD427.15M USD345.6M USD299.71M USD
Gross profit382.07M USD329.18M USD276.44M USD219.97M USD205.48M USD
Research and development19.2M USD19M USD15.8M USD14.7M USD
Selling, general, and administrative171.25M USD139.39M USD132.81M USD126.88M USD
Operating expenses198.65M USD171.25M USD158.39M USD132.81M USD126.88M USD
Interest income5.12M USD8.61M USD4.05M USD552K USD20K USD
Depreciation and amortization34.58M USD32.19M USD28.11M USD26.24M USD27.86M USD
Operating income183.42M USD157.94M USD118.05M USD87.3M USD78.72M USD
Net income141.63M USD124.94M USD92.6M USD66.5M USD60.88M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
64%
7 beats, 4 misses, 0 met estimates
Average EPS surprise
+2.59%
11 comparable reports
Latest EPS result
1.02
Estimate 1.01 · Beat by 0.99%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.351.191.040.88Q1 '25BeatQ2 '25BeatQ3 '25MissQ4 '25BeatQ1 '26MissQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 31, 2025: actual 1.04, estimate 1.01, surprise +2.97%, Beat. Q2 2025, reported Apr 17, 2025: actual 1.3, estimate 1.07, surprise +21.50%, Beat. Q3 2025, reported Jul 22, 2025: actual 1.12, estimate 1.19, surprise -5.88%, Miss. Q4 2025, reported Oct 21, 2025: actual 1.19, estimate 1.14, surprise +4.39%, Beat. Q1 2026, reported Jan 28, 2026: actual 1.14, estimate 1.15, surprise -0.87%, Miss. Q2 2026, reported Apr 17, 2026: actual 0.93, estimate 1.22, surprise -23.77%, Miss. Q3 2026, reported Jul 22, 2026: actual 1.02, estimate 1.01, surprise +0.99%, Beat. Q4 2026, reported Oct 20, 2026: actual —, estimate 1.2, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates251.43M231.82M212.22M192.61MQ1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26MissQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 31, 2025: actual 205.18M USD, estimate 212.68M USD, surprise -3.53%, Miss. Q2 2025, reported Apr 17, 2025: actual 222.21M USD, estimate 220.73M USD, surprise +0.67%, Beat. Q3 2025, reported Jul 22, 2025: actual 238.1M USD, estimate 232.69M USD, surprise +2.32%, Beat. Q4 2025, reported Oct 21, 2025: actual 235.65M USD, estimate 231.84M USD, surprise +1.65%, Beat. Q1 2026, reported Jan 28, 2026: actual 220.71M USD, estimate 231.34M USD, surprise -4.60%, Miss. Q2 2026, reported Apr 17, 2026: actual 202.28M USD, estimate 229.6M USD, surprise -11.90%, Miss. Q3 2026, reported Jul 22, 2026: actual 222.32M USD, estimate 220.59M USD, surprise +0.78%, Beat. Q4 2026, reported Oct 20, 2026: actual —, estimate 241.76M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$153.2

16.23% upside
Past 12 months12-month forecastHigh $167Average $153.2Low $112

BMI peers

ETFs holding BMI

Funds reporting this stock among their holdings, ordered by reported position size.

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