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BMIBadger Meter, Inc.
$147.08$4.3B
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BMI logoBadger Meter, Inc.(BMI)Earnings, Financials & Key Ratios

BMI•NYSE
$147.08
30.7× P/E·Price updated Jul 7, 2026
SectorTechnologyIndustryTech Hardware & EquipmentSub-IndustrySensors, Controls and Smart Metering
AboutBadger 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.Show more
  • Revenue$917M+10.9%
  • EBITDA$218M+14.7%
  • Net Income$142M+13.4%
  • EPS (Diluted)4.79+13.2%
  • Gross Margin41.68%+4.7%
  • EBITDA Margin23.78%+3.4%
  • Operating Margin20.01%+4.7%
  • Net Margin15.45%+2.2%
  • ROE21.47%-3.5%

BMI Price & Volume

Badger Meter, Inc. (BMI) stock price & volume — 10-year historical chart

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Cyclical Revenue Contraction Challenges Premium Valuation Multiples

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Decelerating
Profitability:Moderate
Financial:Fortress
Cash Flow:Mixed
Primary Risk:Valuation premium sustainability

Key Thesis Takeaways

  • Badger Meter faces a critical transition as it pivots toward a recurring revenue model, evidenced by deferred revenue surging from $49.8 million in 2023Q4 to $180.9 million in 2026Q1.
  • While the company maintains a fortress balance sheet with zero debt, the recent 9.0% year-over-year revenue decline and operating margin contraction to 17.4% suggest that historical growth momentum is stalling.
  • Investors should monitor whether the shift toward software-centric service contracts can offset the volatility in core hardware demand and justify the current 31.32 forward P/E multiple.

Verdict Logic

the company's premium valuation of 29.41x TTM P/E appears difficult to sustain given the recent 28.5% year-over-year decline in EPS and the ongoing volatility in cash conversion efficiency.

BMI Growth Metrics

Badger Meter, Inc. (BMI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.27%
5 Years16.59%
3 Years17.46%
TTM5.19%

Profit CAGR

10 Years18.5%
5 Years23.48%
3 Years28.66%
TTM-2.71%

EPS CAGR

10 Years18.2%
5 Years23.17%
3 Years28.45%
TTM-2.42%

Return on Capital

10 Years19.93%
5 Years21.53%
3 Years23.55%
Last Year24.12%

BMI Recent Earnings

Badger Meter, Inc. (BMI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 17, 2026
Metric
Actual
Est
EPS
$0.93-23.8%
$1.22
Rev
$202M-11.9%
$230M
Q1 2026
Jan 28, 2026
Metric
Actual
Est
EPS
$1.14-0.9%
$1.15
Rev
$221M-4.6%
$231M
Q4 2025
Oct 21, 2025
Metric
Actual
Est
EPS
$1.19+4.4%
$1.14
Rev
$236M+1.6%
$232M
Q3 2025
Jul 22, 2025
Metric
Actual
Est
EPS
$1.12-5.9%
$1.19
Rev
$238M+2.3%
$233M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 17, 2026
$0.93vs $1.22-23.8%
$202Mvs $230M-11.9%
Q1 2026Jan 28, 2026
$1.14vs $1.15-0.9%
$221Mvs $231M-4.6%
Q4 2025Oct 21, 2025
$1.19vs $1.14+4.4%
$236Mvs $232M+1.6%
Q3 2025Jul 22, 2025
$1.12vs $1.19-5.9%
$238Mvs $233M+2.3%
Based on last 12 quarters of dataView full earnings history →

Latest BMI News

Recent stock market news and headlines for Badger Meter, Inc. (BMI)

PRNewsWire·Jun 29, 2026
Badger Meter, Inc. Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights - BMI

LOS ANGELES, June 29, 2026 /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against Badger Meter, Inc. ("Badger" or "the Company") (NYSE: BMI) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Shareholders who purchased shares of BMI during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments.

Peers Comparison

Key metrics vs top competitors for Badger Meter, Inc. (BMI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
BMI logoBMIBadger Meter, Inc.Current
$147.08$4.29B30.7110.9%15.45%21.47%1%
ITRI logoITRIItron, Inc.
$84.44$3.74B12.97-3.02%12.32%17.22%—
FELE logoFELEFranklin Electric Co., Inc.
$102.77$4.54B31.625.44%6.91%11.44%—
ERII logoERIIEnergy Recovery, Inc.
$8.80$453.6M20.95-7.07%15.1%10.89%—
MWA logoMWAMueller Water Products, Inc.
$25.10$3.93B20.578.75%14.17%20.74%—
XYL logoXYLXylem Inc.
$120.65$28.68B30.785.52%10.7%8.51%—

Compare BMI vs Peers

Badger Meter, Inc. (BMI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ITRI

Most directly comparable listed peer for BMI.

Scale Benchmark

vs DHR

Larger-name benchmark to compare BMI against a more recognizable public peer.

Peer Set

Compare Top 5

vs ITRI, FELE, ERII, MWA

BMI SEC Filings & Documents

Badger Meter, Inc. (BMI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jun 11, 2026·SEC

Material company update

May 21, 2026·SEC

Material company update

Apr 28, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 17, 2026·SEC

FY 2025

Feb 14, 2025·SEC

FY 2024

Feb 16, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 20, 2026·SEC

FY 2025

Oct 22, 2025·SEC

FY 2025

Jul 23, 2025·SEC

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BMI Frequently Asked Questions

Badger Meter, Inc. (BMI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Badger Meter, Inc.'s revenue?

Badger Meter, Inc. (BMI) reported $896.7M in revenue for fiscal year 2025. This represents a 673% increase from $116.0M in 1996.

How fast is Badger Meter, Inc. growing?

Badger Meter, Inc. (BMI) grew revenue by 10.9% over the past year. This is steady growth.

Is BMI profitable?

Yes, Badger Meter, Inc. (BMI) is profitable, generating $130.6M in net income for fiscal year 2025 (15.5% net margin).

Dividend & Returns
Does BMI pay dividends?

Yes, Badger Meter, Inc. (BMI) pays a dividend with a yield of 1.00%. This makes it attractive for income-focused investors.

What is BMI's return on equity?

Badger Meter, Inc. (BMI) has a return on equity (ROE) of 21.5%. This is excellent, indicating efficient use of shareholder capital.

What is Badger Meter, Inc.'s free cash flow?

Badger Meter, Inc. (BMI) generated $169.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in BMI back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →