BMI
BADGER METER INC
Next earnings Jul 16, 2026 (before open) · consensus $1.03 EPS, $222M rev
Last earnings -24.1% on 2026-04-17
$140.88
▼ -0.01%$140.88▼ -42.27%
over 1Y
L $113.03EODHDH $244.63
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-0.0%
1W+4.5%
1M+12.2%
3M-3.1%
YTD-19.7%
1Y-42.3%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 17 analysts
Buy
High-quality water-meter compounder with pristine balance sheet — but 27.9x earnings already prices in the growth.
Revenue $917M · FY2025
The read
Fundamentals and price both look middling — no strong edge either way.
Badger Meter is a textbook quality compounder. FY2025 revenue grew 10.9% to $917M and net income grew 13.4% to $142M, the fifth consecutive year of double-digit growth (revenue has compounded from $505M in FY2021 to $917M in FY2025 — an ~82% expansion in four years). Margins are not just holding, they are expanding: gross profit grew 16.1% (faster than revenue), operating margin sits at 20.0% and ROE at 19.9%. The balance sheet is fortress-grade — $713M of equity, zero current debt, $87M cash, and operating cash flow of $184M against just $14M of capex. Management's 10-K language reinforces this: BMI claims 'leading technology in water meters and radio systems' with 'favorable patent positions,' and frames new static-metering entrants as lacking 'brand recognition and product breadth' — a credible moat, validated by E&Y's unqualified ICFR opinion.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $505M | $566M | $704M | $827M | $917M |
| Gross profit | $205M | $220M | $276M | $329M | $382M |
| Operating income | $78.7M | $87.3M | $118M | $158M | $183M |
| Net income | $60.9M | $66.5M | $92.6M | $125M | $142M |
| Diluted EPS | $2.08 | $2.26 | $3.14 | $4.23 | $4.79 |
| Net margin | 12.1% | 11.8% | 13.2% | 15.1% | 15.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$4.02B
EV / EBITDA—
EV / Sales4.4
EV / FCF23.7
P / FCF24.2
PEG (trailing)2.20
Earnings yield3.4%
FCF yield4.1%
Quality & risk
ROIC (est.)20.3%
Free cash flow$170M
Total debt$0.00
Net cash$87.2M
Piotroski F-Score5/8
Capital returns
Buyback yield0.4%
Dividend yield (est.)1.1%
Shareholder yield1.4%
Shares Δ YoY-0.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Agreement terminated2026-06-11
New credit facility entered and prior agreement terminated; expands liquidity flexibility
- 8-K Reg FD disclosure2026-05-21
Reg FD disclosure (investor materials/presentation); no material new financial information
- 8-K Charter / bylaws change2026-04-28
Annual meeting results: bylaws amended, directors elected, routine governance updates
- 10-Q Quarterly report2026-04-20
Q1 2026 10-Q filed; continues double-digit growth trajectory from FY2025
- 8-K Earnings results2026-04-17
Q1 2026 earnings release furnished; results drove the post-print move
- DEF 14A Proxy statement2026-03-13
- 10-K Annual report2026-02-17
FY2025: rev $917M (+10.9%), NI $142M (+13.4%), ICFR effective, unqualified audit
- 8-K Earnings results2026-01-28
Q4 2025 earnings release furnished; FY revenue +10.9% and EPS +13.2%
- 8-K Officer / director change2025-12-11
Executive officer change announced (5.02); leadership transition disclosed
Recent filings
all on EDGAR ↗11-KPeriod ending 2025-12-312026-06-22open ↗8-KPeriod ending 2026-06-052026-06-11open ↗SDFiling2026-05-28open ↗8-KPeriod ending 2026-05-212026-05-21open ↗SCHEDULE 13GFiling2026-05-12open ↗4Period ending 2026-05-012026-05-04open ↗SCHEDULE 13GFiling2026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗
Frequently asked
- Is BADGER METER INC (BMI) a buy?
- BMI currently carries a Hold rating with 4/5 conviction, derived from its latest SEC filings. High-quality water-meter compounder with pristine balance sheet — but 27.9x earnings already prices in the growth.
- What is BMI's fair value?
- A Modified-Graham model based on BMI's SEC fundamentals estimates a fair value of about $140.66. It is an estimate from reported earnings, not a price target.
- Is BMI overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, BMI currently appears fairly valued relative to its SEC-grounded earnings power.
- What is BADGER METER INC's quality score?
- BMI scores 74.4705882352941/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000009092, latest 10-Q filed 2026-04-20) · EODHD · analysis by claude-code · as of 6/25/2026, 1:10:57 PM.
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