Badger Meter, Inc. BMI R2K
Badger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions worldwide. The company offers Utility water smart metering solutions and software technologies and services to municipal water utility market. It also provides flow instrumentation products, including meters, valves, and other sensing instruments to measure and control fluids, including water, air, steam, 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. In addition, the company offers ORION Cellular endpoints to power network as a service; ORION mobile read endpoints support for deploying AMR solution; radio products; hardware, instruments, and sensors, and related software, to enhance connected data to a water utility's operation; water quality monitoring solutions, including optical sensing and electrochemical instruments; and high frequency pressure and leak detection sensors to aid in burst pipe and leak events; as well as BEACON, a secure cloud-hosted software suite that establishes alerts for specific conditions and allows consumer engagement tools that permit end water user to view and manage their water usage activity. Its flow instrumentation products are used in water/wastewater, heating, ventilating and air conditioning, and corporate sustainability markets. The company serves water utilities, commercial, and industrial industries; and provides training, project management, technical support, and other collaborative services for customers. It sells its products and software to employees, resellers, and representatives. The company was incorporated in 1905 and is based in Milwaukee, Wisconsin.
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Valuation
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Growth (CAGR)
PROS
- Healthy ROCE of 22.3%.
- Compounding revenue at 17.5% over 5 years.
- Profit CAGR of 28.7% over 5 years.
- Generates positive free cash flow.
CONS
- Trading 50.7% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Technology).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BMI Badger Meter, Inc. R2K | 123.90 | 28.03 | $3.62B | 1.29% | 22.29% | 19.60% | 17.46% | 28.66% |
| 2 | NVDA NVIDIA Corporation NDXSPXAI | 211.14 | 32.38 | $5.11T | 0.47% | 81.14% | 114.29% | 100.05% | 201.80% |
| 3 | AAPL Apple Inc. NDXSPX | 312.06 | 37.73 | $4.58T | 0.35% | 68.72% | 141.47% | 1.81% | 3.92% |
| 4 | MSFT Microsoft Corporation NDXSPXAI | 450.24 | 26.82 | $3.34T | 0.81% | 26.37% | 34.01% | 12.42% | 11.87% |
| 5 | TSM Taiwan Semiconductor Manufacturing Company Limited AI | 418.45 | 35.86 | $2.17T | 0.91% | 32.04% | 36.21% | 18.94% | 19.57% |
| 6 | MU Micron Technology, Inc. NDXSPXAI | 971.00 | 45.87 | $1.10T | 0.06% | 14.20% | 39.82% | 6.71% | -0.57% |
| 7 | AMD Advanced Micro Devices, Inc. NDXSPXAI | 516.10 | 172.61 | $841.55B | - | 6.33% | 8.06% | 13.64% | 48.64% |
| 8 | ORCL Oracle Corporation SPXAI | 225.78 | 40.46 | $649.35B | 0.89% | 13.07% | 57.57% | 10.59% | 22.81% |
| 9 | ASML ASML Holding N.V. NDXAI | 1,612.76 | 53.76 | $621.59B | 0.54% | 43.81% | 52.24% | 15.55% | 19.55% |
Quarterly Results
Figures in USD.
| Metric | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | 101.61M | 104.18M | 100.01M | 96.65M | 105.04M | 113.65M | 110.63M | 104.41M | 104.88M | 103.54M | 108.65M | 107.56M | 108.51M | 91.12M | 113.59M | 112.33M | 117.84M | 122.87M | 128.74M | 135.75M | 132.40M | 137.83M | 148.01M | 147.32M | 159.10M | 175.86M | 186.19M | 182.44M | 196.28M | 216.66M | - | - | 222.21M | 238.09M | 235.65M | 220.71M | 202.28M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 126.77M | 140.28M | 139.81M | 127.72M | 117.95M |
| Gross Profit | 39.40M | 38.65M | 33.52M | 38.65M | 41.05M | 37.04M | 39.00M | 36.75M | 41.50M | 43.95M | 40.15M | 40.46M | 40.28M | 41.67M | 41.12M | 43.32M | 35.85M | 45.02M | 44.05M | 49.36M | 50.10M | 51.18M | 54.84M | 50.72M | 54.76M | 57.52M | 56.97M | 62.82M | 69.43M | 72.72M | 71.47M | 77.18M | 85.37M | - | - | 95.44M | 97.81M | 95.84M | 92.99M | 84.33M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 46.01M | 52.95M | 49.75M | 49.94M | 49.16M |
| Operating Income | 14.92M | 13.94M | - | 13.56M | 16.84M | 12.31M | - | 9.97M | 16.35M | 15.73M | - | 14.33M | 15.03M | 16.45M | - | 16.02M | 12.66M | 19.51M | - | 17.75M | 18.68M | 19.44M | - | 18.86M | 22.09M | 23.87M | - | 25.05M | 29.50M | 31.42M | - | 36.58M | 41.51M | - | - | 49.42M | 44.86M | 46.08M | 43.05M | 35.17M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 57.71M | 53.66M | 54.79M | 51.85M | 44.23M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 50.79M | 45.79M | 47.44M | 44.64M | 36.34M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 12.39M | 11.20M | 12.37M | 11.07M | 9.00M |
| Net Income | 9.40M | 8.79M | 6.11M | 8.75M | 10.61M | 7.97M | 7.23M | 7.55M | 6.15M | 2.85M | 11.24M | 10.82M | 11.36M | 12.72M | 12.27M | 11.85M | 9.53M | 14.86M | 13.09M | 13.78M | 13.97M | 15.86M | 17.28M | 14.36M | 16.66M | 17.93M | 17.54M | 19.41M | 22.49M | 25.97M | 24.72M | 29.13M | 33.06M | - | - | 38.40M | 34.58M | 35.08M | 33.58M | 27.34M |
| Diluted EPS | 0.32 | 0.30 | 0.21 | 0.30 | 0.36 | 0.27 | 0.25 | 0.26 | 0.21 | 0.10 | 0.39 | 0.37 | 0.39 | 0.44 | 0.42 | 0.41 | 0.33 | 0.51 | 0.45 | 0.47 | 0.48 | 0.54 | 0.59 | 0.49 | 0.57 | 0.61 | 0.60 | 0.66 | 0.76 | 0.88 | 0.84 | 0.99 | 1.12 | - | - | 1.30 | 1.17 | 1.19 | 1.14 | 0.93 |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | 393.76M | 402.44M | 433.73M | 424.62M | 425.54M | - | 565.57M | 703.59M | 826.56M | 916.66M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 345.60M | 427.15M | 497.37M | 534.59M |
| Gross Profit | 97.01M | 102.82M | 89.82M | 122.25M | 116.99M | 131.14M | 135.78M | 150.58M | 155.75M | 162.35M | 163.53M | 168.25M | - | 219.97M | 276.44M | 329.18M | 382.07M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | 132.68M | 158.39M | 171.25M | 198.65M |
| Operating Income | 42.24M | 44.82M | 27.53M | 44.47M | 39.11M | 46.05M | 42.37M | 52.67M | 56.59M | 56.87M | 62.15M | 65.16M | - | 87.30M | 118.05M | 157.94M | 183.42M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | 113.54M | 146.16M | 190.12M | 218.00M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | 87.72M | 121.97M | 166.50M | 188.66M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | 21.22M | 29.37M | 41.56M | 47.02M |
| Net Income | 34.17M | 28.66M | 19.16M | 28.03M | 24.62M | 29.68M | 25.94M | 32.30M | 34.57M | 27.79M | 47.18M | 49.34M | - | 66.50M | 92.60M | 124.94M | 141.63M |
| Diluted EPS | 2.28 | 1.91 | 1.27 | - | - | - | - | 1.11 | 1.19 | 0.95 | 1.61 | 1.69 | - | 2.26 | 3.14 | 4.23 | 4.79 |
| R&D Expense | - | 7.20M | 8.10M | 9.60M | 10.50M | 9.50M | 10.60M | 10.60M | 10.60M | 11.10M | 11.90M | 11.60M | 14.70M | 15.80M | 19.00M | 19.20M | 21.60M |
Compounded Sales Growth
| 5 Years: | 17.46% |
| 1 Year: | -9.00% |
Compounded Profit Growth
| 5 Years: | 28.66% |
| 1 Year: | -28.50% |
Stock Price Performance
| 1 Year: | -49.56% |
| 6 Months: | -31.75% |
| 3 Months: | -18.45% |
| 1 Month: | +5.48% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 215.86M | 218.91M | 290.45M | 316.06M | 341.16M | 355.48M | 349.70M | 391.73M | 392.69M | 421.89M | 471.22M | - | 603.05M | 716.92M | 816.41M | 973.58M |
| Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 347.83M | 442.18M | 540.12M | 507.08M |
| Cash & Equivalents | - | - | - | - | - | - | - | - | - | 11.16M | 13.09M | 48.87M | 72.27M | - | 138.05M | 191.78M | 295.31M | 226.02M |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 119.86M | 153.67M | 143.41M | 151.94M |
| Receivables | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 76.65M | 83.51M | 84.33M | 112.36M |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 160.62M | 200.44M | 210.18M | 260.28M |
| Current Liabilities | - | - | 32.68M | 22.41M | 94.08M | 98.04M | 107.08M | 104.54M | 75.84M | 93.11M | 60.02M | 57.25M | 68.04M | - | 110.31M | 131.95M | 118.20M | 150.72M |
| Long Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 111.02M | 144.46M | 168.38M | 179.28M | 171.25M | 196.56M | 214.33M | 232.28M | 256.21M | 277.45M | 303.50M | 331.07M | 361.26M | - | 442.42M | 516.48M | 606.23M | 713.29M |
| Shares Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 37.22M | 37.22M | 37.22M | 37.22M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 36.59M | 18.40M | 31.32M | 34.80M | 34.82M | 35.73M | 35.83M | 56.19M | 49.75M | 60.35M | 80.71M | 89.58M | - | 82.45M | 110.12M | 155.03M | 183.70M |
| Investing Cash Flow | -7.75M | -26.05M | -9.29M | -59.72M | -29.71M | -33.16M | -21.67M | -12.40M | -35.45M | -16.69M | -7.50M | -38.19M | - | -5.89M | -29.13M | -15.82M | -198.05M |
| Financing Cash Flow | -21.49M | -2.72M | -20.00M | 26.78M | -4.28M | -2.74M | -12.97M | -44.47M | -10.43M | -42.14M | -37.71M | -27.82M | - | -24.61M | -28.09M | -35.10M | -57.98M |
| Capital Expenditure | -7.75M | -9.24M | -5.34M | -8.20M | -14.31M | -12.33M | -19.77M | -10.60M | -15.07M | -8.64M | -7.50M | -9.06M | - | -5.89M | -12.00M | -12.82M | -14.03M |
| Free Cash Flow | 28.84M | 9.16M | 25.98M | 26.60M | 20.51M | 23.40M | 16.07M | 45.59M | 34.68M | 51.71M | 73.22M | 80.52M | - | 76.56M | 98.11M | 142.22M | 169.67M |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - | - | - | - | 51.95M | 52.90M | 104.12M | -72.33M |
| Share Buybacks | - | 0 | 0 | 30.00M | 0 | 0 | 0 | 0 | 4.40M | 4.79M | 5.21M | 3.12M | 460.00K | 427.00K | 0 | 0 | 15.00M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | - | - | - | - | 38.2% | 38.7% | 37.4% | 38.5% | 39.5% | - | 38.9% | 39.3% | 39.8% | 41.7% |
| Operating Margin % | - | - | - | - | - | - | - | 13.4% | 14.1% | 13.1% | 14.6% | 15.3% | - | 15.4% | 16.8% | 19.1% | 20.0% |
| Net Margin % | - | - | - | - | - | - | - | 8.2% | 8.6% | 6.4% | 11.1% | 11.6% | - | 11.8% | 13.2% | 15.1% | 15.5% |
| ROE % | 23.7% | 17.0% | 10.7% | 16.4% | 12.5% | 13.8% | 11.2% | 12.6% | 12.5% | 9.2% | 14.2% | 13.7% | - | 15.0% | 17.9% | 20.6% | 19.9% |
| ROCE % | - | 24.5% | 14.0% | 22.6% | 17.9% | 19.7% | 16.9% | 19.2% | 19.0% | 17.1% | 17.0% | 16.2% | - | 17.7% | 20.2% | 22.6% | 22.3% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 16.97% | 4.95M | $613.54M |
| 2 | Vanguard Portfolio Management LLC | 8.40% | 2.45M | $303.76M |
| 3 | State Street Corporation | 5.23% | 1.52M | $188.94M |
| 4 | Vanguard Capital Management LLC | 4.46% | 1.30M | $161.27M |
| 5 | Geode Capital Management, LLC | 3.22% | 938.83K | $116.32M |
| 6 | UBS Group AG | 2.94% | 858.17K | $106.33M |
| 7 | Invesco Ltd. | 2.67% | 777.91K | $96.38M |
| 8 | Morgan Stanley | 2.27% | 663.19K | $82.17M |
| 9 | First Trust Advisors LP | 1.92% | 560.36K | $69.43M |
| 10 | Dimensional Fund Advisors LP | 1.85% | 540.27K | $66.94M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
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