Symbols / BMI Stock $122.96 +0.93% Badger Meter, Inc.

Technology • Scientific & Technical Instruments • United States • NYQ
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Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Technology
Industry Scientific & Technical Instruments
CEO Mr. Kenneth C. Bockhorst
Exch · Country NYQ · United States
Market Cap 3.59B
Enterprise Value 3.38B
Income 130.57M
Sales 896.73M
FCF (ttm) 140.97M
Book/sh 23.66
Cash/sh 7.04
Employees 2,477
Insider 10d —
IPO Feb 21, 1973
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 34.84%
P/E 27.88
Forward P/E 24.81
PEG 3.07
P/S 4.00
P/B 5.20
P/C —
EV/EBITDA 16.82
EV/Sales 3.77
Quick Ratio 1.86
Current Ratio 3.00
Debt/Eq —
LT Debt/Eq —
EPS (ttm) 4.41
EPS next Y 4.96
EPS Growth -28.50%
Revenue Growth -9.00%
EPS Gr Q/Q -28.80%
Rev Gr Q/Q —
Earnings (next) 2026-04-17
Earnings (prior) 2026-04-17
ROA 11.31%
ROE 19.60%
ROIC —
Gross Margin 41.37%
Oper. Margin 17.40%
Profit Margin 14.56%
Shs Outstand 29.19M
Shs Float 29.00M
Insider Own 0.59%
Instit Own 105.06%
Short Float 15.86%
Short Ratio 8.99
Short Interest 3.18M
52W High 256.08
vs 52W High -51.98%
52W Low 112.09
vs 52W Low 9.70%
Beta 0.90
Impl. Vol. 0.78%
Rel Volume 1.02
Avg Volume 553.12K
Volume 565.96K
Target (mean) $147.00
Tgt Median $150.00
Tgt Low $110.00
Tgt High $169.00
# Analysts 9
Recom Buy
Prev Close $121.83
Price $122.96
Change 0.93%
About

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.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$147.00
Mean price target
2. Current target
$122.96
Latest analyst target
3. DCF / Fair value
$86.94
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$122.96
Low
$110.00
High
$169.00
Mean
$147.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-23 down Maxim Group Buy → Hold —
2026-04-20 main RBC Capital Outperform → Outperform $169
2026-04-20 main Barclays Underweight → Underweight $110
2026-04-20 main Stifel Buy → Buy $140
2026-04-20 main Baird Outperform → Outperform $145
2026-04-17 main JP Morgan Overweight → Overweight $160
2026-04-14 main Stifel Buy → Buy $174
2026-03-30 up Baird Neutral → Outperform $173
2026-02-02 down Argus Research Buy → Hold —
2026-01-29 main Barclays Underweight → Underweight $136
2026-01-29 main JP Morgan Overweight → Overweight $190
2026-01-29 main Jefferies Buy → Buy $200
2026-01-29 main RBC Capital Outperform → Outperform $191
2026-01-29 main Stifel Buy → Buy $166
2026-01-07 init Barclays — → Underweight $157
2025-12-12 init Jefferies — → Buy $220
2025-12-08 main JP Morgan Overweight → Overweight $235
2025-10-22 main RBC Capital Outperform → Outperform $229
2025-10-22 up Stifel Hold → Buy $215
2025-10-20 main Baird Neutral → Neutral $205
News
RSS: Latest BMI news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-23 WROCKLAGE ROBERT A. Officer — 1,000 $122.35 $122,350
2026-04-21 BOCKHORST KENNETH C Chief Executive Officer — 2,200 $117.53 $258,573
2026-04-21 HTWE RICHARD Officer — 1,700 $116.13 $197,421
2026-04-21 TARANTINO CHRISTINA M. Officer — 870 $113.80 $99,006
2026-04-21 CALLAHAN EDWARD F Officer — 858 $116.30 $99,785
2026-03-06 BERGUM WILLIAM R A General Counsel — 369 $0.00 $0
2026-03-06 WROCKLAGE ROBERT A. Officer — 1,312 $0.00 $0
2026-03-06 WELTZIEN DANIEL R Chief Financial Officer — 738 $0.00 $0
2026-03-06 HOPKINS SHERYL Officer — 369 $0.00 $0
2026-03-06 STUYVENBERG MATTHEW L Officer — 451 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
916.66
+10.90%
826.56
+17.48%
703.59
+24.40%
565.57
Operating Revenue
916.66
+10.90%
826.56
+17.48%
703.59
+24.40%
565.57
Cost Of Revenue
534.59
+7.48%
497.37
+16.44%
427.15
+23.60%
345.60
Reconciled Cost Of Revenue
534.59
+7.48%
497.37
+16.44%
427.15
+23.60%
345.60
Gross Profit
382.07
+16.07%
329.18
+19.08%
276.44
+25.67%
219.97
Operating Expense
198.65
+16.00%
171.25
+8.12%
158.39
+19.38%
132.68
Selling General And Administration
198.65
+16.00%
171.25
+8.12%
158.39
+19.38%
132.68
General And Administrative Expense
—
—
158.52
+19.36%
132.81
Salaries And Wages
—
—
0.13
+0.00%
0.13
Other Gand A
—
—
158.39
+19.38%
132.68
Total Expenses
733.24
+9.66%
668.62
+14.19%
585.54
+22.43%
478.27
Operating Income
183.42
+16.14%
157.94
+33.79%
118.05
+35.23%
87.30
Total Operating Income As Reported
183.42
+16.14%
157.94
+33.79%
118.05
+35.23%
87.30
EBITDA
218.00
+14.67%
190.12
+30.08%
146.16
+28.73%
113.54
Normalized EBITDA
218.00
+14.67%
190.12
+30.08%
146.16
+28.73%
113.54
Reconciled Depreciation
34.58
+7.45%
32.19
+14.50%
28.11
+7.12%
26.24
EBIT
183.42
+16.14%
157.94
+33.79%
118.05
+35.23%
87.30
Net Income
141.63
+13.36%
124.94
+34.93%
92.60
+39.25%
66.50
Pretax Income
188.66
+13.31%
166.50
+36.51%
121.97
+39.04%
87.72
Net Non Operating Interest Income Expense
5.12
-40.51%
8.61
+112.82%
4.05
+633.15%
0.55
Net Interest Income
5.12
-40.51%
8.61
+112.82%
4.05
+633.15%
0.55
Interest Income Non Operating
5.12
-40.51%
8.61
+112.82%
4.05
+633.15%
0.55
Interest Income
5.12
-40.51%
8.61
+112.82%
4.05
+633.15%
0.55
Other Income Expense
0.11
+328.57%
-0.05
+62.31%
-0.13
+0.00%
-0.13
Other Non Operating Income Expenses
0.11
+328.57%
-0.05
+62.31%
-0.13
+0.00%
-0.13
Tax Provision
47.02
+13.15%
41.56
+41.51%
29.37
+38.39%
21.22
Tax Rate For Calcs
0.00
-0.40%
0.00
+3.83%
0.00
-0.50%
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
141.63
+13.36%
124.94
+34.93%
92.60
+39.25%
66.50
Net Income From Continuing Operation Net Minority Interest
141.63
+13.36%
124.94
+34.93%
92.60
+39.25%
66.50
Net Income From Continuing And Discontinued Operation
141.63
+13.36%
124.94
+34.93%
92.60
+39.25%
66.50
Net Income Continuous Operations
141.63
+13.36%
124.94
+34.93%
92.60
+39.25%
66.50
Normalized Income
141.63
+13.36%
124.94
+34.93%
92.60
+39.25%
66.50
Net Income Common Stockholders
141.63
+13.36%
124.94
+34.93%
92.60
+39.25%
66.50
Diluted EPS
4.79
+13.24%
4.23
+34.71%
3.14
+38.94%
2.26
Basic EPS
4.82
+13.15%
4.26
+34.81%
3.16
+38.60%
2.28
Basic Average Shares
29.40
+0.14%
29.36
+0.24%
29.28
+0.23%
29.22
Diluted Average Shares
29.57
+0.12%
29.53
+0.26%
29.46
+0.27%
29.38
Diluted NI Availto Com Stockholders
141.63
+13.36%
124.94
+34.93%
92.60
+39.25%
66.50
Total Other Finance Cost
—
—
—
-0.55
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
973.58
+19.25%
816.41
+13.88%
716.92
+18.88%
603.05
Current Assets
507.08
-6.12%
540.12
+22.15%
442.18
+27.12%
347.83
Cash Cash Equivalents And Short Term Investments
226.02
-23.46%
295.31
+53.98%
191.78
+38.92%
138.05
Cash And Cash Equivalents
226.02
-23.46%
295.31
+53.98%
191.78
+38.92%
138.05
Cash Financial
—
—
—
138.05
Receivables
112.36
+33.24%
84.33
+0.98%
83.51
+8.94%
76.65
Accounts Receivable
112.36
+33.24%
84.33
+0.98%
83.51
+8.94%
76.65
Gross Accounts Receivable
114.84
+31.54%
87.31
+1.03%
86.41
+11.03%
77.83
Allowance For Doubtful Accounts Receivable
-2.49
+16.54%
-2.98
-2.62%
-2.90
-146.31%
-1.18
Inventory
151.94
+5.95%
143.41
-6.68%
153.67
+28.22%
119.86
Raw Materials
99.60
+20.47%
82.68
+6.48%
77.65
+19.59%
64.93
Work In Process
29.24
-20.33%
36.70
-11.04%
41.26
+75.01%
23.58
Finished Goods
23.09
-3.89%
24.02
-30.90%
34.76
+10.89%
31.35
Prepaid Assets
—
—
—
—
Other Current Assets
16.77
-1.80%
17.08
+29.24%
13.21
-0.44%
13.27
Total Non Current Assets
466.50
+68.84%
276.30
+0.57%
274.74
+7.65%
255.22
Net PPE
79.64
+7.24%
74.26
+0.52%
73.88
+0.46%
73.54
Gross PPE
248.45
+6.54%
233.20
+3.19%
225.99
+2.28%
220.94
Accumulated Depreciation
-168.81
-6.21%
-158.94
-4.49%
-152.11
-3.19%
-147.40
Properties
0.00
0.00
0.00
0.00
Land And Improvements
9.54
+3.32%
9.24
-0.22%
9.26
+3.46%
8.95
Buildings And Improvements
74.96
+4.80%
71.53
-0.86%
72.15
+1.84%
70.84
Machinery Furniture Equipment
163.95
+7.55%
152.44
+5.43%
144.58
+2.43%
141.15
Goodwill And Other Intangible Assets
357.77
+122.72%
160.64
-5.84%
170.60
+10.16%
154.87
Goodwill
235.57
+110.77%
111.77
-1.23%
113.16
+11.75%
101.26
Other Intangible Assets
122.20
+150.06%
48.87
-14.92%
57.44
+7.14%
53.61
Non Current Deferred Assets
14.14
-56.53%
32.52
+43.19%
22.71
+78.06%
12.76
Non Current Deferred Taxes Assets
14.14
-56.53%
32.52
+43.19%
22.71
+78.06%
12.76
Other Non Current Assets
14.95
+68.47%
8.88
+17.58%
7.55
-46.26%
14.05
Total Liabilities Net Minority Interest
260.28
+23.84%
210.18
+4.86%
200.44
+24.79%
160.62
Current Liabilities
150.72
+27.50%
118.20
-10.42%
131.95
+19.61%
110.31
Payables And Accrued Expenses
72.30
+29.90%
55.66
-31.96%
81.81
+14.51%
71.44
Payables
72.30
+29.90%
55.66
-31.96%
81.81
+14.51%
71.44
Accounts Payable
72.30
+29.90%
55.66
-31.96%
81.81
+14.51%
71.44
Employee Benefits
9.16
-8.06%
9.96
+11.82%
8.91
+13.36%
7.86
Pensionand Other Post Retirement Benefit Plans Current
37.62
+7.75%
34.91
+16.88%
29.87
+45.62%
20.51
Other Current Liabilities
32.33
+58.87%
20.35
+121.98%
9.17
+4.74%
8.75
Total Non Current Liabilities Net Minority Interest
109.57
+19.13%
91.98
+34.29%
68.49
+36.13%
50.31
Non Current Pension And Other Postretirement Benefit Plans
2.50
-17.61%
3.03
-16.08%
3.61
-7.74%
3.92
Non Current Deferred Liabilities
76.25
+12.45%
67.81
+23.68%
54.82
+48.62%
36.89
Non Current Deferred Revenue
72.77
+13.43%
64.15
+28.92%
49.76
+54.35%
32.24
Non Current Deferred Taxes Liabilities
3.48
-4.79%
3.65
-27.84%
5.06
+8.89%
4.65
Other Non Current Liabilities
24.16
+70.02%
14.21
+198.68%
4.76
-14.55%
5.57
Stockholders Equity
713.29
+17.66%
606.23
+17.38%
516.48
+16.74%
442.42
Common Stock Equity
713.29
+17.66%
606.23
+17.38%
516.48
+16.74%
442.42
Capital Stock
37.22
+0.00%
37.22
+0.00%
37.22
+0.00%
37.22
Common Stock
37.22
+0.00%
37.22
+0.00%
37.22
+0.00%
37.22
Share Issued
37.22
+0.00%
37.22
+0.00%
37.22
+0.00%
37.22
Ordinary Shares Number
29.39
-0.08%
29.41
+0.22%
29.35
+0.19%
29.29
Treasury Shares Number
7.83
+0.31%
7.81
-0.81%
7.87
-0.68%
7.93
Additional Paid In Capital
75.29
+14.39%
65.82
+11.21%
59.19
+11.08%
53.28
Retained Earnings
645.88
+17.90%
547.80
+19.42%
458.72
+16.09%
395.15
Gains Losses Not Affecting Retained Earnings
6.47
+181.89%
-7.91
-380.32%
-1.65
+72.49%
-5.98
Treasury Stock
51.57
+40.52%
36.70
-0.81%
37.00
-0.69%
37.25
Other Equity Adjustments
6.47
+181.89%
-7.91
-380.32%
-1.65
+72.49%
-5.98
Total Equity Gross Minority Interest
713.29
+17.66%
606.23
+17.38%
516.48
+16.74%
442.42
Total Capitalization
713.29
+17.66%
606.23
+17.38%
516.48
+16.74%
442.42
Working Capital
356.36
-15.54%
421.91
+36.00%
310.23
+30.61%
237.52
Invested Capital
713.29
+17.66%
606.23
+17.38%
516.48
+16.74%
442.42
Net Tangible Assets
355.52
-20.21%
445.60
+28.83%
345.88
+20.28%
287.55
Tangible Book Value
355.52
-20.21%
445.60
+28.83%
345.88
+20.28%
287.55
Current Provisions
8.47
+16.24%
7.28
-34.40%
11.10
+15.57%
9.61
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
183.70
+18.49%
155.03
+40.79%
110.12
+33.55%
82.45
Cash Flow From Continuing Operating Activities
183.70
+18.49%
155.03
+40.79%
110.12
+33.55%
82.45
Net Income From Continuing Operations
141.63
+13.36%
124.94
+34.93%
92.60
+39.25%
66.50
Depreciation Amortization Depletion
34.58
+7.45%
32.19
+14.50%
28.11
+7.12%
26.24
Depreciation
11.10
+0.00%
11.10
+1.52%
10.94
-1.38%
11.09
Amortization Cash Flow
23.48
+11.38%
21.08
+22.76%
17.17
+13.35%
15.15
Depreciation And Amortization
34.58
+7.45%
32.19
+14.50%
28.11
+7.12%
26.24
Amortization Of Intangibles
23.48
+11.38%
21.08
+22.76%
17.17
+13.35%
15.15
Pension And Employee Benefit Expense
0.14
+188.89%
-0.15
+54.73%
-0.34
+47.84%
-0.65
Stock Based Compensation
9.19
+48.66%
6.18
+19.16%
5.19
+64.80%
3.15
Deferred Tax
-0.85
+92.29%
-11.07
-14.76%
-9.65
-71.74%
-5.62
Deferred Income Tax
-0.85
+92.29%
-11.07
-14.76%
-9.65
-71.74%
-5.62
Operating Gains Losses
0.14
+188.89%
-0.15
+54.73%
-0.34
+47.84%
-0.65
Change In Working Capital
-0.99
-133.60%
2.95
+150.98%
-5.79
+19.20%
-7.17
Change In Receivables
-20.11
-1293.01%
-1.44
+77.26%
-6.35
+43.94%
-11.33
Change In Inventory
-0.99
-109.56%
10.32
+131.79%
-32.47
-54.45%
-21.02
Change In Prepaid Assets
-3.80
+75.16%
-15.31
-118.37%
-7.01
+33.58%
-10.56
Change In Payables And Accrued Expense
14.40
+218.40%
-12.16
-242.97%
8.51
-69.63%
28.01
Change In Payable
14.40
+218.40%
-12.16
-242.97%
8.51
-69.63%
28.01
Change In Other Current Liabilities
9.52
-55.84%
21.55
-31.66%
31.53
+307.82%
7.73
Investing Cash Flow
-198.05
-1152.05%
-15.82
+45.70%
-29.13
-394.48%
-5.89
Cash Flow From Continuing Investing Activities
-198.05
-1152.05%
-15.82
+45.70%
-29.13
-394.48%
-5.89
Net PPE Purchase And Sale
—
-12.82
-6.79%
-12.00
-103.75%
-5.89
Purchase Of PPE
—
-12.82
-6.79%
-12.00
-103.75%
-5.89
Capital Expenditure
-14.03
-9.42%
-12.82
-6.79%
-12.00
-103.75%
-5.89
Capital Expenditure Reported
-14.03
-9.42%
-12.82
-6.79%
-12.00
—
Net Business Purchase And Sale
-184.02
-6034.13%
-3.00
+82.48%
-17.13
0.00
Purchase Of Business
-184.02
-6034.13%
-3.00
+82.48%
-17.13
0.00
Net Other Investing Changes
—
—
—
—
Financing Cash Flow
-57.98
-65.20%
-35.10
-24.96%
-28.09
-14.14%
-24.61
Cash Flow From Continuing Financing Activities
-57.98
-65.20%
-35.10
-24.96%
-28.09
-14.14%
-24.61
Net Issuance Payments Of Debt
—
—
—
0.00
Repayment Of Debt
—
—
—
—
Short Term Debt Payments
—
—
—
—
Net Short Term Debt Issuance
—
—
—
0.00
Net Common Stock Issuance
-15.00
0.00
0.00
+100.00%
-0.43
Common Stock Payments
-15.00
0.00
0.00
+100.00%
-0.43
Common Stock Dividend Paid
-43.53
-21.43%
-35.85
-23.39%
-29.05
-16.76%
-24.88
Cash Dividends Paid
-43.53
-21.43%
-35.85
-23.39%
-29.05
-16.76%
-24.88
Repurchase Of Capital Stock
-15.00
0.00
0.00
+100.00%
-0.43
Proceeds From Stock Option Exercised
0.55
-26.23%
0.75
-22.34%
0.97
+37.55%
0.70
Changes In Cash
-72.33
-169.47%
104.12
+96.82%
52.90
+1.82%
51.95
Effect Of Exchange Rate Changes
3.04
+609.21%
-0.60
-172.10%
0.83
+176.88%
-1.08
Beginning Cash Position
295.31
+53.98%
191.78
+38.92%
138.05
+58.36%
87.17
End Cash Position
226.02
-23.46%
295.31
+53.98%
191.78
+38.92%
138.05
Free Cash Flow
169.67
+19.31%
142.22
+44.95%
98.11
+28.15%
76.56
Interest Paid Supplemental Data
0.00
0.00
0.00
0.00
Income Tax Paid Supplemental Data
48.75
-13.01%
56.04
+43.94%
38.93
+61.97%
24.04
Common Stock Issuance
—
—
0.00
0.00
Issuance Of Capital Stock
—
—
0.00
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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