Badger Meter, Inc. (BMI) Stock

Badger Meter, Inc. (BMI) is a Technology stock trading at $128.20 (as of 2026-08-20), with a market capitalization of $3.72B and a trailing P/E of 29.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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Understand Badger Meter, Inc.: how it makes money

Badger Meter builds and sells flow measurement and water quality, control, and communication solutions, earning money by supplying mechanical and static water meters plus related radio and software technologies and services to municipal water utilities, and by providing flow instrumentation products to measure and control fluids for OEMs.

The profit engine is the recurring mix of installed flow-measurement systems sold to municipal water utilities (meters and related radio and software) plus monetization tied to Smart Cover offerings and the scaling of connected installs over time.

Revenue by segment (latest quarter)
NetSales$0.2B

Business quality (Mixed): Strong profitability for measuring and control equipment (gross margin 41.7%, operating margin 17.4%) supports the durability of a hardware plus software and services model, but growth drivers hinge on utility adoption and related technology attachments.

Valuation: At 30× earnings, BMI trades 50% below the Measuring & Control Equipment average (60×). Note: one-time items can distort reported P/E.

Bull case

  • Utility-focused product and technology offering: Badger Meter supplies flow measurement, quality, control, and communication solutions to municipal water utilities, combining meters with related radio and software technologies and services.
  • Monetization beyond base meters: The presence of Smart Cover Revenue as an operating metric suggests meaningful revenue contribution from added connected or technology-enabled offerings.
  • Scaling installed base: Connections is tracked as an operating metric, pointing to value creation as the installed, connected footprint grows.

Bear case

  • End-market spending cycles: Because products are sold to municipal water utilities, results can be affected by municipal infrastructure purchasing and technology upgrade cycles.
  • Technology attachment execution risk: The model includes radio and software technologies and services, so revenue performance depends on continued customer adoption and attachment of these technology offerings.
  • Demand variability for OEM instrumentation: The company also provides flow instrumentation products to OEMs, so fluctuations in OEM ordering for meters, valves, and sensing instruments can impact results.
Valuation — source: SEC EDGAR (first-party)
Price$128.20
Market Cap$3.72B
P/E Ratio29.6
EV / EBITDA20.7
Price / Book5.44
Price / Sales4.22
FCF Yield4.0%
DCF Value (model)$89.91
DCF Upside vs Price-29.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$916.66M
Net Margin15.5%
Revenue Growth (YoY)-6.6%
EPS Growth (YoY)-13.6%
FCF Growth (YoY)-46.2%
Financial Health — source: SEC EDGAR
Altman Z-Score11.56 (safe)
Piotroski F-Score5/9 (moderate)
Valuation vs Sector & Industry
Stock P/E29.6
Sector P/E (Technology)33.9
Industry P/E (Measuring & Control Equipment)51.8
vs Sector-12.9%
vs Industry-43.0%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($754.42M)
Institutional Holders Tracked10
Congressional Trades (recent)6
Company
SectorTechnology
IndustryMeasuring & Control Equipment
CEOKenneth C. Bockhorst
Employees2,210
CountryUS
IPO Date1983-10-27

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BMI earnings history · BMI institutional & insider holders · BMI KPIs & operating metrics · BMI financials · BMI investor presentations & press releases · BMI SEC filings · BMI peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.