Badger Meter Inc (BMI)

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.

Ticker
BMI
Exchange
NYSE
Sector
Technology
Industry
Scientific & Technical Instruments
Market cap
$4.55B
52-week range
$112.09 - $192.28

Valuation

Share price
$158.18 (close of Nov 6, 2026)
P/E (TTM)
36.36x
Price to book
6.98x
Price to free cash flow
31.94x
Enterprise value
$4.55B
Book value per share
$22.65

Price performance

PeriodChange
1 day-0.86%
5 days+6.60%
1 month+27.84%
3 months+15.32%
6 months+27.82%
Year to date-9.31%
1 year-15.29%
3 years+11.42%
5 years+45.27%
10 years+393.54%
All time+20,990.67%

Short interest

As of
Oct 15, 2026
Short % of float
22.48%
Shares short
4.46M
Days to cover
11.04
Change since prior report
-2.64%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
19.86%
Return on invested capital
18.79%
Return on assets
14.55%
Return on capital employed
22.29%
Gross margin
41.68%
Net margin
15.45%
EBITDA margin
22.82%
Revenue growth
10.90%
Net income growth
13.36%
Free cash flow growth
19.31%

Cash flow and balance sheet

Free cash flow yield (TTM)
3.13%
Current ratio
2.48x
Net debt to EBITDA
0.00x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$916.66M
Cost of revenue
$534.59M
Gross profit
$382.07M
EBITDA
$209.22M
Net income
$141.63M
Earnings per share
$4.82
Research and development
$21.60M
Shares outstanding
29.40M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$916.66M$382.07M$141.63M$4.82
2024-12-31$826.56M$329.18M$124.94M$4.26
2023-12-31$703.59M$276.44M$92.60M$3.16
2022-12-31$565.57M$219.97M$66.50M$2.28
2021-12-31$505.20M$205.48M$60.88M$2.09
2020-12-31$425.54M$168.25M$49.34M$1.70
2019-12-31$424.63M$163.53M$47.18M$1.63
2018-12-31$433.73M$162.35M$27.79M$0.96
2017-12-31$402.44M$155.75M$34.57M$1.20
2016-12-31$393.76M$150.58M$32.30M$1.12

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3141.68%15.45%19.86%18.79%
2024-12-3139.83%15.12%20.61%19.01%
2023-12-3139.29%13.16%17.93%16.98%
2022-12-3138.89%11.76%15.03%14.71%
2021-12-3140.67%12.05%15.11%14.90%
2020-12-3139.54%11.60%13.66%13.44%
2019-12-3138.51%11.11%14.25%13.86%
2018-12-3137.43%6.41%9.16%14.67%
2017-12-3138.70%8.59%12.46%11.28%
2016-12-3138.24%8.20%12.60%11.94%

Cash and debt by year

Period endCash
2021-12-31$87.17M
2020-12-31$72.27M
2019-12-31$48.87M
2018-12-31$13.09M
2017-12-31$11.16M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$169.67M$9.19M
2024-12-31$142.22M$6.18M
2023-12-31$98.11M$5.19M
2022-12-31$76.56M$3.15M
2021-12-31$80.76M$2.33M
2020-12-31$80.52M$1.42M
2019-12-31$73.22M$1.21M
2018-12-31$51.71M$4.17M
2017-12-31$34.68M$1.73M
2016-12-31$45.59M$1.54M

Dividend history

Most recent payment
Aug 28, 2026
Paid in the last twelve months
$1.64
Payment dateDividend per share
2026-08-28$0.44
2026-05-22$0.40
2026-02-27$0.40
2025-11-21$0.40
2025-08-22$0.40
2025-05-23$0.34
2025-02-28$0.34
2024-11-22$0.34

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-22Sep 2026$1.21
2026-07-22Jun 2026$1.01
2026-04-17Mar 2026$1.20
2026-01-28Dec 2025$1.15
2025-10-21Sep 2025$1.11
2025-07-22Jun 2025$1.21
2025-04-17Mar 2025$1.08
2025-01-31Dec 2024$1.01

Filings and sources

Company website
badgermeter.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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