Badger Meter, Inc. (BMI) Stock Price & Analysis
Badger Meter, Inc. (BMI) closed at USD 149.64 on Thursday, October 22, 2026, up 13.48% on the day. The US market is currently closed; this is not a live price.
The prior close was USD 131.86; the Oct 22, 2026 session ranged USD 134.21–150.27 on volume of 1,234,864 shares. Market capitalization is $4.34B, with a 52-week range of USD 112.09–192.28 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 07:54 UTC.
Also available as compact Markdown for AI agents: nexqual.com/BMI.md
Key facts (BMI)
- Last four reported quarters (through Jun 30, 2026): revenue $881M, net income $126M (14.3% margin), free cash flow $150M (SEC filings).
- Valuation: P/E 34.5x (avg 45.2x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold BMI (13F, Q2 2026): 1 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 6 Form 4 filings, $879K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.20 on a 1–5 scale) (10 analysts), mean target USD 160.13 (range 112–187).
- Total return with dividends: 1Y -18.9% vs S&P 500 +14.9%; 5Y +49.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 1.23, revenue estimate $240M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (BMI)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $505M | $566M | $704M | $827M | $917M | $881M |
| Gross profit | $205M | $220M | $276M | $329M | $382M | — |
| Operating income | $78.7M | $87.3M | $118M | $158M | $183M | $164M |
| Net income | $60.9M | $66.5M | $92.6M | $125M | $142M | $126M |
| EPS (diluted) | $2.08 | $2.26 | $3.14 | $4.23 | $4.79 | — |
| Free cash flow | $80.8M | $76.6M | $98.1M | $142M | $170M | $150M |
| Gross margin | 40.7% | 38.9% | 39.3% | 39.8% | 41.7% | — |
| Operating margin | 15.6% | 15.4% | 16.8% | 19.1% | 20.0% | 18.6% |
| Net margin | 12.1% | 11.8% | 13.2% | 15.1% | 15.5% | 14.3% |
| Revenue growth | +18.7% | +11.9% | +24.4% | +17.5% | +10.9% | — |
| Cash + short-term investments | $87.2M | $138M | $192M | $295M | $226M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (BMI)
P/E 34.5x · P/S 4.9x · P/FCF 28.9x · P/B 6.3x · FCF yield 3.47% · Earnings yield 2.90% · Dividend yield (paid, TTM) 1.08%
P/E at fiscal year-ends: Dec 2025 36.4x, Dec 2024 50.1x, Dec 2023 49.1x.
Superinvestors (SEC 13F-HR, Q2 2026) (BMI)
3 of 80 tracked investors hold BMI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Vulcan Value Partners | 0.31% | $10.2M | New position | |
| Terry Smith | Fundsmith | 0.19% | $25.9M | Added +22.6% |
| Mairs & Power | Mairs & Power Funds | 0.14% | $14.8M | Reduced -5.1% |
Insider purchases (SEC Form 4, open-market, last ~7 months) (BMI)
6 purchases, $879K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-30 | Callahan Edward F. | VP-Engineering | 751 | $102K | 135.25 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-23 | Wrocklage Robert | EVP-N.A. Muncipal Utility | 1,000 | $122K | 122.35 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-21 | Htwe Richard | VP-Global Operations | 1,700 | $197K | 116.13 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-21 | Callahan Edward F. | VP-Engineering | 858 | $100K | 116.3 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-21 | Tarantino Christina M. | VP-Controller | 870 | $99K | 113.8 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-21 | Bockhorst Kenneth | Chairman, President & CEO | 2,200 | $259K | 117.53 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (BMI)
Consensus Buy (mean 2.20 on a 1–5 scale), 10 analysts; mean target USD 160.13 (low 112, high 187).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Stifel | Target lowered | Buy | $165 → $150 |
| 2026-10-13 | Barclays | Target lowered | Underweight | $112 → $111 |
| 2026-07-28 | Barclays | Target raised | Underweight | $109 → $112 |
| 2026-07-23 | JP Morgan | Target lowered | Overweight | $172 → $170 |
| 2026-07-23 | Baird | Target lowered | Outperform | $170 → $167 |
| 2026-07-23 | RBC Capital | Target lowered | Outperform | $169 → $162 |
| 2026-07-23 | Stifel | Target lowered | Buy | $170 → $165 |
| 2026-07-20 | Stifel | Target raised | Buy | $140 → $170 |
| 2026-07-13 | Barclays | Target lowered | Underweight | $110 → $109 |
Total return (dividends reinvested) (BMI)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -18.9% | +49.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -18.9% | +8.3% |
| Volatility (annualized) | 49.3% | 36.0% |
| Max drawdown | -39.3% (Nov 2025→Apr 2026) | -53.6% (May 2025→May 2026) |
BMI revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $200.4M | 90.1% | -6.5% |
| Europe | $13.0M | 5.8% | +14.9% |
| Canada | $3.5M | 1.6% | -15.5% |
| Asia | $3.5M | 1.6% | -14.5% |
| Mexico | $824,000 | 0.4% | +38.7% |
| Middle East | $813,000 | 0.4% | -69.3% |
| Other Geographical Areas | $325,000 | 0.1% | -67.3% |
| Total revenue | $222.3M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
BMI analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Dec 2026) | $1.23 | $1.26 | -2.4% | $240.3M | 7 |
| Next quarter (ends Mar 2027) | $1.10 | $1.09 | +0.8% | $228.3M | 5 |
| Current fiscal year (ends Dec 2026) | $4.47 | $4.46 | +0.2% | $903.5M | 8 |
| Next fiscal year (ends Dec 2027) | $4.98 | $4.94 | +0.8% | $977.3M | 9 |
BMI options: expected move
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 29 | 31.7% | ±7.3% |
| Dec 18, 2026 | 57 | 34.3% | ±10.8% |
| Jan 15, 2027 | 85 | 33.2% | ±12.7% |
| Feb 19, 2027 | 120 | 38.2% | ±17.4% |
| May 21, 2027 | 211 | 40.0% | ±24.0% |
30-day implied volatility 34.2% vs 45.6% realized over the last 30 trading days. Put/call ratio (volume) 1.87. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 07:54 UTC)
| Price | USD 149.64 |
|---|---|
| Change | ▲ 13.48% (up) |
| Previous Close | USD 131.86 |
| Open | USD 130 |
| Day Range | USD 134.21 – 150.27 |
| 52-Week Range | USD 112.09 – 192.28 |
| Volume | 1,234,864 shares |
| Market Cap | $4.34B |
| Exchange | NYQ |
Technical Analysis (BMI)
Nexqual's technical model rates BMI "BUY" based on 5 bullish and 3 bearish signals across 127 daily candles, as of October 23, 2026 at 07:54 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 74.37 (overbought) |
| vs SMA50 | Above (USD 130.19) |
| MACD | 1.47 (positive) |
Analyst Ratings (BMI)
Wall Street analysts rate BMI "Buy" based on 10 analysts, with a mean price target of USD 160.13 (range USD 112–187), per Nexqual as of October 23, 2026 at 07:54 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 10 |
| Mean Target | USD 160.13 |
| High Target | USD 187 |
| Low Target | USD 112 |
| Buy / Hold / Sell | 7 / 2 / 1 |
Earnings (BMI)
| Next Earnings Date | 2026-10-22 |
|---|---|
| EPS Estimate | USD 1.23 |
| Revenue Estimate | $240.26M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-09-30 | USD 1.24 vs est 1.22 ▲ beat |
| 2026-06-30 | USD 1.02 vs est 1.01 ▲ beat |
| 2026-03-31 | USD 0.93 vs est 1.22 ▼ miss |
| 2025-12-31 | USD 1.14 vs est 1.16 ▼ miss |
Source: Nexqual, October 23, 2026 at 07:54 UTC.
Financials & Fundamentals (BMI)
| Total Revenue | $880.96M |
|---|---|
| Revenue Growth (latest quarter, YoY) | -6.60% |
| Gross Margin | +41.31% |
| Operating Margin | +17.72% |
| Profit Margin | +14.27% |
| ROE | +18.48% |
| Debt / Equity | 0.03 |
| Current Ratio | 2.42 |
| Total Cash | $95.73M |
| Total Debt | $23.48M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $150.30M (17.1% of revenue) |
Source: Nexqual, October 23, 2026 at 07:54 UTC.
Financial Health Score (BMI)
Nexqual rates Badger Meter, Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 07:54 UTC.
| Growth | Solid — Revenue +11% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 41%, operating 18% (last 12 months) |
| Balance Sheet | Strong — $96M cash vs $23M debt, net cash position |
| Cash Flow | Strong — FCF $150M (last 4 quarters to Jun 2026, SEC), 17% margin |
| Efficiency | Solid — ROE 18%, ROA 10.6% |
Ownership (BMI)
| Insider Ownership | +0.62% |
|---|---|
| Institutional Ownership | +120.24% |
| Shares Outstanding | 28.99M |
| Float | 28.80M |
| Short % of Float | +23.08% |
Source: Nexqual, October 23, 2026 at 07:54 UTC.
Leadership (BMI)
Badger Meter, Inc. is led by Kenneth C. Bockhorst, Chairman, President & CEO, per Nexqual as of October 23, 2026 at 07:54 UTC.
| Chairman, President & CEO | Kenneth C. Bockhorst |
|---|---|
| Vice President of Human Resources | Sheryl L. Hopkins |
| Executive Vice President of North America Municipal Utility | Robert A. Wrocklage |
| VP, CFO & Treasurer | Daniel R. Weltzien |
| Vice President of Global Operations | Richard Htwe |
Major Backers & Investors (BMI)
Notable institutional backers of Badger Meter, Inc. include Impax Asset Management Group plc, First Trust Advisors LP, Morgan Stanley, according to Nexqual as of October 23, 2026 at 07:54 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Impax Asset Management Group plc | 3.26% |
| First Trust Advisors LP | 2.66% |
| Morgan Stanley | 2.55% |
| Boston Trust Walden Corporation | 2.51% |
| UBS Group AG | 2.17% |
| First TRT Exch-Trd Fd. VI-First TRT SMID Cap Rising Dividend Achievers | 1.67% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 16.88% |
| Vanguard Group | 13.18% |
| State Street | 5.7% |
| Geode Capital | 3.48% |
Source: Nexqual, October 23, 2026 at 07:54 UTC.
From Badger Meter, Inc.'s Latest SEC 10-K Filing (filed 2026-02-17)
Legal & Regulatory Risks (Item 1A, quoted)
- We may also be subject to legal liability and reputational damage if we violate U.S. trade sanctions administered by the U.S.
- Changes in environmental or regulatory requirements, including climate change legislation, could entail additional expenses that could decrease our profitability.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| VNT | Vontier Corporation | USD 34.54 | ▲ 1.14% |
| ITRI | Itron, Inc. | USD 88.17 | ▲ 3.72% |
| NOVT | Novanta Inc. | USD 136.66 | ▼ 2.34% |
| ST | Sensata Technologies Holding pl | USD 40.7 | ▼ 3.74% |
| ESE | ESCO Technologies Inc. | USD 232.99 | ▼ 5.87% |
| CGNX | Cognex Corporation | USD 54.6 | ▼ 5.94% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 07:54 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt