# Badger Meter, Inc. (BMI)

> Source: Nexqual · https://nexqual.com/BMI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Badger Meter, Inc. (BMI), nexqual.com/BMI" · informational, not investment advice.

**Price:** USD 149.64 (+13.48% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 131.86 · day 134.21–150.27 · 52w 112.09–192.28 · market cap $4.34B · NYQ

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Scientific & Technical Instruments)
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%

## More
Full page: https://nexqual.com/BMI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.23 | $1.26 | -2.4% | $240.3M | 7 |
| Next quarter (ends 2027-03-31) | $1.10 | $1.09 | +0.8% | $228.3M | 5 |
| Current fiscal year (ends 2026-12-31) | $4.47 | $4.46 | +0.2% | $903.5M | 8 |
| Next fiscal year (ends 2027-12-31) | $4.98 | $4.94 | +0.8% | $977.3M | 9 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 31.7% | ±7.3% |
| 2026-12-18 | 56 | 34.3% | ±10.8% |
| 2027-01-15 | 84 | 33.2% | ±12.7% |
| 2027-02-19 | 119 | 38.2% | ±17.4% |
| 2027-05-21 | 210 | 40.0% | ±24.0% |