Badger Meter (BMI)
NYSE:BMI
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Badger Meter
(NYSE:BMI)
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Rating:72Outperform
Price Target:
$143.00
▲(23.77% Upside)
Action:Upgraded
Date:06/12/26
The score is primarily supported by strong financial quality (high margins, consistent cash generation, and a debt-free balance sheet). Offsetting this are mixed technicals (below key longer-term moving averages) and a somewhat rich valuation, while the latest earnings call indicates near-term softness but a potential back-half recovery supported by a larger project funnel, cost discipline, and an accretive acquisition.
Positive Factors
Debt-free balance sheet
Badger Meter's zero‑debt balance sheet and high ROE provide durable financial flexibility: lowers refinancing and interest risk, supports opportunistic M&A (e.g., UDLive), enables sustained buybacks and capital allocation, and preserves ability to invest through a multi-quarter project execution cycle.
Negative Factors
Recent revenue decline & flat organic outlook
A notable YoY sales decline and guidance for flat organic revenue indicate a pause in demand momentum. Sustained weaker volumes can erode operating leverage, slow margin recovery, and keep visibility muted across the next several quarters absent confirmed project ramp timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Badger Meter's zero‑debt balance sheet and high ROE provide durable financial flexibility: lowers refinancing and interest risk, supports opportunistic M&A (e.g., UDLive), enables sustained buybacks and capital allocation, and preserves ability to invest through a multi-quarter project execution cycle.
Read all positive factors
Badger Meter (BMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.84B
Dividend Yield0.82%
Average Volume (3M)487.96K
Price to Earnings (P/E)29.5
Beta (1Y)0.68
Revenue Growth5.19%
EPS Growth-2.69%
CountryUS
Employees2,210
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)4.45
Shares Outstanding29,185,570
10 Day Avg. Volume402,419
30 Day Avg. Volume487,961
Financial Highlights & Ratios
PEG Ratio2.75
Price to Book (P/B)7.19
Price to Sales (P/S)5.59
P/FCF Ratio30.22
Enterprise Value/Market Cap0.89
Enterprise Value/Revenue3.80
Enterprise Value/Gross Profit9.19
Enterprise Value/Ebitda17.01
Forecast
1Y Price Target
$144.80Price Target Upside25.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)4.5
Revenue Forecast (FY)$911.84M
Badger Meter Business Overview & Revenue Model
Company Description
Badger Meter, Inc. (BMI) provides a comprehensive range of solutions for flow measurement, quality assessment, control, and communication. Operating globally, the company serves markets across North America, Europe, Asia, and the Middle East. For ...
How the Company Makes Money
Badger Meter makes money primarily by selling flow measurement hardware and associated software/communications solutions to utilities and industrial customers. Key revenue streams include: (1) water meter and smart metering solutions sold to water...
Badger Meter Earnings Call Summary
Earnings Call Date:Apr 17, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 16, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed but controlled picture: near-term results were weaker than the prior year driven by project pacing and softer short-cycle orders, producing a notable revenue and EPS decline in Q1. Offsetting these negatives are strong cash generation, resilient gross margins, a sizable pipeline of awarded AMI projects (2.6M–3.6M connections), an accretive strategic acquisition (UDLive), and active cost discipline. Management framed Q1 as timing-related with a back-half weighted recovery expected, but acknowledged inherent timing and execution risks that temper visibility into short-cycle demand.Positive Updates
Strong Cash Generation and Capital Return
Generated approximately $30 million of free cash flow in Q1, in line with 2025. Repurchased 256,000 shares for $38 million and have $115 million remaining on the authorization.
Negative Updates
Revenue Decline in Q1
Total sales of $202 million, down 9% year over year; management attributed the shortfall to project pacing and weaker short-cycle orders (approximately $15 million to $20 million below internal expectations).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Cash Generation and Capital Return
Generated approximately $30 million of free cash flow in Q1, in line with 2025. Repurchased 256,000 shares for $38 million and have $115 million remaining on the authorization.
Read all positive updates
Company Guidance
Management said 2026 will be back‑half weighted and—excluding the $100M UDLive acquisition—expects full‑year organic revenue to be in line with 2025; Q1 sales were $202M (down 9% YoY), with roughly $15–20M of lower short‑cycle revenue versus expectations, and Q2 should sequentially improve from the Q1 trough but remain down year‑over‑year versus the company’s record quarter. Q1 gross margin was 41.7% (down 120 bps) and management still expects to operate within its 39–42% gross margin range for the year; Q1 operating earnings were ~$35.2M (operating margin 17.4% vs 22.2% prior), diluted EPS $0.93 (vs $1.30), effective tax rate 24.8%, primary working capital 20% of sales (down from 20.9% at year‑end), free cash flow ~ $30M, and 256k shares repurchased for $38M with $115M remaining authorization. They highlighted awarded AMI deployments representing 2.6–3.6M connections (vs ~800k in the prior cohort) and a PRASA PO with installations expected midyear; UDLive (TTM revenue ~ $22M, positive operating profit) is expected to close in April and be accretive to EPS in year one. To protect margin integrity they’ve implemented measured cost actions—including a 10% executive salary reduction for six months—and will maintain SEA discipline (SEA was $49.2M in Q1, up $3.1M YoY, with SEA % of sales deleveraging ~360 bps).Badger Meter Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 896.73M | 916.66M | 826.56M | 703.59M | 565.57M | 505.20M |
| Gross Profit | 370.96M | 382.07M | 329.18M | 276.44M | 219.97M | 205.48M |
| EBITDA | 200.51M | 223.24M | 190.12M | 146.03M | 113.41M | 106.47M |
| Net Income | 130.57M | 141.63M | 124.94M | 92.60M | 66.50M | 60.88M |
Balance Sheet | ||||||
| Total Assets | 970.81M | 973.58M | 816.41M | 716.92M | 603.05M | 530.82M |
| Cash, Cash Equivalents and Short-Term Investments | 205.45M | 226.02M | 295.31M | 191.78M | 138.05M | 87.17M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 280.38M | 260.28M | 210.18M | 200.44M | 160.63M | 127.75M |
| Stockholders Equity | 690.43M | 713.29M | 606.23M | 516.48M | 442.42M | 403.07M |
Cash Flow | ||||||
| Free Cash Flow | 169.08M | 169.67M | 142.22M | 98.11M | 76.56M | 80.76M |
| Operating Cash Flow | 184.56M | 183.70M | 155.03M | 110.12M | 82.45M | 87.51M |
| Investing Cash Flow | -14.57M | -198.05M | -15.82M | -29.13M | -5.89M | -51.42M |
| Financing Cash Flow | -97.81M | -57.98M | -35.10M | -28.09M | -24.61M | -20.51M |
Badger Meter Technical Analysis
Positive
115.54
Price Trends
128.78
Positive
140.59
Negative
159.13
Negative
Market Momentum
1.35
Negative
58.69
Neutral
68.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BMI, the sentiment is Positive. The current price of 115.54 is below the 20-day moving average (MA) of 125.00, below the 50-day MA of 128.78, and below the 200-day MA of 159.13, indicating a neutral trend. The MACD of 1.35 indicates Negative momentum. The RSI at 58.69 is Neutral, neither overbought nor oversold. The STOCH value of 68.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BMI.
Badger Meter Risk Analysis
Badger Meter disclosed 21 risk factors in its most recent earnings report. Badger Meter reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Badger Meter Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $8.13B | 26.38 | 20.50% | 0.16% | 16.43% | 14.49% | |
72 Outperform | $13.68B | 53.32 | 10.88% | ― | 44.48% | 8.59% | |
72 Outperform | $3.84B | 29.47 | 18.76% | 0.82% | 5.19% | -2.69% | |
67 Neutral | $20.15B | 103.19 | 11.26% | ― | 23.10% | 146.72% | |
66 Neutral | $3.57B | 12.47 | 17.44% | ― | -3.99% | 14.06% | |
62 Neutral | $3.72B | 24.41 | 16.74% | ― | 6.98% | 8.41% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
BMI
Badger Meter
131.73
-109.19
-45.32%
ESE
Esco Technologies
313.74
130.79
71.49%
ITRI
Itron
80.56
-44.48
-35.57%
OSIS
OSI Systems
225.53
-9.30
-3.96%
SANM
Sanmina-Sci
255.20
167.23
190.10%
TTMI
TTM Technologies
194.05
156.96
423.19%
Badger Meter Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Badger Meter Extends Revolving Credit Facility to 2031
Positive
Jun 11, 2026
On June 5, 2026, Badger Meter, Inc. amended and extended its $150 million multi-currency revolving credit facility, pushing the maturity to July 8, 2031, with no borrowings outstanding at the time of the change. The facility allows U.S. dollar, eu...
Business Operations and Strategy
Badger Meter Sets Investor Day With New Presentation
Neutral
May 21, 2026
Badger Meter, Inc. announced that it will use a specific investor presentation during its Investor Day scheduled for May 21, 2026, outlining information the company plans to share with the investment community. The company clarified that the mater...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Badger Meter Tightens Bylaws and Confirms Board Leadership
Positive
Apr 28, 2026
On April 24, 2026, Badger Meter’s board approved an amended and restated set of by-laws that tighten governance around shareholder meetings, especially those held solely by remote communication, and expand disclosure and advance-notice requi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.