Badger Meter
BMINYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $157.58 Prior regular-session close from the quote source.
- $154.27–$158.99 Regular-session low and high so far today.
- 353.9K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Jan 27 projected Projected for 2027-01-27 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $112.09–$187.05 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own BMI if water utilities keep moving from mechanical meters toward integrated flow measurement, water-quality, control and system solutions where accuracy, reliability and software-like functionality matter more than the lowest hardware bid.
BMI price history
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Investment thesis
What must happen next
Utilities and industrial customers keep treating flow measurement as a data-and-control problem rather than a commodity meter purchase, so Badger Meter continues converting smart-water demand into sales.StrengtheningMateriality: High
GAAP annual revenue increased from $505.2 million in FY2021 to $916.7 million in FY2025. If this holds, Badger Meter has a long reinvestment runway; if it breaks, the company becomes a slower-cycle hardware supplier.
Watch: Xylem/Sensus, Itron, Neptune/Roper or Kamstrup begins winning major municipal AMI and meter-replacement awards where Badger Meter had been expected to compete strongly.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $505.2 million in FY2021 to $916.7 million in FY2025.
Open source ↗Badger Meter’s accuracy, reliability and integrated-solution position continue to support pricing and mix advantages, preventing smart-meter growth from being competed down to commodity hardware margins.StrengtheningMateriality: High
GAAP annual gross profit rose from $205.5 million in FY2021 to $382.1 million in FY2025. Revenue growth only creates owner value if Badger Meter keeps a differentiated margin structure; margin compression would imply the moat is weaker than the growth suggests.
Watch: Large municipal bids are increasingly awarded primarily on lowest meter hardware price rather than lifecycle performance, data capability or system integration.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit rose from $205.5 million in FY2021 to $382.1 million in FY2025.
Open source ↗Badger Meter’s manufacturing, sourcing and sales infrastructure scale with solution demand, so incremental volume and mix continue to fall through to operating profit rather than being absorbed by capacity, warranty or selling-cost pressure.StrengtheningMateriality: Medium
GAAP annual operating income increased from $78.7 million in FY2021 to $183.4 million in FY2025. Operating leverage is what turns the smart-water demand thesis into earnings power; losing it would lower the quality of growth.
Watch: Badger Meter faces manufacturing capacity bottlenecks, supplier constraints or quality problems that require expedited freight, rework or warranty spending.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income increased from $78.7 million in FY2021 to $183.4 million in FY2025.
Open source ↗The business remains self-funding because meter and system sales convert into cash rather than requiring structurally higher working capital, giving Badger Meter flexibility to invest, acquire and return capital without balance-sheet stress.StrengtheningMateriality: Medium
GAAP annual operating cash flow was $183.7 million in FY2025 versus GAAP net income of $141.6 million. Strong cash conversion lets shareholders benefit from growth without relying on debt or dilution; weak cash conversion would signal poorer economics than reported earnings imply.
Watch: Municipal customers stretch receivable payments or deployments shift toward long implementation cycles that delay cash collection.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was $183.7 million in FY2025 versus GAAP net income of $141.6 million.
Open source ↗Management continues compounding per-share value by reinvesting in adjacent flow measurement, quality, control and system capabilities without materially diluting shareholders or overpaying for growth.StrengtheningMateriality: Medium
GAAP diluted EPS increased from $2.08 in FY2021 to $4.79 in FY2025. The owner’s return depends on per-share economics, not just company growth; poor acquisitions or dilution could offset operating success.
Watch: Badger Meter pursues large acquisitions outside its core measurement, quality, control or system-solution competencies and pays valuation multiples that dilute returns.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP diluted EPS increased from $2.08 in FY2021 to $4.79 in FY2025.
Open source ↗
Full investment case & evidence
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Original research
Utilities and industrial customers keep treating flow measurement as a data-and-control problem rather than a commodity meter purchase, so Badger Meter continues converting smart-water demand into sales. If this holds, Badger Meter has a long reinvestment runway; if it breaks, the company becomes a slower-cycle hardware supplier.
Badger Meter’s accuracy, reliability and integrated-solution position continue to support pricing and mix advantages, preventing smart-meter growth from being competed down to commodity hardware margins. Revenue growth only creates owner value if Badger Meter keeps a differentiated margin structure; margin compression would imply the moat is weaker than the growth suggests.
Badger Meter’s manufacturing, sourcing and sales infrastructure scale with solution demand, so incremental volume and mix continue to fall through to operating profit rather than being absorbed by capacity, warranty or selling-cost pressure. Operating leverage is what turns the smart-water demand thesis into earnings power; losing it would lower the quality of growth.
The business remains self-funding because meter and system sales convert into cash rather than requiring structurally higher working capital, giving Badger Meter flexibility to invest, acquire and return capital without balance-sheet stress. Strong cash conversion lets shareholders benefit from growth without relying on debt or dilution; weak cash conversion would signal poorer economics than reported earnings imply.
Management continues compounding per-share value by reinvesting in adjacent flow measurement, quality, control and system capabilities without materially diluting shareholders or overpaying for growth. The owner’s return depends on per-share economics, not just company growth; poor acquisitions or dilution could offset operating success.
All standing thesis claims
Original report summary
water utilities keep moving from mechanical meters toward integrated flow measurement, water-quality, control and system solutions where accuracy, reliability and software-like functionality matter more than the lowest hardware bid.
Bull case and bear case
Bull case and bear case for Badger Meter
Where the evidence on Badger Meter stands: Strengthening on the latest evidence (Oct 17, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
Utilities and industrial customers keep treating flow measurement as a data-and-control problem rather than a commodity meter purchase, so Badger Meter continues converting smart-water demand into sales.
Badger Meter’s accuracy, reliability and integrated-solution position continue to support pricing and mix advantages, preventing smart-meter growth from being competed down to commodity hardware margins.
Badger Meter’s manufacturing, sourcing and sales infrastructure scale with solution demand, so incremental volume and mix continue to fall through to operating profit rather than being absorbed by capacity, warranty or selling-cost pressure.
The business remains self-funding because meter and system sales convert into cash rather than requiring structurally higher working capital, giving Badger Meter flexibility to invest, acquire and return capital without balance-sheet stress.
Management continues compounding per-share value by reinvesting in adjacent flow measurement, quality, control and system capabilities without materially diluting shareholders or overpaying for growth.
Bear case: what would count against it
Xylem/Sensus, Itron, Neptune/Roper or Kamstrup begins winning major municipal AMI and meter-replacement awards where Badger Meter had been expected to compete strongly.
Large municipal bids are increasingly awarded primarily on lowest meter hardware price rather than lifecycle performance, data capability or system integration.
Badger Meter faces manufacturing capacity bottlenecks, supplier constraints or quality problems that require expedited freight, rework or warranty spending.
Thesis-Break Engine
Thesis-break watch · Badger Meter
No break has crossed Badger Meter’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Badger Meter filed an SEC 8-K on 2026-07-22: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Badger Meter filed an SEC 8-K on 2026-06-11: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Badger Meter filed an SEC 8-K on 2026-05-21: Regulation FD disclosure. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Xylem/Sensus, Itron, Neptune/Roper or Kamstrup begins winning major municipal AMI and meter-replacement awards where Badger Meter had been expected to compete strongly.
- Large municipal bids are increasingly awarded primarily on lowest meter hardware price rather than lifecycle performance, data capability or system integration.
- Badger Meter faces manufacturing capacity bottlenecks, supplier constraints or quality problems that require expedited freight, rework or warranty spending.
- Municipal customers stretch receivable payments or deployments shift toward long implementation cycles that delay cash collection.
- Badger Meter pursues large acquisitions outside its core measurement, quality, control or system-solution competencies and pays valuation multiples that dilute returns.
BMI news
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Financial statements
BMI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
BMI: quick answers
- When does Badger Meter (BMI) report earnings next?
- Badger Meter's next results are projected for January 27, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 22, 2026. Earnings calendar
- What is BMI's short interest?
- As of October 30, 2026, 3.8M BMI shares were sold short, 13.4% of its shares outstanding, down 13.9% from the count before. At the stock's average daily volume that is 6.0 days to cover. FINRA publishes the count twice a month. BMI short interest history
- Have members of Congress traded BMI?
- Reports made public in the last 90 days disclose 4 trades in BMI by 1 filer: 2 purchases and 2 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed BMI trade
- Which well-known investors own BMI?
- 1 of the 37 well-known funds tracked here reported BMI shares in their latest 13F filing. By share of the fund's portfolio: Fundsmith (Terry Smith), 0.2%. Fund portfolios
BMI in well-known investors’ portfolios
1 of 37 funds reported BMI shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Terry SmithFundsmith | 0.19% | $25.9M | +22.6% | Q2 2026 |