BMI
Badger Meter, Inc.

Badger Meter, Inc.BMI

Technology · Scientific & Technical Instruments
158.18USD
-0.86%
Nov 09, 2026
BMI overview ready
Supplier of digital water meters and analytics to municipal utilities
Badger Meter supplies municipal-utility water meters, cellular AMI endpoints and software, plus sensing, leak/sewer-monitoring and flow-instrumentation products used to measure, monitor and manage water systems.
Primary theme is improving
Water Infrastructure is improving (+15.7pp vs SPY over 21 sessions; 8 of 9 members ahead of SPY).
Advancing price action
Longer-term context reads early recovery, with a near-term setup of daily reclaim.
Fair valuation
The price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.
Unremarkable fundamentals
Primary risk
Dependence on municipal infrastructure spending.
Market Nov 6Filing Sep 30Price action Nov 8Research Oct 24

Conviction Level

PriceAction8.6BusinessPerformance5.0BusinessQuality9.0Valuation4.9ThemeMomentum7.0Stable — Revenue is roughly flat year over year (+0.1%). Diluted EPS is roughly flat year over year at $1.24. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
+15.7pp
Theme return
+10.7%
Beating SPY
8 of 9
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Advancing price action
Longer-term context reads early recovery, with a near-term setup of daily reclaim.
EntryReset + recovery

The stock is still rebuilding below its long-term weekly base, and the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$4.5B
Avg Volume (60D)
494.7K
60 sessions
Revenue Growth YoY
+10.9%
FY2025 vs FY2024
Gross Margin
+41.6%
Trailing twelve months
Operating Margin
+18.8%
Trailing twelve months
Free Cash Flow Yield
+3.2%
Distance from 200DMA
+14.9%
Next Earnings
2027-01-28
P/E
35.7x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Stable

Revenue is roughly flat year over year (+0.1%). Diluted EPS is roughly flat year over year at $1.24.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthFlat
+0.1%
$236M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +7.6%
  2. -9.0%
  3. -6.6%
  4. +0.1%
Earnings growthFlat
+4.2%
Diluted EPS $1.24 vs $1.19 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. +9.6%
  2. -29%
  3. -13%
  4. +4.2%
Operating marginStable
20.2%
+0.7 pp YoY · gross margin 41.9% (+1.2 pp)

Business Quality

9.0 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say fair; peers is the dissenting view.
Badger Meter, Inc. has a Fair valuation stance because the price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.

Company Research

Thesis
Badger Meter supplies municipal-utility water meters, cellular AMI endpoints and software, plus sensing, leak/sewer-monitoring and flow-instrumentation products used to measure, monitor and manage water systems.
Opportunity
Moderate opportunity
Municipal and other water utilities are replacing aging meters and manual-read systems with connected metering, communications, sensing, leak monitoring and analytics to improve billing capture, reduce non-revenue water, manage labor constraints and modernize essential distribution networks.
Key risk
Dependence on municipal infrastructure spending.

Economic classification

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Business & Markets

Technology · Scientific & Technical Instruments
What they do

Badger Meter, Inc. designs, manufactures, and sells flow measurement and control products, along with software solutions, primarily serving municipal water utilities and original equipment manufacturers worldwide.

How it earns

The company generates revenue mainly through transactional sales of metering hardware, instrumentation products, and software licenses and services.

Products & services
Utility water smart metering solutions
Flow instrumentation products
Cellular AMI endpoints
Leak and sewer monitoring systems
Utility analytics software
Customers & end markets
Municipal water utilities
Original equipment manufacturers (OEMs)
Market position

A recognized supplier and infrastructure enabler within the municipal water metering and flow instrumentation market.

Demand drivers
Low cyclicality

Demand is driven by long-term municipal infrastructure upgrades rather than economic cycles.