BMI Technology

Badger Meter, Inc.

$152.58-3.24%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Technology
Industry: Scientific & Technical Instruments
Country: United States
Market cap: 4.4B USD
Enterprise value: 4.4B USD
Full-time employees: 2,477

Overall health

Strength: lower risk than most peers: a steadier share price and less debt relative to equitylower risk: a steadier share price and less debt vs equity
About average: growth and valuation

Ranks #372 of 1,612 technology companies (top 24%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $21M vs $15M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Badger Meter recorded $21M of stock-based pay expense and spent $15M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Badger Meter recorded $21M of stock-based pay expense and spent $15M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Profits growing faster than sales. Since 2022: revenue +62%, operating profit +110%.
Since 2022, Badger Meter's revenue grew 62% while operating profit grew 110%: each extra dollar of sales is adding more profit.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $426M in 2020 to $917M in 2025.
Badger Meter's fiscal-year revenue rose in each of the five years to 2025, from $426M to $917M.
Profit is backed by cash. Free cash flow is 120% of reported profit.
Badger Meter's free cash flow is 120% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

64/ 100▼ 1 since Oct 27 close

Oct 5 67 → Nov 4 64 (-3)

Valuation

Is the price right?

52/100

Moderate▼ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 55 → 52

Peer companies moved-3

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.8%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.26Sector median: 0.0225 · MAD: 0.0225

EBITDA yield4.5%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 0.08Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield3.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.24Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield15.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

43/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ 3-yr revenue
▼ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-5.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.55Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth11.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.88Sector median: 0.0483 · MAD: 0.0793

Revenue growth0.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.76Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

85/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ Operating margin
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin18.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.73Sector median: 0.0631 · MAD: 0.0710

Return on assets12.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.67Sector median: 0.0293 · MAD: 0.0362

Return on invested capital18.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.42Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin41.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity18.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Debt / equity
▲ Beta
▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.64

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.63Sector median: 0.8710 · MAD: 0.3700

Current ratio2.42×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.86Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.03×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.95Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Badger Meter

Is Badger Meter getting weaker?: Its latest SEC filing (Jul 23, 2026) showed no major changes. Its overall score is 64/100, down 1 since Oct 28, 2026.
How is Badger Meter valued vs its peers?: Priced about in line with its peers. Valuation scores 52/100 against 1,711 technology peers.
Is Badger Meter growing?: At about the same pace as its peers. Growth scores 43/100 against 1,711 technology peers. 3-year revenue growth 11.8% vs a peer median of 4.8% (stronger than 71% of peers).3-year revenue growth 11.8% vs peers 4.8% (stronger than 71% of peers). Revenue growth 0.8% vs a peer median of 8.5% (weaker than 71% of peers).Revenue growth 0.8% vs peers 8.5% (weaker than 71% of peers).
How profitable is Badger Meter?: More profitable than most of its peers. Profitability scores 85/100 against 1,711 technology peers. Return on assets 12.6% vs a peer median of 2.9% (stronger than 91% of peers).Return on assets 12.6% vs peers 2.9% (stronger than 91% of peers).
How risky is Badger Meter?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.03× vs a peer median of 0.25× (stronger than 81% of peers).Debt / equity 0.03× vs peers 0.25× (stronger than 81% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 23, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	896.7M USD	881.0M USD	−1.8%
Net income (12 months)	130.6M USD	125.7M USD	−3.7%
Operating margin	18.9%	18.6%	−0.3 pts
Free cash flow (12 months)	169.1M USD	150.3M USD	−11.1%
Shares outstanding	29.2M	29.0M	−0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Technology · 320 companies

Valuations in Technology are above their usual range since 2016.

70% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +5% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +68% vs the whole market, against a usual +58%.

2016Shaded: most expensive fifth of its range2026

Shown for Technology: too few Scientific & Technical Instruments companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	40.7%	38.9%	39.3%	39.8%	41.7%	▲ 1.9 pts
Operating margin	15.6%	15.4%	16.8%	19.1%	20.0%	▲ 0.9 pts
Net margin	12.1%	11.8%	13.2%	15.1%	15.5%	▲ 0.3 pts
Return on assets (ROA)	11.5%	11.0%	12.9%	15.3%	14.5%	▼ 0.8 pts
Return on equity (ROE)	15.1%	15.0%	17.9%	20.6%	19.9%	▼ 0.8 pts
Free cash flow margin	16.0%	13.5%	13.9%	17.2%	18.5%	▲ 1.3 pts
Current ratio	3.18×	3.15×	3.35×	4.57×	3.36×	▼ 26%
Quick ratio	1.97×	2.07×	2.19×	3.36×	2.36×	▼ 30%
Debt to equity	0.00×	0.00×	0.00×	0.00×	0.00×	—

BMI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $21M vs $15M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Badger Meter recorded $21M of stock-based pay expense and spent $15M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Badger Meter recorded $21M of stock-based pay expense and spent $15M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Profits growing faster than sales. Since 2022: revenue +62%, operating profit +110%.

Since 2022, Badger Meter's revenue grew 62% while operating profit grew 110%: each extra dollar of sales is adding more profit.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $426M in 2020 to $917M in 2025.

Badger Meter's fiscal-year revenue rose in each of the five years to 2025, from $426M to $917M.

Profit is backed by cash. Free cash flow is 120% of reported profit.

Badger Meter's free cash flow is 120% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Badger Meter

Is Badger Meter getting weaker?

Its latest SEC filing (Jul 23, 2026) showed no major changes. Its overall score is 64/100, down 1 since Oct 28, 2026.

How is Badger Meter valued vs its peers?

Priced about in line with its peers. Valuation scores 52/100 against 1,711 technology peers.

Is Badger Meter growing?

At about the same pace as its peers. Growth scores 43/100 against 1,711 technology peers. 3-year revenue growth 11.8% vs a peer median of 4.8% (stronger than 71% of peers).3-year revenue growth 11.8% vs peers 4.8% (stronger than 71% of peers). Revenue growth 0.8% vs a peer median of 8.5% (weaker than 71% of peers).Revenue growth 0.8% vs peers 8.5% (weaker than 71% of peers).

How profitable is Badger Meter?

More profitable than most of its peers. Profitability scores 85/100 against 1,711 technology peers. Return on assets 12.6% vs a peer median of 2.9% (stronger than 91% of peers).Return on assets 12.6% vs peers 2.9% (stronger than 91% of peers).

How risky is Badger Meter?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.03× vs a peer median of 0.25× (stronger than 81% of peers).Debt / equity 0.03× vs peers 0.25× (stronger than 81% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

896.7M USD

881.0M USD

−1.8%

Net income (12 months)

130.6M USD

125.7M USD

−3.7%

Operating margin

18.9%

18.6%

−0.3 pts

Free cash flow (12 months)

169.1M USD

150.3M USD

−11.1%

Shares outstanding

29.2M

29.0M

−0.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

40.7%

38.9%

39.3%

39.8%

41.7%

▲ 1.9 pts

Operating margin

15.6%

15.4%

16.8%

19.1%

20.0%

▲ 0.9 pts

Net margin

12.1%

11.8%

13.2%

15.1%

15.5%

▲ 0.3 pts

Return on assets (ROA)

11.5%

11.0%

12.9%

15.3%

14.5%

▼ 0.8 pts

Return on equity (ROE)

15.1%

15.0%

17.9%

20.6%

19.9%

▼ 0.8 pts

Free cash flow margin

16.0%

13.5%

13.9%

17.2%

18.5%

▲ 1.3 pts

Current ratio

3.18×

3.15×

3.35×

4.57×

3.36×

▼ 26%

Quick ratio

1.97×

2.07×

2.19×

3.36×

2.36×

▼ 30%

Debt to equity

0.00×

—