BADGER METER INC · Totalizing Fluid Meters & Counting Devices

BMI

Low riskNext report: Around Jan 27, 2027 (est.)

View price ↗

The short version

A high-quality, profitable business with steady sales. Institutions are adding.

Going well

Profitable every year for 10 years
Sales up 11% last year
Sales growth speeding up

Money moves

No insider buying or selling in the last 30 days
Institutions added 7.8% to their holdings in the quarter ending June 2026 (246 bought, 230 sold)
Held by Terry Smith (Fundsmith)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$156.06+3.2% that day

Company value: $4.5B; Share price times all shares
Price vs profit (P/E): 36.0x; You pay about $36 for each $1 of yearly profit
Price vs sales: 5.1x; Company value is 5.1 times a year of sales
Dividend yield: 0.9%; Yearly dividend as a share of today's price

From BMI's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Sep '26

$235.9M+0.1% vs a year earlier

Dec '23Tap a barSep '26

Last 12 months: $881.2M, down 2.2% from the 12 months before. Over 5 years, sales grew about 17% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of BMI. Starting points are the company's recent numbers.

Sales growth-2% a yearRecently: -2.2% a yearProfit margin14%Last 12 months: 14.4%P/E at the end36xToday: 36.0x. Many steady companies trade at 12x to 25xShare count change0% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$797M

Profit in 5 years$112M

Price these guesses point to$140.55-9.9% vs $156.06 todayAbout -2.1% a year, before dividends

What today's price needs: with a 14% margin and a 36x P/E, sales would have to grow about 0.1% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

5/5Strong

PassReturn on equity 15%+Earns a lot on the money owners have in the business.21.5%
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.15.5%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$169.7M
PassGross margin 40%+Pricing power: sells for well above what it costs to make.41.7%

Revenue: $916.7M; +10.9% vs prior year
5-year growth: +16.6%/yr; revenue, per year
Current ratio: 3.36x; short-term assets / bills due
Free cash flow: $169.7M; 18.5% of revenue

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: debt under half of equity, share count not growing. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Sep 30, 2026

Reported Oct 22Before open8:32 am ET

Revenue: $235.9M; +0.1% YoY
EPS: $1.24; vs $1.19
Op. margin: 20.2%; +0.6 pts
Gross margin: 41.9%; +1.2 pts
Free cash flow: $40.3M
Share count: -2.4%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

80/ 100

This week: 2
Normal week: 0.5
vs normal: 4.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+7.8%

Institutions added 7.8% to their holdings. 246 bought, 230 sold. 7 quarters of net buying in a row.

Shares held by institutions32.7M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-0.9%

Cash runwayAt last year's cash burn

Cash flow positive

Shares outstandingLatest reported

29M

Earnings reports

Last 12

Next reportAround Jan 27, 2027 (est.)Estimated from the same quarter last year

Results filedOct 22
Results filedJul 22
Results filedApr 17
Results filedJan 28
Results filedOct 21, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

No offerings, red flags or new big holders. Clean record.

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Quarterly reportOct 23 · Form 10-Q ↗Earnings resultsOct 22 · Form 8-K ↗

Stock awardXia LiuDirector

154 shares at $123.54 · $19K

+3% of holdings
Now owns 4,807 shares
Phantom Stock Units
Filed 1 day after trade

Oct 1Form 4 ↗

Stock awardTodd A. AdamsDirector

154 shares at $123.54 · $19K

+1% of holdings
Now owns 17,354 shares
Phantom Stock Units
Filed 1 day after trade

Oct 1Form 4 ↗

BoughtEdward F. CallahanVP-Engineering

751 shares at $135.25 · $102K

+63% of holdings
Now owns 1,937 shares
Filed 1 day after trade

Jul 30Form 4 ↗

Quarterly reportJul 23 · Form 10-Q ↗Earnings resultsJul 22 · Form 8-K ↗

Stock awardXia LiuDirector

128 shares at $148.38 · $19K

+3% of holdings
Now owns 4,653 shares
Phantom Stock Units
Filed 1 day after trade

Jul 1Form 4 ↗

Stock awardTodd A. AdamsDirector

128 shares at $148.38 · $19K

+1% of holdings
Now owns 17,201 shares
Phantom Stock Units
Filed 1 day after trade

Jul 1Form 4 ↗

11-KJun 22 · Form 11-K ↗Major agreementJun 11 · Form 8-K ↗SDMay 28 · Form SD ↗Investor disclosureMay 21 · Form 8-K ↗New 5%+ holder (passive)May 12 · Form SCHEDULE 13G ↗

Stock awardXia LiuDirector

131 shares at $152.35 · $20K

+3% of holdings
Now owns 4,525 shares
Phantom Stock Units
Filed 3 days after trade

May 1Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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