Badger Meter (BMI)
Market Price (3/30/2026): $146.2 | Market Cap: $4.3 BilSector: Information Technology | Industry: Electronic Equipment & Instruments
Badger Meter (BMI)
Market Price (3/30/2026): $146.2Market Cap: $4.3 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% | Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -34% | Key risksBMI key risks include [1] its heavy reliance on the unpredictable spending of public utilities and [2] intense competition within the smart water solutions market. |
| Low stock price volatilityVol 12M is 39% | ||
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Water Infrastructure, and Sustainable Resource Management. Themes include Smart Metering, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Water Infrastructure, and Sustainable Resource Management. Themes include Smart Metering, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -34% |
| Key risksBMI key risks include [1] its heavy reliance on the unpredictable spending of public utilities and [2] intense competition within the smart water solutions market. |
Qualitative Assessment
AI Analysis | Feedback
Badger Meter (BMI) stock has lost about 20% since 11/30/2025 because of the following key factors:
1. Badger Meter reported lower-than-expected Q4 2025 earnings and revenue. The company announced diluted earnings per share (EPS) of $1.14 on January 28, 2026, missing the consensus estimate of $1.15 by $0.01. Revenue for the quarter was $220.7 million, falling short of the consensus estimate of $232.3 million. This financial performance, particularly the revenue miss, led to an immediate decline of 11.28% in the stock's pre-market trading following the announcement.
2. Concerns over organic growth and the timing of Advanced Metering Infrastructure (AMI) projects impacted investor outlook. While Badger Meter's total sales increased 8% year-over-year, base sales (excluding the SmartCover acquisition) grew by only 2%. This organic growth fell short of some analyst expectations, such as RBC Capital's 7% estimate. Management's guidance indicating that growth in 2026 would be weighted towards the second half of the year due to AMI project timing further fueled investor concerns about a potential slowdown in the AMI adoption cycle, contributing to an 11% share decline after the earnings report.
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1. Badger Meter reported lower-than-expected Q4 2025 earnings and revenue. The company announced diluted earnings per share (EPS) of $1.14 on January 28, 2026, missing the consensus estimate of $1.15 by $0.01. Revenue for the quarter was $220.7 million, falling short of the consensus estimate of $232.3 million. This financial performance, particularly the revenue miss, led to an immediate decline of 11.28% in the stock's pre-market trading following the announcement.
2. Concerns over organic growth and the timing of Advanced Metering Infrastructure (AMI) projects impacted investor outlook. While Badger Meter's total sales increased 8% year-over-year, base sales (excluding the SmartCover acquisition) grew by only 2%. This organic growth fell short of some analyst expectations, such as RBC Capital's 7% estimate. Management's guidance indicating that growth in 2026 would be weighted towards the second half of the year due to AMI project timing further fueled investor concerns about a potential slowdown in the AMI adoption cycle, contributing to an 11% share decline after the earnings report.
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Stock Movement Drivers
Fundamental Drivers
The -18.1% change in BMI stock from 11/30/2025 to 3/29/2026 was primarily driven by a -19.9% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 178.08 | 145.81 | -18.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 901 | 917 | 1.7% |
| Net Income Margin (%) | 15.4% | 15.5% | 0.3% |
| P/E Multiple | 37.8 | 30.2 | -19.9% |
| Shares Outstanding (Mil) | 29 | 29 | 0.2% |
| Cumulative Contribution | -18.1% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BMI | -18.1% | |
| Market (SPY) | -5.3% | 33.6% |
| Sector (XLK) | -9.1% | 19.2% |
Fundamental Drivers
The -19.9% change in BMI stock from 8/31/2025 to 3/29/2026 was primarily driven by a -23.3% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 182.02 | 145.81 | -19.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 874 | 917 | 4.9% |
| Net Income Margin (%) | 15.5% | 15.5% | -0.5% |
| P/E Multiple | 39.4 | 30.2 | -23.3% |
| Shares Outstanding (Mil) | 29 | 29 | 0.1% |
| Cumulative Contribution | -19.9% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BMI | -19.9% | |
| Market (SPY) | 0.6% | 34.5% |
| Sector (XLK) | -0.7% | 20.3% |
Fundamental Drivers
The -30.1% change in BMI stock from 2/28/2025 to 3/29/2026 was primarily driven by a -38.3% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 208.54 | 145.81 | -30.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 827 | 917 | 10.9% |
| Net Income Margin (%) | 15.1% | 15.5% | 2.2% |
| P/E Multiple | 49.0 | 30.2 | -38.3% |
| Shares Outstanding (Mil) | 29 | 29 | 0.0% |
| Cumulative Contribution | -30.1% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BMI | -30.1% | |
| Market (SPY) | 9.8% | 45.5% |
| Sector (XLK) | 15.9% | 40.0% |
Fundamental Drivers
The 22.5% change in BMI stock from 2/28/2023 to 3/29/2026 was primarily driven by a 62.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 119.02 | 145.81 | 22.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 566 | 917 | 62.1% |
| Net Income Margin (%) | 11.8% | 15.5% | 31.4% |
| P/E Multiple | 52.3 | 30.2 | -42.2% |
| Shares Outstanding (Mil) | 29 | 29 | -0.5% |
| Cumulative Contribution | 22.5% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BMI | 22.5% | |
| Market (SPY) | 69.4% | 44.5% |
| Sector (XLK) | 94.5% | 36.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BMI Return | 14% | 3% | 43% | 38% | -17% | -13% | 67% |
| Peers Return | 22% | -24% | 40% | 29% | 11% | -2% | 80% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| BMI Win Rate | 75% | 42% | 83% | 67% | 33% | 33% | |
| Peers Win Rate | 63% | 35% | 58% | 57% | 58% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| BMI Max Drawdown | -4% | -31% | -3% | -9% | -20% | -17% | |
| Peers Max Drawdown | -11% | -38% | -4% | -8% | -13% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ITRI, XYL, MWA, WTS, PNR. See BMI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | BMI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -33.5% | -25.4% |
| % Gain to Breakeven | 50.4% | 34.1% |
| Time to Breakeven | 131 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -39.1% | -33.9% |
| % Gain to Breakeven | 64.3% | 51.3% |
| Time to Breakeven | 203 days | 148 days |
| 2018 Correction | ||
| % Loss | -19.6% | -19.8% |
| % Gain to Breakeven | 24.3% | 24.7% |
| Time to Breakeven | 87 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -68.3% | -56.8% |
| % Gain to Breakeven | 215.4% | 131.3% |
| Time to Breakeven | 2,290 days | 1,480 days |
Compare to ITRI, XYL, MWA, WTS, PNR
In The Past
Badger Meter's stock fell -33.5% during the 2022 Inflation Shock from a high on 12/8/2021. A -33.5% loss requires a 50.4% gain to breakeven.
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About Badger Meter (BMI)
Badger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions in the United States, Asia, Canada, Europe, Mexico, the Middle East, and internationally. It offers mechanical or static water meters, and related radio and software technologies and services to municipal water utilities. The company also provides flow instrumentation products, including meters, valves, and other sensing instruments to measure and control fluids going through a pipe or pipeline, including water, air, steam, oil, and other liquids and gases to original equipment manufacturers as the primary flow measurement device within a product or system, as well as through manufacturers' representatives. Its flow instrumentation products are used in water/wastewater, heating, ventilating and air conditioning, and corporate sustainability markets. In addition, the company offers ORION Migratable for automatic meter reading; ORION (SE) for traditional fixed network applications; and ORION Cellular for infrastructure-free fixed network meter reading solution, as well as BEACON advanced metering analytics, a secure cloud-hosted software suite that establishes alerts for specific conditions and allows consumer engagement tools that permit end water customers to view and manage their water usage activity. It also serves water utilities, industrial, and other industries. The company sells its products directly, as well as through resellers and representatives. Badger Meter, Inc. was incorporated in 1905 and is headquartered in Milwaukee, Wisconsin.
AI Analysis | Feedback
- They are like Nest (Google), but for cities and their water grids, providing smart meters and data tools to manage water usage.
- Think of them as Honeywell for the precise measurement and control of fluids (like water, oil, and steam) in industrial pipes and systems.
AI Analysis | Feedback
- Water Meters: Mechanical and static devices designed for municipal water utilities to measure water consumption.
- Flow Instrumentation Products: A range of meters, valves, and sensing instruments used to measure and control the flow of various fluids (water, air, steam, oil, and gases) in pipelines for industrial and commercial applications.
- ORION Communication Solutions: A suite of radio-based and cellular technologies providing various automatic meter reading solutions, including migratable, traditional fixed network, and infrastructure-free options.
- BEACON Advanced Metering Analytics (AMA): A secure cloud-hosted software suite that establishes alerts for specific conditions and provides tools for end water customers to view and manage their water usage activity.
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Badger Meter, Inc. (BMI) primarily sells its products and solutions to other organizations and companies, rather than directly to individual consumers. Based on the provided description, its major customers fall into the following categories:
- Municipal Water Utilities: These are key customers for Badger Meter's mechanical and static water meters, along with related radio, software technologies, and services.
- Original Equipment Manufacturers (OEMs): Badger Meter supplies flow instrumentation products to OEMs, who integrate these as primary flow measurement devices within their own products or systems.
- Industrial Customers: The company serves various industrial sectors, including those involved in water/wastewater treatment, heating, ventilating and air conditioning (HVAC), and corporate sustainability markets, for their flow measurement and control needs.
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Kenneth C. Bockhorst, Chairman, President & Chief Executive Officer
Ken Bockhorst joined Badger Meter in October 2017 as Chief Operating Officer, was promoted to President and Chief Executive Officer on January 1, 2019, and became Chairman of the Board on January 1, 2020. He has over 20 years of experience in global operations management. Prior to Badger Meter, he spent six years at Actuant Corporation (now Enerpac Tool Group), serving most recently as Executive Vice President of the energy segment. His career also includes product management and operational leadership roles at IDEX Corporation (from 2007-2011) and Eaton Corporation (from 1991-2007). At Actuant, he developed and executed strategic plans that included major portfolio enhancements with both acquisition and divestiture activities. He currently serves as Lead Independent Director of Mirion Technologies, Inc.
Daniel R. Weltzien, Vice President – Chief Financial Officer and Treasurer
Daniel R. Weltzien was appointed Vice President – Chief Financial Officer and Treasurer of Badger Meter, effective January 1, 2026. He previously served as Vice President – Controller for seven years at Badger Meter. Before joining Badger Meter in 2019, he spent eight years in business unit finance and internal audit roles at Actuant Corporation. Earlier in his career, he gained eight years of public accounting experience at Deloitte & Touche LLP. Mr. Weltzien possesses nearly 25 years of progressive experience in corporate finance, including extensive work at both public companies and within public accounting.
Robert A. Wrocklage, Executive Vice President – North America Municipal Utility
Effective January 1, 2026, Robert A. Wrocklage was elevated to Executive Vice President – North America Municipal Utility. Prior to this, he served seven years as Senior Vice President – Chief Financial Officer at Badger Meter, having been promoted to that role effective January 1, 2019, after joining in August 2018 as VP-Finance. Before joining Badger Meter, he spent nearly a decade at Actuant Corporation (now Enerpac Tool Group), most recently as Corporate Controller and Principal Accounting Officer. His experience at Actuant also includes various corporate and business unit financial leadership roles and three years as Internal Audit Leader. Earlier in his career, he worked for seven years in public accounting at Deloitte & Touche LLP.
Matthew L. Stuyvenberg, Executive Vice President – SaaS, Global Commercial and International Utility
Matthew L. Stuyvenberg was named Executive Vice President – SaaS, Global Commercial and International Utility in January 2026, having served as Vice President – SaaS, Global Commercial and International Utility since September 2024. He is responsible for leading the global software and flow instrumentation business and advancing international municipal water opportunities. Mr. Stuyvenberg joined Badger Meter in 2007 as a Mechanical Engineer of Applied Research and has since held roles of increasing responsibility, including Supervisor - CAE, Manager - Mechanical Engineering, Director of Utility Engineering, Senior Director of Water Quality, and Vice President - Software and Water Quality.
Kimberly K. Stoll, Vice President – Customer Support and General Manager – SmartCover
Kimberly K. Stoll was promoted to Vice President – Customer Support and General Manager – SmartCover, effective January 1, 2026. In this role, she oversees North America-based customer care, sales operations, customer success resources, and holds overall responsibility for SmartCover. Ms. Stoll joined Badger Meter in 2008 as director of utility marketing, was promoted to Vice President – Marketing in 2009, and was named Vice President – Sales and Marketing in 2012. Before joining Badger Meter, she worked for Rockwell Automation in various human resources and marketing capacities.
AI Analysis | Feedback
Key Risks to Badger Meter (BMI)
- Technological Disruption and Evolution of Smart Infrastructure: Badger Meter's core business relies on flow measurement, communication technologies, and software solutions for water utilities and industrial applications. A significant risk is the rapid evolution of smart city infrastructure and advanced Internet of Things (IoT) solutions, which could introduce disruptive technologies or integrated platforms that fundamentally alter how water and other fluid consumption are measured and managed. Failure to continuously innovate and adapt to these advancements, or the emergence of superior, more cost-effective solutions from competitors or new market entrants, could diminish demand for their traditional metering and communication products.
- Intense Competition in Global Flow Measurement Markets: The company operates in a competitive global market for flow measurement, control, and communication solutions. This includes competition from established players, specialized niche providers, and potentially larger industrial conglomerates across municipal, industrial, and OEM sectors. Competitive pressures can manifest in pricing, technological innovation, product features, and service capabilities, potentially impacting Badger Meter's market share, revenue growth, and profit margins.
- Reliance on Municipal Water Utility Spending and Infrastructure Investment: A substantial portion of Badger Meter's revenue is derived from municipal water utilities. This market is sensitive to public sector budgeting cycles, government infrastructure spending initiatives, regulatory changes, and economic conditions. Delays in municipal capital projects, reduced funding for water infrastructure upgrades, or shifts in public policy priorities could directly impact demand for the company's water meters, communication technologies, and related services.
AI Analysis | Feedback
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AI Analysis | Feedback
Badger Meter, Inc. (BMI) operates within two primary market segments: Utility Water (encompassing smart water metering and Advanced Metering Infrastructure) and Flow Instrumentation.Addressable Markets for Badger Meter's Main Products and Services:
Smart Water Metering and Advanced Metering Infrastructure (AMI)
The smart water metering market, which includes Advanced Metering Infrastructure (AMI), represents a significant addressable market for Badger Meter.- The global smart water metering market was valued at approximately USD 6.8 billion in 2024. This market is projected to grow, with estimates suggesting it could reach USD 11.0 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.8% from 2025 to 2032. Other projections indicate a market size of USD 9.04 billion by 2030 with a CAGR of 11.9% from 2024 to 2030, and USD 16.54 billion by 2035 with an 11.3% CAGR during 2026-2035.
- The global AMI water meter market, a subset of smart water metering, was valued at USD 1.6 billion in 2024 and is estimated to grow at a robust CAGR of 30% from 2025 to 2034, reaching an estimated USD 22.3 billion by 2034. Another source projects the global AMI water meter market to be valued at USD 2.1 billion in 2025 and is projected to reach USD 28.7 billion by 2035, growing at a CAGR of 30.0%.
- In North America, the AMI water meter market was valued at USD 1.73 billion in 2024 and is anticipated to reach USD 2.71 billion by 2033, growing at a CAGR of 5.12% from 2025. North America accounted for 46% of the global smart water meters market share in 2024. Specifically, the U.S. AMI market is projected to exceed USD 63.5 billion by 2034, and is expected to grow from USD 23.23 billion in 2025 to USD 41.84 billion by 2031 with a 10.33% CAGR.
Flow Instrumentation Products
Badger Meter also participates in the broader flow instrumentation market, which includes flow meters and intelligent flow control meters.- The global flow meter market was valued at USD 10.64 billion in 2024 and is projected to reach USD 15.17 billion by 2030, growing at a CAGR of 6.0% from 2025 to 2030. Other estimates place the global flow meter market at USD 11.44 billion in 2025, projected to grow to USD 19.46 billion by 2034 with a CAGR of 6.08%. Another source values it at USD 9.9 billion in 2025 and projects it to reach USD 20.2 billion by 2035, at a CAGR of 7.4% during the forecast period of 2026-2035.
- The global intelligent flow control meter market was valued at USD 3.45 billion in 2025 and is projected to grow to USD 6.12 billion by 2034, with a CAGR of 7.2% during the forecast period.
- The global flow sensors market, a related category, was valued at USD 9.98 billion in 2024 and is expected to reach USD 15.97 billion by 2032, growing at a CAGR of 6.15% over the period 2025-2032.
- North America holds a significant share in the flow meter market, accounting for approximately 34%. The U.S. flow sensors market alone was valued at USD 2.36 billion in 2024 and is expected to reach USD 3.28 billion by 2032, growing at a CAGR of 4.30%.
AI Analysis | Feedback
Badger Meter, Inc. (BMI) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:
- Increasing Adoption of Smart Water Solutions and Advanced Metering Infrastructure (AMI): Badger Meter anticipates continued growth as municipal water utilities transition to advanced metering infrastructure, particularly its cellular AMI solutions. The company notes that only approximately 40% of connection points have currently switched to AMI, indicating a significant runway for upgrades as customers cycle through natural meter replacements. This adoption fuels sales of associated meters, ORION cellular endpoints, and BEACON software.
- Growth in Software and Digital Solutions: The company is strategically shifting towards higher-margin software and service offerings. Its Software as a Service (SaaS) revenue, including BEACON advanced metering analytics and EyeOnWater, is a strong growth area. These digital solutions provide actionable data for utilities and homeowners, and Badger Meter continues to innovate by integrating real-time water quality monitoring, high-frequency pressure, and network monitoring capabilities into its platform.
- Strategic Acquisitions and Portfolio Expansion: Complementary acquisitions are a key component of Badger Meter's growth strategy. A notable example is the acquisition of SmartCover Systems in January 2025, which has contributed to revenue and expanded the company's capabilities in real-time monitoring of water collection systems. This acquisition is anticipated to be earnings accretive in 2026.
- Major Project Wins and Market Expansion: Significant project awards, such as the Advanced Metering Infrastructure (AMI) project for the Puerto Rico Aqueduct and Sewer Authority (PRASA), are expected to drive substantial revenue. This particular project covers 1.6 million service connections, with meaningful revenue contributions projected for the second half of 2026. Additionally, Badger Meter aims to expand its global presence by offering customized solutions in international markets like Europe and the Middle East, and by capturing niches in flow instrumentation for smart-building applications, climate control equipment, and wastewater treatment facilities.
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Capital Allocation Decisions for Badger Meter (BMI)
Share Repurchases
- In February 2026, Badger Meter's Board of Directors increased its share repurchase authorization by $75 million, bringing the total authorization to $150 million through November 30, 2028. This built upon a $75 million authorization approved in November 2025.
- During the first quarter of 2026, the company repurchased 205,000 shares for approximately $30.3 million, leaving $119.7 million available under the expanded program.
- In the fourth quarter of 2025, Badger Meter opportunistically repurchased $15 million in shares.
Share Issuance
- In March 2026, an EVP received a grant of 1,312 restricted common shares under the 2021 Omnibus Incentive Plan, which vest ratably over three years. To cover tax obligations, 210 shares were withheld and disposed of.
- In February 2026, a VP received 1,193 shares from earned Performance Stock Units (PSUs) for the 2023–2025 performance period, vesting on March 3, 2026.
- In March 2026, a VP of Human Resources received a grant of 369 restricted shares under the 2021 Omnibus Incentive Plan, vesting ratably over three years, with 46 shares disposed of for tax obligations.
Outbound Investments
- On January 31, 2025, Badger Meter acquired SmartCover Systems from XPV Water Partners for $185 million, funded with available cash. This acquisition expanded Badger Meter's BlueEdge suite to include real-time monitoring of utility water collection systems, focusing on sewer line and lift station monitoring.
- In 2023, Badger Meter acquired Syrinix Ltd., a provider of high-frequency pressure monitoring and leak detection solutions, for $17.1 million (or $18.1 million).
- In January 2021, the company acquired Analytical Technology for $44 million.
Capital Expenditures
- Badger Meter's capital allocation priorities include investments in organic growth, dividends, and attractive acquisitions.
- Expenditures for research and development activities were $21.6 million in 2025, $19.2 million in 2024, and $19.0 million in 2023, primarily focused on developing new products, improving existing products, and enhancing manufacturing processes.
- The company invested capital in 2023 to extend manufacturing output, add automation, and acquire test equipment.
Latest Trefis Analyses
Trade Ideas
Select ideas related to BMI.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | BMI | Badger Meter | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02282026 | VRNS | Varonis Systems | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | ITRI | Itron | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | FSLR | First Solar | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | PEGA | Pegasystems | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 101.57 |
| Mkt Cap | 6.9 |
| Rev LTM | 2,403 |
| Op Inc LTM | 393 |
| FCF LTM | 370 |
| FCF 3Y Avg | 275 |
| CFO LTM | 404 |
| CFO 3Y Avg | 307 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.7% |
| Rev Chg 3Y Avg | 8.7% |
| Rev Chg Q | 5.6% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Mgn LTM | 19.4% |
| Op Mgn 3Y Avg | 17.0% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 16.8% |
| CFO/Rev 3Y Avg | 15.8% |
| FCF/Rev LTM | 15.4% |
| FCF/Rev 3Y Avg | 13.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.9 |
| P/S | 3.2 |
| P/EBIT | 18.9 |
| P/E | 24.7 |
| P/CFO | 20.9 |
| Total Yield | 5.0% |
| Dividend Yield | 0.9% |
| FCF Yield 3Y Avg | 4.3% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -9.5% |
| 3M Rtn | -13.1% |
| 6M Rtn | -17.1% |
| 12M Rtn | -0.8% |
| 3Y Rtn | 60.7% |
| 1M Excs Rtn | -3.1% |
| 3M Excs Rtn | -4.7% |
| 6M Excs Rtn | -12.7% |
| 12M Excs Rtn | -15.6% |
| 3Y Excs Rtn | 7.4% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $145.81 | |
| Market Cap ($ Bil) | 4.3 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -42.2% | |
| 50 Days | 200 Days | |
| DMA Price | $154.00 | $182.02 |
| DMA Trend | down | down |
| Distance from DMA | -5.3% | -19.9% |
| 3M | 1YR | |
| Volatility | 42.9% | 38.7% |
| Downside Capture | 1.04 | 0.99 |
| Upside Capture | 97.74 | 88.88 |
| Correlation (SPY) | 33.7% | 45.5% |
BMI Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.86 | 1.26 | 1.22 | 1.03 | 0.91 | 0.96 |
| Up Beta | 1.67 | 2.30 | 1.71 | 1.39 | 0.96 | 1.08 |
| Down Beta | 1.34 | 0.62 | 0.43 | 0.07 | 0.62 | 0.76 |
| Up Capture | 84% | 59% | 96% | 98% | 70% | 77% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 10 | 20 | 30 | 62 | 123 | 392 |
| Down Capture | 9% | 191% | 188% | 158% | 118% | 102% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 11 | 21 | 31 | 62 | 128 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMI | |
|---|---|---|---|---|
| BMI | -23.6% | 38.5% | -0.61 | - |
| Sector ETF (XLK) | 22.4% | 26.8% | 0.73 | 40.3% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 45.5% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | -3.3% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 9.8% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 36.5% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 20.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMI | |
|---|---|---|---|---|
| BMI | 9.8% | 31.8% | 0.34 | - |
| Sector ETF (XLK) | 15.4% | 24.6% | 0.56 | 47.0% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 53.1% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 4.2% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 10.2% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 42.4% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 20.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMI | |
|---|---|---|---|---|
| BMI | 17.2% | 32.7% | 0.56 | - |
| Sector ETF (XLK) | 20.8% | 24.3% | 0.79 | 50.6% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 57.6% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 2.9% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 17.1% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 47.6% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 13.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2025 | -5.4% | -2.3% | -8.2% |
| 7/22/2025 | -16.5% | -21.5% | -23.5% |
| 4/17/2025 | 9.6% | 18.3% | 33.2% |
| 1/31/2025 | 2.6% | 3.5% | 0.7% |
| 10/17/2024 | -6.3% | -7.8% | -0.1% |
| 7/19/2024 | -1.8% | 3.9% | 3.1% |
| 4/18/2024 | 16.7% | 19.7% | 28.3% |
| 1/26/2024 | -5.6% | -4.6% | 3.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 18 |
| # Negative | 10 | 7 | 5 |
| Median Positive | 7.8% | 7.2% | 9.6% |
| Median Negative | -5.5% | -4.6% | -8.2% |
| Max Positive | 16.7% | 19.7% | 33.2% |
| Max Negative | -16.5% | -21.5% | -23.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/18/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/18/2024 | 10-Q |
| 06/30/2024 | 07/22/2024 | 10-Q |
| 03/31/2024 | 04/19/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bauer, Karen M | VP-IR, Strategy & Treasurer | Direct | Sell | 3072025 | 209.74 | 1,147 | 240,572 | 1,064,640 | Form |
| 2 | Bockhorst, Kenneth | Chairman, President & CEO | Direct | Sell | 3072025 | 209.74 | 16,073 | 3,371,151 | 7,332,720 | Form |
| 3 | Stoll, Kimberly K | VP-Sales & Marketing | Direct | Sell | 3072025 | 209.74 | 1,376 | 288,602 | 674,734 | Form |
| 4 | Bergum, William R A | VP-Gen. Counsel and Secretary | Direct | Sell | 3072025 | 209.74 | 1,147 | 240,572 | 2,665,586 | Form |
| 5 | Begale, Fred J | VP-Engineering | Direct | Sell | 3072025 | 209.74 | 936 | 196,317 | 434,581 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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