Tearsheet

Badger Meter (BMI)


Market Price (10/8/2025): $178.73 | Market Cap: $5.3 Bil
Sector: Information Technology | Industry: Electronic Equipment & Instruments

Badger Meter (BMI)


Market Price (10/8/2025): $178.73
Market Cap: $5.3 Bil
Sector: Information Technology
Industry: Electronic Equipment & Instruments

Investment Highlights

0 Attractive cash flow generation
CFO/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 18%
Weak multi-year price returns
2Y Excs Rtn is -31%
 
1 Low stock price volatility
Vol 12M is 35%
  
0 Attractive cash flow generation
CFO/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 18%
1 Low stock price volatility
Vol 12M is 35%
2 Weak multi-year price returns
2Y Excs Rtn is -31%

Market Valuation & Key Metrics

BMI Stock


Price Returns Compared

 202020212022202320242025Total [1]
Returns
BMI Return46%14%3%43%38%-15%192%
Peers Return159%-11%-30%44%19%15%217%
S&P 500 Return16%27%-19%24%23%14%108%

Monthly Win Rates [3]
BMI Win Rate67%75%42%83%67%33% 
Peers Win Rate60%50%45%58%52%56% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
BMI Max Drawdown-34%-4%-31%-3%-9%-19% 
Peers Max Drawdown-58%-17%-41%-5%-22%-25% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: AEIS, ITRI, OSIS, PAR, MVIS. 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] 2025 data is for the year up to 10/7/2025 (YTD)

Downturns Compared

Unique KeyEventBMIS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-33.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven50.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven131 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-39.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven64.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven203 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-19.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven24.3%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven87 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-68.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven215.4%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven2290 days1480 days


How Low Can It Go?

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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Asset Allocation

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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.

Better Bets than Badger Meter (BMI)

Latest Trefis Analyses

Trade Ideas

Select past trade ideas related to BMI and Electronic Equipment & Instruments.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-0.7%-0.7%-2.6%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
3.7%3.7%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
5.2%5.2%-0.5%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-2.4%-2.4%-3.5%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.7%1.7%-0.3%
BMI_8312022_Quality_Momentum_RoomToRun_10%08312022BMIBadger MeterQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
27.3%76.6%-4.3%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-0.7%-0.7%-2.6%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
3.7%3.7%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
5.2%5.2%-0.5%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-2.4%-2.4%-3.5%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.7%1.7%-0.3%
BMI_8312022_Quality_Momentum_RoomToRun_10%08312022BMIBadger MeterQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
27.3%76.6%-4.3%

See Trefis Trade Ideas for more.

Recent Active Movers

Recent Active Movers

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Peer Comparisons for Badger Meter

Financials

BMIAEISITRIOSISPARMVISMedian
NameBadger M.Advanced.Itron OSI Syst.PAR Tech.Microvis. 
Mkt Price178.86173.09126.54249.3837.961.42149.81
Mkt Cap5.36.55.74.21.50.44.7
Rev LTM8741,6362,4451,71341831,255
Op Inc LTM174123280223-65-62148
FCF LTM16012324156-19-5690
FCF 3Y Avg120119125-3-34-6258
CFO LTM17519126998-12-56136
CFO 3Y Avg13218315135-26-6084

Growth & Margins

BMIAEISITRIOSISPARMVISMedian
NameBadger M.Advanced.Itron OSI Syst.PAR Tech.Microvis. 
Rev Chg LTM11.8%8.5%7.1%11.3%45.7%-71.3%9.9%
Rev Chg 3Y Avg17.9%2.3%8.8%13.2%11.8%198.8%12.5%
Rev Chg Q9.9%21.0%0.6%5.0%43.8%-91.8%7.5%
QoQ Delta Rev Chg LTM2.5%4.9%0.2%1.4%8.9%-40.3%2.0%
Op Mgn LTM19.9%7.5%11.5%13.0%-15.6%-2,383.0%9.5%
Op Mgn 3Y Avg18.0%8.2%7.7%12.3%-25.8%-3,301.7%7.9%
QoQ Delta Op Mgn LTM-0.1%1.2%0.5%0.3%2.4%-800.1%0.4%
CFO/Rev LTM20.0%11.7%11.0%5.7%-2.8%-2,166.2%8.4%
CFO/Rev 3Y Avg17.1%11.1%6.4%2.5%-8.8%-2,431.1%4.4%
FCF/Rev LTM18.3%7.5%9.9%3.3%-4.5%-2,182.0%5.4%
FCF/Rev 3Y Avg15.6%7.2%5.2%-0.0%-11.4%-2,580.7%2.6%

Valuation

BMIAEISITRIOSISPARMVISMedian
NameBadger M.Advanced.Itron OSI Syst.PAR Tech.Microvis. 
Mkt Cap5.36.55.74.21.50.44.7
P/S6.04.02.32.43.7139.93.8
P/EBIT30.263.117.919.3-20.0-5.118.6
P/E38.877.622.728.0-17.8-4.025.3
P/CFO30.134.121.342.9-132.3-6.525.7
Total Yield3.3%1.5%4.4%3.6%-5.6%-24.8%2.4%
Dividend Yield0.8%0.2%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg2.1%2.7%2.3%-0.3%-2.5%-20.2%0.9%
D/E0.00.10.20.20.30.10.1
Net D/E-0.0-0.00.00.10.2-0.10.0

Returns

BMIAEISITRIOSISPARMVISMedian
NameBadger M.Advanced.Itron OSI Syst.PAR Tech.Microvis. 
1M Rtn-2.2%12.6%5.1%6.8%-21.4%27.9%5.9%
3M Rtn-24.7%25.4%-5.3%6.7%-45.3%19.3%0.7%
6M Rtn5.1%116.2%37.5%43.1%-25.4%27.9%32.7%
12M Rtn-19.9%65.2%20.2%71.1%-27.9%10.1%15.1%
3Y Rtn95.5%124.2%196.3%247.6%27.0%-57.6%109.8%
1M Excs Rtn-5.5%8.7%2.0%5.5%-24.3%24.5%3.7%
3M Excs Rtn-32.5%15.5%-13.3%-1.4%-52.7%8.2%-7.3%
6M Excs Rtn-28.8%78.9%1.4%6.9%-60.9%-12.3%-5.4%
12M Excs Rtn-35.5%50.9%4.4%54.5%-44.3%5.7%5.0%
3Y Excs Rtn10.3%38.8%113.2%158.8%-58.7%-147.9%24.6%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Innovator, manufacturer, marketer and distributor of products incorporating flow measurement704566505426425
Total704566505426425


Price Behavior

Short Interest

Short Interest: As Of Date9152025
Short Interest: Shares Quantity2,097,698
Short Interest: % Change Since 831202515.4%
Average Daily Volume315,316
Days-to-Cover Short Interest6.65
Basic Shares Quantity29,414,457
Short % of Basic Shares7.1%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/22/2025-16.5%-21.5%-23.3%
4/17/20259.6%18.3%33.2%
1/31/20252.6%3.5%0.7%
10/17/2024-6.3%-7.8%-0.1%
7/19/2024-1.8%3.9%3.1%
4/18/202416.7%19.7%28.3%
1/26/2024-5.6%-4.6%3.2%
10/19/20233.0%1.8%9.9%
...
SUMMARY STATS   
# Positive151820
# Negative964
Median Positive7.8%8.5%9.6%
Median Negative-5.6%-6.2%-9.8%
Max Positive16.7%19.7%33.2%
Max Negative-16.5%-21.5%-23.3%

SEC Filings

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Report DateFiling DateFiling
6302025723202510-Q 6/30/2025
3312025418202510-Q 3/31/2025
12312024214202510-K 12/31/2024
93020241018202410-Q 9/30/2024
6302024722202410-Q 6/30/2024
3312024419202410-Q 3/31/2024
12312023216202410-K 12/31/2023
93020231024202310-Q 9/30/2023
6302023725202310-Q 6/30/2023
3312023425202310-Q 3/31/2023
12312022222202310-K 12/31/2022
93020221025202210-Q 9/30/2022
6302022726202210-Q 6/30/2022
3312022428202210-Q 3/31/2022
12312021223202210-K 12/31/2021
93020211028202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Bauer Karen M.VP-IR, Strategy & Treasurer3072025Sell209.741,147240,5721,064,640Form
1Bockhorst KennethChairman, President & CEO3072025Sell209.7416,0733,371,1517,332,720Form
2Stoll Kimberly KVP-Sales & Marketing3072025Sell209.741,376288,602674,734Form
3BERGUM WILLIAM R AVP-Gen. Counsel and Secretary3072025Sell209.741,147240,5722,665,586Form
4Begale Fred JVP-Engineering3072025Sell209.74936196,317434,581Form