Badger Meter (BMI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Badger Meter

NYSE•Technology•Scientific & Technical Instruments

$152.58-5.11(-0.03%)Pre-market

Market Cap

$4.39B

P/E

34.7x

P/S

5.0x

P/B

6.7x

Badger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions worldwide. The company offers Utility water smart metering solutions and software technologies and services to municipal water utility market. It also provides flow instrumentation products, including meters, valves, and other sensing instruments to measure and control fluids, including water, air, steam, 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. In addition, the company offers ORION Cellular endpoints to power network as a service; ORION mobile read endpoints support for deploying AMR solution; radio products; hardware, instruments, and sensors, and related software, to enhance connected data to a water utility's operation; water quality monitoring solutions, including optical sensing and electrochemical instruments; and high frequency pressure and leak detection sensors to aid in burst pipe and leak events; as well as BEACON, a secure cloud-hosted software suite that establishes alerts for specific conditions and allows consumer engagement tools that permit end water user to view and manage their water usage activity. Its flow instrumentation products are used in water/wastewater, heating, ventilating and air conditioning, and corporate sustainability markets. The company serves water utilities, commercial, and industrial industries; and provides training, project management, technical support, and other collaborative services for customers. It sells its products and software to employees, resellers, and representatives. The company was incorporated in 1905 and is based in Milwaukee, Wisconsin.

How this company scores

GoodMetricSide Score: 62/100

Strongest: Profitability (19/25); weakest: Growth (10/25).

Profitability19/25

Growth10/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality18/25

Strengths

Strong marginsHigh ROEInterest easily coveredCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 34.7x5y range 32.0x – 55.7x

Currently below its 20-quarter median.

P/S · 5.0x5y range 4.4x – 8.2x

Currently near its 20-quarter median.

P/B · 6.7x5y range 5.6x – 10.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 6.2% — watch for continued compression, which may signal competitive or cost pressure.

Price & Volume

Market Cap $4.39B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $881.24M
Q. Revenue: $235.94M
TTM EBITDA: $203.24M
TTM Op. Income: $165.34M
Q. Op. Income: $47.74M
TTM Net Income: $126.53M
Q. Net Income: $35.90M
EPS: $1.25
Shares Out.: $28.75M

$881.24M in TTM revenue declined 2.2% YoY, reaching $235.94M last quarter. TTM EBITDA of $203.24M and TTM operating income of $165.34M show growth is flowing through to the bottom line. TTM net income of $126.53M means revenue is converting into profit. Over the past year, TTM revenue is down 2% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 41.9%
EBITDA Margin: 24.6%
Op. Margin: 20.2%
Net Margin: 15.2%

Op. margin of 20.2% is up 0.7% YoY — cost efficiency is improving. Net margin at 15.2% and gross margin of 41.9% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 34.7x
P/S Ratio: 5.0x
P/B Ratio: 6.7x

At 34.7x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 5.0x and P/B of 6.7x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Over the past year, P/E is down 8% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $943.65M
Cash: $67.93M
Long-Term Debt: N/A
Book Value: $651.13M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $43.27M
TTM Free Cash Flow: $142.39M
FCF Margin: 16.2%
FCF / Net Income: 1.1

TTM FCF of $142.39M on $43.27M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 3 consecutive quarters — a weakening trend.