Badger Meter Inc
BMI—
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Badger Meter Inc AI Insights
Informational only. Not investment advice.Snapshot
- Zero debt with 21.5% ROE TTM and 21.5% ROIC - pure equity-funded returns vastly exceed industry median of -0.4%[ROE / ROIC]
- Revenue 5Y CAGR 15.7% vs industry median 5.1% while operating margin TTM 19.9% is 8x industry median 2.4%[Revenue Growth + Operating Margin]
- FCF TTM 166M (18.5% of revenue) with capex only 15M - capital-light model generates 92% FCF conversion from operating cash[Free Cash Flow]
Watch Triggers
- Operating Margin TTM: Falls below 17% — Would signal pricing pressure or cost inflation eroding competitive moat
- Revenue Growth 3Y: Decelerates below 10% — Premium valuation requires sustained double-digit growth to justify P/E
- Goodwill: Increases >50% of equity — M&A-driven growth shifts risk profile and dilutes ROIC
Bull Case
Debt-free balance sheet with 202M cash (20% of market cap) and 166M annual FCF enables M&A or accelerated buybacks without dilution risk
Debt to EquityCash and EquivalentsFree Cash Flow TTM
EPS 3Y CAGR 25% vs revenue 3Y CAGR 17% shows operating leverage - each revenue dollar increasingly profitable
EPS Growth 3YRevenue Growth 3YOperating Margin TTM
Bear Case
P/E 37.8x and P/B 15.3x price in perfection - any growth deceleration or margin compression punishes stock severely
PE RatioPB RatioPS Ratio
Goodwill 237M is 34% of equity and 67% of tangible book - prior acquisitions carry impairment risk if integration falters
GoodwillTangible Book ValueCommon Stockholders Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
60%
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Forward Thesis
Smart water infrastructure demand to sustain 12-15% revenue growth as utilities modernize aging systems
1-3ymed
- US water infrastructure bill funding deployment 2024-2028
- AMI/smart meter replacement cycle accelerating
- SaaS software attach rate expanding margins
5Y revenue CAGR 15.7% already establishedOperating margin expanded to 19.9% TTMZero acquisition spend in period - organic growth
Valuation Context
Caveats
Public Strategies Rankings
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BMI Fundamentals
Manufacturing → Computer and Electronic Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.56B | — | ||
$4.33B | — | ||
32 | — | ||
$916.66M | +10.9% | — | |
$4.79 | +13.2% | — | |
20.0% | +0.9% | — | |
15.5% | +0.3% | — | |
$169.67M | +19.3% | — | |
21.5% | -0.8% | — | |
Beta 5Y (Monthly) | unknown | — |
BMI Dividend History
105 dividends
2026
$0.400002/27/26$0.4000
2025
$1.480011/21/25$0.4000
08/22/25$0.4000
05/23/25$0.3400
02/28/25$0.3400
2024
$1.220011/22/24$0.3400
08/23/24$0.3400
05/23/24$0.2700
02/22/24$0.2700
2023
$0.990011/22/23$0.2700
08/24/23$0.2700
05/25/23$0.2250
02/23/23$0.2250
2022
$0.850011/23/22$0.2250
08/25/22$0.2250
05/26/22$0.2000
02/24/22$0.2000
2021
$0.760011/24/21$0.2000
08/26/21$0.2000
05/27/21$0.1800
02/25/21$0.1800
2020
$0.700011/25/20$0.1800
08/27/20$0.1800
05/28/20$0.1700
02/27/20$0.1700
2019
$0.640011/27/19$0.1700
08/29/19$0.1700
05/30/19$0.1500
02/27/19$0.1500
2018
$0.560011/29/18$0.1500
08/30/18$0.1500
05/30/18$0.1300
02/27/18$0.1300
2017
$0.475011/29/17$0.1300
08/29/17$0.1150
05/26/17$0.1150
02/24/17$0.1150
2016
$0.430011/28/16$0.1150
08/29/16$0.1150
05/26/16$0.1000
02/25/16$0.1000
2015
$0.390011/25/15$0.1000
08/27/15$0.1000
05/27/15$0.0950
02/25/15$0.0950
2014
$0.370011/25/14$0.0950
08/27/14$0.0950
05/28/14$0.0900
02/26/14$0.0900
2013
$0.350011/26/13$0.0900
08/28/13$0.0900
05/29/13$0.0850
02/26/13$0.0850
2012
$0.330011/28/12$0.0850
08/29/12$0.0850
05/29/12$0.0800
02/27/12$0.0800
2011
$0.300011/28/11$0.0800
08/29/11$0.0800
05/26/11$0.0700
02/24/11$0.0700
2010
$0.260011/26/10$0.0700
08/27/10$0.0700
05/26/10$0.0600
02/24/10$0.0600
2009
$0.230011/27/09$0.0600
08/28/09$0.0600
05/28/09$0.0550
02/25/09$0.0550
2008
$0.200011/26/08$0.0550
08/27/08$0.0550
05/28/08$0.0450
02/27/08$0.0450
2007
$0.170011/28/07$0.0450
08/29/07$0.0450
05/30/07$0.0400
02/26/07$0.0400
2006
$0.155011/29/06$0.0400
08/30/06$0.0400
05/30/06$0.0375
02/24/06$0.0375
2005
$0.145011/29/05$0.0375
08/30/05$0.0375
05/27/05$0.0350
02/24/05$0.0350
2004
$0.172511/29/04$0.0700
08/30/04$0.0350
05/27/04$0.0338
02/25/04$0.0338
2003
$0.132511/26/03$0.0338
08/27/03$0.0338
05/28/03$0.0325
02/26/03$0.0325
2002
$0.127511/26/02$0.0325
08/28/02$0.0325
05/29/02$0.0313
02/26/02$0.0313
2001
$0.125011/28/01$0.0313
08/29/01$0.0313
05/30/01$0.0313
02/26/01$0.0313
2000
$0.107611/29/00$0.0269
08/30/00$0.0269
05/30/00$0.0269
02/25/00$0.0269
BMI Stock Splits
3 stock splits
09/16/161:2 split
06/16/060.5:1 split
12/13/040.5:1 split
BMI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/17/26 | 12/31/25 | 10-K | |
10/22/25 | 09/30/25 | 10-Q | |
07/23/25 | 06/30/25 | 10-Q | |
04/18/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | Unknown | |
10/18/24 | 09/30/24 | 10-Q | |
07/22/24 | 06/30/24 | 10-Q | |
04/19/24 | 03/31/24 | 10-Q | |
02/16/24 | 12/31/23 | 10-K | |
10/24/23 | 09/30/23 | 10-Q | |
07/25/23 | 06/30/23 | 10-Q | |
04/25/23 | 03/31/23 | 10-Q | |
02/22/23 | 12/31/22 | 10-K | |
10/25/22 | 09/30/22 | 10-Q | |
07/26/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/27/21 | 06/30/21 | 10-Q | |
04/28/21 | 03/31/21 | 10-Q | |
02/24/21 | 12/31/20 | 10-K | |
10/28/20 | 09/30/20 | 10-Q | |
07/30/20 | 06/30/20 | 10-Q | |
04/29/20 | 03/31/20 | 10-Q | |
02/21/20 | 12/31/19 | 10-K | |
10/25/19 | 09/30/19 | 10-Q | |
07/30/19 | 06/30/19 | 10-Q | |
04/30/19 | 03/31/19 | 10-Q | |
02/26/19 | 12/31/18 | 10-K | |
10/24/18 | 09/30/18 | 10-Q | |
07/25/18 | 06/30/18 | 10-Q | |
04/24/18 | 03/31/18 | 10-Q | |
03/01/18 | 12/31/17 | 10-K | |
10/25/17 | 09/30/17 | 10-Q | |
07/26/17 | 06/30/17 | 10-Q | |
04/24/17 | 03/31/17 | 10-Q | |
02/28/17 | 12/31/16 | 10-K | |
10/27/16 | 09/30/16 | 10-Q | |
07/22/16 | 06/30/16 | 10-Q | |
04/26/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
07/27/15 | 06/30/15 | 10-Q | |
04/23/15 | 03/31/15 | 10-Q | |
03/04/15 | 12/31/14 | 10-K | |
10/31/14 | 09/30/14 | 10-Q | |
07/24/14 | 06/30/14 | 10-Q | |
04/23/14 | 03/31/14 | 10-Q | |
02/20/14 | 12/31/13 | 10-K | |
10/28/13 | 09/30/13 | 10-Q | |
07/26/13 | 06/30/13 | 10-Q | |
04/24/13 | 03/31/13 | 10-Q | |
03/05/13 | 12/31/12 | 10-K | |
10/30/12 | 09/30/12 | 10-Q | |
08/02/12 | 06/30/12 | 10-Q | |
04/26/12 | 03/31/12 | 10-Q | |
03/08/12 | 12/31/11 | 10-K | |
10/26/11 | 09/30/11 | 10-Q | |
08/03/11 | 06/30/11 | 10-Q | |
04/27/11 | 03/31/11 | 10-Q | |
02/28/11 | 12/31/10 | 10-K | |
10/26/10 | 09/30/10 | 10-Q | |
08/05/10 | 06/30/10 | 10-Q | |
04/23/10 | 03/31/10 | 10-Q | |
02/23/10 | 12/31/09 | 10-K | |
10/23/09 | 09/30/09 | 10-Q | |
07/22/09 | 06/30/09 | 10-Q | |
04/23/09 | 03/31/09 | 10-Q | |
03/04/09 | 12/31/08 | 10-K | |
10/23/08 | 09/30/08 | 10-Q | |
07/25/08 | 06/30/08 | 10-Q | |
04/23/08 | 03/31/08 | 10-Q | |
02/28/08 | 12/31/07 | 10-K | |
10/24/07 | 09/30/07 | 10-Q | |
08/06/07 | 06/30/07 | 10-Q | |
04/20/07 | 03/31/07 | 10-Q | |
03/06/07 | 12/31/06 | 10-K | |
10/31/06 | 09/30/06 | 10-Q | |
08/07/06 | 06/30/06 | 10-Q | |
04/26/06 | 03/31/06 | 10-Q | |
03/06/06 | 12/31/05 | 10-K | |
10/26/05 | 09/30/05 | 10-Q | |
08/08/05 | 06/30/05 | 10-Q | |
04/27/05 | 03/31/05 | 10-Q | |
03/01/05 | 12/31/04 | 10-K | |
10/28/04 | 09/30/04 | 10-Q | |
07/29/04 | 06/30/04 | 10-Q | |
04/22/04 | 03/31/04 | 10-Q | |
03/05/04 | 12/31/03 | 10-K | |
10/23/03 | 09/30/03 | 4 | |
08/01/03 | 06/30/03 | 10-Q | |
04/30/03 | 03/31/03 | 10-Q | |
03/21/03 | 12/31/02 | 10-K | |
10/23/02 | 09/30/02 | 10-Q | |
08/12/02 | 06/30/02 | 10-Q | |
04/17/02 | 03/31/02 | 10-Q | |
03/12/02 | 12/31/01 | 10-K405 | |
10/18/01 | 09/30/01 | 10-Q | |
07/19/01 | 06/30/01 | 10-Q | |
03/31/01 | 03/31/01 | Unknown | -- |
03/27/01 | 12/31/00 | 10-K405 | |
10/19/00 | 09/30/00 | 10-Q | |
07/24/00 | 06/30/00 | 10-Q | |
04/20/00 | 03/31/00 | 10-Q |