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Makes smart water meters and flow-measurement/data technology for municipal water utilities.
Makes smart water meters and flow-measurement/data technology for municipal water utilities.
Sells water meters, mostly through distributors, to municipal utilities, and adds a recurring subscription fee for BEACON, the cloud software that reads meters over cellular networks and shows usage. Meters are replaced in waves as utilities upgrade older mechanical units, so the shift to ultrasonic and cellular meters drives unit sales.
Moat: narrow (installed base, switching costs, brand). Long-life installed meter base and utility procurement relationships create high switching costs.
Headquarters: Milwaukee, Wisconsin, United States · Founded: 1905 · Employees: 2,477
Size Badger Meter (BMI) is a United States Information Technology company (Industrial Machinery) with a market value of $4.52B, the 1259th largest of 3,117 United States companies the cockpit tracks. Shares closed at $158.18 on 6 Nov 2026.
Performance Over six months the shares gained 33.5%, against -37.5% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 14 in its peer set.
Growth Revenue fell 2.2% over the last twelve months (peer median +15.2%); the operating margin is 18.8% (peer median 13.2%).
Valuation It trades at 32.5× forward earnings against a peer median of 13.4× (2nd most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.4 points above its cost of capital (8.0% WACC).
Backlog Backlog (remaining performance obligations) was $104M at 30 Sep 2026, up 10% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 15.6% of the free float (15 Oct 2026).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $881M | $917M | $827M | $704M | $566M |
| Revenue growth | — | +11% | +17% | +24% | — |
| Gross profit | $367M | $382M | $329M | $276M | $220M |
| EBITDA | $203M | $218M | $190M | $146M | $114M |
| Net income | $127M | $142M | $125M | $92.6M | $66.5M |
| Free cash flow | $142M | $170M | $142M | $98.1M | $76.6M |
| Capital expenditure | $16.3M | $14.0M | $12.8M | $12.0M | $5.89M |
| Total debt | $0 | $12.7M | $6.01M | $5.76M | $6.79M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Badger Meter BMI | $4.52B | +33% | -2% | 19% | 32.5× | 10.9% |
| Itron ITRI | $4.32B | +20% | -4% | 14% | 14.5× | 9.2% |
| Xylem XYL | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% |
| Mueller Water Products MWA | $3.75B | -9% | +6% | 21% | 15.3× | 2.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BMI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +23.9% | -37.0% | highest of 14 |
| 6-month return | +33.5% | -37.5% | highest of 14 |
| Distance from 52-week high | -17.7% | -57.0% | 2nd highest of 14 |
| Revenue growth (TTM) | -2.2% | +15.2% | 5th lowest of 14 |
| Operating margin | 18.8% | 13.2% | 4th highest of 13 |
| Forward P/E | 32.5× | 13.4× | 2nd most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 10.9% | 21.0% | 2nd least demanding of 9 |
| Growth delivered (Del g) | +16.6% | +7.1% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | -5.6 pp | +16.1 pp | least demanding of 9 |
| ROIC minus cost of capital | +14.4 pp | -4.4 pp | 2nd highest of 14 |
| EV / EBITDA | 21.9× | 15.6× | 4th most expensive of 13 |
| Net debt / EBITDA | -0.3× | -0.6× | 6th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Badger Meter BMI | United States | $4.52B | +33% | -2% | 19% | 32.5× | 10.9% | +16.6% |
| GPGI GPGI | United States | $4.12B | +2% | -100% | n/a | 14.2× | n/a | n/a |
| Sumco 3436.T | Japan | $3.96B | -28% | +4% | -4% | n/a | n/a | n/a |
| Omron 6645.T | Japan | $5.79B | -17% | -2% | 9% | 16.7× | 11.7% | +3.2% |
| Kulicke and Soffa Industries, I KLIC | United States | $3.35B | -38% | +44% | 13% | 10.9× | 24.4% | +1.0% |
| Crane NXT CXT | United States | $3.31B | +27% | +17% | 16% | 12.6× | 7.8% | -9.7% |
| ACM Research ACMR | United States | $3.11B | -25% | +27% | 13% | 16.0× | n/a | n/a |
| Axcelis Technologies ACLS | United States | $3.06B | -39% | -3% | 10% | 17.8× | 31.2% | +12.1% |
| EO Technics 039030.KS | South Korea | $2.53B | -39% | +26% | 25% | 29.9× | 18.0% | +3.2% |
| Screen 7735.T | Japan | $9.20B | -24% | +3% | 20% | 12.4× | 17.3% | +13.6% |
| Ultra Clean UCTT | United States | $1.97B | -53% | +16% | 4% | 7.2× | n/a | n/a |
| HANMISemi 042700.KS | South Korea | $11.3B | -56% | -20% | 42% | 54.4× | 41.7% | +17.5% |
| MKS MKSI | United States | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% | +11.0% |
| Ichor ICHR | United States | $1.16B | -58% | +15% | 3% | 9.9× | n/a | n/a |
Badger Meter reported $104M of remaining performance obligations at 30 Sep 2026, up 10% from a year earlier and down 1% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.