BMI
Badger Meter, Inc.
BMI's fundamentals are mixed, but it looks cheap: trading at 35x earnings, below its usual 49x. Analysts expect earnings growth.
BMI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
BMI's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
BMI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 32x | $154 | — |
| Current | 35x | $154 | — |
| Cheap | 37x | $160 | +4.3% |
| Fair | 49x | $212 | +38% |
| Expensive | 55x | $238 | +55% |
Historical ranges are pointers, not guarantees.
BMI's PE is in its cheap range at 35x. If earnings grow as analysts expect, today's price would be 32x next year's earnings.
BMI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect BMI's earnings to grow, with its revenue and profitability holding steady.
BMI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.87 | +12% |
| Q3 2026 | $4.33 | -7.9% |
| Q2 2026 | $4.28 | -6.8% |
| Q1 2026 | $4.43 | -2.4% |
| Q4 2025 | $4.80 | +13% |
| Q3 2025 | $4.70 | +17% |
| Q2 2025 | $4.59 | +20% |
| Q1 2025 | $4.54 | +31% |
| Q4 2024 | $4.23 | +35% |
BMI earned $4.33 per share over the past year, down 7.9% from the year before.
BMI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $235.9M | +0.1% |
| Q2 2026 | $222.3M | -6.6% |
| Q1 2026 | $202.3M | -9% |
| Q4 2025 | $220.7M | +7.6% |
| Q3 2025 | $235.7M | +13% |
| Q2 2025 | $238.1M | +9.9% |
| Q1 2025 | $222.2M | +13% |
| Q4 2024 | $205.2M | +12% |
BMI's revenue grew through 2024 and has held roughly level since: $236M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +0.7 points |
| Q2 2026 | 18% | -1.1 points |
| Q1 2026 | 17% | -4.8 points |
| Q4 2025 | 20% | +0.4 points |
| Q3 2025 | 20% | +0.1 points |
| Q2 2025 | 19% | -0.3 points |
| Q1 2025 | 22% | +3.6 points |
| Q4 2024 | 19% | +1.5 points |
BMI's operating margin was 20% last quarter, up 0.7 points from the same quarter a year ago, near the top of its range since 2019.
BMI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $40.3M | -16% |
| Q2 2026 | $21.9M | -46% |
| Q1 2026 | $29.5M | -2% |
| Q4 2025 | $50.8M | +7.1% |
| Q3 2025 | $48.2M | +15% |
| Q2 2025 | $40.6M | +19% |
| Q1 2025 | $30.1M | +60% |
| Q4 2024 | $47.4M | +32% |
BMI's free cash flow has been positive every quarter for seven years: $142M over the past year, down 14% from the year before.
BMI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -271K shares |
| 1 year | -2.4% | -712K shares |
| 3 years | -1.9% | -550K shares |
| 5 years | -1.3% | -395K shares |
BMI has 29M diluted shares, down 2.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $55.5M |
| Q2 2026 | $25.3M |
| Q1 2026 | $38.2M |
| Q4 2022 | — |
| Q3 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q4 2020 | $182,000 |
BMI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.4x | Net Cash |
| Q2 2026 | -0.6x | Net Cash |
| Q1 2026 | -1.1x | Net Cash |
| Q4 2025 | -1.2x | Net Cash |
| Q3 2025 | -1.1x | Net Cash |
| Q2 2025 | -0.9x | Net Cash |
| Q1 2025 | -0.7x | Net Cash |
| Q4 2024 | -1.8x | Net Cash |
BMI has more cash than debt.
BMI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.6 | Neutral |
| Stochastic | 74.5 | Neutral |
BMI's weekly RSI is 58 (neutral) and its Stochastic is 75 (neutral).
BMI PE vs Technology Sector
| Metric | BMI | Sector median | Relative |
|---|---|---|---|
| PE | 35x | 28x | 27% above |
| PE % | 14 | 35 | 21 pts below |
BMI is trading at 35x earnings, a 27% premium to the Technology sector's median of 28x.
BMI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $140.8 | 9.1% above |
| 20 week MA | $137.7 | 12% above |
| 50 week MA | $144.3 | 6.4% above |
| 100 week MA | $174.9 | 12% below |
| 200 week MA | $169.6 | 9.5% below |
BMI has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 9.5% below its 200-week average.
BMI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $66.1 | $93.7 | +42% |
| 2021 | $93.7 | $105.2 | +12% |
| 2022 | $105.2 | $109.6 | +4.2% |
| 2023 | $109.6 | $154.4 | +41% |
| 2024 | $154.4 | $215.5 | +40% |
| 2025 | $215.5 | $180.8 | -16% |
| 2026 YTD | $180.8 | $153.6 | -15% |
BMI has finished higher in five of the last six years. It's down 15% so far in 2026.