Badger Meter, Inc. (BMI) Stock Analysis
Technology · Scientific & Technical Instruments · NYSE
Badger Meter, Inc. (BMI) posted $916.66M in revenue for fiscal 2025 (up 10.9% year over year), at a 15.5% net margin, and has compounded revenue about 16.6%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Badger Meter, Inc.
Badger Meter, Inc. has grown revenue from $393.76M to $916.66M over the last 10 fiscal years, compounding about 16.6% a year. The most recent year was up 10.9%, so growth has cooled from its longer-run pace.
Net margin sits at 15.5%, up 0.4 points year over year on a 41.7% gross margin.
At today's valuation the market is pricing in roughly 9% annual free-cash-flow growth — versus the 16.1% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from Badger Meter, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Badger Meter, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $393.76M | $402.44M | $433.73M | $424.63M | $425.54M | $505.20M | $565.57M | $703.59M | $826.56M | $916.66M |
| Gross profit | $150.58M | $155.75M | $162.35M | $163.53M | $168.25M | $205.48M | $219.97M | $276.44M | $329.18M | $382.07M |
| Net income | $32.30M | $34.57M | $27.79M | $47.18M | $49.34M | $60.88M | $66.50M | $92.60M | $124.94M | $141.63M |
| Net margin | 8.2% | 8.6% | 6.4% | 11.1% | 11.6% | 12.1% | 11.8% | 13.2% | 15.1% | 15.5% |
Source: Badger Meter, Inc. SEC filings (10-K). 17 years of history available in the interactive view.
Badger Meter, Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 33.2% while revenue rose 10.9% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
What growth is priced into BMI stock?
At today's market cap of $3.74B, Badger Meter, Inc. is priced for free-cash-flow growth of about 9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $169.67M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 16.1%/yr over the last five fiscal years and revenue 16.6%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Badger Meter, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Badger Meter, Inc. financial history by metric
Compare Badger Meter, Inc. with peers
About Badger Meter, Inc.
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.
Badger Meter, Inc. — frequently asked questions
What is Badger Meter, Inc.'s revenue?
Badger Meter, Inc. (BMI) reported revenue of $916.66M for fiscal year 2025, up 10.9% from the prior year, according to its SEC filings.
Is Badger Meter, Inc. profitable?
Yes. BMI earned net income of $141.63M in fiscal 2025, a net margin of 15.5%.
What is BMI's P/E ratio?
Badger Meter, Inc. trades at a price-to-earnings ratio of about 29.0 based on the latest data in our nightly-refreshed cache.
How fast is Badger Meter, Inc. growing?
BMI's revenue grew at roughly 16.6% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Badger Meter, Inc. have?
As of fiscal year 2025, BMI carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Badger Meter, Inc.'s gross margin?
BMI's gross margin was 41.7% in fiscal 2025 — gross profit of $382.07M on revenue of $916.66M.
What is Badger Meter, Inc.'s market cap?
Badger Meter, Inc. (BMI) has a market capitalization of about $3.74B, based on the latest data in our nightly-refreshed cache.
When does Badger Meter, Inc.'s fiscal year end?
BMI's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into BMI stock?
At today's market cap of $3.74B, Badger Meter, Inc. is priced for free-cash-flow growth of about 9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $169.67M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 16.1%/yr over the last five fiscal years and revenue 16.6%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Badger Meter, Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.