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Badger Meter Inc (BMI)


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Upturn Advisory Summary
10/22/2025: BMI (1-star) is currently NOT-A-BUY. Pass it for now.
1 Year Target Price $230.29
1 Year Target Price $230.29
2 | Strong Buy |
2 | Buy |
5 | Hold |
0 | Sell |
0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 12.62% | Avg. Invested days 50 | Today’s Advisory PASS |
Upturn Star Rating ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 5.23B USD | Price to earnings Ratio 38.64 | 1Y Target Price 230.29 |
Price to earnings Ratio 38.64 | 1Y Target Price 230.29 | ||
Volume (30-day avg) 9 | Beta 0.89 | 52 Weeks Range 161.59 - 255.52 | Updated Date 10/21/2025 |
52 Weeks Range 161.59 - 255.52 | Updated Date 10/21/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 4.59 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2025-10-21 | When - | Estimate 1.14 | Actual 1.19 |
Profitability
Profit Margin 15.53% | Operating Margin (TTM) 18.85% |
Management Effectiveness
Return on Assets (TTM) 12.68% | Return on Equity (TTM) 21.88% |
Valuation
Trailing PE 38.64 | Forward PE 34.13 | Enterprise Value 5131810238 | Price to Sales(TTM) 5.98 |
Enterprise Value 5131810238 | Price to Sales(TTM) 5.98 | ||
Enterprise Value to Revenue 5.87 | Enterprise Value to EBITDA 24.76 | Shares Outstanding 29468808 | Shares Floating 29317928 |
Shares Outstanding 29468808 | Shares Floating 29317928 | ||
Percent Insiders 0.38 | Percent Institutions 99.28 |
Upturn AI SWOT
Badger Meter Inc

Company Overview
History and Background
Badger Meter was founded in Milwaukee, Wisconsin, in 1905 as Badger Meter Manufacturing Company. Initially focused on producing water meters, it has evolved into a leading provider of flow measurement, control, and communications solutions worldwide.
Core Business Areas
- Municipal Water: Provides water meters, software and related technologies for water utilities to measure and manage water usage, improve operational efficiency, and conserve resources.
- Flow Instrumentation: Offers a broad range of flow measurement and control technologies for industrial applications, including chemical, oil & gas, and HVAC sectors. It includes meters, valves, and controllers.
Leadership and Structure
Kenneth C. Bockhorst serves as the Chairman, President, and CEO. The company operates with a functional organizational structure, with departments focused on sales, marketing, engineering, manufacturing, and finance.
Top Products and Market Share
Key Offerings
- E-Series Ultrasonic Meters: Ultrasonic water meters known for accuracy and reliability. Market share is significant in North America with estimated 25% of the municipal water meter market. Competitors include Itron, Mueller Water Products, and Sensus (Xylem).
- ORION Cellular Endpoint: Cellular endpoints for automated meter reading (AMR) and advanced metering infrastructure (AMI) applications. Significant customer base in North America municipal water market. Itron, Mueller Water Products, and Sensus (Xylem) are major competitors.
- Industrial Oval Gear Meters: Precise measurement for chemical and oil & gas applications. Revenue is significant portion of the Flow Instrumentation segment. Competitors include Flowserve, Emerson, and Endress+Hauser.
Market Dynamics
Industry Overview
The flow measurement industry is growing due to aging infrastructure, water scarcity, and increasing regulations. Digital transformation is a key trend.
Positioning
Badger Meter holds a strong position in the water meter market and is expanding its presence in industrial flow measurement. Competitive advantages include technological innovation and a strong distribution network.
Total Addressable Market (TAM)
The global water meter market is estimated to be valued at $4.4 billion in 2024. Badger Meter aims to capture a larger share of this market through technological advancements and strategic partnerships. The broader flow measurement market is substantially larger, estimated to be ~$10 billion. Badger Meter has a good TAM opportunity.
Upturn SWOT Analysis
Strengths
- Strong brand reputation
- Extensive product portfolio
- Robust distribution network
- Focus on innovation and technology
- Strong Financial Position
Weaknesses
- Dependence on municipal water market
- Susceptibility to economic downturns affecting municipal spending
- Limited international presence compared to some competitors
- Pricing Pressure from cheaper products.
Opportunities
- Expansion into new geographic markets
- Development of smart water technologies
- Growth in industrial flow measurement
- Acquisitions of complementary businesses
- Increase in regulatory initiatives.
Threats
- Increased competition from global players
- Technological disruptions
- Economic slowdowns
- Fluctuations in raw material costs
- Changing environmental regulations
Competitors and Market Share
Key Competitors
- ITRIY
- XYL
- MWA
Competitive Landscape
Badger Meter competes with larger players like Itron and Xylem. Badger Meter differentiates itself through its focus on innovation and customer service, particularly in its core municipal water market.
Major Acquisitions
Aquisense Technologies
- Year: 2019
- Acquisition Price (USD millions): 27.5
- Strategic Rationale: Acquired Aquisense Technologies to expand its capabilities in UV disinfection technology for water treatment applications.
Growth Trajectory and Initiatives
Historical Growth: Badger Meter has experienced steady revenue and earnings growth over the past decade, driven by organic expansion and strategic acquisitions.
Future Projections: Analysts project continued revenue growth in the mid-single digits, driven by demand for smart water solutions and industrial flow measurement products.
Recent Initiatives: Recent initiatives include investments in new product development, expansion of the sales force, and strategic acquisitions to expand market share.
Summary
Badger Meter is a well-established company with a strong position in the water meter market and growing presence in industrial flow measurement. Its focus on innovation, a robust distribution network, and a history of shareholder returns makes it a strong competitor. They must however be wary of increased competition from global players, the effect of fluctuating raw material costs and technological disruptions. The company is financially solid and has a clear path to future growth.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company filings (10-K, 10-Q)
- Analyst reports
- Industry publications
- Company website
- Market research reports
Disclaimers:
This analysis is for informational purposes only and should not be considered financial advice. Market conditions and company performance are subject to change.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Badger Meter Inc
Exchange NYSE | Headquaters Milwaukee, WI, United States | ||
IPO Launch date 1984-09-07 | Chairman, President & CEO Mr. Kenneth C. Bockhorst | ||
Sector Technology | Industry Scientific & Technical Instruments | Full time employees 2210 | Website https://www.badgermeter.com |
Full time employees 2210 | Website https://www.badgermeter.com |
Badger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions worldwide. It offers Utility water smart metering solutions and software technologies and services to municipal water utilities market. The company also provides flow instrumentation products, including meters, valves, and other sensing instruments to measure and control fluids going through a pipe or pipeline, 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 customers 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 directly, as well as through resellers and representatives. The company was incorporated in 1905 and is based in Milwaukee, Wisconsin.

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