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Badger Meter Inc
Badger Meter Inc (BMI) is listed on NYSE and classified in Scientific & Technical Instruments, part of the Technology sector. It is headquartered in Milwaukee, United States and has 2,477 employees. The company is worth $4.34B and trades at 35.0x its earnings of the last twelve months; the median for its sector is 28.0x. Revenue was $916.66M in fiscal 2025, up 10.9% from the year before. Net income was $141.63M. The share price is 22.2% below its 52-week high of $192.28. It pays a dividend yielding 1.18%, and has raised its annual dividend for 21 years in a row in our records. One of the 38 superinvestors we track held it at the end of Q2 2026: Cliff Asness (AQR Capital Management), at $13.32M. In that quarter, 1 of them opened or added to the position. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▲ +23.6% over 5Y.
today you would have $1,288.38▲ +28.8%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 17 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $174.41 | $212.12 | $154.37 | $109.03 | $106.56 | $94.06 | $64.93 | $49.21 | $47.80 | $36.95 | $29.30 | $29.67 | $27.25 | $23.70 | $14.72 | $22.11 | $19.91 | |
| P/E |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 23.2% a year plus a 1.2% dividend yield. Growth capped at 25%.
Median P/E of 28.0 among peers in the sector.
Median P/E of 36.4 across this company’s own years on record.
Cash flow growing 15.0% a year for 10 years, discounted at 10%, then 2.5% forever.
Sector median of 14.3x operating profit, less net debt. Banks have no EBITDA.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Technology, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| QTWOQ2 Holdings, Inc. | $69.34 | 47.2x | 6.7x | 0.00% | 14.98% | $4.32B |
| BILLBILL Holdings, Inc. | $50.67 | — | 1.3x | 0.00% | -0.30% | $4.32B |
| DLOdLocal Ltd | $14.84 | 22.1x | 7.9x | 1.28% | 41.29% | $4.37B |
| PAYPaymentus Holdings, Inc. | $34.07 |
| 36.4x |
| 36.4x |
| 50.1x |
| 49.2x |
| 48.2x |
| 51.2x |
| 55.7x |
| 40.3x |
| 51.8x |
| 40.2x |
| 33.3x |
| 32.6x |
| 28.8x |
| 32.0x |
| 24.4x |
| 23.2x |
| 23.2x |
| 17.5x |
| P/S | 3.3x | 5.6x | 7.5x | 6.4x | 5.6x | 6.2x | 6.4x | 4.5x | 3.3x | 3.5x | 2.7x | 2.3x | 2.4x | 2.3x | 2.1x | 1.7x | 2.4x | 2.4x |
| P/B | 4.7x | 7.1x | 10.3x | 8.8x | 7.2x | 7.7x | 7.6x | 5.7x | 4.7x | 5.0x | 4.2x | 3.7x | 4.0x | 4.0x | 4.0x | 2.5x | 3.9x | 4.1x |
| EPS | $4.79 | $4.23 | $3.14 | $2.26 | $2.08 | $1.69 | $1.61 | $0.95 | $1.19 | $1.11 | $0.90 | $1.03 | $0.85 | $0.97 | $0.64 | $0.96 | $1.14 |
| Dividend yield | 1.14% | 0.85% | 0.58% | 0.64% | 0.78% | 0.71% | 0.74% | 0.99% | 1.14% | 1.03% | 1.16% | 1.33% | 1.25% | 1.28% | 1.39% | 2.04% | 1.18% | 1.16% |
| Payout | 37.61% | 30.90% | 28.84% | 31.53% | 37.61% | 36.54% | 41.42% | 39.75% | 58.95% | 41.18% | 38.74% | 43.44% | 35.85% | 41.06% | 33.90% | 47.24% | 27.23% | 20.18% |
| Profit margin | 10.36% | 15.45% | 15.12% | 13.16% | 11.76% | 12.05% | 11.60% | 11.11% | 6.41% | 8.59% | 8.20% | 6.87% | 8.14% | 7.37% | 8.77% | 7.29% | 10.36% | 13.65% |
| ROE | 14.25% | 19.86% | 20.61% | 17.93% | 15.03% | 15.11% | 13.66% | 14.25% | 9.16% | 12.46% | 12.60% | 11.17% | 13.85% | 12.52% | 16.37% | 10.69% | 17.02% | 23.65% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
6 methods answered, across 3 families.
Room for errors in the reported numbers.
-7.2% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| 50.1x |
| 7.0x |
| 0.00% |
| 15.02% |
| $4.29B |
| QBTSD-Wave Quantum Inc. | $11.63 | — | 4.0x | 0.00% | -27.98% | $4.42B |
| CORZCore Scientific, Inc./tx | $13.20 | — | — | 0.00% | — | $4.24B |