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Earnings transcript
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BMI
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About The Company
| Sector: | ||||||
| Industry: | Hardware, Equipment & Parts | |||||
| CEO: | Kenneth C. Bockhorst | |||||
| Full Time Employees: | 2210 | |||||
| Address: |
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| Website: | https://www.badgermeter.com |
Badger Meter, Inc. manufactures and markets flow measurement, quality, control, and communication solutions in the United States, Asia, Canada, Europe, Mexico, the Middle East, and internationally. It offers mechanical or static water meters, and related radio and software technologies and services to municipal water utilities. 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, oil, 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. Its flow instrumentation products are used in water/wastewater, heating, ventilating and air conditioning, and corporate sustainability markets. In addition, the company offers ORION Migratable for automatic meter reading; ORION (SE) for traditional fixed network applications; and ORION Cellular for infrastructure-free fixed network meter reading solution, as well as BEACON advanced metering analytics, 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. It also serves water utilities, industrial, and other industries. The company sells its products directly, as well as through resellers and representatives. Badger Meter, Inc. was incorporated in 1905 and is headquartered in Milwaukee, Wisconsin.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 703,592 | 826,558 | 916,663 |
| Gross Profit | 276,438 | 329,184 | 382,070 |
| EBITDA | 146,029 | 190,121 | 223,241 |
| Operating Income | 118,049 | 157,936 | 183,421 |
| Net Income | 92,598 | 124,942 | 141,634 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 716,919 | 816,413 | 973,577 |
| Total Liabilities | 200,437 | 210,181 | 260,283 |
| Total Stockholders Equity | 516,482 | 606,232 | 713,294 |
| Total Debt | 5,758 | 0 | 0 |
| Cash and Cash Equivalents | 191,782 | 295,305 | 226,016 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 110,117 | 155,034 | 183,698 |
| Capital Expenditure | -12,003 | -12,818 | -14,026 |
| Free Cash Flow | 98,114 | 142,216 | 183,698 |
| Net Income | 92,598 | 124,942 | 141,634 |
| Net Change in Cash | 53,730 | 103,523 | -69,289 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 1,147,271.860 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 1,233,259.490 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 1,211,000 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 330,956.366 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 355,761.431 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 349,340.181 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 196,958.279 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 216,473.852 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 211,421.903 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 204,503.662 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 219,831.141 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 215,863.339 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 7.150 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 7.320 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 6.660 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 3 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 2 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance: Badger Meter reported strong financial results in Q3 2025, as highlighted in the earnings call transcript, with key metrics such as revenue and net income showing positive growth. This performance underscores the company’s operational efficiency and ability to deliver consistent results.
- Innovation and Product Development: The earnings call emphasized significant advancements in product offerings, particularly in smart water solutions. This focus on innovation aligns with industry trends toward digitalization and positions BMI as a leader in its sector.
- Solid Free Cash Flow: Analysis of cash flow statements indicates strong free cash flow generation, supported by healthy operating cash flows. This financial stability provides flexibility for reinvestment and shareholder returns.
- Market Position: With a competitive standing in the industry, as reflected in the company profile and sector performance metrics, BMI benefits from a strong market cap and consistent dividend yield (per Key Metrics data), appealing to income-focused investors.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates BMI intrinsic value between $70.86 – $167.05 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about BMI valuation
Is Badger Meter, Inc. (BMI) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Badger Meter, Inc. (BMI) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is BMI a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether BMI trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is BMI’s P/E ratio?
You can see BMI’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for BMI?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is BMI a good long-term investment?
Whether BMI fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
BMI
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
1.63
Trading Metrics:
| Open: | 151.96 | Previous Close: | 154.21 | |
| Day Low: | 151.96 | Day High: | 157.52 | |
| Year Low: | 139.14 | Year High: | 256.08 | |
| Price Avg 50: | 152.86 | Price Avg 200: | 181 | |
| Volume: | 251547 | Average Volume: | 411073 |
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Login — it's freeBMI full analysis
Welcome to MARKETSNAP’s SWOT analysis for Badger Meter, also known by its ticker BMI. If you’re not familiar with this player, Badger Meter is a key name in the flow measurement and control solutions space, operating within the industrial products industry and the broader industrials sector. Based in the United States, they’ve built a solid reputation for providing innovative tools and technologies that help manage water and other fluids—a niche but critical market as resource management becomes increasingly important. Today,…
