Badger Meter, Inc (BMI) Fair Value & Analysis
Technology · US · Market cap $4.4B
Badger Meter, Inc
BMI · US
Fair value as of: Jul 18, 2026
From 26 valuation models · updated 22 days ago
Share price −3.9% over the past month.
A strong business, but screening 30% overvalued on our models.
What matters now
- A high-quality business (quality 75/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case ($121.32). The favourable scenario is already priced in.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.
How to read this chart
60‑month range $71.41 – $251.52 · fair‑value band $72.79 – $121.32 · the $138.86 price screens above the $97.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.
Analysis
Badger Meter, Inc (BMI) currently trades at $138.86, while our model-based Fair Value estimate is $97.06, implying the stock looks roughly 30.1% overvalued today. The Quality Score stands at 75/100 (high quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Badger Meter, Inc generated revenue of $897M at a net margin of 14.6%. Revenue declined 9.0% year over year. It earns a return on equity of 19.6%. The balance sheet holds a net cash position of $226M. Fundamentals as of Jul 18, 2026
Our scenario range runs from $72.79 (bear case) to $121.32 (bull case); at $138.86, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 44% below its 52-week high and 24% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -45% fair-value upside, at -30%, BMI screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: DCF Models ($107.95) versus Asset-Based ($16.37). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 72 · Market factors (momentum, volatility) 37
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Badger Meter, Inc reported revenue of $917M in FY2025 versus $505M in FY2021, a compound +16.1%/yr. Reported net income was $142M in FY2025, compounding +23.5%/yr from FY2021.
BMI screens 30% overvalued. Compare with Keysight Technologies, Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Badger Meter’s (BMI) Revenue Contraction Signals Demand Air Pocket
- Bronstein, Gewirtz & Grossman LLC Urges Badger Meter, Inc. Investors to Act: Class Action Filed Alleging Investor Harm
- BADGER METER DEADLINE: ROSEN, TRUSTED INVESTOR COUNSEL, Encourages Badger Meter, Inc. Investors with Losses in Excess of $100K to Secure Cou
- BMI Shareholder Alert: Investors With Losses May Seek to Lead the Class Action in Badger Meter, Inc. Securities Lawsuit - Contact The Gross
Peer Group
Scientific & Technical Instruments · 161 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Scientific & Technical Instruments median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 90/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Scientific & Technical Instruments stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).
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|---|---|---|---|
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| Hexagon AB HEXAB | kr 80.10 | kr 52.93 | -34% |
| MKS Inc MKSI | $324.69 | $77.46 | -76% |
| AVIC Chengdu Aircraft Company 302132 | ¥52.91 | ¥34.47 | -35% |
| Fortive Corporation FTV | $61.78 | $33.84 | -45% |
| Trimble Inc TRMB | $52.72 | $24.47 | -54% |
| Cognex Corporation CGNX | $64.07 | $13.75 | -79% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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