Badger Meter Inc (BMI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Badger Meter Inc stock $123, price $158, that is 22.5% below the price, quality 73 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $71.18 – $250.72 · fair‑value band $85.81 – $171.02 · the $158.18 price screens above the $122.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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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.
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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.
Stock analysis
Badger Meter Inc (BMI) currently trades at $158.18, while our model-based Fair Value estimate is $122.58, 23% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $129.13 per share, and 1 of the 26 models we run sit above the $158.18 price.
Bear case: the Dividend Discount group reads lowest at $27.03, and 25 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $85.81 (bear) to $171.02 (bull), the price of $158.18 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap $4.6B Mid · P/E ratio 36.5 · P/S ratio 5.23 · EPS (TTM) $4.33 · Dividend yield 1.0% · Net margin 14.4% · Return on equity 18.7% · Return on assets (EBIT) 16.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 72 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 40% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −45% fair-value upside, at −23%, BMI screens cheaper than that median.
Fair Value models
Bear$85.81Fair Value $122.58Bull$171.02
Price $158.18 · Downside -22.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.31 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director bought shares worth $101,573, on Jul 30, 2026.
BuyEdward F. CallahanVP-Engineering2× since Apr 21, 2026: 1,609 shares, avg. $125.14$201,358Jul 30, 2026
BuyRobert WrocklageEVP-N.A. Muncipal Utility2× since Feb 9, 2026: 2,650 shares, avg. $141.03$373,728Apr 23, 2026
BuyChristina M. TarantinoVP-Controller870 shares at $113.80$99,006Apr 21, 2026
BuyRichard HtweVP-Global Operations2× since Feb 5, 2026: 5,070 shares, avg. $137.79$698,574Apr 21, 2026
BuyKenneth BockhorstChairman, President & CEO, Director2× since Feb 10, 2026: 5,500 shares, avg. $138.46$761,552Apr 21, 2026
SaleKimberly K StollVP-Cust Serv & GM SmartCover3× since Feb 27, 2026: 1,925 shares, avg. $148.78$286,402Mar 6, 2026
SaleFred J BegaleVP-Utility NPD2,064 shares at $150.00$309,600Mar 4, 2026
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+10.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.6%
Start year 2020 (pandemic). Over 10 years: +9.3% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.2%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+24.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.3%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.23.2% vs 16.6%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 20%
2025 sits 52% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +9.3% a year for the price and +2.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (92 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Moderate durability shown by profitability metrics forms the main strength, while limited public signals on qualitative moat factors remain the chief weakness.
Main risk: Failure to convert the platform into higher-margin recurring software revenue would mainly hit overall margins and limit the shift beyond core hardware sales.
Badger Meter launched OneNetwork in late September, a platform that unifies meter, SCADA and GIS data into one real-time view for water and wastewater utilities without forcing them to scrap existing systems. The move extends the BlueEdge suite from hardware into analytics and alerts. Will this mainly drive higher-margin recurring software revenue, or will it mostly accelerate sales of the core metering equipment?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Scientific & Technical Instruments · 160 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Badger Meter Inc Fair Value". https://www.fairvalue-calculator.com/stock/BMI
Frequently asked questions
Is Badger Meter Inc (BMI) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $122.58 versus a price of $158.18, about 23% lower (overvalued).
What is the fair value of BMI?
Our model-based fair value for Badger Meter Inc is $122.58 (as of Nov 8, 2026), built from audited fundamentals. The current price: $158.18.
What is the quality score of BMI?
Badger Meter Inc has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Badger Meter Inc (BMI)?
Our model-based price target is the fair value of $122.58 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario $85.81, optimistic scenario $171.02. It is a calculation from audited fundamentals, not an analyst target.
What is the Badger Meter Inc stock forecast for 2026?
Our models put fair value at $122.58, about 23% lower versus a price of $158.18 (overvalued). Cautious scenario $85.81, optimistic scenario $171.02. The calculation is refreshed regularly with new filings.
What is the revenue of Badger Meter Inc (BMI)?
Badger Meter Inc reported trailing-twelve-month revenue of about $881M (latest available figure, as of Nov 8, 2026).
Does Badger Meter Inc pay a dividend?
Badger Meter Inc currently shows a dividend yield of 1.04% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Badger Meter Inc (BMI) and when is the ex-dividend date?
Badger Meter Inc pays a dividend of $1.64 per share a year, a dividend yield of 1.0%. The last ex-dividend date was Aug 28, 2026. A dividend has been paid every year since at least 1984. The payout ratio is 37.9% of earnings. Free cash flow covers the dividend 3.57 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Badger Meter Inc (BMI)?
For today's price to be fair in a discounted-cash-flow model, Badger Meter Inc would have to grow free cash flow by +11.9 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.6 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of BMI use?
Our models discount Badger Meter Inc at 8.9 %: a base by market capitalisation (mid), damped by beta 0.64, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Badger Meter Inc that is +11.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Badger Meter Inc (BMI) delivered so far?
Over the past 5 years revenue at Badger Meter Inc grew +16.6 % a year. The price currently implies free-cash-flow growth of +11.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Badger Meter Inc (BMI) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Badger Meter Inc (+11.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Badger Meter Inc (BMI)?
The free-cash-flow yield on the price is 3.68 %: that much free cash flow Badger Meter Inc produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Badger Meter Inc (BMI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Badger Meter Inc it is $122.58 per share (as of Nov 8, 2026), against a price of $158.18. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Badger Meter Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, BMI trades above its calculated fair value: price $158.18, fair value $122.58, a gap of about −23% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BMI?
No. The price is what the market pays today ($158.18); the fair value is what the company's own numbers justify ($122.58). For Badger Meter Inc the two are $35.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Badger Meter Inc worth?
The market values Badger Meter Inc at about $4.6B (market capitalisation, as of Nov 8, 2026). Per share that is $158.18; our models calculate a fair value of $122.58 per share.
What do the bullish and bearish scenarios say about BMI?
Our models span a range for Badger Meter Inc: cautious scenario $85.81, base $122.58, optimistic $171.02 per share (as of Nov 8, 2026, price $158.18). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BMI?
Badger Meter Inc trades at a price-to-earnings ratio of 36.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $122.58 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 48.6. Other multiples: PEG 3.5, P/B 6.5, P/S 5.2, EV/EBITDA 21.9.
What is the PEG ratio of BMI?
The PEG ratio of Badger Meter Inc is 3.53 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Badger Meter Inc (BMI)?
Balance-sheet figures for Badger Meter Inc (as of Nov 8, 2026): return on equity 18.7%. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is BMI from its 52-week high?
Badger Meter Inc trades at $158.18, about 15% below its 52-week high of $185.73 and 40% above the low of $112.67 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $122.58 is for.
Which stocks are comparable to Badger Meter Inc?
From the same area (Technology) we also value Keysight Technologies, Inc, Garmin Ltd, Coherent Corp, Teledyne Technologies Incorporated, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Badger Meter Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $158.18, calculated fair value $122.58 (−23%), Quality Score 73/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BMI calculated?
We run Badger Meter Inc through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $122.58 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Badger Meter Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Badger Meter Inc (BMI)?
The closing price on Nov 6, 2026 was $158.18. Our model-based fair value is $122.58, about 23% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Badger Meter Inc right now?
Solid but not exceptional quality (73/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($85.81 to $171.02) leaves room in how you read the outcome.
Where does the earnings growth of Badger Meter Inc (BMI) come from?
Earnings per share at Badger Meter Inc grew +16.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.6 %, EBIT margin +4.9 %, tax rate +1.7 %, residual (interest, one-offs) +0.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Badger Meter Inc
How large is the market capitalisation of Badger Meter Inc (BMI)?
The market capitalisation of Badger Meter Inc is $4.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Badger Meter Inc (BMI)?
The price-to-sales ratio of Badger Meter Inc is 5.23 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Badger Meter Inc (BMI)?
Earnings per share at Badger Meter Inc are $4.33 (price ÷ EPS = P/E 36.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Badger Meter Inc (BMI)?
The dividend yield of Badger Meter Inc is 1.0% (payout 37.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Badger Meter Inc (BMI)?
The net margin of Badger Meter Inc is 14.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Badger Meter Inc (BMI)?
The return on equity (ROE) of Badger Meter Inc is 18.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Badger Meter Inc (BMI)?
On an EBIT basis the return on assets of Badger Meter Inc is 16.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Badger Meter Inc (BMI)?
The operating margin of Badger Meter Inc is 20.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Badger Meter Inc (BMI)?
Revenue at Badger Meter Inc is growing +0.1% versus a year earlier (3y avg +17.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Badger Meter Inc (BMI)?
Earnings per share at Badger Meter Inc are growing +4.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Badger Meter Inc (BMI) hold?
Badger Meter Inc holds more cash than debt, $226M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026