BMI

MKT CAP:$4B

Badger Meter, Inc.

Market Cap

$4B

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NYSE

Technology·Hardware,·🇺🇸·NYSE

Stock Price

$115.54-$60.85 (-34.50%)

Apr 17, 2026

Company Details

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 meter...

CEO

Kenneth C. Bockhorst

IPO Date

Oct 27, 1983

Website

www.badgermeter.com

Key Metrics TTM

Revenue

$897M

+5.2% YoY

Net Income

$131M

EPS (Diluted)

$4.43

Free Cash Flow

$174M

Revenue / Share

$30.54

Gross Margin

41.4%

Operating Margin

18.9%

Net Margin

14.6%

FCF Margin

19.3%

P/S

3.9x

P/E

27.0x

Earnings Reports

Q1 2026

Apr 17, 2026

NEW

$202M-9.0%EPS $0.93

FY 2025

Feb 17, 2026

$917M+10.9%EPS $4.79

Q4 2025

Feb 17, 2026

$221M+7.6%EPS $1.14

Q3 2025

Oct 22, 2025

$236M+13.1%EPS $1.19

Q2 2025

Jul 23, 2025

$238M+9.9%EPS $1.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$138M	$55M	$22M
Q3 22	$148M	$58M	$24M
Q4 22	$147M	$57M	$22M
Q1 23	$159M	$63M	$25M
Q2 23	$176M	$69M	$30M
Q3 23	$186M	$73M	$31M
Q4 23	$182M	$71M	$32M
Q1 24	$196M	$77M	$37M
Q2 24	$217M	$85M	$42M
Q3 24	$208M	$84M	$41M
Q4 24	$205M	$83M	$39M
Q1 25	$222M	$95M	$49M
Q2 25	$238M	$98M	$45M
Q3 25	$236M	$96M	$46M
Q4 25	$221M	$93M	$43M
Q1 26	$202M	$84M	$35M

Valuation

Quarter	P/S	P/E
Q2 22	4.4x	36.7x
Q3 22	5.0x	42.0x
Q4 22	5.5x	46.5x
Q1 23	6.1x	50.6x
Q2 23	6.8x	55.6x
Q3 23	6.3x	49.0x
Q4 23	6.4x	48.5x
Q1 24	6.3x	45.8x
Q2 24	6.9x	48.1x
Q3 24	8.0x	53.9x
Q4 24	7.6x	50.4x
Q1 25	6.6x	41.6x
Q2 25	8.2x	53.0x
Q3 25	5.8x	37.5x
Q4 25	5.8x	37.3x
Q1 26	4.9x	33.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$20M	$18M
Q3 22	$24M	$22M
Q4 22	$30M	$29M
Q1 23	$18M	$14M
Q2 23	$23M	$20M
Q3 23	$31M	$28M
Q4 23	$38M	$36M
Q1 24	$21M	$19M
Q2 24	$36M	$34M
Q3 24	$45M	$42M
Q4 24	$52M	$47M
Q1 25	$33M	$30M
Q2 25	$45M	$41M
Q3 25	$51M	$48M
Q4 25	$55M	$51M
Q1 26	$34M	$34M

Capital Expenditures

Quarter	CapEx
Q2 22	$2M
Q3 22	$2M
Q4 22	$1M
Q1 23	$4M
Q2 23	$3M
Q3 23	$3M
Q4 23	$2M
Q1 24	$3M
Q2 24	$2M
Q3 24	$3M
Q4 24	$5M
Q1 25	$3M
Q2 25	$4M
Q3 25	$3M
Q4 25	$4M
Q1 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+12.2%	+11.1%
Q3 22	+15.0%	+13.6%
Q4 22	+8.5%	+10.6%
Q1 23	+20.2%	+18.1%
Q2 23	+27.6%	+26.4%
Q3 23	+25.8%	+24.7%
Q4 23	+23.8%	+20.4%
Q1 24	+23.4%	+19.1%
Q2 24	+23.2%	+19.7%
Q3 24	+11.9%	+8.4%
Q4 24	+12.5%	+10.4%
Q1 25	+13.2%	+8.2%
Q2 25	+9.9%	+10.3%
Q3 25	+13.1%	+13.0%
Q4 25	+7.6%	+7.0%
Q1 26	-9.0%	-3.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$851.0K	0.6%
Q3 22	$704.0K	0.5%
Q4 22	$978.0K	0.7%
Q1 23	$1M	0.6%
Q2 23	$2M	0.9%
Q3 23	$1M	0.7%
Q4 23	$1M	0.7%
Q1 24	$1M	0.6%
Q2 24	$2M	0.9%
Q3 24	$1M	0.6%
Q4 24	$2M	0.8%
Q1 25	$2M	0.8%
Q2 25	$3M	1.1%
Q3 25	$2M	0.9%
Q4 25	$0	0.0%
Q1 26	$2M	1.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 22	—	$33M	—	—
Q3 22	—	$34M	—	—
Q4 22	$16M	$35M	—	—
Q1 23	—	$38M	—	—
Q2 23	—	$40M	—	—
Q3 23	—	$41M	—	—
Q4 23	$19M	$39M	—	—
Q1 24	—	$41M	—	—
Q2 24	—	$44M	—	—
Q3 24	—	$43M	—	—
Q4 24	—	$44M	$37.0K	—
Q1 25	—	—	—	$46M
Q2 25	—	—	—	$46M
Q3 25	—	—	—	$50M

Revenue by Geography

Quarter	Asia	Canada	Europe	Mexico	Middle East	Other Geographical Areas	United States
Q2 22	$3M	$3M	$7M	$809.0K	$2M	$1M	$121M
Q3 22	$4M	$4M	$7M	$1M	$2M	$559.0K	$128M
Q4 22	$4M	$3M	$6M	$2M	$3M	$527.0K	$130M
Q1 23	$3M	$3M	$10M	$1M	$3M	$596.0K	$139M
Q2 23	$3M	$3M	$9M	$452.0K	$2M	$516.0K	$158M
Q3 23	$4M	$3M	$10M	$643.0K	$2M	$619.0K	$166M
Q4 23	$3M	$3M	$11M	$2M	$3M	$447.0K	$159M
Q1 24	$3M	$2M	$9M	$621.0K	$4M	$358.0K	$177M
Q2 24	$3M	$3M	$9M	$1M	$5M	$641.0K	$194M
Q3 24	$3M	$3M	$10M	$478.0K	$3M	$496.0K	$188M
Q4 24	$2M	$2M	$9M	$1M	$4M	$496.0K	$186M
Q1 25	$3M	$4M	$10M	$477.0K	$2M	$677.0K	$202M
Q2 25	$4M	$4M	$11M	$594.0K	$3M	$994.0K	$214M
Q3 25	$4M	$5M	$12M	$679.0K	$3M	$970.0K	$211M
Q4 25	$3M	$3M	$12M	$938.0K	$3M	$978.0K	$199M
Q1 26	$4M	$3M	$12M	$801.0K	$3M	$689.0K	$179M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$100M	$0	$100M
Q3 22	$115M	$0	$115M
Q4 22	$138M	$0	$138M
Q1 23	$128M	$0	$128M
Q2 23	$142M	$0	$142M
Q3 23	$163M	$0	$163M
Q4 23	$192M	$0	$192M
Q1 24	$199M	$0	$199M
Q2 24	$226M	$0	$226M
Q3 24	$259M	$0	$259M
Q4 24	$295M	$0	$295M
Q1 25	$131M	$0	$131M
Q2 25	$165M	$0	$165M
Q3 25	$202M	$0	$202M
Q4 25	$226M	$0	$226M
Q1 26	$205M	$0	$205M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	29M	-0.1%	+0.1%
Q3 22	29M	+0.1%	+0.1%
Q4 22	29M	+0.1%	+0.1%
Q1 23	29M	+0.0%	+0.2%
Q2 23	29M	+0.1%	+0.4%
Q3 23	29M	+0.1%	+0.3%
Q4 23	29M	-0.0%	+0.2%
Q1 24	29M	+0.1%	+0.2%
Q2 24	30M	+0.1%	+0.3%
Q3 24	30M	+0.1%	+0.3%
Q4 24	29M	-0.6%	-0.3%
Q1 25	30M	+0.7%	+0.2%
Q2 25	30M	+0.0%	+0.2%
Q3 25	30M	+0.0%	+0.1%
Q4 25	30M	-0.1%	+0.6%
Q1 26	29M	-0.6%	-0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$75.0K	2K
Q3 22	$80.6K	2K
Q4 22	$80.2K	2K
Q1 23	$86.6K	2K
Q2 23	$95.7K	2K
Q3 23	$101.4K	2K
Q4 23	$99.3K	2K
Q1 24	$106.8K	2K
Q2 24	$117.9K	2K
Q3 24	$113.5K	2K
Q4 24	$92.8K	2K
Q1 25	$100.5K	2K
Q2 25	$107.7K	2K
Q3 25	$106.6K	2K
Q4 25	$89.1K	2K
Q1 26	$81.7K	2K

Revenue / Employee