Company Overview - Badger Meter, Inc. (NYSE:BMI) specializes in flow measurement, control, and communications solutions for water utilities, municipalities, and commercial and industrial customers globally [4] Financial Performance - For the fourth quarter of 2025, Badger Meter reported sales of $220.7 million, an increase from $205.2 million, with operating earnings of $43.0 million and diluted EPS of $1.14, resulting in operational cash flow of $54.8 million [3] - In 2025, the company achieved record sales of $916.7 million, reflecting an 11% increase from the previous year's $826.6 million, while base sales rose 6% year on year to $877.0 million [3] Dividend and Share Repurchase - On February 13, 2026, Badger Meter announced a quarterly cash dividend of $0.40 per share, payable on March 13, 2026, to shareholders of record on February 27, 2026 [1] - The board increased the company's share repurchase authorization by $75 million, raising the total to $150 million through November 30, 2028, following a previous authorization of $75 million in November 2025 [1] Analyst Rating - On February 2, 2026, Argus Research analyst Kristina Ruggeri downgraded Badger Meter from Buy to Hold [2]

Badger Meter, Inc. (NYSE:BMI) ranks among the best sustainability stocks to invest in. On January 29, RBC Capital reduced its price target for Badger Meter, Inc. (NYSE:BMI) to $191 from $229, while retaining an Outperform rating. The downward revision followed Badger Meter’s fourth-quarter 2025 results, which showed a minor operating beat driven by higher gross margins, while its organic growth of about 2% fell short of RBC’s 7% target. The company’s earnings per share for the quarter stood at $1.14, low ...

Core Viewpoint - Badger Meter's recent earnings report showed mixed results, with a slight miss on EPS estimates but positive year-over-year growth in both EPS and net sales, indicating ongoing demand for its smart water management solutions [2][3][4]. Financial Performance - In Q4 2025, Badger Meter reported EPS of $1.14, missing the Zacks Consensus Estimate by 0.9%, but up from $1.04 in the same quarter last year [2]. - Quarterly net sales reached $220.7 million, a 7.6% increase from $205.2 million year-over-year, driven by higher utility water sales, although it fell short of the $230.8 million consensus estimate [2]. - For the full year 2025, sales totaled $916.7 million, reflecting an 11% year-over-year increase, while EPS rose approximately 13% to $4.79 from $4.23 in 2024 [3]. Operational Highlights - Management noted double-digit revenue growth, expanded profit margins, and record free cash flow conversion in 2025, supported by sustained demand for smart water management solutions [4]. - The successful completion of several Advanced Metering Infrastructure (AMI) projects and new projects set to begin in 2026 highlight the value proposition of Badger Meter's cellular AMI solution [5]. Segment Performance - Utility water sales increased by 9% year-over-year, with a 2% rise even when excluding SmartCover, driven by customer adoption of digital smart water solutions [7]. - Flow instrumentation sales remained flat year-over-year, as growth in water-focused end markets was offset by declines in de-emphasized applications [8]. Profitability Metrics - Gross profit for Q4 was $93 million, up from $82.8 million in the prior year, with a gross margin of 42.1%, an increase of 180 basis points year-over-year [9]. - Operating earnings rose around 10% year-over-year to $43.1 million, with operating margin expanding to 19.5% from 19.1% [9]. Cash Flow and Liquidity - In Q4 2025, Badger Meter generated $54.8 million in net cash from operating activities, compared to $52.1 million a year ago [12]. - As of December 31, 2025, the company had $226 million in cash and cash equivalents, with total current liabilities of $150.7 million [12]. Strategic Initiatives - The acquisition of SmartCover in early 2025 enhanced Badger Meter's portfolio with sewer monitoring and stormwater management capabilities, strengthening its long-term growth position [6]. - Badger Meter was selected to modernize Puerto Rico's water infrastructure, deploying its cellular AMI solution to improve operational efficiency and reduce non-revenue water for approximately 1.6 million service connections [11]. Future Outlook - Management expressed confidence in achieving high single-digit sales growth and continued operating margin expansion over the next five years, supported by the growth of its cellular AMI installed base and international expansion opportunities [13]. - However, estimates for the stock have been trending downward, indicating a potential below-average return in the coming months [15][17].

Company Performance - Badger Meter (BMI) closed at $159.37, reflecting a decrease of -1.56% from the previous day, underperforming the S&P 500 which gained 0.69% [1] - Over the last month, Badger Meter's shares have decreased by 5.95%, compared to the Computer and Technology sector's loss of 3.66% and the S&P 500's loss of 1% [1] Upcoming Earnings - Analysts expect Badger Meter to report earnings of $1.22 per share, indicating a year-over-year decline of 6.15% [2] - The consensus estimate for revenue is $231.56 million, representing a 4.21% increase compared to the same quarter of the previous year [2] Annual Estimates - For the annual period, Zacks Consensus Estimates project earnings of $5.03 per share and revenue of $968.27 million, reflecting increases of +5.01% and +5.63% respectively from the previous year [3] Analyst Revisions - Recent changes to analyst estimates for Badger Meter are important as they reflect short-term business trends, with positive revisions indicating analyst optimism about the company's profitability [3][4] Zacks Rank - Badger Meter currently holds a Zacks Rank of 5 (Strong Sell), with the Zacks Consensus EPS estimate having moved 5.82% lower over the last 30 days [5] Valuation Metrics - Badger Meter is trading at a Forward P/E ratio of 32.17, which is a premium compared to the industry average Forward P/E of 28 [6] - The company's PEG ratio is currently 2.6, compared to the industry average PEG ratio of 1.99 [6] Industry Context - The Instruments - Control industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 176, placing it in the bottom 29% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Company Overview - Badger Meter, Inc. (NYSE:BMI) is a leading manufacturer of flow measurement, quality, control, and communication solutions primarily for the municipal water utility market [2][3] - The company operates in an oligopolistic water-metering market, providing essential solutions with a recurring revenue model [3] Financial Performance - Badger Meter, Inc. reported total sales of $221 million in Q4 2025, reflecting an 8% increase year-over-year [4] - As of February 18, 2026, Badger Meter, Inc. stock closed at $158.20 per share, with a one-month return of -8.09% and a twelve-month decline of 27.49% [2][4] Investment Insights - The company is noted for its high-quality operations, healthy capital structure, and good management, which support durable growth and value compounding through economic cycles [3] - Despite the potential of Badger Meter, Inc. as an investment, the company is not among the 30 most popular stocks among hedge funds, with 28 hedge fund portfolios holding its stock at the end of Q3 2025, down from 32 in the previous quarter [4] - The company faces competition from certain AI stocks that are perceived to offer greater upside potential and less downside risk [4]

or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to______ Commission File No. 001-06706 BADGER METER, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 (Exact name of registrant as specified in its charter) | Wisconsin | 39-0143280 | | --- | --- | | (State or other juri ...

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Core Insights - Badger Meter, Inc. (BMI) specializes in smart water solutions and advanced metering infrastructure (AMI) projects, with a market capitalization of approximately $4.64 billion [1] Insider Transactions - Wrocklage Robert, Executive Vice President of North American Municipal Utility at BMI, purchased 1,650 shares at $152.35 each, increasing his total holdings to 19,541 shares, reflecting confidence in the company's future prospects [2] - Alps Advisors Inc. increased its stake in BMI by 85.9%, now holding 82,568 shares valued at $14.7 million, indicating a positive outlook on BMI's growth potential [3] - Bridges Investment Management Inc. increased its investment by 37%, now holding 16,820 shares valued at approximately $3 million, while Cullen Frost Bankers Inc. increased its holdings by 170.5%, owning 165 shares valued at $41,000, showing growing interest among institutional investors [4] Financial Performance - Despite an 11% decline in stock price following the fourth-quarter 2025 earnings announcement, BMI reported a 7.6% increase in quarterly net sales to $220.7 million, with full-year sales for 2025 reaching $916.7 million, an 11% increase from the previous year, driven by strong demand for smart water solutions and AMI projects [5][6]

Core Insights - Badger Meter, Inc. (NYSE:BMI) is recognized as one of the 13 Best Long Term Low Risk Stocks to Buy Now [1] - Recent analyst actions include a downgrade from Buy to Hold by Argus Research and a price target reduction from $255 to $220 by Seaport Research, although the latter maintains a Buy rating [2] Financial Performance - In Q4 2025, Badger Meter reported sales of $221 million, an 8% increase year-over-year, with base sales growth of 2% [4] - Operating profit margins improved by 40 basis points to 19.5%, while base operating earnings rose 9% year-over-year, lifting base operating margins by 140 basis points to 20.5% [4] - Gross margins expanded by 180 basis points to 42.1% compared to 40.3% a year earlier [4] Business Developments - The company experienced strong customer demand for its cellular AMI solution and is making progress with the SmartCover addition to its BlueEdge smart water management platform [3] - Winning the PRASA AMI project in Puerto Rico has strengthened the company's market position and supports its long-term growth outlook [3]

Core Thesis - Badger Meter, Inc. (BMI) is positioned as a leading provider of smart water infrastructure solutions, with a strong focus on recurring software and service revenue, which is growing faster than hardware sales [2][3] Company Overview - BMI serves over 50,000 local utilities in the U.S., providing a comprehensive portfolio of hardware, connectivity, and software under the BlueEdge platform, including advanced metering infrastructure (AMI) systems [2] - Approximately 88% of BMI's revenue is derived from its Utility Water segment, with a historical revenue growth of roughly 9% and earnings growth of 17% over the past decade [3] Competitive Advantages - The company benefits from integrated hardware-software systems, technical precision, long product lifecycles, and high switching costs, although it faces robust competition and limited pricing power [4] - Profitability is supported by efficient production, low capital intensity, and disciplined R&D, resulting in a free cash flow yield that funds dividends and growth initiatives [4] Financial Position - BMI maintains a net cash position with minimal debt, providing flexibility for future development [5] - The company has a 33-year record of dividend growth and predictable long-term demand driven by regulatory requirements and infrastructure renewal [5] Market Performance - As of January 30th, BMI's share price was $146.58, with trailing and forward P/E ratios of 30.15 and 27.78 respectively [1] - The stock price has depreciated by approximately 33.13% since previous coverage, attributed to broader market adjustments and high valuation [7]