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 ...

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. ...

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]

Group 1 - Badger Meter, Inc. (NYSE:BMI) is recognized as one of the 7 Best Low-Risk Dividend Stocks to Invest in [1] - Seaport Research analyst Scott Graham reduced Badger Meter's price target from $255 to $220 while maintaining a Buy rating, citing slower sales growth in the first half of the year but improved visibility for a second-half pickup [2][3] - The company reported strong momentum in Q4 2025, achieving record sales, profits, and cash generation, with healthy demand for its cellular AMI offering and successful integration of SmartCover into the BlueEdge platform [4] Group 2 - Fourth-quarter sales for Badger Meter reached $221 million, an 8% increase from the previous year, with base sales rising 2% [5] - Operating margins improved to 19.5% from 19.1%, and base operating earnings increased by 9% year-over-year, resulting in base operating margins of 20.5% [5] - Gross margins also saw an increase, climbing to 42.1% from 40.3% in the same quarter last year [5]

Core Viewpoint - Badger Meter, Inc. (BMI) is a prominent player in the flow measurement and control products sector, particularly for water utilities, and is recognized for its innovative smart water solutions and advanced metering infrastructure projects [1] Financial Performance - BMI reported an earnings per share (EPS) of $1.14 for Q4 2025, which was 0.9% below the Zacks Consensus Estimate but an improvement from $1.04 in the previous year [3] - The company's quarterly net sales increased by 7.6% to $220.7 million, driven by a rise in utility water sales, although it fell short of the Zacks Consensus Estimate of $230.8 million [3] - For the full year of 2025, BMI achieved sales of $916.7 million, marking an 11% increase from the previous year, with EPS rising approximately 13% to $4.79 compared to $4.23 in 2024 [4][6] - Despite missing earnings expectations, BMI delivered record sales, margin expansion, and cash flow for 2025 [5] Market Outlook - Scott Graham from Seaport Global set a price target of $220 for BMI, indicating a potential upside of 55.46% from its current trading price of $141.52 [2][6] - The current stock price of BMI is $141.62, reflecting a decrease of approximately 3.22%, with a market capitalization of approximately $4.17 billion [5]

Core Insights - Badger Meter, Inc. (BMI) reported Q4 2025 EPS of $1.14, missing the Zacks Consensus Estimate by 0.9%, but showing an increase from $1.04 in the same quarter last year [1][11] - 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 estimate [1][11] Financial Performance - For the full year 2025, BMI reported sales of $916.7 million, an 11% year-over-year increase, with EPS rising approximately 13% to $4.79 from $4.23 in 2024 [2] - Gross profit for Q4 was $93 million, up from $82.8 million year-over-year, with a gross margin of 42.1%, an increase of 180 basis points [12] - Operating earnings increased around 10% year-over-year to $43.1 million, with operating margin expanding to 19.5% from 19.1% [12] Strategic Developments - Management emphasized that 2025 marked double-digit revenue growth, expanded profit margins, and record free cash flow conversion, driven by sustained demand for smart water management solutions [3][4] - The acquisition of SmartCover in early 2025 enhanced BMI's portfolio with sewer monitoring and stormwater management capabilities, strengthening its long-term growth position [5] Market Dynamics - Utility water sales rose 9% year-over-year, with a 2% increase even 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 markets was offset by declines in de-emphasized applications [8] Cash Flow and Liquidity - In Q4 2025, BMI generated $54.8 million in net cash from operating activities, compared to $52.1 million a year ago [15] - As of December 31, 2025, the company had $226 million in cash and cash equivalents, with total current liabilities of $150.7 million [15] Future Outlook - Management expressed confidence in achieving high single-digit sales growth and continued operating margin expansion in 2026, supported by the growth of its cellular AMI installed base and international expansion opportunities [16][17]