Badger Meter, Inc.
BMI · NYSE
Company research
Badger Meter, Inc. (NYSE: BMI) is a Milwaukee, Wisconsin-based industrial machinery company founded in 1905 that develops, manufactures, and markets flow measurement, water quality, control, and communication solutions for customers worldwide. The company serves municipal water utilities with smart metering hardware, ORION cellular communication endpoints, and its BEACON cloud-hosted analytics platform, with roughly two-thirds of its approximately $917 million in FY2025 revenue derived from utility water solutions. Beyond the municipal market, Badger Meter supplies flow instrumentation products—including meters, valves, and sensing instruments—to industrial OEMs and commercial customers across water/wastewater, HVAC, and corporate sustainability applications. With a market capitalization of approximately $4.1 billion and operations spanning North America, Europe, Asia, and the Middle East, Badger Meter has evolved from a traditional hardware manufacturer into a vertically integrated hardware-and-software solutions provider, driving gross margin expansion into the mid-40s as recurring software and data services continue to grow.
Research reports
MoneyShow / Sure Dividend Growth (Ben Reynolds) · May 27, 2026BMI: A Value and Income Play in the Industrial Sector
Reynolds presents Badger Meter as a high‑quality industrial with secure, steadily growing dividends and long‑term EPS growth driven by the rapid adoption of ultrasonic smart meters, the higher‑margin BEACON SaaS platform, and continued water infrastructure investment, despite a weaker Q1 2026 marked by lower revenue and margin compression. He concludes with a Buy recommendation on BMI, viewing the recent pullback as an opportunity for income and growth investors while acknowledging near‑term project timing and municipal demand risks.
Sure Dividend · October 23, 2025Badger Meter (BMI)This equity research report highlights Badger Meter’s robust earnings and dividend growth history, resilient municipal utility demand for smart water solutions, and ongoing margin expansion, projecting 15% earnings growth and 13.4% annual total returns through 2030. However, it flags the stock’s elevated valuation versus historical averages, potential headwinds from multiple compression, and dependence on continued smart metering adoption, leading to a Hold rating rather than an outright Buy.