Badger Meter
Connects water meters, monitoring sensors, communications, and software for utilities and industrial customers.
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Profile
Sells smart water meters, cellular AMI endpoints, cloud analytics, and monitoring sensors to utilities, with a smaller flow-instrumentation line for commercial and industrial customers. Equipment sales are supplemented by SaaS and services; Utility Water provides most revenue, and North America—primarily the United States—is the largest market.
Supplies water utilities with mechanical and ultrasonic meters, ORION radio endpoints, BEACON cloud software, and sensors for water quality, pressure, leaks, sewer lines, and lift stations. Organized under the BlueEdge suite, these offerings connect measurement hardware with communications, analytics, and support across drinking-water distribution and wastewater collection. SmartCover and UK-based UDlive extend sewer-network monitoring.
Serves commercial and industrial customers through the smaller Flow Instrumentation product line, which provides meters, valves, and sensors for water and other fluids. Utility Water generates most sales, and North America—primarily the United States—is the largest market. Equipment revenue is supplemented by SaaS and related services. Demand depends on utility project timing and municipal budgets; connected products also rely on cellular networks and critical electronic components. Both product lines are managed as one reportable segment.
Company facts
Key statistics
Year to date −23.1% · Average volume (30d) 446.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 28, 2026 | Barclays | Reiterate | Underweight | $109 | $112 | |
| Jul 23, 2026 | Seaport Global | Target | $220 | $160 | ||
| Jul 23, 2026 | RBC Capital | Reiterate | Outperform | $169 | $162 | |
| Jul 23, 2026 | Robert W. Baird | Target | $145 | $167 | ||
| Jul 23, 2026 | Stifel Nicolaus | Target | $170 | $165 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $1.01 | $1.02 | +1.0% | $220.6M | $222.3M | +0.8% | −2.74% |
| Apr 17, 2026Q1 FY26 | $1.20 | $0.93 | −22.5% | $229.6M | $202.3M | −11.9% | −1.84% |
| Jan 28, 2026Q4 FY25 | $1.15 | $1.14 | −0.9% | $231.3M | $220.7M | −4.6% | −1.30% |
| Oct 21, 2025Q3 FY25 | $1.14 | $1.19 | +4.4% | $231.8M | $235.7M | +1.6% | +2.96% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $222.2M | $238.1M | $235.7M | $220.7M | $202.3M | $222.3M | |
| Gross profit | $95.4M | $97.8M | $95.8M | $93.0M | $84.3M | $90.8M | |
| Operating income | $49.4M | $44.9M | $46.1M | $43.0M | $35.2M | $39.4M | |
| Net income | $38.4M | $34.6M | $35.1M | $33.6M | $27.3M | $29.7M | |
| Diluted EPS | $1.30 | $1.17 | $1.19 | $1.14 | $0.93 | $1.02 | |
| Gross margin | 42.9% | 41.1% | 40.7% | 42.1% | 41.7% | 40.8% | |
| Operating margin | 22.2% | 18.8% | 19.6% | 19.5% | 17.4% | 17.7% |
Fiscal years (4-quarter sums)FY21 $505.2M · FY22 $565.6M · FY23 $703.6M · FY24 $826.6M · FY25 $916.7M
Revenue by product · FY25
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $95.7M · Total debt $0 · Total assets $998.2M · Shareholders' equity $683.1M
Dividends
Raised for 35 straight years — most recently to $0.44 from $0.40 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 28, 2026 | Aug 28 | Sep 11 | $0.44 | raised from $0.40 |
| May 22, 2026 | May 22 | Jun 5 | $0.40 | |
| Feb 27, 2026 | Feb 27 | Mar 13 | $0.40 | |
| Nov 21, 2025 | Nov 21 | Dec 5 | $0.40 | |
| Aug 22, 2025 | Aug 22 | Sep 5 | $0.40 | raised from $0.34 |
| May 23, 2025 | May 23 | Jun 6 | $0.34 | |
| Feb 28, 2025 | Feb 28 | Mar 14 | $0.34 | |
| Nov 22, 2024 | Nov 22 | Dec 6 | $0.34 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 28.99M · Float 28.80M · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.89M | 16.88% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.50M | 8.64% | 13F | Aug 13, 2026 |
| State Street Corp | 1.65M | 5.70% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 1.32M | 4.54% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 1.01M | 3.48% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 30, 2026 | Edward F. Callahan | officer: VP-Engineering | +751 | $135.25 |
| Apr 23, 2026 | Robert Wrocklage | officer: EVP-N.A. Muncipal Utility | +1,000 | $122.35 |
| Apr 21, 2026 | Christina M. Tarantino | officer: VP-Controller | +870 | $113.80 |
| Apr 21, 2026 | Edward F. Callahan | officer: VP-Engineering | +858 | $116.30 |
| Apr 21, 2026 | Richard Htwe | officer: VP-Global Operations | +1,700 | $116.13 |
Peers
- Xylem
Fortune 500 water tech leader; top North America AMI installed base via Sensus
- Roper Technologies
Neptune division — co-dominant NA water meter and AMI platform, ~85% share
- Itron
Multi-utility IIoT platform: electric, gas, and water AMI at global scale
- Hubbell
Multi-commodity AMI endpoints, RF/cellular networks, and AclaraONE MDM software
- Mueller Water Products
Water infrastructure maker with AMI metering, leak detection, SaaS
- Veralto
Water-quality analytics leader in instruments, reagents, and compliance software
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Badger Meter | $136.00 | +0.23% | $3.93B | 31.7 | 29.0 | 4.5 | −6.6% |
| Xylem | $112.64 | +1.19% | $25.99B | 26.5 | 18.9 | 2.8 | +1.5% |
| Roper Technologies | $425.13 | −0.26% | $43.01B | 17.8 | 18.1 | 5.2 | +8.5% |
| Itron | $97.53 | −0.06% | $4.27B | 16.3 | 15.1 | 1.9 | −7.2% |
| Hubbell | $464.00 | +0.93% | $24.29B | 27.2 | 21.3 | 3.9 | +15.3% |
| Mueller Water Products | $24.38 | +0.04% | $3.81B | 17.3 | 15.4 | 2.6 | +4.1% |
| Veralto | $97.11 | −1.38% | $24.03B | 24.9 | 21.8 | 4.2 | +7.5% |
| Median | 21.3 | 18.5 | 3.4 | +5.8% |