Badger Meter (BMI)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $3.8B, Badger Meter's free cash flow of $170M (fiscal 2025) would need to grow about 6% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Badger Meter's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from BMI's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Badger Meter's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $505M | $566M | $704M | $827M | $917M |
| Net income | $61M | $66M | $93M | $125M | $142M |
| Free cash flow | $81M | $77M | $98M | $142M | $170M |
| EPS (diluted) | $2.08 | $2.26 | $3.14 | $4.23 | $4.79 |
| Operating margin | 15.6% | 15.4% | 16.8% | 19.1% | 20.0% |
Where the revenue comes from
Revenue by regions, fiscal 2025. Every breakdown, year by year.
Superinvestors who own BMI
From each investor's latest 13F filing (what a 13F shows). 4 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Mario Gabelli GAMCO Investors |
Trimmed | $14M | 0.13% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $13M | 0.00% | Q2 2026 |
| C.T. Fitzpatrick Vulcan Value Partners |
New position | $10M | 0.31% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $519,627 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Badger Meter's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you. Every purchase since records began.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Apr 23, 2026 | Robert Wrocklage EVP |
1,000 | $122.35 | $122,350 |
| Apr 21, 2026 | Christina M Tarantino VP |
870 | $113.80 | $99,006 |
| Apr 21, 2026 | Edward F Callahan VP |
858 | $116.30 | $99,785 |
| Apr 21, 2026 | Kenneth Bockhorst CEO |
2,200 | $117.53 | $258,566 |
| Apr 21, 2026 | Richard Htwe VP |
1,700 | $116.13 | $197,421 |
| Feb 10, 2026 | Kenneth Bockhorst |
3,300 | $152.42 | $502,986 |
| Feb 9, 2026 | Robert Wrocklage |
1,650 | $152.35 | $251,378 |
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In the full deep dive
Questions
What growth does Badger Meter's stock price imply?
At a market value of $3.8B, Badger Meter would need its free cash flow to grow about 6% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 16% a year.
Are Badger Meter insiders buying the stock?
7 open-market insider purchases of BMI in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Badger Meter?
4 of the superinvestors Investingly tracks hold BMI in their latest 13F, including Mario Gabelli, Cliff Asness, C.T. Fitzpatrick.
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Prices and ratios as of Oct 11, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.