Badger Meter, Inc. (BMI)

Over the past six months, Badger Meter's stock (BMI) has experienced fluctuations and analyst activity, with the stock down 28.48% as of January 14, 2026. In January 2025, Badger Meter acquired SmartCover Systems for $184 million. In Q3 2025, the company reported sales of $235.7 million, a 13% increase year-over-year, and EPS of $1.19, a 10% increase year-over-year. Jefferies Financial Group initiated coverage with a "buy" rating and a $220.00 price objective in December 2025. Stifel Nicolaus upgraded the stock to "buy" in October 2025, increasing the price objective to $215.00. Robert W. Baird set a $205.00 target price with a "neutral" rating in October 2025. Barclays initiated coverage with an "Underweight" rating and a price target of $157.00 on January 7, 2026. As of January 13, 2026, the stock was down 6.48% over the past 30 days and down 16.97% for the past 12 months, with shares down 7.9% on January 7, 2026.

Badger Meter primarily serves the municipal water utility market, which is non-cyclical, providing a replacement-driven base demand. The company's business model, with its shift towards high-margin digital water solutions and recurring SaaS revenue, contributes to stable demand. While specific seasonal patterns are not detailed, the essential nature of water management solutions suggests relatively stable demand throughout the year.

Badger Meter, Inc. (BMI) is a global leader in flow measurement and control solutions, primarily serving the water technology sector, operating within the Electronic Equipment and Instruments industry with a focus on smart water solutions. Founded in 1905, the company has evolved into a digital water management provider. Its business is split into Utility Water (88% of net sales) and Flow Instrumentation (12%). The company offers smart measurement hardware like mechanical and E-Series Ultrasonic meters, water quality monitoring solutions, and leak detection hardware. Communication solutions include the ORION family of radio endpoints for data communication. They provide cloud-based software platforms like BEACON Advanced Metering Analytics (AMA) and the BlueEdge™ suite for data visualization and analytics. The Flow Instrumentation segment provides meters, valves, and sensing instruments for various industrial and commercial markets.

Badger Meter has global operations, with the majority of its revenue from the United States. Its headquarters are in Milwaukee, Wisconsin, housing engineering, sales, marketing, customer service, and manufacturing for selected products. The company has a presence in North America, Europe, and Asia, with operations in countries such as Mexico, Germany, the United Kingdom, Canada, Sweden, and Switzerland.

Badger Meter has a strong brand reputation for quality and reliability in flow measurement solutions. The company is committed to innovation, customer focus, and environmental responsibility. Its focus on digital water solutions and sustainability has been a key driver for its market valuation and investor interest. Badger Meter maintains ISO 9001 certification for quality management, and its software solutions adhere to SOC 2 and ISO 27001 for data security. Strategic acquisitions, such as SmartCover Systems, have enhanced its reputation as a leader in smart water technology. Strong financial performance in 2024 and Q1 2025 also contributes positively to its brand image.

Badger Meter's ownership is heavily concentrated among institutional investors, holding approximately 96.15% of shares as of March 31, 2025. Major institutional owners include BlackRock, Inc. (approximately 17.65%), The Vanguard Group Inc. (approximately 13.44%), and State Street Corp. (approximately 4.76%). Ronald H. Dix is a significant individual shareholder, owning 229,317 shares, representing 0.78% of the company.