Badger Meter, Inc. (BMI)

Badger Meter's stock experienced several notable events in the past six months. On October 22, 2025, the stock jumped 5.9% after Q3 2025 earnings surpassed analyst forecasts, but shares declined after the announcement on October 28, 2025. Two days before the earnings release, the stock gained 3.5% after Stifel lowered its price target to $208 from $224 but maintained a "Hold" rating. The company announced an 18% increase in its annual dividend rate, marking the 33rd consecutive year of dividend growth. The stock price declined by 9.90% between October 23, 2024, and October 22, 2025. The 52-week high for BMI was $256.08 on June 3, 2025, and the 52-week low was $162.17 on April 7, 2025. The stock is down 11.7% since the beginning of 2025.

Demand for Badger Meter's products is generally non-discretionary and driven by mandated replacements at predictable intervals. The company has evolved to a business model that includes a predictable recurring revenue stream, supported by its cellular AMI network and SaaS offerings. While the broader industrials sector can be influenced by economic cycles and interest rates, Badger Meter benefits from strong and consistent demand for advanced water solutions and IoT-enabled products. However, the growth in smart water meter adoption is maturing, and infrastructure spending is normalizing, which may lead to a moderation in growth compared to recent years.

Badger Meter, Inc. is a leading innovator in flow measurement, control, and related technologies, serving water utilities, municipalities, and industrial customers globally. Founded in 1905 and headquartered in Milwaukee, Wisconsin, the company operates within the Industrial Machinery & Equipment sector, specializing in water technology and smart infrastructure. Badger Meter provides water utility solutions such as ultrasonic, mechanical, and smart water meters. They offer flow instrumentation for industrial applications, including electromagnetic, positive displacement, and vortex flow meters. The company provides software and analytics through cloud-based platforms like BEACON® AMA and EyeOnWater®. Communication solutions are offered through the ORION branded family of radio endpoints for AMI. Badger Meter also delivers water quality monitoring solutions with optical sensing and electrochemical instruments, and pressure and acoustic leak detection hardware for real-time monitoring.

Badger Meter has a global presence through direct sales and local distributors, with a significant revenue concentration in North America. In 2024, North America accounted for 88% of total revenue, while international markets contributed 12%. In Q1 2024, the United States generated $124.5 million in revenue, and international operations contributed $33.1 million. In 2022, international revenue represented approximately 22% of total sales.

Badger Meter maintains a strong brand reputation, driven by its leadership in digital water infrastructure and continuous innovation in smart water solutions. The company's commitment to sustainability and customer satisfaction also contributes positively to its image. The successful integration of the SmartCover acquisition has further enhanced its reputation by expanding its integrated water lifecycle solutions. No specific events negatively impacted Badger Meter's reputation in the past year were identified in the search results.

Badger Meter is primarily owned by institutional shareholders (95.24%), with insiders holding 4.29% and retail investors 0.46%. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, State Street Corp, Geode Capital Management, Llc, Invesco Ltd., Morgan Stanley, Westfield Capital Management Co LP, Dimensional Fund Advisors LP, Congress Asset Management Co and Neuberger Berman Group LLC. The largest individual shareholder is Ronald H. Dix, who owns 229,317 shares, representing 0.78% of the company.