BMI

Badger Meter, Inc.

Industrials · $3.6B market cap

Verdict

Share price

$127.77

close of Oct 3, 2026

Fair value

$87.52

Sticker Price

Payback Price

$35.01

buy price

Overpriced

BMI is Overpriced: at $127.77 it trades 46% above its fair value of $87.52. Its buy price (Payback Price) is $35.01, 73% below today's price. Business quality is strong: 4 of 5 key numbers clear the 10% bar.

How we valued it

Buffett Normalized. A profitable, growing business, so we project its earnings 10 years ahead and work out what that is worth today.

Business quality

4 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth10.6% a year✓
Equity per share growth10.3% a year✓
Sales growth6.1% a year✗
Free cash flow growth14.6% a year✓
Return on invested capital16.3%✓

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Superinvestors

3 of the investors we track hold BMI. In Q2 2026, 1 opened a position and 1 added. Who we track

Moves in Q2 2026

New position: Vulcan Value Partners

Added: Terry Smith

Insider activity

Since Jul 1, 2026: 1 open-market purchase worth $102K and 2 other filings (stock awards, tax withholding and similar). Why purchases matter

Purchases

Other filings

About Badger Meter, Inc.

Badger Meter, Inc. (BMI) provides a comprehensive range of solutions for flow measurement, quality assessment, control, and communication. Operating globally, the company serves markets across North America, Europe, Asia, and the Middle East. For municipal water utilities, BMI supplies both conventional and advanced water meters, complemented by associated radio, software, and service technologies. Additionally…

Industrial - Machinery

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works