Badger Meter, Inc. (BMI) — Fundamental Analysis & Key Financial Ratios

Kaplio overview: Badger Meter, Inc.

Market cap $4B · 52 weeks $113 – $188 (22 % below the high) · P/E 33.3× · 2027 expected P/E 29.2× · Dividend 1.1 % · 11 years rising · Next earnings January 27, 2027 · expected EPS $1.24 · Closing price, Oct 28 · accounts published Oct 22.

• Valuation: P/E 33.3× (fairly priced).
• Business: ROIC 16 % (solid).
• Balance sheet: Net cash/EBITDA 1.0× (solid).
• Earnings: 5 of 8 (uneven).

What would it be worth at its usual multiples?

At the decade median (49.4×) $214 (+48 %); at its sector median (25.8×) $112 (-22 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.

What matters in industrials: 9 of 10 pass

• Capex / Revenue 1.5 %, fails.
• 5y revenue growth 16.3 %, passes.
• Operating margin 20.0 %, passes.
• ROIC 15.6 %, passes, near the threshold.
• FCF conversion 119.8 %, passes.
• Net debt / EBITDA −1.0×, passes.
• Altman Z-Score 14.8, passes.
• Piotroski F-Score 6 de 9, passes.
• P/E vs own 10y history 33.3×, passes.
• Cycle-adjusted EV/EBITDA 21.7×, passes.

Against its peers (reference peers) — Badger Meter, Inc.: P/E 33.3×; EV/EBITDA 21.6×; ROIC 15.6 %; $4.2B. Itron, Inc. (P/E 15.5×; EV/EBITDA 11.7×; ROIC 7.7 %; $4.1B), Vontier Corporation (P/E 14.5×; EV/EBITDA 10.7×; ROIC 13.8 %; $4.7B), OSI Systems, Inc. (P/E 22.4×; EV/EBITDA 14.7×; ROIC 8.8 %; $3.2B).

Expensive or cheap against its last ten years?

P/E at each close: today 33.3× · median 49.4× · minimum 26.4× · maximum 73.7× · cheap below 41.2× · expensive above 61.9×. It has been cheaper than today only 6% of the time over its last ten years.

Dividend

solid · Yield 1.1 % ($1.48 per share in 2025) · Years raising it ≥ 11 · 5-year growth +16 % a year · Free cash flow coverage 3.8× · With $1,000 invested today you'd collect $11.30 a year ($0.94 a month).