BADGER METER INC

BMI · Totalizing Fluid Meters & Counting Devices · 29.2M shares · +0%/yr ↑ shares · EDGAR filings ↗

Reference price $122.35 · est. market cap ~$3.6B — last insider purchase, 2026-04-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B84

Best-in-class smart-water metering franchise with top-decile returns, double-digit growth, recurring SaaS, and a net-cash balance sheet.

Strengths

ROA 14.5% (93.9th), operating margin 20% (86.8th), strong net income growth (91.5th); FCF margin 18.5% (80.4th)
Leading AMI/ultrasonic position serving 50,000+ US utilities with margin-accretive BEACON SaaS; clean liquidity (current 3.36)

Risks

Gross margin only sector-median (49.5th); valuation/premium leaves little room for execution slips
Reliance on telecom network evolution and raw-material (brass/copper, electronics) cost and tariff exposure

Notable findings

Insider buyingInsider buying — 8 open-market buy(s) by 5 insider(s) (cluster of 5 insiders, ~$2M, last 6mo) Form 4 ↗
Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$596,000, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $238M2025-09-30 · $236M2025-12-31 · $221M2026-03-31 · $202M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

41.7%

Operating margin

20.0%

Net margin

15.5%

Return on equity

19.9%

Return on assets

14.5%

Revenue growth (QoQ)

-8.4%

Net-income growth

13.4%

Current ratio

3.4×

Free cash flow

$170M

Tangible book value

$359M

Stock comp / revenue

1.0%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-04-27	Myers Tessa M.	Grant	952	$122.96
2026-04-27	McGill James W	Grant	952	$122.96
2026-04-27	STERN JAMES F	Grant	952	$122.96
2026-04-27	Brooks Henry F	Grant	952	$122.96
2026-04-27	Cook Melanie K.	Grant	952	$122.96
2026-04-27	TELLOCK GLEN E	Grant	952	$122.96
2026-04-23	Wrocklage Robert	Buy	1.0K	$122.35
2026-04-21	Bockhorst Kenneth	Buy	2.2K	$117.53
2026-04-21	Callahan Edward F.	Buy	858	$116.30
2026-04-21	Tarantino Christina M.	Buy	870	$113.80
2026-04-21	Htwe Richard	Buy	1.7K	$116.13
2026-04-21	BERGUM WILLIAM R A	I	1.4K	$123.78
2026-03-06	Weltzien Daniel R	Grant	738	—
2026-03-06	Wrocklage Robert	Tax withheld	210	$148.85
2026-03-06	Wrocklage Robert	Grant	1.3K	—
2026-03-06	Bockhorst Kenneth	Tax withheld	450	$148.85
2026-03-06	Begale Fred J	Tax withheld	36	$148.85
2026-03-06	Tarantino Christina M.	Grant	246	—
2026-03-06	Htwe Richard	Tax withheld	41	$148.85
2026-03-06	Htwe Richard	Grant	369	—
2026-03-06	Hopkins Sheryl	Tax withheld	46	$148.85
2026-03-06	Hopkins Sheryl	Grant	369	—
2026-03-06	Callahan Edward F.	Grant	328	—
2026-03-06	Stuyvenberg Matthew L	Grant	451	—
2026-03-06	BERGUM WILLIAM R A	Grant	369	—
2026-03-06	BERGUM WILLIAM R A	Tax withheld	46	$148.85
2026-03-06	Stoll Kimberly K	Grant	410	—
2026-03-06	Stoll Kimberly K	Sell	143	$144.50
2026-03-06	Weltzien Daniel R	Tax withheld	41	$148.85
2026-03-04	Begale Fred J	Option exercise	2.1K	$33.98
2026-03-04	Begale Fred J	Sell	2.1K	$150.00
2026-03-03	BERGUM WILLIAM R A	Tax withheld	982	$148.76
2026-03-03	Hopkins Sheryl	Tax withheld	449	$148.76
2026-03-03	BERGUM WILLIAM R A	Option exercise	2.1K	$33.98
2026-03-03	Weltzien Daniel R	Tax withheld	449	$148.76
2026-03-03	Begale Fred J	Tax withheld	449	$148.76
2026-03-03	Bockhorst Kenneth	Tax withheld	11K	$148.76
2026-03-03	Htwe Richard	Tax withheld	449	$148.76
2026-03-03	Wrocklage Robert	Tax withheld	1.7K	$148.76
2026-03-03	BERGUM WILLIAM R A	Tax withheld	420	$148.76
2026-03-03	Stoll Kimberly K	Sell	1.6K	$149.01
2026-02-27	BERGUM WILLIAM R A	Tax withheld	47	$152.43
2026-02-27	Weltzien Daniel R	Tax withheld	47	$152.43
2026-02-27	Stoll Kimberly K	Sell	148	$150.38
2026-02-27	Begale Fred J	Tax withheld	41	$152.43
2026-02-27	Wrocklage Robert	Tax withheld	172	$152.43
2026-02-27	Bockhorst Kenneth	Tax withheld	548	$152.43
2026-02-27	Hopkins Sheryl	Tax withheld	54	$152.43
2026-02-27	Htwe Richard	Tax withheld	54	$152.43
2026-02-12	Bockhorst Kenneth	Grant	5	$174.41
2026-02-12	Stoll Kimberly K	Grant	159	$174.41
2026-02-12	Stoll Kimberly K	Grant	1.4K	—
2026-02-12	Hopkins Sheryl	Grant	1.2K	—
2026-02-12	Weltzien Daniel R	Grant	1.2K	—
2026-02-12	Weltzien Daniel R	Grant	1	$174.41
2026-02-12	BERGUM WILLIAM R A	Grant	229	$174.41
2026-02-12	BERGUM WILLIAM R A	Grant	1.1K	—
2026-02-12	Begale Fred J	Grant	193	$174.41
2026-02-12	Begale Fred J	Grant	1.2K	—
2026-02-12	Stuyvenberg Matthew L	Grant	1.6K	—
2026-02-12	Stuyvenberg Matthew L	Grant	49	$174.41
2026-02-12	Htwe Richard	Grant	1.2K	—
2026-02-12	Bockhorst Kenneth	Grant	21K	—
2026-02-12	Wrocklage Robert	Grant	3.6K	—
2026-02-12	Wrocklage Robert	Grant	3	$174.41
2026-02-12	Hopkins Sheryl	I	668	$158.41
2026-02-10	Bockhorst Kenneth	Buy	3.3K	$152.42
2026-02-09	Wrocklage Robert	Buy	1.6K	$152.35
2026-02-05	Htwe Richard	Buy	3.4K	$148.71
2026-02-05	Htwe Richard	Grant	3.4K	$148.71
2025-05-12	Bockhorst Kenneth	Gift	1.1K	—
2025-04-28	McGill James W	Grant	494	$215.78
2025-04-28	Brooks Henry F	Grant	494	$215.78
2025-04-28	TELLOCK GLEN E	Grant	494	$215.78
2025-04-28	STERN JAMES F	Grant	494	$215.78
2025-04-28	Myers Tessa M.	Grant	494	$215.78
2025-04-28	Cook Melanie K.	Grant	494	$215.78
2025-03-07	Htwe Richard	Grant	382	—
2025-03-07	Wrocklage Robert	Grant	1.3K	—
2025-03-07	Weltzien Daniel R	Grant	382	—
2025-03-07	Stoll Kimberly K	Grant	430	—
2025-03-07	BERGUM WILLIAM R A	Grant	430	—
2025-03-07	Hopkins Sheryl	Grant	430	—
2025-03-07	Stuyvenberg Matthew L	Grant	430	—
2025-03-07	Begale Fred J	Grant	334	—
2025-03-07	Bockhorst Kenneth	Grant	2.9K	—
2025-03-05	Begale Fred J	Sell	936	$209.74
2025-03-05	Bauer Karen M.	Sell	1.1K	$209.74
2025-03-05	Bockhorst Kenneth	Sell	16K	$209.74
2025-03-05	Wrocklage Robert	Tax withheld	1.5K	$209.74
2025-03-05	Stoll Kimberly K	Sell	1.4K	$209.74
2025-03-05	BERGUM WILLIAM R A	Sell	1.1K	$209.74
2025-03-05	Weltzien Daniel R	Tax withheld	373	$209.74
2025-03-05	Begale Fred J	Tax withheld	69	$209.74
2025-03-04	Stoll Kimberly K	Sell	243	$209.50
2025-03-04	Wrocklage Robert	Tax withheld	203	$209.50
2025-03-04	Stuyvenberg Matthew L	Tax withheld	90	$209.50
2025-03-04	Bauer Karen M.	Sell	208	$209.50
2025-03-04	Begale Fred J	Tax withheld	68	$209.50
2025-03-04	Weltzien Daniel R	Tax withheld	68	$209.50
2025-03-04	Bockhorst Kenneth	Sell	1.6K	$209.50
2025-03-04	BERGUM WILLIAM R A	Sell	195	$209.50
2025-03-03	Stuyvenberg Matthew L	Tax withheld	54	$212.13
2025-03-03	Weltzien Daniel R	Tax withheld	48	$212.13
2025-03-03	Wrocklage Robert	Tax withheld	171	$212.13
2025-03-03	Bockhorst Kenneth	Sell	1.2K	$212.13
2025-03-03	BERGUM WILLIAM R A	Sell	148	$212.13
2025-03-03	Bauer Karen M.	Sell	127	$212.13
2025-03-03	Begale Fred J	Tax withheld	41	$212.13
2025-03-03	Stoll Kimberly K	Sell	148	$212.13
2025-02-28	BERGUM WILLIAM R A	Option exercise	2.4K	$28.33
2025-02-28	BERGUM WILLIAM R A	Sell	2.4K	$210.33
2025-02-13	Bockhorst Kenneth	Grant	15K	—
2025-02-13	Begale Fred J	Grant	936	—
2025-02-13	Wrocklage Robert	Grant	2.7K	—
2025-02-13	Stuyvenberg Matthew L	Grant	746	—
2025-02-13	Stoll Kimberly K	Grant	1.1K	—
2025-02-13	Bauer Karen M.	Grant	936	—
2025-02-13	Hopkins Sheryl	Grant	936	—
2025-02-13	BERGUM WILLIAM R A	Grant	936	—
2025-02-13	Weltzien Daniel R	Grant	936	—
2025-01-23	Stoll Kimberly K	Grant	92	$212.12
2025-01-23	Stuyvenberg Matthew L	Grant	35	$212.12
2025-01-23	BERGUM WILLIAM R A	Grant	117	$212.12
2025-01-23	Begale Fred J	Grant	120	$212.12

All non-derivative Form 4 activity (SEC), newest first.

Supply chain

Customers (0)

Suppliers (2)

AT&T
Verizon

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-06-11	Material agreement1.02Debt obligationExhibits	filing ↗
2026-05-21	Reg FDExhibits	filing ↗
2026-04-28	5.03Shareholder voteOtherExhibits	filing ↗
2026-04-17	ResultsExhibits	filing ↗
2026-01-28	Results	filing ↗
2025-12-11	Exec/director changeExhibits	filing ↗
2025-10-21	ResultsExhibits	filing ↗
2025-07-22	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-11	2026-06-05	0001193125-26-267194 ↗
8-K	2026-05-21	2026-05-21	0001193125-26-233404 ↗
8-K	2026-04-28	2026-04-24	0001193125-26-187791 ↗
10-Q	2026-04-20	2026-03-31	0001193125-26-163625 ↗
8-K	2026-04-17	2026-04-17	0001193125-26-160389 ↗
10-K	2026-02-17	2025-12-31	0001193125-26-054739 ↗
8-K	2026-01-28	2026-01-28	0001193125-26-026143 ↗
8-K	2025-12-11	2025-12-10	0001193125-25-316007 ↗
10-Q	2025-10-22	2025-09-30	0001193125-25-246630 ↗
8-K	2025-10-21	2025-10-21	0001193125-25-244317 ↗
10-Q	2025-07-23	2025-06-30	0000950170-25-097847 ↗
8-K	2025-07-22	2025-07-22	0000950170-25-097418 ↗