BMI BADGER METER INC
Price Chart
Executive Summary
Badger Meter hosted its 2026 Investor Day on May 21, 2026, presenting a comprehensive strategic and financial update. The company highlighted its $917M in 2025 sales, a 17% CAGR from 2020-2025, $218M in EBITDA (24% margin), and guided to a multi-year outlook of 6-8% organic revenue growth, 39-42% gross margins, and 25-30% EBITDA incrementals. Management emphasized an expanding TAM driven by the digital transformation of the water sector, a large pipeline of awarded AMI projects (~2.6M-3.6M connections), and a capital allocation program including $115M remaining on its buyback authorization. The filing is an investor day presentation with forward-looking commentary but no new hard financial guidance or earnings release — it reinforces the long-term investment thesis without changing near-term fundamentals.
Actionable Insight
The investor day presentation reinforces Badger Meter's long-term secular growth narrative in smart water but introduces no new near-term catalysts beyond the already-known project pipeline. The 6-8% organic revenue CAGR target is in line with historical execution. Watch for 2H 2026 milestone deployments from the PRASA (1.6M connections) and Utility 2 (330K turnkey) projects — delays or accelerations there would be the next material catalyst. The $115M buyback provides a valuation floor but is not a near-term driver. The stock's ~25% T+20 win rate in the model's past reports suggests the narrative alone is insufficient to move shares — wait for actual execution data.
Key Facts
- 2025 sales of $917M, a 17% CAGR from 2020-2025
- 2025 EBITDA of $218M at 24% margin
- 120% free cash flow conversion in 2025
- Guided to 6-8% organic revenue CAGR over 5 years
- Targeting 39-42% gross margins in current environment
- Targeting 25-30% EBITDA incrementals and 10-15% EPS growth
- ~2.6M-3.6M awarded meter connections to deploy over multiple years starting 2H 2026
- $115M remaining on share repurchase authorization
- 33 consecutive years of dividend increases (11% CAGR since 1992)
- SaaS revenue targeted to reach 11-12% of sales by 2030+
- Smart water market TAM estimated at ~$25B annually globally
Financial Impact
No new financial results reported. The filing provides long-term targets but no changes to current-year guidance. Major multi-year deployment pipeline valued at ~$500M+ in M&A dry powder referenced.
Risk Factors
- Multi-year project deployments may face pacing delays from utility planning cycles and labor constraints
- Tariff pressures and input cost inflation (copper, tin, resins) could pressure gross margins below the 39-42% target range
- Turnkey vs. supply-only project mix can distort near-term revenue comparisons
- Forward-looking statements and long-term targets are not guidance — execution risk is real
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-233404 |
| Document: bmi-20260521.htm | 0001193125-26-233404 |
| Document: 0001193125-26-233404-index-headers.html | 0001193125-26-233404 |
| Document: 0001193125-26-233404-index.html | 0001193125-26-233404 |
| Document: 0001193125-26-233404.txt | 0001193125-26-233404 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
3d ago
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8-K
| $130.58 awaiting T+5 | awaiting T+5 | — | $131.73 (+0.88%) |
|
May 21, 2026
24d ago
|
8-K
| $119.84 $123.90 | ▲ +3.39% | ▲ +1.54% | $131.73 (+9.92%) |
|
Apr 28, 2026
6w ago
|
8-K
| $117.47 $123.34 | ▲ +5.00% | ▲ +1.89% | $131.73 (+12.14%) |
|
Apr 21, 2026
7w ago
|
Insider Cluster
| $120.89 $118.42 | ▼ −2.04% | ▼ −3.13% | $131.73 (+8.97%) |
|
Apr 21, 2026
7w ago
|
Insider Cluster
| $120.89 $118.42 | ▼ −2.04% | ▼ −3.13% | $131.73 (+8.97%) |
|
Apr 21, 2026
7w ago
|
Insider Cluster
| $120.89 $118.42 | ▼ −2.04% | ▼ −3.13% | $131.73 (+8.97%) |
|
Apr 17, 2026
8w ago
|
8-K
| $115.54 $121.83 | ▼ −5.44% | ▼ −4.89% | $131.73 (−14.01%) |
|
Mar 13, 2026
13w ago
|
DEFA14A
| $151.86 $153.83 | ▲ +1.30% | ▲ +3.34% | $131.73 (−13.26%) |
US Market Status
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