Badger Meter Inc. (BMI) intrinsic value & 10-year financials
Badger Meter Inc. (BMI) has a Graham intrinsic value of $159.10 per share. At $126.48 on Oct 17, 2026, the stock trades 21% below that value. Over the last 10 fiscal years revenue grew 9.8% a year to $916.7M, with an average return on invested capital of 21.2%.
- Graham intrinsic value
- $159.10
- Share price (Oct 17, 2026)
- $126.48
- Price vs Graham value
- 21% below
- Market cap
- $3.7B
- Revenue (FY2025)
- $916.7M
- Revenue growth (10-yr CAGR)
- 9.8%
- ROIC (10-yr avg)
- 21.2%
- Free cash flow (FY2025)
- $169.7M
BMI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $916.7M | $141.6M | $4.79 | $169.7M | 20.0% | 34.5% |
| FY2024 | $826.6M | $124.9M | $0.00 | $142.2M | 19.1% | 37.3% |
| FY2023 | $703.6M | $92.6M | $0.00 | $98.1M | 16.8% | 28.5% |
| FY2022 | $565.6M | $66.5M | $0.00 | $76.6M | 15.4% | 21.3% |
| FY2021 | $505.2M | $60.9M | $0.00 | $80.8M | 15.6% | 20.2% |
| FY2020 | $425.5M | $49.3M | $0.00 | $80.5M | 15.3% | 17.2% |
| FY2019 | $424.6M | $47.2M | $0.00 | $73.2M | 14.6% | 16.0% |
| FY2018 | $433.7M | $27.8M | $0.00 | $51.7M | 13.1% | 14.2% |
| FY2017 | $402.4M | $34.6M | $0.00 | $34.7M | 13.8% | 11.7% |
| FY2016 | $393.8M | $32.3M | $0.00 | $45.6M | 12.9% | 11.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BADGER METER INC is a consistent compounder, expanding top-line revenue at 9.8% annually over the past decade.
BADGER METER INC has earned high returns on invested capital, averaging 21.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, BADGER METER INC shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BADGER METER INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $159.10 per share.