8-K ·Filed May 21, 2026

BMI

BADGER METER INC
NEUTRAL
Impact 5/10
Horizonmonths Processed4mo ago SEC0001193125-26-233404
8-K context-dependent: Items 7.01
Actionable Insight • Neutral

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.

DirectionNeutral
Confidencemedium
Horizonmonths
Final — all horizons settled through T+60d
BMI ▲ +7.39% at T+60d
NEUTRAL call ✓ call won +7.39% · α vs SPY +3.09% · entry $119.84 → $128.70
Entry anchored
May 21, 2026
via day open
T+1d
+5.01%
call +5.01% · α +4.56%
$125.84
settled 4mo ago
T+5d
+3.39%
call +3.39% · α +1.54%
$123.90
settled 4mo ago
T+20d
+12.91%
call +12.91% · α +12.58%
$135.32
settled 3mo ago
T+60d
+7.39%
call +7.39% · α +3.09%
$128.70
settled 6w ago

Price Chart

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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.

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.

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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

Exchange
NYSE
Sector
Totalizing Fluid Meters & Counting Devices
Analyst Consensus
59% bullish (17 analysts)

Investment Themes

Industrials & Manufacturing

Documents Analyzed

This report is based on 5 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001193125-26-233404
Document: bmi-20260521.htm0001193125-26-233404
Document: 0001193125-26-233404-index-headers.html0001193125-26-233404
Document: 0001193125-26-233404-index.html0001193125-26-233404
Document: 0001193125-26-233404.txt0001193125-26-233404
11 reports for BMI
Performance horizon
100% Hit rate 5 of 5 directional calls best @ T+60▲ +25.04%Apr 21, 2026
Filters
Rows
Reports for BMI — sortable, filterable
TypeNow
Aug 3, 2026
8w ago
Institutional Cluster
BULLISH ★ 5/10
$136.95 $135.47▼ −1.08%▼ −2.32%$127.77 (−6.70%)
Jul 27, 2026
9w ago
Press Release
BEARISH ★ 5/10
$134.58 $136.36▼ −1.32%▲ +2.06%$127.77 (+5.06%)
Jul 22, 2026
10w ago
8-K
BEARISH ★ 5/10
$126.67 $130.94▼ −3.37%▼ −0.47%$127.77 (−0.87%)
Jun 11, 2026
16w ago
8-K
NEUTRAL ★ 4/10
$130.52 $144.97▲ +11.07%▲ +9.18%$127.77 (−2.11%)
May 21, 2026
19w ago
8-K
NEUTRAL ★ 5/10
$119.84 $135.32▲ +12.91%▲ +12.58%$127.77 (+6.62%)
Apr 28, 2026
22w ago
8-K
NEUTRAL ★ 2/10
$117.47 $124.74▲ +6.19%▲ +0.14%$127.77 (+8.77%)
Apr 21, 2026
23w ago
Insider Cluster
NEUTRAL ★ 2/10
$120.89 $118.96▼ −1.60%▼ −6.51%$127.77 (+5.69%)
Apr 21, 2026
23w ago
Insider Cluster
BULLISH ★ 7/10
$120.89 $118.96▼ −1.60%▼ −6.51%$127.77 (+5.69%)
Apr 21, 2026
23w ago
Insider Cluster
MIXED ★ 6/10
$120.89 $118.96▼ −1.60%▼ −6.51%$127.77 (+5.69%)
Apr 17, 2026
24w ago
8-K
BEARISH ★ 7/10
$115.54 $117.54▼ −1.73%▲ +3.64%$127.77 (−10.59%)
Showing 10 of 11

US Market Status

Market Closed — Opens Mon (65h 1m)

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