Latest Ratios: P/E Ratio 27.8x · EV/EBITDA 16.6x · ROE 21.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $5.2B | $6.3B | $4.5B | $3.2B | $3.1B | $2.7B | $1.9B | $1.4B | $1.4B | $1.1B |
| Enterprise Value | $3.6B | $4.9B | $6.0B | $4.4B | $3.1B | $3.0B | $2.7B | $1.9B | $1.4B | $1.4B | $1.1B |
| P/E Ratio → | 27.77 | 36.41 | 50.15 | 49.16 | 48.24 | 51.23 | 55.66 | 40.33 | 51.80 | 40.17 | 33.29 |
| P/S Ratio | 4.21 | 5.63 | 7.58 | 6.46 | 5.66 | 6.19 | 6.46 | 4.47 | 3.31 | 3.46 | 2.73 |
| P/B Ratio | 5.51 | 7.23 | 10.33 | 8.80 | 7.24 | 7.76 | 7.61 | 5.73 | 4.73 | 5.02 | 4.19 |
| P/FCF | 22.72 | 30.40 | 44.05 | 46.35 | 41.83 | 38.71 | 34.15 | 25.91 | 27.78 | 40.12 | 23.54 |
| P/OCF | 20.99 | 28.07 | 40.41 | 41.29 | 38.85 | 35.72 | 30.69 | 23.51 | 23.80 | 27.97 | 19.10 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.38 | 7.22 | 6.19 | 5.42 | 6.02 | 6.29 | 4.36 | 3.32 | 3.54 | 2.80 |
| EV / EBITDA | 16.65 | 22.62 | 31.40 | 29.80 | 26.99 | 28.51 | 29.62 | 21.47 | 17.75 | 17.81 | 15.08 |
| EV / EBIT | 19.79 | 26.14 | 37.80 | 36.94 | 34.94 | 38.65 | 41.18 | 29.95 | 38.95 | 25.62 | 21.75 |
| EV / FCF | — | 29.06 | 41.97 | 44.39 | 40.03 | 37.63 | 33.25 | 25.31 | 27.88 | 41.08 | 24.22 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.7% | 41.7% | 39.8% | 39.3% | 38.9% | 40.7% | 39.5% | 38.5% | 37.4% | 38.7% | 38.2% |
| Operating Margin | 20.0% | 20.0% | 19.1% | 16.8% | 15.4% | 15.6% | 15.3% | 14.6% | 13.1% | 13.8% | 12.9% |
| Net Profit Margin | 15.5% | 15.5% | 15.1% | 13.2% | 11.8% | 12.1% | 11.6% | 11.1% | 6.4% | 8.6% | 8.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.5% | 21.5% | 22.3% | 19.3% | 15.7% | 15.9% | 14.3% | 14.9% | 9.6% | 13.0% | 13.2% |
| ROA | 15.8% | 15.8% | 16.3% | 14.0% | 11.7% | 12.2% | 11.0% | 11.6% | 7.1% | 9.3% | 9.2% |
| ROIC | 34.5% | 34.5% | 37.3% | 28.1% | 21.1% | 19.5% | 17.0% | 15.7% | 13.8% | 14.0% | 13.1% |
| ROCE | 24.1% | 24.1% | 24.6% | 21.9% | 18.5% | 18.5% | 17.0% | 17.8% | 18.0% | 19.4% | 19.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | 0.01 | 0.06 | 0.16 | 0.15 |
| Debt / EBITDA | — | — | — | — | — | — | — | 0.05 | 0.22 | 0.56 | 0.52 |
| Net Debt / Equity | — | -0.32 | -0.49 | -0.37 | -0.31 | -0.22 | -0.20 | -0.13 | 0.02 | 0.12 | 0.12 |
| Net Debt / EBITDA | -1.04 | -1.04 | -1.55 | -1.31 | -1.22 | -0.82 | -0.80 | -0.51 | 0.06 | 0.42 | 0.42 |
| Debt / FCF | — | -1.33 | -2.08 | -1.95 | -1.80 | -1.08 | -0.90 | -0.61 | 0.10 | 0.96 | 0.67 |
| Interest Coverage | — | — | — | — | — | — | 2167.03 | 244.51 | 31.99 | 70.50 | 55.12 |
Net cash position: cash ($226M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.36 | 3.36 | 4.57 | 3.35 | 3.15 | 3.18 | 3.29 | 3.50 | 2.74 | 1.70 | 1.99 |
| Quick Ratio | 2.36 | 2.36 | 3.36 | 2.19 | 2.07 | 1.97 | 2.09 | 2.06 | 1.40 | 0.79 | 0.97 |
| Cash Ratio | 1.50 | 1.50 | 2.50 | 1.45 | 1.25 | 1.06 | 1.06 | 0.85 | 0.22 | 0.12 | 0.10 |
| Asset Turnover | — | 0.94 | 1.01 | 0.98 | 0.94 | 0.95 | 0.90 | 1.01 | 1.10 | 1.03 | 1.12 |
| Inventory Turnover | 3.52 | 3.52 | 3.47 | 2.78 | 2.88 | 3.01 | 3.15 | 3.19 | 3.36 | 2.90 | 3.13 |
| Days Sales Outstanding | — | 44.74 | 37.24 | 43.32 | 49.47 | 47.59 | 52.91 | 52.75 | 55.79 | 52.79 | 55.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 0.8% | 0.6% | 0.6% | 0.8% | 0.7% | 0.7% | 1.0% | 1.1% | 1.0% | 1.2% |
| Payout Ratio | 30.7% | 30.7% | 28.7% | 31.4% | 37.4% | 36.4% | 41.2% | 39.4% | 58.5% | 41.1% | 38.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 2.7% | 2.0% | 2.0% | 2.1% | 2.0% | 1.8% | 2.5% | 1.9% | 2.5% | 3.0% |
| FCF Yield | 4.4% | 3.3% | 2.3% | 2.2% | 2.4% | 2.6% | 2.9% | 3.9% | 3.6% | 2.5% | 4.2% |
| Buyback Yield | 0.4% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.3% | 0.3% | 0.3% | 0.0% |
| Total Shareholder Yield | 1.5% | 1.1% | 0.6% | 0.6% | 0.8% | 0.7% | 0.9% | 1.3% | 1.5% | 1.3% | 1.2% |
| Shares Outstanding | — | $30M | $30M | $29M | $29M | $29M | $29M | $29M | $29M | $29M | $29M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BMI stock.
Badger Meter, Inc.'s current P/E ratio is 27.8x. The historical average is 30.6x. This places it at the 50th percentile of its historical range.
Badger Meter, Inc.'s current EV/EBITDA is 16.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.1x.
Badger Meter, Inc.'s return on equity (ROE) is 21.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 16.2%.
Based on historical data, Badger Meter, Inc. is trading at a P/E of 27.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Badger Meter, Inc.'s current dividend yield is 1.11% with a payout ratio of 30.7%.
Badger Meter, Inc. has 41.7% gross margin and 20.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Key Metrics
Top Statement Risk
Margin pressure from mix shift
Metrics are mathematically derived from official filings.
Margin Resilience Amid Mix Shift
Gross margin expanded to 40.8% in 2026Q2 from 39.4% in 2024Q2, per reported financials, while operating margin contracted to 17.7% from 19.2%, indicating cost growth outpacing gross profit gains.
The gross margin improvement reflects a favorable shift toward electronic meters, but the operating margin decline suggests SG&A and R&D are scaling faster than gross profit. This divergence implies that while product mix is enhancing unit economics, the company is investing heavily in growth initiatives, possibly in software and international expansion, which may compress near-term profitability. Investors should monitor whether operating leverage returns as revenue growth stabilizes.
ROIC Decay Signals Integration Risk
ROIC fell to 5.5% in 2026Q2 from 9.2% in 2024Q2, per reported figures, as acquisitions expanded the capital base without proportional profit growth, suggesting integration challenges.
The sharp decline in ROIC, from 9.2% to 5.5% over eight quarters, indicates that the capital deployed in recent acquisitions is not yet generating returns commensurate with historical levels. This may reflect the early stage of integrating new sensing technologies, but it also raises questions about the sustainability of the company's historical capital efficiency. If ROIC does not recover as these businesses mature, the market may reassess the premium valuation.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 99 days in 2026Q2 from 89 days in 2024Q2, per financial statements, driven by higher DIO and DPO, signaling reduced efficiency in managing inventory and payables.
The CCC expansion is primarily due to DIO rising to 122 days from 111 days, indicating a buildup of inventory, possibly in anticipation of project deployments or due to supply chain disruptions. DPO also increased to 71 days from 65 days, suggesting the company is stretching supplier payments, which may strain relationships. This working capital drag contributed to the sharp decline in FCF margin to 9.8% in 2026Q2 from 23.0% in 2025Q4, per reported data, and warrants monitoring for normalization.
Liquidity Buffer Compresses from Peak
Current ratio fell to 2.42 in 2026Q2 from 4.57 in 2024Q4, per balance sheet data, as cash dropped to $95.7M, yet the company remains debt-free with ample coverage of short-term obligations.
The liquidity position remains healthy, but the compression from a current ratio of 4.57 to 2.42 reflects the deployment of cash into acquisitions and buybacks. While the company has no debt, the reduced cash buffer may limit flexibility for further M&A or organic investments. Under a severe stress scenario, the current ratio would still provide adequate coverage, but the trend warrants monitoring if cash continues to decline.
Premium Valuation vs. Water Peers
BMI trades at 26.75x P/E and 16.00x EV/EBITDA, per current multiples, versus MWA's 20.60x and 13.16x, suggesting investors pay a premium for its debt-free balance sheet and software-like recurring revenue.
The valuation premium over peers like Mueller Water Products and Itron appears justified by BMI's superior ROE and ROIC historically, though the recent ROIC decline narrows that gap. The market may be pricing in the potential for the BEACON platform to drive higher-margin recurring revenue, but this depends on continued adoption. If ROIC fails to recover, the premium could compress, making the stock vulnerable to de-rating.
Misapplied P/E on Cyclical Hardware
The P/E ratio is commonly misapplied to BMI as a software-like growth metric, but its hardware sales are cyclical and lumpy, per reported data, obscuring the impact of project timing on earnings.
Investors often treat BMI's P/E as a stable software multiple, but the company's revenue is still predominantly hardware-driven, with significant project-based lumpiness. The recent EPS miss despite revenue growth highlights this disconnect, as margins can swing with product mix and project timing. A more appropriate metric is EV/EBITDA, which normalizes for depreciation and capital structure, or a forward P/E that accounts for the expected margin recovery. The market should focus on ROIC and cash conversion to assess true value creation.