Badger Meter, Inc. (BMI) P/E Ratio History
UndervaluedTrading at 36.1x vs 5Y avg 44.8x · 15th percentile · Below historical baseline · Data 1990–2026
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P/E Ratio Analysis
As of November 7, 2026, Badger Meter, Inc. (BMI) trades at a price-to-earnings ratio of 36.1x, with a stock price of $158.18 and trailing twelve-month earnings per share of $4.38.
The current P/E is 19% below its 5-year average of 44.8x. Over the past five years, BMI's P/E has ranged from a low of 28.5x to a high of 56.1x, placing the current valuation at the 15th percentile of its historical range.
Compared to the Industrials sector median P/E of 22.0x, BMI trades at a 64% premium to its sector peers. The sector includes 414 companies with P/E ratios ranging from 0.0x to 165.8x.
The PEG ratio of 1.56 (P/E divided by 13% EPS growth) suggests a fair valuation relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, BMI commands a significant premium over the S&P 500 median P/E of 21.8x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our BMI DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
BMI Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
BMI P/E vs Peers
Water Infrastructure Equipment peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $4B | 15.6Lowest | - | +25% | |
| $4B | 21.2 | 2.48 | -17% | |
| $369M | 17.0 | - | +5% | |
| $4B | 17.0 | 0.65Best | +16% | |
| $23B | 21.2 | 0.93 | +7% | |
| $30B | 26.3 | 3.34 | +6% | |
| $52B | 32.2 | 2.89 | +8% | |
| $48B | 18.3 | 1.91 | -1% | |
| $162B | 37.6 | - | -5% | |
| $17B | 20.3 | - | +36%Best |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
BMI Historical P/E Data (1990–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q3 | Sep 30 2026 | $123.54 | $4.33 | 28.5x | +3% |
| FY2026 Q2 | - | $148.38 | $4.28 | 34.7x | +25% |
| FY2026 Q1 | - | $152.35 | $4.43 | 34.4x | +24% |
| FY2025 Q4 | Dec 31 2025 | $174.41 | $4.80 | 36.3x | +31% |
| FY2025 Q3 | - | $178.58 | $4.70 | 38.0x | +37% |
| FY2025 Q2 | Jun 30 2025 | $244.95 | $4.59 | 53.4x | +92% |
| FY2025 Q1 | Mar 31 2025 | $190.25 | $4.54 | 41.9x | +51% |
| FY2024 Q4 | - | $212.12 | $4.23 | 50.1x | +81% |
| FY2024 Q3 | Sep 30 2024 | $218.41 | $4.03 | 54.2x | +95% |
| FY2024 Q2 | Jun 30 2024 | $186.35 | $3.83 | 48.7x | +75% |
| FY2024 Q1 | Mar 31 2024 | $161.81 | $3.47 | 46.6x | +68% |
| FY2023 Q4 | Dec 31 2023 | $154.37 | $3.14 | 49.2x | +77% |
| FY2023 Q3 | Sep 30 2023 | $143.87 | $2.90 | 49.6x | +79% |
| FY2023 Q2 | Jun 30 2023 | $147.56 | $2.63 | 56.1x | +102% |
| FY2023 Q1 | Mar 31 2023 | $121.82 | $2.44 | 49.9x | +80% |
| FY2022 Q4 | Dec 31 2022 | $109.03 | $2.27 | 48.0x | +73% |
| FY2022 Q3 | Sep 30 2022 | $92.39 | $2.26 | 40.9x | +47% |
| FY2022 Q2 | - | $80.89 | $2.19 | 36.9x | +33% |
| FY2022 Q1 | - | $99.71 | $2.10 | 47.5x | +71% |
| FY2021 Q4 | Dec 31 2021 | $106.56 | $2.08 | 51.2x | +85% |
| FY2021 Q3 | - | $101.14 | $1.94 | 52.1x | +88% |
| FY2021 Q2 | Jun 30 2021 | $98.12 | $1.91 | 51.4x | +85% |
| FY2021 Q1 | Mar 31 2021 | $93.07 | $1.76 | 52.9x | +91% |
| FY2020 Q4 | - | $94.06 | $1.70 | 55.3x | +99% |
| FY2020 Q3 | Sep 30 2020 | $65.37 | $1.67 | 39.1x | +41% |
| FY2020 Q2 | - | $62.92 | $1.60 | 39.3x | +42% |
| FY2020 Q1 | - | $53.60 | $1.66 | 32.3x | +16% |
| FY2019 Q4 | - | $64.93 | $1.62 | 40.1x | +44% |
| FY2019 Q3 | Sep 30 2019 | $53.70 | $1.59 | 33.8x | +22% |
| FY2019 Q2 | Jun 30 2019 | $59.69 | $1.25 | 47.8x | +72% |
| FY2019 Q1 | Mar 31 2019 | $55.64 | $1.07 | 52.0x | +87% |
| FY2018 Q4 | Dec 31 2018 | $49.21 | $0.96 | 51.3x | +85% |
| FY2018 Q3 | Sep 30 2018 | $52.95 | $0.82 | 64.6x | +133% |
| FY2018 Q2 | Jun 30 2018 | $44.70 | $0.99 | 45.2x | +63% |
| FY2018 Q1 | Mar 31 2018 | $47.15 | $1.14 | 41.4x | +49% |
| FY2017 Q4 | Dec 31 2017 | $47.80 | $1.18 | 40.5x | +46% |
| FY2017 Q3 | Sep 30 2017 | $49.00 | $1.14 | 43.0x | +55% |
| FY2017 Q2 | Jun 30 2017 | $39.85 | $1.17 | 34.1x | +23% |
| FY2017 Q1 | Mar 31 2017 | $36.75 | $1.14 | 32.2x | +16% |
| FY2016 Q4 | Dec 31 2016 | $36.95 | $1.12 | 33.0x | +19% |
| FY2016 Q3 | Sep 30 2016 | $33.51 | $1.10 | 30.5x | +10% |
| FY2016 Q2 | - | $36.52 | $1.09 | 33.5x | +21% |
| FY2016 Q1 | - | $33.26 | $1.04 | 32.0x | +15% |
| FY2015 Q4 | - | $29.30 | $0.90 | 32.6x | +17% |
| FY2015 Q3 | Sep 30 2015 | $29.03 | $0.92 | 31.6x | +14% |
| FY2015 Q2 | - | $31.75 | $0.99 | 32.1x | +16% |
| FY2015 Q1 | - | $29.97 | $1.02 | 29.4x | +6% |
| FY2014 Q4 | Dec 31 2014 | $29.68 | $1.04 | 28.5x | +3% |
| FY2014 Q3 | - | $25.23 | $1.05 | 24.0x | -13% |
| FY2014 Q2 | Jun 30 2014 | $26.33 | $1.01 | 26.1x | -6% |
| FY2014 Q1 | Mar 31 2014 | $27.55 | $0.92 | 29.9x | +8% |
| FY2013 Q4 | - | $27.25 | $0.86 | 31.7x | +14% |
| FY2013 Q3 | Sep 30 2013 | $23.25 | $0.84 | 27.7x | -0% |
| FY2013 Q2 | Jun 30 2013 | $22.28 | $0.83 | 26.8x | -3% |
| FY2013 Q1 | Mar 31 2013 | $26.76 | $0.87 | 30.8x | +11% |
| FY2012 Q4 | Dec 31 2012 | $23.71 | $0.98 | 24.2x | -13% |
| FY2012 Q3 | Sep 30 2012 | $18.20 | $0.82 | 22.2x | -20% |
| FY2012 Q2 | Jun 30 2012 | $18.77 | $0.74 | 25.4x | -9% |
| FY2012 Q1 | Mar 31 2012 | $17.00 | $0.74 | 23.0x | -17% |
| FY2011 Q4 | Dec 31 2011 | $14.71 | $0.64 | 23.0x | -17% |
| FY2011 Q3 | Sep 30 2011 | $14.46 | $0.81 | 17.9x | -36% |
| FY2011 Q2 | - | $18.50 | $0.88 | 21.0x | -24% |
| FY2011 Q1 | - | $20.61 | $0.89 | 23.2x | -17% |
| FY2010 Q4 | Dec 31 2010 | $22.11 | $0.96 | 23.0x | -17% |
| FY2010 Q3 | - | $20.24 | $0.92 | 22.0x | -21% |
| FY2010 Q2 | Jun 30 2010 | $19.35 | $1.10 | 17.6x | -37% |
| FY2010 Q1 | Mar 31 2010 | $19.25 | $1.09 | 17.7x | -36% |
| FY2009 Q4 | - | $19.91 | $1.15 | 17.3x | -38% |
| FY2009 Q3 | Sep 30 2009 | $19.35 | $1.19 | 16.3x | -41% |
| FY2009 Q2 | - | $20.50 | $0.91 | 22.5x | -19% |
| FY2009 Q1 | - | $14.45 | $0.89 | 16.2x | -41% |
| FY2008 Q4 | Dec 31 2008 | $14.51 | $0.86 | 16.9x | -39% |
| FY2008 Q3 | - | $23.48 | $0.74 | 31.7x | +14% |
| FY2008 Q2 | Jun 30 2008 | $25.27 | $0.74 | 34.1x | +23% |
| FY2008 Q1 | Mar 31 2008 | $21.60 | $0.69 | 31.3x | +13% |
| FY2007 Q4 | Dec 31 2007 | $22.48 | $0.57 | 39.4x | +42% |
| FY2007 Q3 | Sep 30 2007 | $16.02 | $0.47 | 33.9x | +22% |
| FY2007 Q2 | Jun 30 2007 | $14.13 | $0.25 | 55.6x | +100% |
| FY2007 Q1 | Mar 31 2007 | $13.28 | $0.20 | 65.1x | +134% |
| FY2006 Q4 | Dec 31 2006 | $13.85 | $0.26 | 52.4x | +89% |
| FY2006 Q3 | Sep 30 2006 | $12.60 | $0.33 | 38.0x | +37% |
| FY2006 Q2 | Jun 30 2006 | $13.50 | $0.49 | 27.6x | -1% |
| FY2006 Q1 | Mar 31 2006 | $14.25 | $0.50 | 28.5x | +3% |
| FY2005 Q4 | Dec 31 2005 | $9.81 | $0.48 | 20.4x | -26% |
| FY2005 Q3 | Sep 30 2005 | $9.84 | $0.45 | 21.9x | -21% |
| FY2005 Q2 | - | $10.33 | $0.44 | 23.5x | -15% |
| FY2005 Q1 | - | $6.63 | $0.40 | 16.6x | -40% |
| FY2004 Q4 | Dec 31 2004 | $7.49 | $0.36 | 20.9x | -25% |
| FY2004 Q3 | - | $5.71 | $0.39 | 14.6x | -47% |
| FY2004 Q2 | Jun 30 2004 | $5.53 | $0.36 | 15.4x | -45% |
| FY2004 Q1 | Mar 31 2004 | $4.66 | $0.35 | 13.4x | -52% |
| FY2003 Q4 | Dec 31 2003 | $4.77 | $0.28 | 16.8x | -39% |
| FY2003 Q3 | - | $4.00 | $0.26 | 15.2x | -45% |
| FY2003 Q2 | Jun 30 2003 | $3.22 | $0.25 | 12.9x | -54% |
| FY2003 Q1 | Mar 31 2003 | $3.84 | $0.24 | 16.0x | -42% |
| FY2002 Q4 | - | $4.01 | $0.28 | 14.6x | -48% |
| FY2002 Q3 | Sep 30 2002 | $3.81 | $0.27 | 14.0x | -50% |
| FY2002 Q2 | Jun 30 2002 | $3.44 | $0.22 | 15.6x | -44% |
| FY2002 Q1 | Mar 31 2002 | $3.44 | $0.15 | 22.4x | -19% |
| FY2001 Q4 | Dec 31 2001 | $2.80 | $0.13 | 22.0x | -21% |
| FY2001 Q3 | Sep 30 2001 | $3.16 | $0.13 | 23.9x | -14% |
| FY2001 Q2 | Jun 30 2001 | $3.59 | $0.17 | 21.6x | -22% |
| FY2001 Q1 | Mar 31 2001 | $3.56 | $0.20 | 17.7x | -36% |
| FY2000 Q4 | Dec 31 2000 | $2.88 | $0.25 | 11.5x | -58% |
| FY2000 Q3 | Sep 30 2000 | $3.45 | $0.29 | 11.9x | -57% |
| FY2000 Q2 | Jun 30 2000 | $3.16 | $0.30 | 10.5x | -62% |
| FY2000 Q1 | Mar 31 2000 | $4.53 | $0.34 | 13.4x | -52% |
| FY1999 Q4 | Dec 31 1999 | $3.77 | $0.32 | 11.7x | -58% |
| FY1999 Q3 | - | $4.28 | $0.30 | 14.2x | -49% |
| FY1999 Q2 | Jun 30 1999 | $4.34 | $0.30 | 14.6x | -47% |
| FY1999 Q1 | Mar 31 1999 | $3.84 | $0.28 | 13.8x | -50% |
| FY1998 Q4 | - | $4.45 | $0.26 | 17.0x | -39% |
| FY1998 Q3 | Sep 30 1998 | $3.66 | $0.25 | 14.6x | -47% |
| FY1998 Q2 | - | $4.43 | $0.23 | 19.2x | -31% |
| FY1998 Q1 | - | $4.48 | $0.22 | 20.5x | -26% |
| FY1997 Q4 | Dec 31 1997 | $5.09 | $0.21 | 24.2x | -13% |
| FY1997 Q3 | - | $6.13 | $0.21 | 29.2x | +5% |
| FY1997 Q2 | Jun 30 1997 | $3.70 | $0.20 | 18.4x | -34% |
| FY1997 Q1 | Mar 31 1997 | $2.91 | $0.19 | 15.6x | -44% |
| FY1996 Q4 | - | $2.40 | $0.17 | 13.7x | -50% |
| FY1996 Q3 | Sep 30 1996 | $1.99 | $0.16 | 12.5x | -55% |
| FY1996 Q2 | Jun 30 1996 | $1.75 | $0.14 | 12.3x | -56% |
| FY1996 Q1 | Mar 31 1996 | $1.69 | $0.13 | 12.8x | -54% |
| FY1995 Q4 | Dec 31 1995 | $1.66 | $0.13 | 12.5x | -55% |
| FY1995 Q3 | Sep 30 1995 | $1.64 | $0.13 | 12.7x | -54% |
| FY1995 Q2 | Jun 30 1995 | $1.48 | $0.13 | 11.4x | -59% |
| FY1995 Q1 | Mar 31 1995 | $1.46 | $0.13 | 11.6x | -58% |
| FY1994 Q4 | Dec 31 1994 | $1.49 | $0.12 | 12.9x | -54% |
| FY1994 Q3 | Sep 30 1994 | $1.63 | $0.11 | 14.5x | -48% |
| FY1994 Q2 | - | $1.40 | $0.10 | 14.3x | -48% |
| FY1994 Q1 | - | $1.35 | $0.08 | 16.3x | -41% |
| FY1993 Q4 | Dec 31 1993 | $1.20 | $0.08 | 14.5x | -48% |
| FY1992 Q3 | Sep 30 1992 | $1.02 | $0.06 | 17.7x | -36% |
| FY1992 Q2 | - | $0.92 | $0.06 | 16.7x | -40% |
| FY1992 Q1 | - | $1.06 | $0.06 | 17.6x | -36% |
| FY1991 Q4 | - | $0.96 | $0.06 | 15.3x | -45% |
| FY1991 Q3 | Sep 30 1991 | $0.95 | $0.07 | 13.3x | -52% |
| FY1991 Q2 | Jun 30 1991 | $1.06 | $0.08 | 12.7x | -54% |
| FY1991 Q1 | Mar 31 1991 | $1.12 | $0.09 | 13.0x | -53% |
| FY1990 Q4 | Dec 31 1990 | $0.87 | $0.09 | 9.5x | -66% |
| FY1990 Q3 | Sep 30 1990 | $0.93 | $0.10 | 9.7x | -65% |
| FY1990 Q2 | Jun 30 1990 | $1.16 | $0.10 | 11.5x | -59% |
Average P/E for displayed period: 27.7x
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Historical Returns
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Peer Comparison
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BMI — Frequently Asked Questions
Quick answers to the most common questions about buying BMI stock.
What is BMI's P/E ratio?
Badger Meter, Inc. (BMI) trailing twelve-month P/E ratio is 36.1x, based on TTM diluted EPS of $4.38. The 5-year average P/E is 44.8x and the historical range spans 28.5x to 56.1x.
Is BMI stock overvalued or undervalued?
BMI trades at 36.1x P/E, near its 5-year average of 44.8x. The 15th percentile ranking within the 28.5x–56.1x historical range places valuation within normal bounds.
Is BMI stock expensive?
BMI is fairly valued relative to its own history. The current P/E of 36.1x is near the 5-year average of 44.8x (15th percentile of historical range).
What is BMI's historical P/E range?
Over the past 5 years, BMI's P/E ratio has ranged from 28.5x to 56.1x, with a median of 48.0x and an average of 44.8x. The current P/E of 36.1x places the stock at the 15th percentile of this range. Full historical data spans 1990–2026.
How does BMI's P/E compare to the S&P 500?
BMI trades at 36.1x P/E versus the S&P 500 median of 21.8x. The 66% premium to the market typically reflects higher expected earnings growth or quality.
How does BMI's valuation compare to Industrials peers?
Badger Meter, Inc. P/E of 36.1x compares to the Industrials sector median of 22.0x. The premium reflects expected growth above peers or stronger fundamentals. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is BMI's PEG ratio?
BMI PEG ratio is 1.56, based on a P/E of 36.1x and EPS growth of 13.2%. A PEG between 1 and 2 suggests valuation aligns with growth expectations — typically considered fair.
What is BMI's earnings yield?
BMI earnings yield is 2.77%, the inverse of its 36.1x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.