Badger Meter, Inc. (BMI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+52.7%

$240.05

vs $157.18 price

Levered DCF

$256.27

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

11.67

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	36.18×	49.79×	48.85×	47.82×	50.99×	55.33×	39.83×	51.26×
P/B	7.19×	10.27×	8.75×	7.2×	7.7×	7.56×	5.69×	4.7×
P/S	5.59×	7.53×	6.43×	5.63×	6.15×	6.42×	4.44×	3.29×
EV / EBITDA	21.96×	31.2×	29.64×	26.87×	28.35×	29.49×	21.4×	23.35×
Gross margin	41.7%	39.8%	39.3%	38.9%	40.7%	39.5%	38.5%	37.4%
Operating margin	20.0%	19.1%	16.8%	15.4%	15.6%	15.3%	14.6%	13.1%
Net margin	15.5%	15.1%	13.2%	11.8%	12.1%	11.6%	11.1%	6.4%
Current ratio	3.36×	4.57×	3.35×	3.15×	3.18×	3.29×	3.5×	2.74×
Debt / equity	0×	0×	0×	0×	0×	0×	0.01×	0.06×
Interest coverage	0×	0×	0×	0×	0×	2,171.87×	245.64×	49.15×
Dividend yield	0.8%	0.6%	0.6%	0.8%	0.7%	0.7%	1.0%	1.1%
Payout ratio	30.7%	28.7%	31.4%	37.4%	36.4%	41.2%	39.4%	58.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.9%	20.6%	17.9%	15.0%	15.1%	13.7%	14.2%	9.2%
Return on invested capital	16.7%	17.0%	15.3%	13.4%	13.6%	12.3%	12.9%	12.6%
Return on assets	14.5%	15.3%	12.9%	11.0%	11.5%	10.5%	11.2%	7.1%
Free cash flow yield	3.3%	2.3%	2.2%	2.4%	2.6%	2.9%	3.9%	3.6%
Earnings yield	2.8%	2.0%	2.0%	2.1%	2.0%	1.8%	2.5%	1.9%
Enterprise value	$4.9B	$5.9B	$4.3B	$3B	$3B	$2.7B	$1.8B	$1.4B
Net debt / EBITDA	-1.01×	-1.55×	-1.31×	-1.22×	-0.82×	-0.8×	-0.52×	0.08×
Cash conversion cycle (days)	99	102	105	101	118	119	123	134