Demand and volumemixed · 3 filings
“The gross margin improvement was due to higher volumes and favorable product and customer sales mix.”10-K · Feb 17, 2026 ↗
Badger Meter, Inc.
BMI
Market read
Badger Meter, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
Company+0.1% todayVolume comparison unavailable
Market group0 of 1 activeSmart Water Metering · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- BMI's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if BMI's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- BMI's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements50
Verified relationships9
Evidence supporting the case
- Latest annual revenue changed +10.9% year over year.
- Operating cash flow covered net income at 1.30x in the latest annual period.
Evidence challenging the case
No qualifying adverse evidence was identified; that is not proof there is no downside.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 11, 2026
125.186m-13.3%12m-29.5%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$505.2M+18.7%$2.08+0.4%
2022-12-31$565.6M+11.9%$2.26+0.1%
2023-12-31$703.6M+24.4%$3.14+0.3%
2024-12-31$826.6M+17.5%$4.23+0.3%
2025-12-31$916.7M+10.9%$4.79+0.1%
What management says matters
Persistent and emerging business drivers
Energy and commodity pricespositive · 1 filings
“Inventory increased $8.5 million, due to increased commodity costs, timing of inventory receipts and the acquisition of SmartCover.”10-K · Feb 17, 2026 ↗
Tariffs and trade policymixed · 1 filings
“Gross margin improvement was the result of increased sales volume and favorable product mix partially offset by tariff and other input cost pressures.”10-Q · Oct 22, 2025 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
125.18+0.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for BMI. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for BMI. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind BMI
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
TAT&T Inc.customerApr 20, 2026 ▾
“Our strong relationships with telecommunication providers such as AT&T and Verizon (among others) allows us to stay abreast of emerging cellular technology changes to provide the premier infrastructure-free AMI solution.”
VZVerizon Communications Inc.customerApr 20, 2026 ▾
“Our strong relationships with telecommunication providers such as AT&T and Verizon (among others) allows us to stay abreast of emerging cellular technology changes to provide the premier infrastructure-free AMI solution.”
TAT&T Inc.partnerFeb 17, 2026 ▾
“Our strong relationships with telecommunication providers such as AT&T and Verizon (among others) allows us to stay abreast of emerging cellular technology changes to provide the premier infrastructure-free AMI solution.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
BMI is currently a Leader in the organic co-movement group Smart Water Metering. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for BMI; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.