What is the 13F Pro Quality Score for BMI?

13F Pro ranks BADGER METER INC (BMI) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View BMI's current score at https://13fpro.ai/research/BMI (free sign-up required for the full ranking).

Which hedge funds own the most BMI stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of BMI include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/BMI as soon as new 13F filings post.

Where does 13F Pro source BMI data?

All BADGER METER INC fundamentals and ownership data come directly from SEC EDGAR. BADGER METER INC files with the SEC under CIK 9092. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is BMI in?

BADGER METER INC (BMI) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

What drives BMI's revenue?

Per BADGER METER INC's latest 10-Q filed with the SEC on 2026-04-20, the biggest revenue drivers are: Utility Water ($178.4M, -9.6% YoY); Flow Instrumentation ($23.9M, -4.1% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/BMI.

What are BMI's largest expenses?

BADGER METER INC's latest 10-Q reports these as the largest expense items: Cost of sales ($117.9M, -7.0% YoY); Selling, engineering and administration ($49.2M, +6.9% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is BMI research updated on 13F Pro?

BMI's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

BADGER METER INC(BMI)Stock Analysis

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13F Pro Quality Score

71.6/100

Rank #253 of 2,879 stocksTOP 10%

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

69.2/100

Profitability

77.3/100

Balance Sheet

92.2/100

Earnings Quality

66.3/100

Free Cash Flow

74.6/100

Institutional Flow

79.0/100

Revenue Scale

47.5/100

Dilution Risk

57.0/100

BMI Stock Analysis & AI Quality Score

AI stock analysis and institutional research for BADGER METER INC (BMI), a Technology sector company. 13F Pro's AI-powered ranking engine scores BMI at 71.6/100 on a 32-signal composite quality model, placing it at rank #253 of 2,879 stocks — the top 10% of the AI-ranked universe. BMI scores in the top quartile across balance sheet strength (92.2), institutional flow (79.0), profitability (77.3). Based on the latest XBRL financial filings (Q1 2026), BADGER METER INC reports quarterly revenue of $202.3M, net income of $27.3M, an operating margin of 17.4%. Top institutional holders of BMI by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET, based on the most recent SEC filings. BMI trades on the NYSE exchange and files with the SEC under CIK 9092. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BMI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for BADGER METER INC directly from SEC EDGAR. BADGER METER INC's 13F Pro composite quality score has ranged between 8 and 79 since 2021, currently 71.6 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

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Fun facts about BADGER METER INC

Quirks, history, and lore behind BMI — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. industrial technology company · small-cap · listed on the NYSE · headquartered in Wisconsin.
2
The Numbers
Annual revenue in the range of $200–250 million — not flashy, but it has paid consecutive dividends for decades and counting. Slow and steady wins the race.
3
The History
Founded in 1905, it spent over a century quietly perfecting one thing: measuring water. Not exactly a glamour business, but try running a city without it.
4
The Secret
Its real growth story is smart water infrastructure — replacing old mechanical meters with digital, connected devices that utilities can read remotely. The Internet of Things, but for your pipes.
5
The Lore
Its customers are mostly municipal water utilities across North America, making it about as recession-proof as a company can get — people tend to keep using water no matter what.
6
The Giveaway
The ticker is literally BMI, the company name features a nocturnal burrowing mammal, and its whole existence is devoted to knowing exactly how many gallons just flowed through your meter.

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What's Driving BMI's Business? Latest 10-Q Breakdown

AI-extracted from BADGER METER INC's 10-Q filed 2026-04-20 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Biggest Revenue Drivers

Total revenue: $202.3M-8.9% YoY

Utility Water$178.4M-9.6% YoY

Decrease from prior year's $197.3M due to project timing dynamics and customer short cycle order pacing, partially offset by BEACON SaaS, SmartCover, water quality and network monitoring product revenue.

Flow Instrumentation$23.9M-4.1% YoY

Modest growth in water-related markets more than offset by declines in de-emphasized applications.

Largest Expense Items

Cost of sales$117.9M-7.0% YoY

Lower sales volume and less favorable product mix; gross margin decreased to 41.7% from 42.9%.

Selling, engineering and administration$49.2M+6.9% YoY

Higher personnel costs including salaries and benefits, full quarter of SmartCover SEA expenses and $1.2M acquisition-related costs, partially offset by lower management incentive costs.

Watch Items from the Filing

Utility water revenue declined 9.6% YoY; management attributes decline to project timing dynamics and customer order pacing rather than market weakness, but warrants monitoring for sustained demand.
SmartCover acquisition (completed January 30, 2025 for $184.0M net) contributed $118.3M goodwill and $59.6M developed technology; full integration costs ($1.2M in Q1) continue to pressure margins.
Deferred revenue (contract liabilities) of $95.5M with estimated recognition of $19.5M in 2026, $10.5M in 2027, and declining thereafter; provides revenue visibility but indicates customer prepayments.
Pending UDlive Ltd acquisition (signed April 13, 2026; closing expected April 30, 2026) for $100M plus earn-out tied to 24-month EBITDA targets; adds to acquisition integration burden.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$202.3M

Net Income

Q1 2026

$27.3M

Free Cash Flow

Q1 2026

$29.5M

Operating Margin

Q1 2026

17.4%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+17.5% YoY

$826.6MFY 2024

FY21 $505.2MFY22 $565.6MFY23 $703.6MFY24 $826.6M

Net Income

+34.9% YoY

$124.9MFY 2024

FY21 $60.9MFY22 $66.5MFY23 $92.6MFY24 $124.9M

Operating Income

+33.8% YoY

$157.9MFY 2024

FY21 $78.7MFY22 $87.3MFY23 $118.0MFY24 $157.9M

EPS (Diluted)

+34.7% YoY

$4.23FY 2024

FY21 $2.08FY22 $2.26FY23 $3.14FY24 $4.23

Total Assets

+13.9% YoY

$816.4MFY 2024

FY21 $530.8MFY22 $603.0MFY23 $716.9MFY24 $816.4M

Total Debt

$0.00FY 2024

FY21 $0.00FY22 $0.00FY23 $0.00FY24 $0.00

Op. Cash Flow

+40.8% YoY

$155.0MFY 2024

FY21 $87.5MFY22 $82.5MFY23 $110.1MFY24 $155.0M

Metric	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Revenue	$826.6M +17.5%	$703.6M +24.4%	$565.6M +11.9%	$505.2M +18.7%	$425.5M +0.2%	$424.6M
Net Income	$124.9M +34.9%	$92.6M +39.3%	$66.5M +9.2%	$60.9M +23.4%	$49.3M +4.6%	$47.2M
Operating Income	$157.9M +33.8%	$118.0M +35.2%	$87.3M +10.9%	$78.7M +20.8%	$65.2M +4.8%	$62.1M
EPS (Diluted)	$4.23 +34.7%	$3.14 +38.9%	$2.26 +8.7%	$2.08 +23.1%	$1.69 +5.0%	$1.61
Total Assets	$816.4M +13.9%	$716.9M +18.9%	$603.0M +13.6%	$530.8M +12.6%	$471.2M +11.7%	$421.9M
Total Debt	$0.00	$0.00	$0.00	$0.00	$0.00 -100.0%	$4.5M
Operating Cash Flow	$155.0M +40.8%	$110.1M +33.6%	$82.5M -5.8%	$87.5M -2.3%	$89.6M +11.0%	$80.7M

AI Insight: BMI Financial Trends

BMI's Q1 2026 revenue and net income hit multi-quarter lows at $202M and $27M, reversing the mid-2025 growth trajectory.

• Revenue declined from $238M in Q2 2025 to $202M in Q1 2026, the lowest level across all eight reported quarters.

• Net income fell to $27M in Q1 2026, down from $38M in the duplicate Q3 2025 period — a notable step-down.

• Equity expanded steadily from $563M in Q2 2024 to $713M in Q4 2025, reflecting consistent retained earnings accumulation.

• Total debt remained at $0M in both Q4 2024 and Q4 2025, indicating a debt-free balance sheet.

⚠ Operating income dropped to $35M in Q1 2026, lowest in the dataset — watch whether this signals seasonal softness or structural pressure.

⚠ Operating cash flow fell to $34M in Q1 2026 from $55M in Q4 2025; FCF conversion warrants close monitoring.

⚠ Equity dipped from $713M in Q4 2025 to $690M in Q1 2026 — first sequential equity decline visible in the dataset.

AI Insight: BMI Ratio Trends

Q1 2026 marks BMI's weakest quarterly profitability in the visible dataset, with ROIC compressing to 20.4% — lowest across all periods shown.

• Operating margin fell to 17.4% in Q1 2026, down from 19.5% in Q4 2025 and well below the 22.2% peak in Q3 2025.

• ROIC dropped to 20.4% in Q1 2026 from 24.1% in Q4 2025, a 3.7pp sequential decline and the lowest reading in the dataset.

• Net profit margin compressed to 13.5% in Q1 2026, the lowest observed, versus a high of 17.3% in Q3 2025.

• Debt-to-equity remains at 0.00 where reported (Q4 2024, Q4 2025), indicating a debt-free balance sheet throughout the period.

⚠ Q1 2026 ROE of 15.8% is the lowest in the dataset — monitor whether this reflects seasonal weakness or structural margin pressure.

⚠ OpMargin dropped 4.8pp from the Q3 2025 peak to Q1 2026; consecutive quarterly declines warrant close tracking next quarter.

⚠ TTM ROIC of 25.2% still exceeds Q1 2026's 20.4%, suggesting the latest quarter may be a seasonal trough rather than a trend shift.

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Available Research

13F Pro tracks comprehensive data for BADGER METER INC including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of BMI

BlackRock, Inc.
$754.4M4,951,882 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$373.5M2,451,651 sh
STATE STREET CORP
$232.3M1,524,970 sh
VANGUARD CAPITAL MANAGEMENT LLC
$198.3M1,301,620 sh
GEODE CAPITAL MANAGEMENT, LLC
$143.1M938,831 sh
UBS Group AG
$130.7M858,174 sh
Invesco Ltd.
$118.5M777,907 sh
MORGAN STANLEY
$101.0M663,192 sh
FIRST TRUST ADVISORS LP
$85.4M560,356 sh
DIMENSIONAL FUND ADVISORS LP
$82.3M540,272 sh

Fund	Value	Shares
BlackRock, Inc.	$754.4M	4,951,882
VANGUARD PORTFOLIO MANAGEMENT LLC	$373.5M	2,451,651
STATE STREET CORP	$232.3M	1,524,970
VANGUARD CAPITAL MANAGEMENT LLC	$198.3M	1,301,620
GEODE CAPITAL MANAGEMENT, LLC	$143.1M	938,831
UBS Group AG	$130.7M	858,174
Invesco Ltd.	$118.5M	777,907
MORGAN STANLEY	$101.0M	663,192
FIRST TRUST ADVISORS LP	$85.4M	560,356
DIMENSIONAL FUND ADVISORS LP	$82.3M	540,272

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Is BMI a good stock to buy?

13F Pro's AI-powered analysis of BADGER METER INC (BMI) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for BMI are available on the BMI stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own BMI?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling BMI. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of BADGER METER INC's investment landscape.