Key Stats for Badger Meter Stock
- Price change for Badger Meter stock -24%
- $BMI Share Price as of Apr. 17: $116
- 52-Week High: $256
- $BMI Stock Price Target: $179
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What Happened?
Badger Meter (BMI) stock is down after the water technology company posted a disappointing Q1.
- Revenue came in at $202.3 million, down 9% from a year ago.
- EPS dropped from $1.30 to $0.93.
- Operating margins fell nearly 5 points year-over-year.
The main culprits were two things happening at once.
- First, several large AMI (advanced metering infrastructure) projects that were driving strong revenue over the past three years have now wrapped up. New projects are awarded but haven’t started deploying yet.
- Second, short-cycle orders — the more routine, day-to-day meter purchases from utilities — came in about $15 to $20 million weaker than expected. That double hit made for a rough quarter.
CEO Ken Bockhorst was direct about it. He acknowledged the miss but insisted this is a timing issue, not a demand problem. “This does not reflect a change in underlying demand, our competitive position, or the long-term market drivers,” he said.
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What the Market Is Telling Us About Badger Meter Stock
Badger Meter stock has been a strong performer in recent years, driven by a wave of cellular AMI project deployments. That wave has temporarily receded, and investors are repricing accordingly.
The company guided for full-year 2026 revenue to be roughly flat with 2025, a meaningful step down from the growth trajectory investors had grown used to. Q2 is expected to be sequentially better but still down year-over-year.
The second half is where management sees the recovery. A pipeline of new AMI projects totaling 2.6 to 3.6 million connections — more than three times the size of the prior project cohort — is expected to begin deploying.
The PRASA project in Puerto Rico received its first purchase order, and installations are expected to start around midyear.
On the positive side,
- Badger Meter stock got a boost from the acquisition of UDlive, a UK-based sewer monitoring company, for $100 million.
- It extends Badger’s reach into a fast-growing global market and is expected to be EPS accretive in year one.
- Gross margins held up well at 41.7%, near the top of the company’s normalized range.
The business isn’t broken — it’s just in a gap between project cycles.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
