Badger Meter Inc (BMI)

Totalizing Fluid Meters & Counting Devices

Latest Price

$123.54

TTM P/E

28.93

Normalized P/E

34.60

Div Yield

1.30%

Book Value

23.40

P/B Ratio

5.28

Valuation metrics

EPS: $4.79

Book value / share: $19.16

Formula: √(22.5 × EPS × BVPS)

Graham Number

$45.45

63% downside

Norm. op. income: $87M (median of 7yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$20.15

84% downside

Base FCF: $98M (median of recent 5yr)

Growth: 15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$94.28

24% downside

EPS: $4.79

Target P/E: 35×

Formula: EPS × P/E

P/E Fair Value

$167.65

+36% upside

0.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Wedbush Securities Inc	43.1K	--	0.15%	-4.2K	2025-09-30
XTX Topco Ltd	31.6K	--	0.11%	--	2025-09-30
Fidelity D & D Bancorp Inc	21.0K	--	0.07%	--	2025-09-30
Osaic Holdings, Inc.	10.7K	--	0.04%	-872	2025-09-30