BADGER METER, INC.

BMI · Healthcare · $5.6B mkt cap · FY2025 filings · Wide moat

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Wide moat

The four filters

Pricing power67

Median gross margin 39.1% over 10y, very stable.

Returns on capital86

Median ROIC 16.9%, above the 9% hurdle in 100% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline80

Owner earnings +21.8%/yr, share count flat.

Margin of safety

Above valueOn sale

287% above value

Owner earnings (normalized): $80.6M
Est. intrinsic value / share: $38.98
Recent price: $150.77
Discount to value: 287% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BMI. See the disclaimer.