Badger Meter Posts 8% Q4 Sales Gain to $221 Million Despite 27.5% Drop
Conestoga Capital’s Small Cap Strategy delivered -1.89% net in Q4 2025, lagging the Russell 2000 Growth Index’s 1.22% return. Badger Meter recorded $221 million in Q4 sales, up 8% year-over-year, holds a $4.66 billion market cap and has declined 27.5% over the past twelve months.
1. Q4 2025 Performance
Conestoga Capital’s Small Cap Strategy posted a -1.89% net return in Q4 2025, trailing the Russell 2000 Growth Index’s 1.22%. Badger Meter recorded $221 million in Q4 sales, an 8% increase year-over-year, while its share price fell to $158.20 on February 18.
2. Conestoga’s Quality Assessment
The advisor emphasized Badger Meter’s oligopolistic position in municipal water-metering, highlighting recurring replacement-driven revenue, strong free cash flow and a healthy capital structure as drivers for durable, compounding growth through economic cycles.
3. Stock Performance and Hedge Fund Holdings
Shares of Badger Meter have declined 27.5% over the past twelve months, and 28 hedge funds held positions at the end of Q3 2025, down from 32 in the prior quarter. The company’s market capitalization stands at $4.66 billion.