Badger Meter Shares Drop 18.6% in Six Months Versus 3.9% Industry Gain
Badger Meter, Inc. shares declined 18.6% over the past six months, trailing industry growth of 3.9% and underperforming Frequency Electronics, Inc.’s 41.7% gain. BMI trades at a trailing EV/sales multiple of 4.8x, below FEIM’s 6.59x but above Transcat’s 2.58x, indicating mixed valuation relative to peers.
1. Six-Month Performance Comparison
Over the six months through early February 2026, Badger Meter shares fell 18.6%, substantially underperforming the industry’s 3.9% rise and lagging peers such as Frequency Electronics, which jumped 41.7%, and Transcat, which declined 9.4%. This dispersion highlights BMI’s lack of exposure to the defense and aerospace tailwinds driving FEIM’s momentum.
2. Valuation and Peer Context
Badger Meter trades at a trailing EV/sales multiple of 4.8x, placing it between Frequency Electronics’ 6.59x and Transcat’s 2.58x. FEIM’s $82 million funded backlog, with 69% expected to convert within 12 months, contrasts with BMI’s absence of large new contract wins, underscoring the sources of FEIM’s outperformance and BMI’s current valuation positioning.