On January 29, 2026, Scott Graham of Seaport Global initiated coverage of Badger Meter with a price target of $220, implying a potential upside of 55.5% from its recent trading levels. Graham cited the company’s leading position in smart water infrastructure and the accelerating adoption of its BlueEdge® suite as key drivers. He emphasized that ongoing municipal and industrial deployments of ultrasonic meters and cellular advanced metering infrastructure (AMI) should underpin revenue growth over the next 12–18 months.

Badger Meter reported fourth-quarter earnings per share of $1.14, missing the Zacks Consensus Estimate by $0.01 but representing a 10% year-over-year increase from $1.04. Quarterly net sales reached $220.7 million, up 7.6% compared to the year-ago period. Base sales excluding the SmartCover acquisition rose 2% to $208.9 million. Operating earnings grew 10% to $43.0 million, with profit margins expanding by 40 basis points to 19.5%, driven by favorable product mix and cost leverage in SmartCover integration.

For the full year, Badger Meter delivered record sales of $916.7 million, an 11% increase over 2024, and base sales of $877.0 million, up 6%. Full-year diluted EPS climbed 13% to $4.79. Operating earnings rose 16% to $183.4 million, with a 20.0% margin—up 90 basis points. Cash provided by operations totaled $183.7 million. Management highlighted robust demand for its smart water management suite, successful integration of SmartCover, and the award of a major AMI deployment with Puerto Rico Aqueduct and Sewer Authority covering 1.6 million connections as catalysts for sustained high-single-digit sales growth and margin expansion through 2026.