Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.42, read 2026-11-05
Ethical screen not yet scored
Price163.75 USD
Fair value140.14
Ethical score70.0/100
Value readOvervaluedas of 4 Nov 2026
Our investment reviews on this name
2026-10-29Read Markup144.05+13.7% to today ✓Markdown gives way to Markup after a 12% rise in 8 days
2026-10-21Read Markdown129.01+26.9% to today Markup gives way to Markdown first Markdown read since October
2026-10-15Read Markup131.38+24.6% to today ✓Accumulation gives way to Markup first Markup read since July
2026-10-11Read Accumulation127.77+28.2% to today ✓Markdown gives way to Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Badger Meter, Inc. holds its Markup at $163.75. Consolidating, no directional conviction, held for 6 days.
As held on the ledger · 2026-11-04
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 6 days
Price at the screen
$163.75
Valuation
39.08 trailing · 32.84 forward price to earnings
Values screen
Not scored· score 70.0
Beta
0.62
The Workings
Five Screens, Shown in Full
This security has not been fully scored against the values screen yet.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
34.76%
Below 49%
Money owed to the company is 34.8% of assets, under the 49% limit.
Pass
Revenue purity
0.56%
Below 5%
Only 0.6% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
The Read, in Plain English
Badger Meter, clears the business-activity screen and the figures we can measure look clean, but its debt figure is still pending, so the verdict is not final yet.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Overvalued vs our fair value, as of 4 Nov 2026: it trades above our $140.14 fair value estimate, 0.10% revenue growth.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. The price runs 16.8% above the base estimate.
Third-party analyst targets: 8 covering, consensus Buy. The average target sits +6% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $140.14, with a range of $100.80 to $161.16, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Water meters look steady but the price does not
Every time a utility reads household water use, the meters and software need to keep working without fuss. Badger Meter supplies that kit to municipal clients and clears an ethical screen with no red flags on its books. Yet the shares sit 13 percent above our fair value at a 29 times forward earnings multiple while revenue has already dropped 9 percent.
The business prints a solid 15 percent profit margin and 20 percent return on equity, and nine analysts still carry a buy rating with a 162 dollar median target. None of that moves the needle when growth has turned negative and the market is paying a premium for what looks like a mature utility supplier with an unknown competitive moat.
Valuation risk sits front and centre here. Paying up for declining top-line numbers leaves little room for disappointment if municipal budgets tighten or competitors gain ground on smart metering tech. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BMI trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-05Markup$163.75+13.7%Entry 17
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 13.7% since our last review. Ethical screening: not fully scored yet. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (9 analysts) rates it buy, with a mean price target of $147.
2026-10-29Markup · changed$144.05+11.7%Entry 16
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 11.7% since our last review. Ethical screening: not fully scored yet. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (9 analysts) rates it buy, with a mean price target of $147.
2026-10-22Markdown$129.01+0.0%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (9 analysts) rates it buy, with a mean price target of $147. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Markdown · changed$129.01+1.7%Entry 14
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (9 analysts) rates it buy, with a mean price target of $147. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-20Markup$126.88+0.0%Entry 13
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (9 analysts) rates it buy, with a mean price target of $147. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-19Markup$126.88+0.0%Entry 12
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (9 analysts) rates it buy, with a mean price target of $147. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Markup$126.88+0.0%Entry 11
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (9 analysts) rates it buy, with a mean price target of $147. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-17Markup$126.88+0.0%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (9 analysts) rates it buy, with a mean price target of $147. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-16Markup$126.88-3.4%Entry 9
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 3.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (9 analysts) rates it buy, with a mean price target of $147. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-15Markup · changed$131.38+2.8%Entry 8
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 2.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (9 analysts) rates it buy, with a mean price target of $147. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
