Badger Meter (BMI) Operating Margin (2010 - 2026)
Badger Meter (BMI) recorded Operating Margin of 17.71% in Q2 2026, down 1.13 percentage points from 18.84% a year earlier but up 0.32 percentage points from the prior quarter.
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Analysis
Badger Meter (BMI) Operating Margin (2010 - 2026) Analysis & Trends
On a TTM basis, Badger Meter's Operating Margin came in at 18.58% as of Jun 30, 2026, down 1.35 percentage points year-over-year; for FY2025, it came in at 20.01%, up 0.90 percentage points from FY2024.
- Annual Operating Margin has increased for three straight years, with a five-year change of +4.70 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 19.11% in FY2024 (+2.33 pp), 16.78% in FY2023 (+1.34 pp), 15.43% in FY2022 (-0.15 pp) and 15.58% in FY2021 (+0.27 pp).
- Quarterly Operating Margin has ranged from 14.25% in Q1 2022 to 22.24% in Q1 2025 over the past five years.
- On a year-over-year basis, Operating Margin rose in five of the last eight quarters, with an average year-over-year change of +0.24 percentage points.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 3.61 percentage points in Q1 2025, against a drop of 4.85 percentage points in Q1 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at 17.39% (Q1 2026), 19.51% (Q4 2025) and 19.56% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Ecolab | 78.59 Bn | 70.36 Bn | 1.95 Bn | 17.16% |
| 2 | Xylem | 23.57 Bn | 19.05 Bn | 963.00 Mn | 16.70% |
| 3 | Veralto | 23.49 Bn | 16.14 Bn | 902.00 Mn | 21.37% |
| 4 | Badger Meter | 3.66 Bn | 2.93 Bn | 90.77 Mn | 17.71% |
| 5 | Ceco Environmental | 3.13 Bn | 2.96 Bn | 86.47 Mn | -11.64% |
| 6 | NWPX Infrastructure | 993.98 Mn | 955.45 Mn | 34.36 Mn | 13.26% |
| 7 | Energy Recovery | 343.89 Mn | 19.06 Mn | 8.96 Mn | -49.05% |
| 8 | Cadiz | 301.30 Mn | 269.74 Mn | -24,000.00 | -902.45% |
| 9 | AirJoule Technologies | 296.32 Mn | 175.95 Mn | - | - |
| 10 | LanzaTech Global | 77.75 Mn | -37.39 Mn | 1.91 Mn | -109.53% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 17.71% |
| Mar 31, 2026 | 17.39% |
| Dec 31, 2025 | 19.51% |
| Sep 30, 2025 | 19.56% |
| Jun 30, 2025 | 18.84% |
| Mar 31, 2025 | 22.24% |
| Dec 31, 2024 | 19.12% |
| Sep 30, 2024 | 19.49% |
| Jun 30, 2024 | 19.16% |
| Mar 31, 2024 | 18.64% |
| Dec 31, 2023 | 17.58% |
| Sep 30, 2023 | 16.88% |
| Jun 30, 2023 | 16.78% |
| Mar 31, 2023 | 15.74% |
| Dec 31, 2022 | 15.25% |
| Sep 30, 2022 | 16.13% |
| Jun 30, 2022 | 16.03% |
| Mar 31, 2022 | 14.25% |
| Dec 31, 2021 | 16.84% |
| Sep 30, 2021 | 15.10% |
API Access
Badger Meter Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=BMI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "BMI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=BMI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();