What move does the options market price into Badger Meter's report?

Implied ±14.4%, either direction · provisional.

How often does Badger Meter move more than the options market prices?

6 of the last 8 reports moved at least as far as the implied move.

BMINYSETotalizing Fluid Meters & Counting Devices

Badger Meter Inc (BMI) earnings date, market-implied expected move, and options open interest by expiry

158.44

+5.86 · +3.84%

Regular session10:44 ET

Open158.88Volume506,418Mkt cap$4.4BP/E36.42EPS4.35Div yield1.07%

Day158.16 – 159.3124%52-wk111.36 – 190.0960%

BMI

Badger Meter Inc

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±14.4%implied · straddle

130.57174.59

spot 152.58exp Feb 19ATM strike 155ATM straddle 25.90IV 39%

Nov 3 closeprovisional

Expected move

Inputs

Next report

Jan 27

before open · in 84 days

est.Q4 FY26

Calendar

Next report

Last report

+13.48%

vs ±9.8% implied · ×1.38

shaded = implied · ▲▼ = realized

Oct 22 '26 · confirmed

Implied vs realized

Largest filed tie

filed ties

13F top-10 QoQ

+4.54%

shares held · 10 largest managers

13F · Jun 30 '26127d lag

480 managers

Top fund weight

0.14%

BMI weight · IWM

N-PORTJun 30 '26

5 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Badger Meter (BMI) is expected to report on Jan 27 before open (estimated date).

Implied vs realized

8 reports

6 of 8≥ implied

avg implied: ±7.5%
avg realized: ±12.0%

Jan 31 '25Jan 31 '25confirmed±5.9%▲+2.56%×0.44

Apr 17 '25Apr 17 '25confirmed±5.1%▲+9.64%×1.89

Jul 22 '25Jul 22 '25confirmed±6.7%▼−16.48%×2.44

Oct 21 '25Oct 21 '25confirmed±8.3%▼−5.37%×0.65

Jan 28 '26Jan 28 '26confirmed±8.4%▼−11.00%×1.31

Q1 FY26Apr 17 '26confirmed±5.8%▼−24.13%×4.13

Q2 FY26Jul 22 '26confirmed±10.2%▼−13.16%×1.29

Q3 FY26Oct 22 '26confirmed±9.8%▲+13.48%×1.38

quarterimplied−25%0+25%realized×

Q3 FY26±9.8%▲+13.48%×1.38

Q2 FY26±10.2%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 4 expiries · Oct 30 close

0.62OI · 4 expiries · Oct 30 closeP/C open interest · Feb 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

1,608+89%Nov 2016d2.45656−3%2.45

345+6%Dec 1844d8.6340+14%8.63

2—Jan 1572d0.1119+12%0.11

report · Jan 27 · before open · est.

1820%Feb 19107d295+9%

ExpiryPutsCallsP/C

Nov 2016d1,608+89%656−3%2.45

Dec 1844d345+6%40+14%8.63

Jan 1572d2—19+12%0.11

report · Jan 27 · before open · est.

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±14.4%

Funds 4

IWM±0.0%

UWM±0.0%

VIG±0.0%

VTI±0.0%

Dashed = straddleMethod 1 more fund Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ3 FY26

15.22%as filednet margin · revenue +6.12% QoQ · +0.12% YoY

Revenue

$236M+6.12% QoQ

Gross profit

$99M+8.90% QoQ

41.90% margin

Operating income

$48M+21.24% QoQ

20.23% margin

Pre-tax income

$48M+20.73% QoQ

Net income

$36M+20.80% QoQ

15.22% margin

Cost of revenue

$137M+4.21% QoQ

Operating expenses

$51M−0.51% QoQ

Tax

$12M+20.50% QoQ

Other income

$216,000−32.29% QoQ

Revenue$236M+6.12%

Gross profit

$99M+8.90%

41.90% margin

Operating income

$48M+21.24%

20.23% margin

Pre-tax income

$48M+20.73%

Net income

$36M+20.80%

15.22% margin

Cost of revenue

$137M+4.21%

Operating expenses

$51M−0.51%

Other income$216,000−32.29%

Tax$12M+20.50%

flow · deduction · inflow · signed % = QoQSource: SEC filings · standardized · QE Sep 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 3 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 10:30 ET

Intraday

Event sensitivity

FOMC ×1.07· ±1.6% vs ±1.5% · 24 releases

eventrelease day|move|up · n×base

FOMCrate decision±1.6%11 of 24×1.07

PCEpersonal income & outlays±1.6%10 of 19×1.07

PPIproducer prices±1.6%5 of 10×1.03

GDPgross domestic product±1.5%12 of 19×0.99

CPROFcorporate profits±1.5%8 of 12×0.96

NFPjobs report±1.4%5 of 10×0.93

CPIconsumer prices±0.8%4 of 10×0.56

Bar = avg |move| to ±2% · tick = ±1.5% avg day · ×base = |move| ÷ ±1.5% · min 6 releases

Earnings history

EPS 1.24 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Oct 22 '26 · confirmed	1.24	—
Q2 FY26	Jul 22 '26 · confirmed	1.02	—
Q1 FY26	Apr 17 '26 · confirmed	0.93	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod