BMI BADGER METER INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in only 1/4 quarters. Q1 2026: $0M, Q3 2023: $0M, Q3 2022: $0M, Q3 2021: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $0M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-108M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Missing shares repurchased or outstanding data

Are officers and directors buying stock with their own money on the open market?

7 open-market purchases by 5 insiders

• Wrocklage Robert (EVP-N.A. Muncipal Utility) bought 1,000 shares at $122.35 on 2026-04-23
• Htwe Richard (VP-Global Operations) bought 1,700 shares at $116.13 on 2026-04-21
• Callahan Edward F. (VP-Engineering) bought 858 shares at $116.30 on 2026-04-21
• Tarantino Christina M. (VP-Controller) bought 870 shares at $113.80 on 2026-04-21
• Bockhorst Kenneth (Chairman, President & CEO) bought 2,200 shares at $117.53 on 2026-04-21
• Bockhorst Kenneth (Chairman, President & CEO) bought 3,300 shares at $152.42 on 2026-02-10
• Wrocklage Robert (EVP-N.A. Muncipal Utility) bought 1,650 shares at $152.35 on 2026-02-09

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

7 insider purchases but company buybacks inactive

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $2M, sold $1M in the last 90 days (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected