An ultrasonic meter may include, but is not limited to, an emitter that emits a series of ultrasonic burst signals towards a fluid containing bubbles and/or particles, the series of ultrasonic burst signals being reflected by the air bubbles and/or particles in the fluid to be a series of reflected signals, a receiver that receives the series of reflected signals, and a calculator that calculates a plurality of correlation coefficients by performing a correlation processing on a series of received signals outputted from the receiver, the calculator calculating a physical quantity of the fluid based on the plurality of correlation coefficients.