Badger Meter Inc. (BMI)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$881.2M

Revenue growth

-2.2%

Net income, last twelve months

$126.5M

Earnings per share

$4.33

Gross margin

41.6%

Operating margin

18.8%

Net margin

14.4%

Free cash flow

$142.4M

Return on equity

19.4%

Market value

$4.1B

Price to earnings

33.3x

Dividend yield

1.1%

Cash

$67.9M

Debt

$0

Debt to equity

0.00

Shares outstanding

28.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 156 held.

Every filing

The newest filings with the SEC of 421 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

556 funds held it at 30 Jun 2026: 230 added and 158 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Vontier Corp. (VNT): revenue $3.1B, market value $4.8B

What the company does

Badger Meter, Inc. was incorporated in 1905 and makes products that measure, monitor and control the flow and quality of water and other fluids. Approximately 95% of its net sales come from water-related applications. It markets its water offerings under the BlueEdge name, which combines hardware, communication, software and support services. The company employed 2,477 people at 31 December 2025 and sells through employees, resellers and representatives around the world.

How the business is organised

The company operates in one industry segment and sells through two product lines. Utility Water made up approximately 89% of net sales in 2025 and Flow Instrumentation approximately 11%. Utility Water covers meters, water quality and sewer monitoring sensors, communication hardware and software sold to water utilities. Flow Instrumentation covers meters, sensing instruments, valves and software sold to commercial and industrial customers.

On 30 January 2025 the company acquired Hadronex, Inc, which does business as SmartCover Systems. SmartCover provides sewer line and lift station monitoring solutions and is reported within the Utility Water product line.

What it sells

The hardware includes water meters, water quality instruments, pressure and acoustic leak detection sensors, and remote sewer monitoring. The water quality instruments use optical sensing and electrochemical methods to measure turbidity, pH, chlorine, nitrates and approximately 40 other parameters.

Meters can be read manually or by radio. The ORION family of radio endpoints sends meter data either to a vehicle driving past, which is automatic meter reading (AMR), or through a fixed or cellular network, which is advanced metering infrastructure (AMI). ORION Cellular endpoints support what the company calls its Network as a Service approach to AMI, in which the utility does not install or maintain network infrastructure. BEACON is a cloud-hosted software suite sold as Software as a Service (SaaS). It offers dashboards, alerts and tools that let end water users view their own usage. The company also provides training, project management and technical support.

The company says it generally earns higher average selling prices and margins on meters with radio technology, software, water quality monitoring, sewer and lift station monitoring, and on ultrasonic meters than on mechanical meters.

Who it sells to

Utility Water customers are water utilities. The company says replacing meters and adopting new technology make up the majority of smart water product sales, while housing starts have only a minimal effect on annual sales. It estimates that approximately 40% of water meters installed in the United States have been converted to AMI. It also says there are more than 50,000 water utilities in the United States. North America, primarily the United States, is its largest geographic market.

Utility water sales run largely through a direct salesforce and regional distributors. Flow Instrumentation products are sold largely through manufacturers' representatives, original equipment manufacturers and distributors. Their main markets are water and wastewater, heating, ventilating and air conditioning (HVAC), and corporate sustainability. No single customer accounts for more than 10% of sales.

Where it operates

In the United States the company manufactures in Milwaukee, Wisconsin, Racine, Wisconsin, Tulsa, Oklahoma, Collegeville, Pennsylvania, and Melbourne, Florida. Abroad it has manufacturing in Nogales, Mexico, Brno, Czech Republic, and Bern, Switzerland. It has sales, distribution and manufacturing facilities in Neuffen, Germany, and Vienna, Austria, and a development facility in Luleå, Sweden. Sales and customer service offices are in Mexico, the United Kingdom, Singapore, China, Denmark and the United Arab Emirates, among other places.

Raw materials include brass, aluminum, stainless steel, cast iron and bismuth castings, plastic resins, glass, microprocessors and other electronic subassemblies. The company relies on single suppliers for certain brass castings, resins and electronic subassemblies.

How it competes

In Utility Water, competitors vary by hardware, communication or software element. The filing names Sensus (Xylem Inc.), Neptune (Roper Technologies, Inc.), Hach (Veralto Corp.), Itron Inc., Aclara (Hubbell Inc.), Mueller Water Products Inc. and Kamstrup, among others. In Flow Instrumentation the filing lists Emerson Electric Company, Krohne Messtechnik GmbH, Endress+Hauser AG, Yokogawa Electric Corporation and Cameron International, among others.

The company acknowledges that a number of competitors in certain markets have greater financial resources. It says it believes it provides the leading technologies that span the full water cycle. It also says research and development and early technology moves give it favorable patent positions and trade secret protections for several technologies. No single patent, trademark, trade name or trade secret is material to the business as a whole.

Its people

Of the 2,477 employees, 108 are covered by a collective bargaining agreement with District 10 of the International Association of Machinists. The current three-year contract expires on 31 October 2028. In 2025 more than 95% of employees took part in the company's global engagement survey. Its wellness program is called B|Well.

*From Badger Meter's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/9092/000119312526054739/bmi-20251231.htm)*

From the company's 10-K.