Badger Meter, Inc.

Company profile

• Global designer, manufacturer and marketer of water management solutions.
• Incorporated in 1905; uses the BlueEdge® brand for its integrated solutions.
• Primary focus on water-related applications, with roughly 95% of net sales derived from water-related markets.
• Core offerings include hardware, software, connectivity and services to measure, monitor, control and optimize water systems.
• Website: http://www.badgermeter.com — filings such as 10-K/10-Q/8-K are available there on the filing date.

Business model and solutions

• Two primary product lines:
  • Utility Water (approximately 89% of net sales in 2025)
    • Meters and related hardware, radio endpoints, and software/services used by water utilities to generate water and wastewater revenues and improve operational efficiency.
    • Metering options include manually read meters and remotely read (AMR/AMI) meters with radio technology.
    • ORION family: radio endpoints and remote data transmission to utility software.
    • BEACON SaaS: cloud-based software for data visualization, alerts and customer engagement; supports consumer access to usage data.
    • Additional sensors for water quality monitoring, sewer monitoring, lift station monitoring, leak detection and high-frequency pressure sensing.
    • ORION Cellular endpoints support Network as a Service (NaaS); ORION mobile read endpoints support AMR deployments.
    • Hardware-enabled software solutions complement data collection and analytics for utility operations.
  • Flow Instrumentation (approximately 11% of net sales in 2025)
    • Meters, valves and sensing instruments for flow measurement and control in industrial and commercial applications.
    • Markets include water/wastewater, HVAC and sustainability-focused applications.
    • Sales channels include manufacturers’ representatives and original equipment manufacturers (OEMs).
    • Emphasis on specialized communication protocols, certifications and application-specific solutions.

Markets, customers and channels

• Global sales through direct sales forces, resellers and representatives.
• North America, primarily the United States, is the largest geographic market for utilities.
• No single customer accounts for more than 10% of the company’s sales.
• International presence through offices and facilities worldwide.

Intellectual property

• Owns trade secrets, patents, trademarks and trade names.
• No single IP asset is material to the business as a whole.
• Broad patent positions and trade secret protections supported by ongoing R&D and early market entry on certain technologies.

Research and development

• R&D expenditures: $21.6 million in 2025; $19.2 million in 2024; $19.0 million in 2023.
• R&D is primarily funded internally, with occasional joint development with external partners.

Raw materials and supply chain

• Key materials include castings (e.g., brass), resins, glass, microprocessors and electronic subassemblies.
• Multiple sourcing is used for many inputs, though some items rely on single suppliers (for example, certain brass castings, resins and electronic subassemblies).
• Supply disruptions could affect cost, delivery and quality control for those items.
• Inventory management and commodity/currency considerations are part of production planning.

Workforce and human capital

• Employees: 2,477 as of December 31, 2025.
• Collective bargaining: 108 employees covered by a three-year contract with District 10 of the International Association of Machinists (expires October 31, 2028).
• Corporate culture emphasizes core values of trust, responsibility, collaboration, excellence and customer focus, along with ethics and compliance programs, diversity and inclusion, pay equity and employee well-being.
• Safety: Total Case Incident Rate (TCIR) of 0.63 in 2025 (0.43 in 2024; 0.40 in 2023); the company aims for zero incidents.

Human rights, health and community

• Policies include a Human Rights Policy, Code of Conduct, Equal Employment Opportunity and employee assistance and health benefits.
• Active in diversity initiatives, including signatory commitments and industry pledges.
• Community involvement includes charitable contributions and employee volunteer efforts focused on water conservation, education and community needs.

Environmental and regulatory

• Subject to environmental, consumer protection, trade, labor and other regulations across multiple jurisdictions.
• Maintains environmental compliance and monitors potential future costs associated with regulatory changes.

Financial highlights

• Net sales by product line (2025): Utility Water ~89%; Flow Instrumentation ~11%.
• Research and development: $21.6 million in 2025; $19.2 million in 2024; $19.0 million in 2023.
• Net sales and net earnings are influenced by unit volume and product mix, including higher margins on meters with radio technology, water quality and sewer/lift station monitoring products, and ultrasonic versus mechanical meters.

Additional notes

• Foreign operations and export sales details are included in Note 9 of the Notes to Consolidated Financial Statements.
• The company makes filings available on its website on the same day they are filed with the SEC.

In summary, Badger Meter provides integrated hardware, radio/networking and cloud software solutions, including BEACON and ORION, to utilities and industrial customers. The business is concentrated in Utility Water with a smaller Flow Instrumentation segment, supported by ongoing R&D, a global workforce and commitments to safety, ethics and sustainability.