Badger Meter Inc (NYSE: BMI)

Badger Meter, Inc. is a leading innovator, manufacturer and marketer of products incorporating flow measurement, quality, control and communication solutions serving markets worldwide. The company focuses on water management through its BlueEdge suite which integrates hardware, software, data analytics, and support services. Its offerings enable customers to monitor, measure, and optimize water use across the full water cycle from source to treatment and return.

Revenue is generated primarily from two product lines: Utility Water and Flow Instrumentation. The Utility Water line contributed approximately 89% of net sales in 2025 and includes meters, radio endpoints, water quality sensors, sewer monitoring hardware, related software, and support services. The Flow Instrumentation line contributed approximately 11% of net sales in 2025 and provides meters, valves, sensing instruments, and software for commercial and industrial applications including water, air, steam, and other fluids. The company also earns income from training, project management, and technical support services that complement its product sales.

The company operates through the following segments.

• Industry Segment: This segment encompasses the design, production, and sale of flow measurement hardware, water quality monitoring sensors, communication endpoints, software platforms, and related support services that enable water utilities and commercial/industrial customers to monitor, control, and optimize fluid systems.

Badger Meter holds a strong position in the global water management industry, competing with companies such as Sensus (Xylem Inc.), Neptune (Roper Technologies, Inc.), Hach (Veralto Corp.), Itron Inc., Aclara (Hubbell Inc.), Mueller Water Products Inc., Kamstrup, Emerson Electric Company, Krohne Messtechnik GmbH, Endress+Hauser AG, Yokogawa Electric Corporation, and Cameron International. Competitive advantages stem from a robust patent portfolio, first mover technology advancements, and the integrated BlueEdge suite that spans the entire water cycle.

The company serves a diverse customer base that includes municipal and private water utilities, commercial and industrial firms in sectors such as water/wastewater, heating ventilating and air conditioning, and corporate sustainability. No single customer accounts for more than 10% of the company's sales, reflecting a broad and diversified market reach.