Badger Meter, Inc.
badgermeter.comWhat Do They Do?
Sells connected water-metering and monitoring systems to water utilities, and flow-measurement instruments to commercial and industrial customers.
How Do They Make Money?
Customers are generally invoiced when products ship; software subscriptions bring in revenue over time as customers use the service, while project management and training bring it in as those services are delivered.
10-K for FY2025, filed Feb 17, 2026The Company performs its obligations under a contract by shipping products or performing services in exchange for consideration. The…View ↗
The Company's performance obligations are satisfied at a point in time or over time as services are delivered. The majority of the…View ↗
The Company records revenue for SaaS revenue over time as the customer benefits from the use of the Company's software. Control of an asset…View ↗
Revenue is recorded for various ancillary services, such as project management and training, over time as the customer benefits from the…View ↗
$916.7M
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10-K for FY2025, filed Feb 17, 2026
$916.7M ↗
Who Are Their Customers?
Water utilities buy mainly through the company's direct sales force and regional distributors; commercial and industrial customers buy flow instruments through representatives and distributors.
10-K for FY2025, filed Feb 17, 2026
Do Revenues Turn Into Profits?
Yes. It kept 15 cents of every revenue dollar as net income in FY2025 and turned 19 cents into free cash flow.
10-K for FY2025, filed Feb 17, 2026
$183.4MView ↗
10-K for FY2025, filed Feb 17, 2026
$141.6MView ↗
10-K for FY2025, filed Feb 17, 2026
$169.7MView ↗
How Are They Changing?
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Jul 22, 2026
Acquired UDlive and expects full-year revenue excluding acquisitions to be flattish
The acquisition extends sewer-line monitoring offerings and global capabilities.
Sources
8-K, filed Jul 22, 2026
Completed acquisition of UDlive Limited (UDlive) effective May 1, 2026, extending sewer line monitoring leadership and global capabilities.View ↗
Growing. Revenue grew 81% in 4 years, from $505.2M in FY2021 to $916.7M in FY2025, about 16% a year.
More monitoring beyond meters
The earlier report centered utility-water products on meters, radio, software and water-quality sensors; the latest also describes pressure and leak detection, sewer-line and lift-station monitoring.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 17, 2026In addition, the Company provides various other hardware, instruments and sensors, and related software, to enhance the scope and breadth…View ↗
Software subscriptions expand
The earlier report describes BEACON as a cloud-hosted software suite; the latest says software subscription revenue has increased as cellular endpoints and BEACON have become more widely adopted.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 17, 2026Information and analytics are critical to the smart water ecosystem. The Company’s BEACON® software suite improves utility visibility to…View ↗
As the water industry continues to evolve, the Company has been at the forefront of innovation across measurement hardware (metering, water…View ↗
Who Do They Compete With?
Competes with Xylem, Roper Technologies, Veralto, Itron, Hubbell, Mueller Water Products, Kamstrup, Emerson Electric, Krohne Messtechnik, Endress+Hauser, Yokogawa Electric, and Cameron International
10-K for FY2025, filed Feb 17, 2026Competitors in the utility water product line vary based on specific hardware, communication and/or software elements. Across the Company's…View ↗
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