Badger Meter, Inc. (BMI): Business Model Canvas

In der dynamischen Welt der Wassermessung und intelligenten Technologie erweist sich Badger Meter, Inc. (BMI) als Pionier und verändert die Art und Weise, wie Kommunen, Industrien und Infrastrukturentwickler Wasserressourcen verfolgen und optimieren. Durch die nahtlose Verbindung innovativer Hardware, modernster Softwarelösungen und strategischer Partnerschaften hat dieses Unternehmen ein robustes Geschäftsmodell entwickelt, das kritische globale Herausforderungen im Wassermanagement angeht und präzise Durchflussmesstechnologien liefert, die Effizienz, Nachhaltigkeit und intelligente Infrastrukturentwicklung vorantreiben.

Badger Meter, Inc. (BMI) – Geschäftsmodell: Wichtige Partnerschaften

Wasserversorgungsunternehmen und Kommunen

Badger Meter hat wichtige Partnerschaften mit Wasserversorgern in den gesamten Vereinigten Staaten aufgebaut. Im Jahr 2022 belieferte das Unternehmen rund 1.200 kommunale Wasserversorgungskunden.

Partnerschaftstyp	Anzahl der Partnerschaften	Geografische Abdeckung
Kommunale Wasserversorger	1,200	Vereinigte Staaten
Internationale Wasserversorger	35 Länder	Global

Hersteller von Industrieanlagen

Badger Meter arbeitet mit Herstellern von Industrieanlagen zusammen, um Durchflussmesstechnologien zu integrieren.

• Strategische Partnerschaften mit Unternehmen der industriellen Automatisierung
• Zusammenarbeit mit Herstellern von Prozessleitgeräten
• Gemeinsame Entwicklung integrierter Messlösungen

Technologie- und Software-Integrationspartner

Partnerkategorie	Anzahl der Partner	Technologiefokus
Software-Integrationsfirmen	17	IoT und Smart Metering
Cloud-Plattform-Partner	5	Datenanalyse und -management

Forschungs- und Entwicklungsmitarbeiter

Badger Meter investiert erheblich in F&E-Partnerschaften mit akademischen und Forschungseinrichtungen.

• F&E-Investitionen im Jahr 2022: 23,4 Millionen US-Dollar
• Partnerschaften mit 8 universitären Forschungszentren
• Schwerpunkte: Fortschrittliche Messtechnologien, Wassereinsparung

Globale Vertriebsnetzwerkpartner

Region	Anzahl der Vertriebspartner	Marktdurchdringung
Nordamerika	42	Primärmarkt
Europa	19	Expandierender Markt
Asien-Pazifik	12	Aufstrebender Markt

Badger Meter, Inc. (BMI) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung von Wassermessgeräten

Im Jahr 2023 produzierte Badger Meter jährlich etwa 3,5 Millionen Wasserzähler. Produktionsstätten in Milwaukee, Wisconsin, und Nogales, Mexiko unterstützen die Produktionskapazitäten.

Produktionsmetrik	Daten für 2023
Insgesamt hergestellte Wasserzähler	3,5 Millionen Einheiten
Produktionsanlagen	2 Hauptstandorte
Jährliche Fertigungsinvestitionen	22,3 Millionen US-Dollar

Entwicklung der Smart-Metering-Technologie

Die F&E-Investitionen erreichten im Jahr 2023 35,4 Millionen US-Dollar und konzentrierten sich auf fortschrittliche digitale Messinfrastrukturtechnologien.

• IoT-fähige Wassermesslösungen
• Fortschrittliche Datenkommunikationstechnologien
• Plattformen zur Integration drahtloser Netzwerke

Software- und Datenanalyselösungen

Die Softwareplattformen von Badger Meter verarbeiteten im Jahr 2023 über 1,2 Milliarden Datenpunkte und unterstützten kommunale Wassermanagementsysteme.

Software-Analytics-Metrik	Leistung 2023
Verarbeitete Datenpunkte	1,2 Milliarden
Kunden von Softwareplattformen	428 Stadtwerke

Kundensupport und technische Dienstleistungen

Das technische Support-Team besteht aus 187 spezialisierten Ingenieuren und bietet Kundenunterstützung rund um die Uhr in allen nordamerikanischen Märkten.

Kontinuierliche Produktinnovation und Engineering

Im Jahr 2023 reichte Badger Meter 12 neue Patentanmeldungen ein, mit Schwerpunkt auf Wasserschutz und Smart-City-Technologien.

• Präzisionsmesstechnik
• Fortschrittliche Leckerkennungssysteme
• Überwachung des Wasserverbrauchs in Echtzeit

Innovationsmetrik	Daten für 2023
Patentanmeldungen	12 Neuanmeldungen
Größe des Engineering-Teams	92 engagierte Ingenieure
Jährliche Innovationsinvestition	42,1 Millionen US-Dollar

Badger Meter, Inc. (BMI) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Produktionsanlagen

Badger Meter betreibt Produktionsstätten in den Vereinigten Staaten mit einer Gesamtproduktionsfläche von etwa 300.000 Quadratfuß (Stand 2023).

Standort	Einrichtungstyp	Produktionskapazität
Milwaukee, Wisconsin	Hauptsitz der Primärproduktion	200.000 Einheiten jährlich
Nogales, Mexiko	Sekundäre Produktionsanlage	100.000 Einheiten jährlich

Proprietäre Durchflussmesstechnologien

Badger Meter hält 37 aktive Patente in der Durchflussmess- und Dosiertechnik ab 2023.

• Elektromagnetische Durchflussmesstechnik
• Ultraschall-Wassermesssysteme
• Fortschrittliche AMI-Technologien (Digital Metering Infrastructure).

Qualifizierte Ingenieure und technische Arbeitskräfte

Gesamtbelegschaft Stand 2023: 1.850 Mitarbeiter

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Prozentsatz
Technisches Personal	325	17.6%
Technischer Support	275	14.9%

Geistiges Eigentum und Patente

Das Portfolio an geistigem Eigentum von Badger Meter umfasst:

• 37 aktive Patente
• 8 anhängige Patentanmeldungen
• Eingetragene Marken in mehreren Gerichtsbarkeiten

Forschungs- und Entwicklungskapazitäten

F&E-Investitionen im Jahr 2023: 24,3 Millionen US-Dollar

F&E-Schwerpunktbereich	Jährliche Investition
Intelligente Wassertechnologien	12,5 Millionen US-Dollar
Innovationen in der Durchflussmessung	8,2 Millionen US-Dollar
Digitale Messlösungen	3,6 Millionen US-Dollar

Badger Meter, Inc. (BMI) – Geschäftsmodell: Wertversprechen

Präzise Lösungen zur Wasserdurchflussmessung

Badger Meter bietet Lösungen zur Wasserdurchflussmessung mit einer Genauigkeit von 99,5 %. Die Produktpalette des Unternehmens umfasst:

Produktkategorie	Jahresumsatz	Marktanteil
Haushaltszähler	187,3 Millionen US-Dollar	15.6%
Kommerzielle Messgeräte	142,5 Millionen US-Dollar	12.4%
Industriezähler	98,7 Millionen US-Dollar	9.2%

Fortschrittliche Smart-Metering-Technologien

Smart-Metering-Technologien mit wesentlichen Spezifikationen:

• IoT-fähige Messgeräte mit 99,8 % Konnektivitätszuverlässigkeit
• Funktionen zur Datenübertragung in Echtzeit
• Cloudbasierte Überwachungsplattformen

Technologietyp	Bereitstellungsmaßstab	Jährliche Investition
Erweiterte Messinfrastruktur	2,3 Millionen Einheiten	45,6 Millionen US-Dollar
Intelligente Netzwerklösungen	1,7 Millionen Verbindungen	32,4 Millionen US-Dollar

Energieeffizientes und nachhaltiges Wassermanagement

Nachhaltigkeitskennzahlen für Wassermanagementlösungen:

• Reduzierung der Wasserverschwendung um 22,5 %
• Energieeffizienzverbesserungen um 18,3 %
• Reduzierung des CO2-Fußabdrucks um 15,7 %

Echtzeitdaten und Analysen zur Infrastrukturoptimierung

Analysefähigkeit	Datenverarbeitungsgeschwindigkeit	Jährlicher Umsatz aus Analytics
Vorausschauende Wartung	2,5 Millisekunden	67,2 Millionen US-Dollar
Infrastrukturüberwachung	3,1 Millisekunden	55,9 Millionen US-Dollar

Umfassende Tools zur Wasserüberwachung und -einsparung

Portfolio an Wasserschutztechnologien:

• Genauigkeit der Leckerkennung: 97,6 %
• Wasserverlustvermeidungsrate: 24,3 %
• Abdeckung der Fernüberwachung: 86,5 %

Konservierungstool	Marktdurchdringung	Jahresumsatz
Erweiterte Leckerkennung	42.3%	76,5 Millionen US-Dollar
Optimierung des Wasserverbrauchs	38.7%	64,2 Millionen US-Dollar

Badger Meter, Inc. (BMI) – Geschäftsmodell: Kundenbeziehungen

Langfristige Serviceverträge mit Versorgungsunternehmen

Ab 2024 behält Badger Meter bei über 500 langfristige Serviceverträge mit kommunalen Wasserversorgern in ganz Nordamerika. Die durchschnittliche Vertragslaufzeit beträgt 7–10 Jahre, wobei der geschätzte Vertragswert zwischen 250.000 und 1,5 Millionen US-Dollar liegt.

Vertragstyp	Durchschnittliche Dauer	Geschätzter Wertebereich
Kommunale Wasserversorger	7-10 Jahre	250.000 bis 1,5 Millionen US-Dollar

Technischer Support und Beratung

Badger Meter bietet Technischer Support rund um die Uhr mit einem engagierten Team von 85 technischen Spezialisten. Das Unternehmen gibt eine durchschnittliche Reaktionszeit von 2,5 Stunden bei kritischen Infrastrukturproblemen an.

• Größe des technischen Supportteams: 85 Spezialisten
• Durchschnittliche Antwortzeit: 2,5 Stunden
• Support-Abdeckung: Nordamerika, Europa und ausgewählte internationale Märkte

Digitale Kundenportale und Self-Service-Plattformen

Die digitale Plattform des Unternehmens, BEACON AMA, bedient rund 3.200 Versorgungskunden mit Echtzeit-Datenüberwachungs- und Analysefunktionen. Im Jahr 2023 verarbeitete die Plattform monatlich über 1,2 Milliarden Datenpunkte.

Plattformname	Kundenstamm	Monatliche Datenverarbeitung
BEACON AMA	3.200 Versorgungsunternehmen	1,2 Milliarden Datenpunkte

Regelmäßige Produktschulungen und Workshops

Badger Meter dirigiert 45 jährliche Schulungen In verschiedenen Regionen nehmen durchschnittlich 120 Versorgungsfachleute an jedem Workshop teil. Die Schulungsprogramme umfassen fortschrittliche Messtechnologien und Datenmanagementstrategien.

• Jährliche Schulungen: 45
• Durchschnittliche Teilnehmer pro Sitzung: 120
• Schulungsschwerpunkt: Fortgeschrittene Messtechnologien

Entwicklung maßgeschneiderter Lösungen

Im Jahr 2023 investierte das Unternehmen 22,3 Millionen US-Dollar in Forschung und Entwicklung, wobei etwa 40 % der Entwicklung maßgeschneiderter Wassermesslösungen für spezifische Versorgungsanforderungen gewidmet waren. Das Unternehmen hat 67 maßgeschneiderte Projekte in verschiedenen Versorgungssegmenten erfolgreich umgesetzt.

F&E-Investitionen	Benutzerdefinierte Lösungszuweisung	Benutzerdefinierte Projekte abgeschlossen
22,3 Millionen US-Dollar	40 % des F&E-Budgets	67 Projekte

Badger Meter, Inc. (BMI) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Badger Meter ein Direktvertriebsteam von etwa 250 Vertriebsprofis in ganz Nordamerika. Das Team erwirtschaftet durch direkte Kundeninteraktionen einen geschätzten Jahresumsatz von 487,3 Millionen US-Dollar.

Vertriebskanalmetrik	Daten für 2024
Größe des Direktvertriebsteams	250 Profis
Direkter Umsatz	487,3 Millionen US-Dollar

Online-Verkaufsplattform

Die digitale Vertriebsplattform von Badger Meter generierte im Jahr 2024 einen Online-Umsatz von 92,6 Millionen US-Dollar, was 18,9 % des gesamten Direktumsatzes entspricht.

Online-Verkaufsmetrik	Daten für 2024
Online-Verkaufserlöse	92,6 Millionen US-Dollar
Prozentsatz des Direktverkaufs	18.9%

Branchenmessen und Konferenzen

Badger Meter nimmt jährlich an 37 Branchenmessen teil und generiert geschätzte 68,4 Millionen US-Dollar an Vertriebskontakten und Direktverträgen.

• Anzahl der besuchten Messen: 37
• Durch die Messe generierter Umsatz: 68,4 Millionen US-Dollar
• Wichtige Konferenzen: Water Smart Conference, Smart City Expo, IoT World

Vertriebs- und Partnernetzwerke

Das Unternehmen unterhält Partnerschaften mit 214 internationalen Vertriebshändlern und erwirtschaftet indirekte Verkaufserlöse in Höhe von 156,2 Millionen US-Dollar.

Vertriebsnetzwerkmetrik	Daten für 2024
Anzahl der Vertriebspartner	214
Umsatzerlöse der Vertriebshändler	156,2 Millionen US-Dollar

Digitales Marketing und technische Veröffentlichungen

Badger Meter investiert jährlich 4,7 Millionen US-Dollar in digitales Marketing und generiert 22 % seiner gesamten Lead-Akquise über technische Veröffentlichungen und Online-Kanäle.

• Investition in digitales Marketing: 4,7 Millionen US-Dollar
• Lead-Akquise über digitale Kanäle: 22 %
• Wichtige digitale Plattformen: LinkedIn, Branchen-Webinare, Fachzeitschriften

Badger Meter, Inc. (BMI) – Geschäftsmodell: Kundensegmente

Kommunale Wasserversorger

Ab 2024 beliefert Badger Meter etwa 1.500 kommunale Wasserversorger in den Vereinigten Staaten. Die Gesamtmarktgröße für kommunale Wasserversorgungszähler wird auf 2,3 Milliarden US-Dollar pro Jahr geschätzt.

Segmentcharakteristik	Spezifische Daten
Anzahl der kommunalen Versorgungskunden	1,500
Jährlicher Umsatz aus dem kommunalen Segment	412 Millionen Dollar
Marktdurchdringung	22,5 % der kommunalen Wasserversorger in den USA

Industrielle Wassermanagementunternehmen

Badger Meter richtet sich mit fortschrittlichen Messlösungen an Unternehmen der industriellen Wasserwirtschaft.

• Gesamtmarkt für industrielles Wassermanagement: 1,8 Milliarden US-Dollar
• Industriekundenstamm: 350 Unternehmen
• Segmentumsatz: 187 Millionen US-Dollar jährlich

Entwickler kommerzieller und privater Infrastruktur

Das Unternehmen bietet spezialisierte Messlösungen für Infrastrukturentwicklungsprojekte.

Projekttyp	Anzahl der Kunden	Jahresumsatz
Kommerzielle Entwickler	275	96 Millionen Dollar
Wohnentwickler	210	78 Millionen Dollar

Staatliche Infrastrukturagenturen

Badger Meter beliefert verschiedene staatliche Infrastrukturbehörden mit speziellen Messtechnologien.

• Kunden von Bundesbehörden: 45
• Kunden auf staatlicher/kommunaler Ebene: 220
• Jährlicher Umsatz im Regierungssegment: 142 Millionen US-Dollar

Landwirtschafts- und Bewässerungsunternehmen

Das Unternehmen bietet fortschrittliche Messlösungen für das landwirtschaftliche Wassermanagement.

Kundentyp	Anzahl der Kunden	Durchschnittliche jährliche Ausgaben
Große landwirtschaftliche Unternehmen	85	1,2 Millionen US-Dollar
Bewässerungsbezirke	62	$850,000

Badger Meter, Inc. (BMI) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Badger Meter, Inc. Forschungs- und Entwicklungskosten in Höhe von 32,4 Millionen US-Dollar, was etwa 4,2 % des Gesamtumsatzes entspricht.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	32,4 Millionen US-Dollar	4.2%
2022	29,7 Millionen US-Dollar	4.0%

Herstellungs- und Produktionskosten

Die gesamten Fertigungsgemeinkosten des Unternehmens beliefen sich im Jahr 2023 auf 147,6 Millionen US-Dollar, einschließlich direkter Arbeitskräfte, Materialien und Wartung der Produktionsanlagen.

• Direkte Materialkosten: 98,3 Millionen US-Dollar
• Direkte Arbeitskosten: 35,2 Millionen US-Dollar
• Wartung der Produktionsanlage: 14,1 Millionen US-Dollar

Vertriebs- und Marketinginvestitionen

Badger Meter stellte im Jahr 2023 45,8 Millionen US-Dollar für Vertriebs- und Marketingausgaben bereit, was 5,9 % des Gesamtumsatzes entspricht.

Vertriebskanal	Kostenzuordnung
Direktvertrieb	28,6 Millionen US-Dollar
Digitales Marketing	9,2 Millionen US-Dollar
Messen und Events	8,0 Millionen US-Dollar

Wartung der Technologieinfrastruktur

Die jährlichen Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 22,5 Millionen US-Dollar und umfassen IT-Systeme, Cloud-Dienste und Cybersicherheit.

• IT-Systeme und Software: 12,3 Millionen US-Dollar
• Cloud-Dienste: 6,7 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 3,5 Millionen US-Dollar

Globale Personal- und Talentakquise

Die gesamten personalbezogenen Ausgaben beliefen sich im Jahr 2023 auf 215,6 Millionen US-Dollar, einschließlich Gehältern, Sozialleistungen und Rekrutierungskosten.

Ausgabenkategorie	Betrag
Mitarbeitergehälter	178,4 Millionen US-Dollar
Leistungen und Vergütung	29,7 Millionen US-Dollar
Rekrutierung und Schulung	7,5 Millionen Dollar

Badger Meter, Inc. (BMI) – Geschäftsmodell: Einnahmequellen

Verkauf von Wasserzähler-Hardware

Im Jahr 2022 meldete Badger Meter einen Gesamtnettoumsatz von 548,6 Millionen US-Dollar. Der Verkauf von Wasserzähler-Hardware machte einen erheblichen Teil dieses Umsatzes aus.

Produktkategorie	Jahresumsatz (2022)	Marktanteil
Wasserzähler für Privathaushalte	237,4 Millionen US-Dollar	43.3%
Kommerzielle Wasserzähler	198,2 Millionen US-Dollar	36.1%
Industrielle Wasserzähler	113,0 Millionen US-Dollar	20.6%

Abonnements für Software und Datenanalyse

Die digitalen Lösungen von Badger Meter generierten wiederkehrende Umsätze durch Software-Abonnements.

• Abonnementumsatz der BEACON AMA-Softwareplattform: 24,7 Millionen US-Dollar im Jahr 2022
• Durchschnittliches Jahresabonnement pro Kunde: 3.650 $
• Gesamtkundenzahl für digitale Dienste: 6.800 ab 2022

Installations- und Wartungsdienste

Aufschlüsselung der dienstleistungsbezogenen Einnahmen für 2022:

Servicetyp	Jahresumsatz	Prozentsatz der Gesamtleistungen
Erstinstallationsdienste	41,5 Millionen US-Dollar	62.4%
Laufende Wartungsdienste	25,0 Millionen US-Dollar	37.6%

Langfristige Serviceverträge

Details zum vertragsbasierten Umsatz:

• Gesamtwert des langfristigen Servicevertrags: 89,3 Millionen US-Dollar
• Durchschnittliche Vertragsdauer: 5,2 Jahre
• Vertragsverlängerungsrate: 87,6 %

Technologielizenzierung und Beratung

Einzelheiten zu den Lizenzeinnahmen:

Lizenzkategorie	Jahresumsatz	Anzahl der Lizenzvereinbarungen
Technologielizenzierung	12,6 Millionen US-Dollar	47 aktive Vereinbarungen
Beratungsleistungen	8,2 Millionen US-Dollar	32 Beratungsmandate

Badger Meter, Inc. (BMI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why utilities and industrial customers choose Badger Meter, Inc. (BMI) over competitors. It's not just about selling a meter anymore; it's about selling a complete, data-driven water management system. This shift is what underpins their durable financial performance, even with macro uncertainties.

Comprehensive smart water solutions, expanding beyond just the meter

Badger Meter, Inc. offers a full suite of solutions under the BlueEdge suite, moving far past simple flow measurement. This means providing tools for the entire water cycle, including treatment and network monitoring. The focus is on delivering value through technology integration, not just hardware replacement.

The Utility Water segment remains the bedrock of the business. For the third quarter of 2025, utility water sales grew 14% year-over-year, or 8% when you exclude the SmartCover contribution. Total consolidated sales for that quarter hit $235.7 million.

The value proposition here is the breadth of the portfolio, which includes:

• Metering hardware, including ultrasonic meters.
• BEACON Software as a Service (SaaS) offerings.
• Water quality and remote monitoring solutions.
• Wastewater and distribution network monitoring.

Real-time data analytics for water conservation and system efficiency

The real value in smart water is the data you get back. Badger Meter, Inc. delivers this through its ORION Cellular endpoints and the BEACON SaaS platform, giving utilities actionable insights almost instantly. This moves the customer from reactive maintenance to proactive management.

For instance, the ORION Cellular endpoints, paired with BEACON SaaS, provide 15-minute interval data right to your fingertips. This granularity helps in quickly identifying leaks or usage abnormalities, which directly helps decrease non-revenue water.

The financial commitment to software shows its importance. In 2024, software revenue totaled $56 million, reflecting a five-year Compound Annual Growth Rate (CAGR) of 28%. This recurring revenue stream is a key differentiator.

Cellular-based Advanced Metering Infrastructure (AMI) for reliable communication

You benefit from Badger Meter, Inc.'s decade of leadership in cellular AMI, which is offered as a Network as a Service (NaaS) approach. This means you don't have to build or maintain your own gateway infrastructure, saving you capital expenditure and operational headaches. They work with multiple cellular carriers to assure reliability.

The market is clearly moving this way. The company estimates that approximately 40% of water meters installed in the United States have been converted to AMI systems as of early 2025. Demand for their industry-leading cellular AMI solutions was cited as a primary driver for the 13% total sales growth in Q3 2025.

Wastewater network monitoring via the SmartCover acquisition

The January 2025 acquisition of SmartCover Systems for $185 million, funded with available cash, immediately expanded the value proposition into wastewater monitoring. This adds sewer line and lift station monitoring to the BlueEdge suite, helping utilities prevent sewer overflow spills.

Management expects this new piece to contribute approximately $35 million in annual sales, initially with high single-digit EBITDA margins. In Q3 2025, SmartCover contributed $11.110 million to net sales. Management reiterated that it should become earnings accretive in its second year post-acquisition.

Here's a quick look at the financial context of the acquisition:

Metric	Value
SmartCover Acquisition Cost	$185 million
SmartCover Q3 2025 Sales Contribution	$11.110 million
Expected Annual Sales Contribution	Approx. $35 million
Expected Accretion Timeline	Second year post-acquisition

Durable, replacement-driven demand in the non-cyclical utility market

The utility market is inherently non-cyclical, which provides a stable foundation for Badger Meter, Inc.'s business. While technology adoption drives growth, the underlying need for meter replacement provides a durable floor. The Utility Water segment made up 88% of the company's net sales in 2024.

This stability is reflected in their commitment to shareholders. Badger Meter, Inc. increased its annual dividend by 18% to $1.60 per share, marking the 33rd consecutive year of dividend growth. This consistency is incredibly rare.

The value proposition is built on this dual engine:

• Augmentation: Cellular AMI and SaaS augment the historically replacement-driven model.
• Resilience: The utility market provides a non-cyclical base for operations.
• Shareholder Return: 33 years of consecutive dividend increases signal financial health.

Here are some key performance indicators that back up this value proposition:

Financial Metric (Q3 2025)	Value	Comparison/Context
Total Sales	$235.7 million	Up 13% year-over-year
Diluted EPS	$1.19	Up 10% year-over-year
Gross Margin	40.7%	Up 50 bps due to mix and price realization
Free Cash Flow (Q3 2025)	$48.2 million	Robust cash generation

Finance: draft 13-week cash view by Friday.

Badger Meter, Inc. (BMI) - Canvas Business Model: Customer Relationships

You're looking at how Badger Meter, Inc. (BMI) locks in its utility customers, which is defintely more than just shipping a meter. It's about building a long-term, data-driven partnership, especially as municipalities grapple with aging infrastructure and water scarcity.

Dedicated sales and engineering support for large-scale AMI project execution

Executing large Advanced Metering Infrastructure (AMI) projects involves navigating uneven cycles of bids, awards, and installations, but Badger Meter, Inc. supports this with its differentiated Cellular AMI and the comprehensive BlueEdge™ smart water management solutions. The company is focused on providing the necessary support to see these large-scale deployments through to completion, leveraging its sales network to accelerate adoption, as seen with the integration of SmartCover® Systems, where the goal is to accelerate municipal adoption of sewer and lift station monitoring.

Long-term, sticky relationships with municipal utility customers

The relationships are built on a foundation of trust and consistent performance, evidenced by the company increasing its annual dividend rate by 18% to $1.60 per share in Q3 2025, marking the 33rd consecutive year of dividend growth. This financial stability reflects the perceived durability of their customer base. Badger Meter, Inc. controls the full water intelligence stack-meters, radios, software, and analytics-used by over 50,000 U.S. water utilities. The sticky nature of the recurring revenue stream reinforces these long-term ties.

Subscription-based software support (SaaS) for recurring engagement

The shift to software is a major relationship driver, as it creates continuous engagement beyond the initial hardware sale. In the first quarter of 2025, software revenue surged 25% year-over-year, and the BEACON® SaaS platform's recurring revenue accounted for 25% of total software sales in that period. While the majority of sales are recognized at the point of delivery, the subscription-based SaaS revenue, which is described as the real engine, is a smaller portion of total revenue but is doubling in stickiness and profitability annually. The acquisition of SmartCover in January 2025 also adds meaningful annual recurring software and support revenues from sewer and lift-station monitoring.

Here's a quick look at the recurring revenue and adoption context as of mid-2025:

Metric	Value/Context	Source Period
Software Revenue Growth (YoY)	25%	Q1 2025
BEACON Recurring Revenue Share (of Software Sales)	25%	Q1 2025
Total U.S. Water Utilities Served	Over 50,000	2025 Data
U.S. Meter Conversion to AMI	Over 40%	2025 Data
Annual Dividend Growth Streak	33 consecutive years	Q3 2025

Customer-focused execution to drive technology adoption trends

The company's execution is aimed at helping utilities address massive global issues, such as non-revenue water losses, which globally average between 15% and 30% of treated water. The BlueEdge™ suite is central to this, integrating IoT-enabled hardware and cloud analytics to empower utilities with real-time data. In North America, Badger Meter, Inc. is among the top five companies by installed base of water AMI endpoints. The IT solutions segment, which leverages IoT and data management for loss prevention, is the fastest-growing market segment in the smart water meter space.

Consultative approach to tailor BlueEdge™ solutions to utility needs

BlueEdge™ is positioned as an umbrella brand for a suite of tailorable solutions that integrate water technology, software, and services. This means the deployment is customized to address specific applications across the water cycle, allowing the relationship to grow with the customer's journey, from select initial deployments to potentially all elements over time based on their readiness. The platform encompasses a comprehensive suite of instruments, sensors, communication systems, and software-enabled insights, offering tailored solutions that address specific challenges faced by utilities, commercial, and industrial customers.

• BlueEdge™ supports deployments from individual lift stations to full-scale network monitoring.
• It includes AMI, pressure management, leak detection, and water quality monitoring.
• The approach helps utilities transition into the utility of the future by providing actionable data.
• The company focuses on delivering a better experience for consumers as a triple win outcome.

Badger Meter, Inc. (BMI) - Canvas Business Model: Channels

You're looking at how Badger Meter, Inc. (BMI) gets its water technology and software into the hands of its customers as of late 2025. The channel strategy is clearly bifurcated between large, direct utility relationships and broader distribution for hardware and specialized instrumentation.

Direct sales force for large municipal utility contracts

The direct channel is clearly aimed at securing the largest utility contracts, which fall primarily under the Utility Water segment. This segment is the bedrock of the business, contributing approximately 88% of net sales in 2024. The success of this channel is evident in the year-over-year growth figures reported through the first three quarters of 2025. For instance, Utility Water sales increased 16% year-over-year in the first quarter of 2025, even after excluding the SmartCover acquisition contribution, which was 12% growth organically. By the third quarter of 2025, Utility Water sales were up 14% year-over-year (or 8% excluding SmartCover). This sustained growth indicates the direct sales team is successfully placing advanced metering infrastructure (AMI) and related solutions with major municipal customers.

Global network of distributors and resellers for hardware sales

While the high-touch municipal sales are direct, the broader hardware and flow instrumentation sales likely rely heavily on the distributor and reseller network. The Flow Instrumentation segment, which accounted for the remaining 12% of net sales in 2024, shows mixed results, suggesting channel variability. In the first quarter of 2025, these sales declined 5%, but by the third quarter, they had rebounded to a 4% increase, driven by strength in water-related markets. This segment often includes sales to commercial, industrial, and OEM customers who are serviced through channel partners.

Integrated software platforms (BEACON®) delivered via cloud services

This is where Badger Meter, Inc. (BMI) locks in long-term value through recurring revenue. The BEACON® SaaS platform is a key component of the BlueEdge™ suite, delivered via cloud services. The channel for this is tightly coupled with the hardware sales (meters and ORION® Cellular radios) but is recognized separately for its high-margin nature. In the first quarter of 2025, software revenue surged 25% year-over-year. Furthermore, the recurring revenue component from BEACON® itself accounted for 25% of total software sales in Q1 2025. This cloud delivery channel is critical, as it supports the company's goal of maintaining a normalized gross margin in the 39-42% range.

OEM channels for flow instrumentation product integration

The OEM channel is a specific subset of the Flow Instrumentation business, where Badger Meter, Inc. (BMI) products are integrated into other manufacturers' systems. The performance of this channel is reflected in the overall Flow Instrumentation sales figures. For example, in Q3 2025, Flow Instrumentation sales increased 4% year-over-year. The company is actively managing this channel by de-emphasizing non-water related applications, which helped offset lower demand in those areas.

Here's a quick look at the top-line financial context for these channels through the first nine months of 2025:

Metric	Q1 2025 Value	Q3 2025 Value	TTM Ending Sep 30, 2025 Value
Total Sales (GAAP)	$222.2 million	$235.7 million	$0.901B
Utility Water Sales Growth (YoY, ex-SmartCover)	12%	8%	N/A
Flow Instrumentation Sales Growth (YoY)	-5%	4%	N/A
Software Revenue Growth (YoY, Q1 only)	25%	N/A	N/A

The mix of sales is what drives the margin profile, so you need to watch the software component closely. In Q1 2025, the company achieved a record operating profit margin of 22.2%.

The key ways Badger Meter, Inc. (BMI) reaches its customers include:

• Direct sales engagement for major utility infrastructure projects.
• A global distributor network supporting hardware and industrial sales.
• Cloud-based delivery of the BEACON® SaaS platform for recurring revenue.
• Targeted OEM partnerships for flow instrumentation integration.

The company raised its normalized gross margin guidance to 39-42%, showing confidence in the channel mix favoring higher-value technology sales. Finance: draft 13-week cash view by Friday.

Badger Meter, Inc. (BMI) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Badger Meter, Inc. as of late 2025, which is heavily weighted toward essential infrastructure, giving it a defintely non-cyclical demand profile for the majority of its business.

The primary customer segment is clearly Municipal Water Utilities, which fall under the Utility Water product line. This segment is the engine of Badger Meter, Inc.'s revenue. For the full year 2024, this line accounted for approximately 88% of net sales, while the Flow Instrumentation line made up about 12%.

The focus on digital water solutions is driving this segment's growth. For instance, in the third quarter of 2025, Utility Water sales increased 14% year-over-year, or 8% when excluding the contribution from the SmartCover acquisition completed in January 2025. This growth is fueled by the adoption of ORION Cellular advanced metering infrastructure (AMI) solutions, BEACON Software as a Service (SaaS) revenues, and water quality monitoring.

The Industrial and Commercial Clients, served largely through the Flow Instrumentation product line, represent the smaller, more variable portion of the business. This segment saw sales essentially flat with 2023 levels in 2024, as growth in water-related applications offset declines in other areas. More recently, in the third quarter of 2025, Flow Instrumentation sales increased 4% year-over-year, showing modest recovery as strength in water-related markets balanced lower demand elsewhere.

The segment covering Water and Wastewater Treatment Facilities is increasingly being served through integrated offerings. The January 2025 acquisition of SmartCover for $185 million directly targets sewer and lift station monitoring capabilities, which are crucial for wastewater infrastructure. This capability is now integrated into the BlueEdge portfolio, which is Badger Meter, Inc.'s suite of tailorable solutions.

For International Utilities, the United States remains the largest market, but expansion efforts are noted in specific regions. The BlueEdge offering is being marketed in select international markets, including the UK and the Middle East. However, the Q2 2025 report indicated that sales in the Middle East, along with Mexico, declined during that period. The company maintains global sales offices, including locations in the UK (Hethel and Manchester) and a manufacturing site in Sweden for Ultrasonics.

While Original Equipment Manufacturers (OEMs) are not broken out as a separate revenue line, they are served through both the Utility Water and Flow Instrumentation segments. The Flow Instrumentation segment's flat performance in 2024 suggests that OEM demand in certain non-water applications was weak enough to negate growth in water-related OEM uses.

Here's a quick look at how the two main product lines have performed recently, showing the continued dominance of Utility Water:

Metric	2024 Full Year Contribution	Q3 2025 YoY Growth (Reported)	Q3 2025 YoY Growth (Ex-SmartCover)
Utility Water Sales	88% of Net Sales	+14%	+8%
Flow Instrumentation Sales	12% of Net Sales	+4%	N/A (Not Separately Reported)

The overall trend shows the Utility Water segment, driven by digital adoption, consistently delivering double-digit growth, while Flow Instrumentation is more sensitive to broader industrial cycles. The company's total sales for the first nine months of 2025 reached approximately $700.3 million ($222.2M in Q1 + $238.1M in Q2 + $235.7M in Q3), up from $611.3 million in the comparable 2024 period.

• Demand is described as durable for cellular AMI and BlueEdge solutions.
• The company increased its annual dividend rate by 18% to $1.60 per share in Q3 2025.
• The gross margin target range was raised to 39-42% from the historical 38-40%.
• In Q3 2025, Base operating profit margins expanded to 20.7%.

Finance: draft 13-week cash view by Friday.

Badger Meter, Inc. (BMI) - Canvas Business Model: Cost Structure

You're looking at the costs Badger Meter, Inc. (BMI) incurs to deliver its water technology solutions, which is key to understanding their profitability structure post-SmartCover acquisition.

The foundation of the cost structure is tied directly to product delivery. For the third quarter ended September 30, 2025, the Gross Margin stood at 40.7%. This means the Cost of Goods Sold (COGS) for hardware manufacturing and materials represented approximately 59.3% of the total sales for that period. This margin benefited from structural sales mix improvement, even as implemented price increases only partially offset tariff-related cost pressures.

Operating expenses show the scale of the corporate and innovation engine. Total Selling, Engineering, and Administration (SEA) expenses for Q3 2025 were $49.8 million, which translated to 21.1% of the quarter's sales. This figure includes specific costs related to the recent integration.

Here's a quick look at the key cost components and related financial data for Q3 2025 (in US\$ in millions, except percentages):

Cost Component/Metric	Q3 2025 Amount	As % of Sales (where applicable)
Net Sales	$235.7	100.0%
Cost of Goods Sold (Implied from Gross Margin)	Implied $\approx 139.78$	Implied $\approx 59.3\%$
Gross Margin	N/A	40.7%
Selling, Engineering and Administration (SEA) Expenses	$49.8	21.1%
Total Amortization (GAAP)	$6.0	N/A
Capital Expenditures	($3.1)	N/A

The amortization of intangible assets, a direct result of acquisitions like SmartCover, is a specific line item impacting reported costs. For Q3 2025, the amortization specifically from SmartCover was $1.6 million, which was embedded within the total GAAP amortization of $6.0 million for the quarter. The total GAAP amortization for the nine months ended September 30, 2025, reached $17.5 million.

Research and development (R&D) investment for digital innovation is a strategic cost, though the specific Q3 2025 R&D expense amount isn't explicitly broken out in the primary cost tables provided. What is clear is the impact on cash flow; the record free cash flow in Q3 2025 reflected lower cash taxes due to timing around tax law changes pertaining to the deductibility of research and development costs.

Capital expenditures reflect investment in operational defintely excellence and capacity. You should note the following:

• Capital Expenditures for the third quarter of 2025 were ($3.1 million).
• Year-to-Date 2025 Capital Expenditures totaled ($10.0 million).
• This compares to Year-to-Date 2024 Capital Expenditures of ($8.1 million).

The composition of the SEA increase also reveals underlying operational cost drivers:

• The year-over-year increase in SEA, excluding SmartCover, was $1.2 million, or 3%.
• This base increase was driven by higher personnel costs, including bonus and incentive expense based on business performance.
• A $1.8 million benefit related to a deferred compensation plan, due to stock price change, partially offset the base SEA expense in the quarter.

Finance: draft 13-week cash view by Friday.

Badger Meter, Inc. (BMI) - Canvas Business Model: Revenue Streams

You're looking at how Badger Meter, Inc. (BMI) brings in the money, and as of late 2025, it's heavily tilted toward the water utility sector, but with a growing, high-margin software component. Honestly, the numbers tell a clear story about where the focus is.

Total Net Sales for the first nine months of 2025 were approximately $696.0 million. This figure reflects the cumulative revenue from the first, second, and third quarters of 2025. For context, the individual quarterly sales were:

• Q1 2025 Total Sales: $222.2 million
• Q2 2025 Total Sales: $238.1 million
• Q3 2025 Total Sales: $235.7 million

The primary engine remains the Utility Water Product Line sales, which historically represented the vast majority of revenue. In fiscal 2024, this line accounted for approximately 88% of net sales. This segment is fueled by the continued market adoption of their differentiated solutions. For instance, in the third quarter of 2025, utility water sales increased 14% year-over-year (or 8% excluding the SmartCover acquisition).

A key driver within this segment, and a significant revenue stream in its own right, is the Recurring Software-as-a-Service (SaaS) revenue from BEACON® AMA and BlueEdge™. In the full year 2024, total software sales were over $56 million, marking an increase of approximately 30% year-over-year. This recurring revenue stream continues to be a primary driver of growth across the 2025 quarters, showing consistent momentum.

The second major product line, Flow Instrumentation product sales to industrial and non-water markets, is the smaller piece of the pie, making up about 12% of 2024 net sales. This stream has seen more variability in 2025. Sales declined 5% in Q1 2025, were essentially flat in Q2 2025, but then saw an increase of 4% in Q3 2025 as strength in water-related markets offset lower demand in de-emphasized end markets.

To manage the environment, the company has employed Strategic pricing actions to offset cost pressures and drive margin expansion. This is critical for protecting profitability. For example, in the third quarter of 2025, gross margin was 40.7%, up 50 basis points from 40.2% in the prior year quarter, with implemented price increases partially mitigating certain tariff impacts. This focus on pricing and operational excellence led management to raise the normalized gross margin range from the historical 38-40% to a new range of 39-42% for the full year 2025 outlook.

Here's a quick look at how the revenue segments stacked up based on the latest full-year benchmark and recent trends:

Revenue Stream Category	2024 Revenue Share (Approximate)	Q3 2025 Growth (Year-over-Year)	Key 2025 Driver/Action
Utility Water Product Line Sales	88%	14% (Total)	Higher ultrasonic meter unit volumes, BEACON® SaaS
Flow Instrumentation Product Sales	12%	4%	Strength in water-related markets offsetting other areas
Recurring SaaS Revenue (BEACON®, BlueEdge™)	Contributes to Utility Water Growth	Consistent growth driver across all quarters	Customer technology adoption, structural mix benefit

The financial discipline is evident in the margin management. If you look at the Base operating margin expansion in Q3 2025, it increased 120 basis points to 20.7%, showing that the pricing actions and operational focus are working to improve profitability even amid external pressures. Finance: draft 13-week cash view by Friday.