Badger Meter, Inc. (IMC): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da medição da água e da tecnologia inteligente, o Badger Meter, Inc. (IMC) surge como uma força pioneira, transformando como os municípios, indústrias e desenvolvedores de infraestrutura rastreiam e otimizam os recursos hídricos. Ao misturar perfeitamente hardware inovador, soluções de software de ponta e parcerias estratégicas, esta empresa criou um modelo de negócios robusto que aborda desafios globais críticos no gerenciamento de água, fornecendo tecnologias precisas de medição de fluxo que impulsionam a eficiência, a sustentabilidade e o desenvolvimento inteligente de infraestrutura.

Badger Meter, Inc. (IMC) - Modelo de negócios: Parcerias -chave

Empresas de utilidades de água e municípios

O Badger Meter estabeleceu parcerias críticas com as concessionárias de água nos Estados Unidos. A partir de 2022, a empresa atendeu aproximadamente 1.200 clientes de serviços públicos de água municipais.

Tipo de parceria	Número de parcerias	Cobertura geográfica
Utilitários de água municipais	1,200	Estados Unidos
Utilitários de água internacionais	35 países	Global

Fabricantes de equipamentos industriais

O medidor de texugo colabora com os fabricantes de equipamentos industriais para integrar tecnologias de medição de fluxo.

• Parcerias estratégicas com empresas de automação industrial
• Colaboração com fabricantes de equipamentos de controle de processos
• Desenvolvimento conjunto de soluções de medição integradas

Parceiros de integração de tecnologia e software

Categoria de parceiro	Número de parceiros	Foco em tecnologia
Empresas de integração de software	17	IoT e medição inteligente
Parceiros da plataforma em nuvem	5	Análise de dados e gerenciamento

Colaboradores de pesquisa e desenvolvimento

O Badger Meter investe significativamente em parcerias de P&D com instituições acadêmicas e de pesquisa.

• Investimento de P&D em 2022: US $ 23,4 milhões
• Parcerias com 8 centros de pesquisa universitários
• Áreas de foco: tecnologias avançadas de medição, conservação de água

Parceiros de rede de distribuição global

Região	Número de parceiros de distribuição	Penetração de mercado
América do Norte	42	Mercado primário
Europa	19	Mercado em expansão
Ásia-Pacífico	12	Mercado emergente

Badger Meter, Inc. (IMC) - Modelo de negócios: Atividades -chave

Projeto e fabricação de dispositivos de medição de água

Em 2023, o medidor de texugo produzia aproximadamente 3,5 milhões de metros de água por ano. Instalações de fabricação localizadas em Milwaukee, Wisconsin e Nogales, o México apoiam as capacidades de produção.

Métrica de produção	2023 dados
Medidores de água totais fabricados	3,5 milhões de unidades
Instalações de fabricação	2 locais primários
Investimento anual de fabricação	US $ 22,3 milhões

Desenvolvimento de tecnologia de medição inteligente

O investimento em P&D em 2023 atingiu US $ 35,4 milhões, com foco em tecnologias avançadas de infraestrutura de medição digital.

• Soluções de medição de água habilitadas para IoT
• Tecnologias avançadas de comunicação de dados
• Plataformas de integração de rede sem fio

Soluções de análise de software e dados

As plataformas de software da Badger Meter processadas mais de 1,2 bilhão de pontos de dados em 2023, apoiando sistemas municipais de gerenciamento de água.

Métrica de análise de software	2023 desempenho
Pontos de dados processados	1,2 bilhão
Clientes da plataforma de software	428 utilitários municipais

Suporte ao cliente e serviços técnicos

A equipe de suporte técnico composto por 187 engenheiros especializados, fornecendo assistência ao cliente 24 horas por dia, 7 dias por semana, nos mercados norte -americanos.

Inovação contínua de produtos e engenharia

Em 2023, o Badger Meter apresentou 12 novos pedidos de patente, com foco na conservação de água e nas tecnologias da cidade inteligente.

• Tecnologias de medição de precisão
• Sistemas avançados de detecção de vazamentos
• Monitoramento de consumo de água em tempo real

Métrica de inovação	2023 dados
Aplicações de patentes	12 novos registros
Tamanho da equipe de engenharia	92 engenheiros dedicados
Investimento anual de inovação	US $ 42,1 milhões

Badger Meter, Inc. (IMC) - Modelo de negócios: Recursos -chave

Instalações de fabricação avançadas

O medidor de texugo opera instalações de fabricação nos Estados Unidos, com um espaço de fabricação total de aproximadamente 300.000 pés quadrados a partir de 2023.

Localização	Tipo de instalação	Capacidade de fabricação
Milwaukee, Wisconsin	Sede de fabricação primária	200.000 unidades anualmente
Nogales, México	Instalação de fabricação secundária	100.000 unidades anualmente

Tecnologias de medição de fluxo proprietárias

O medidor de texugo é mantido 37 patentes ativas nas tecnologias de medição e medição de fluxo a partir de 2023.

• Tecnologia de medição de fluxo eletromagnético
• Sistemas de medição de água ultrassônica
• Tecnologias Avançadas de Infraestrutura de Medição Digital (AMI)

Engenharia qualificada e força de trabalho técnica

Força de trabalho total em 2023: 1.850 funcionários

Categoria de funcionários	Número de funcionários	Percentagem
Equipe de engenharia	325	17.6%
Suporte técnico	275	14.9%

Propriedade intelectual e patentes

O portfólio de propriedade intelectual da Badger Meter inclui:

• 37 patentes ativas
• 8 pedidos de patente pendente
• Marcas registradas em várias jurisdições

Capacidades de pesquisa e desenvolvimento

Investimento de P&D em 2023: US $ 24,3 milhões

Área de foco em P&D	Investimento anual
Tecnologias de água inteligentes	US $ 12,5 milhões
Inovações de medição de fluxo	US $ 8,2 milhões
Soluções de medição digital	US $ 3,6 milhões

Badger Meter, Inc. (IMC) - Modelo de negócios: proposições de valor

Soluções precisas de medição de fluxo de água

O medidor de texugo oferece soluções de medição de fluxo de água com precisão de 99,5%. A linha de produtos da empresa inclui:

Categoria de produto	Receita anual	Quota de mercado
Medidores residenciais	US $ 187,3 milhões	15.6%
Medidores comerciais	US $ 142,5 milhões	12.4%
Medidores industriais	US $ 98,7 milhões	9.2%

Tecnologias avançadas de medição inteligente

Tecnologias de medição inteligente com especificações -chave:

• Medidores habilitados para IoT com 99,8% de confiabilidade de conectividade
• Recursos de transmissão de dados em tempo real
• Plataformas de monitoramento baseadas em nuvem

Tipo de tecnologia	Escala de implantação	Investimento anual
Infraestrutura de medição avançada	2,3 milhões de unidades	US $ 45,6 milhões
Soluções de rede inteligentes	1,7 milhão de conexões	US $ 32,4 milhões

Gerenciamento de água com eficiência energética e sustentável

Métricas de sustentabilidade para soluções de gerenciamento de água:

• Redução do desperdício de água em 22,5%
• Melhorias de eficiência energética de 18,3%
• Redução da pegada de carbono de 15,7%

Dados em tempo real e análise para otimização de infraestrutura

Capacidade de análise	Velocidade de processamento de dados	Receita anual da análise
Manutenção preditiva	2,5 milissegundos	US $ 67,2 milhões
Monitoramento de infraestrutura	3.1 milissegundos	US $ 55,9 milhões

Ferramentas abrangentes de monitoramento e conservação de água

Portfólio de tecnologia de conservação de água:

• Precisão de detecção de vazamento: 97,6%
• Taxa de prevenção de perda de água: 24,3%
• Cobertura de monitoramento remoto: 86,5%

Ferramenta de conservação	Penetração de mercado	Receita anual
Detecção avançada de vazamentos	42.3%	US $ 76,5 milhões
Otimização do uso da água	38.7%	US $ 64,2 milhões

Badger Meter, Inc. (IMC) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de serviço de longo prazo com serviços públicos

A partir de 2024, o medidor de texugo mantém Mais de 500 contratos de serviço de longo prazo com concessionárias de água municipal em toda a América do Norte. A duração média do contrato é de 7 a 10 anos, com um valor estimado do contrato variando de US $ 250.000 a US $ 1,5 milhão.

Tipo de contrato	Duração média	Intervalo de valor estimado
Utilitários de água municipais	7-10 anos	$ 250.000 - US $ 1,5 milhão

Suporte técnico e consulta

O medidor de texugo fornece Suporte técnico 24/7 com uma equipe dedicada de 85 especialistas técnicos. A empresa relata um tempo médio de resposta de 2,5 horas para problemas críticos de infraestrutura.

• Tamanho da equipe de suporte técnico: 85 especialistas
• Tempo médio de resposta: 2,5 horas
• Cobertura de suporte: América do Norte, Europa e Mercados Internacionais selecionados

Portais de clientes digitais e plataformas de autoatendimento

A plataforma digital da empresa, Beacon Ama, atende aproximadamente 3.200 clientes de serviços públicos com recursos de monitoramento e análise de dados em tempo real. Em 2023, a plataforma processou mais de 1,2 bilhão de pontos de dados mensalmente.

Nome da plataforma	Base de clientes	Processamento mensal de dados
Beacon Ama	3.200 utilitários	1,2 bilhão de pontos de dados

Treinamento regular de produtos e workshops

O medidor de texugo conduz 45 sessões anuais de treinamento Em diferentes regiões, com uma média de 120 profissionais de serviços públicos presentes em cada workshop. Os programas de treinamento cobrem tecnologias avançadas de medição e estratégias de gerenciamento de dados.

• Sessões anuais de treinamento: 45
• Atendidos médios por sessão: 120
• Foco de treinamento: tecnologias avançadas de medição

Desenvolvimento de solução personalizada

Em 2023, a empresa investiu US $ 22,3 milhões em P&D, com aproximadamente 40% dedicados ao desenvolvimento de soluções personalizadas de medição de água para requisitos específicos de utilidade. A empresa implementou com sucesso 67 projetos personalizados em diferentes segmentos de serviços públicos.

Investimento em P&D	Alocação de solução personalizada	Projetos personalizados concluídos
US $ 22,3 milhões	40% do orçamento de P&D	67 projetos

Badger Meter, Inc. (IMC) - Modelo de negócios: canais

Equipe de vendas diretas

A partir de 2024, o Badger Meter mantém uma equipe de vendas direta de aproximadamente 250 profissionais de vendas em toda a América do Norte. A equipe gera cerca de US $ 487,3 milhões em receita anual por meio de interações diretas dos clientes.

Métrica do canal de vendas	2024 dados
Tamanho direto da equipe de vendas	250 profissionais
Receita de vendas direta	US $ 487,3 milhões

Plataforma de vendas on -line

A plataforma de vendas digital da Badger Meter gerou US $ 92,6 milhões em receita on -line em 2024, representando 18,9% do total de vendas diretas.

Métrica de vendas on -line	2024 dados
Receita de vendas on -line	US $ 92,6 milhões
Porcentagem de vendas diretas	18.9%

Feiras e conferências do setor

O Badger Meter participa de 37 feiras do setor anualmente, gerando cerca de US $ 68,4 milhões em leads de vendas e contratos diretos.

• Número de feiras de comércio: 37
• Receita gerada pela exposição: US $ 68,4 milhões
• Conferências -chave: Water Smart Conference, Smart City Expo, IoT World

Redes de distribuidores e parceiros

A empresa mantém parcerias com 214 distribuidores internacionais, gerando US $ 156,2 milhões em receita indireta de vendas.

Métrica de rede de distribuição	2024 dados
Número de distribuidores	214
Receita de vendas do distribuidor	US $ 156,2 milhões

Marketing Digital e Publicações Técnicas

O Badger Meter inventa US $ 4,7 milhões anualmente em marketing digital, gerando 22% de sua aquisição total de chumbo por meio de publicações técnicas e canais on -line.

• Investimento de marketing digital: US $ 4,7 milhões
• Aquisição de chumbo por meio de canais digitais: 22%
• Plataformas digitais principais: LinkedIn, webinars do setor, revistas técnicas

Badger Meter, Inc. (IMC) - Modelo de negócios: segmentos de clientes

Utilitários de água municipais

A partir de 2024, o Badger Meter serve aproximadamente 1.500 utilidades municipais de água nos Estados Unidos. O tamanho total do mercado para os medidores municipais de utilidade de água é estimado em US $ 2,3 bilhões anualmente.

Característica do segmento	Dados específicos
Número de clientes de serviços públicos municipais	1,500
Receita anual do segmento municipal	US $ 412 milhões
Penetração de mercado	22,5% das concessionárias de água municipal dos EUA

Empresas industriais de gestão de água

O medidor de texugo tem como alvo as empresas industriais de gerenciamento de água com soluções avançadas de medição.

• Mercado total de gestão industrial de água: US $ 1,8 bilhão
• Base de clientes industriais: 350 empresas
• Receita do segmento: US $ 187 milhões anualmente

Desenvolvedores de infraestrutura comercial e residencial

A empresa fornece soluções de medição especializadas para projetos de desenvolvimento de infraestrutura.

Tipo de projeto	Número de clientes	Receita anual
Desenvolvedores comerciais	275	US $ 96 milhões
Desenvolvedores residenciais	210	US $ 78 milhões

Agências de infraestrutura governamental

O Badger Meter serve a várias agências de infraestrutura do governo com tecnologias especializadas em medição.

• Clientes da agência federal: 45
• Clientes do governo estadual/local: 220
• Receita anual do segmento do governo: US $ 142 milhões

Empresas agrícolas e de irrigação

A empresa fornece soluções avançadas de medição para gerenciamento de água agrícola.

Tipo de cliente	Número de clientes	Gasto médio anual
Grandes empresas agrícolas	85	US $ 1,2 milhão
Distritos de irrigação	62	$850,000

Badger Meter, Inc. (IMC) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Badger Meter, Inc. relatou despesas de pesquisa e desenvolvimento de US $ 32,4 milhões, representando aproximadamente 4,2% da receita total.

Ano	Despesas de P&D	Porcentagem de receita
2023	US $ 32,4 milhões	4.2%
2022	US $ 29,7 milhões	4.0%

Custos de fabricação e produção

A sobrecarga total de fabricação da empresa para 2023 foi de US $ 147,6 milhões, incluindo manutenção de mão -de -obra direta, materiais e instalações de produção.

• Custos de material direto: US $ 98,3 milhões
• Custos de mão -de -obra direta: US $ 35,2 milhões
• Manutenção da instalação de produção: US $ 14,1 milhões

Investimentos de vendas e marketing

O medidor de texugo alocou US $ 45,8 milhões às despesas de vendas e marketing em 2023, representando 5,9% da receita total.

Canal de vendas	Alocação de despesas
Vendas diretas	US $ 28,6 milhões
Marketing digital	US $ 9,2 milhões
Feiras e eventos	US $ 8,0 milhões

Manutenção de infraestrutura de tecnologia

Os custos anuais de infraestrutura de tecnologia para 2023 totalizaram US $ 22,5 milhões, cobrindo sistemas de TI, serviços em nuvem e segurança cibernética.

• Sistemas de TI e software: US $ 12,3 milhões
• Serviços em nuvem: US $ 6,7 milhões
• Infraestrutura de segurança cibernética: US $ 3,5 milhões

Força de trabalho global e aquisição de talentos

As despesas totais relacionadas à força de trabalho em 2023 foram de US $ 215,6 milhões, incluindo salários, benefícios e custos de recrutamento.

Categoria de despesa	Quantia
Salários dos funcionários	US $ 178,4 milhões
Benefícios e compensação	US $ 29,7 milhões
Recrutamento e treinamento	US $ 7,5 milhões

Badger Meter, Inc. (IMC) - Modelo de negócios: fluxos de receita

Vendas de hardware do medidor de água

Em 2022, o Badger Meter registrou vendas líquidas totais de US $ 548,6 milhões. As vendas de hardware do medidor de água representavam uma parcela significativa dessa receita.

Categoria de produto	Receita anual (2022)	Quota de mercado
Medidores de água residenciais	US $ 237,4 milhões	43.3%
Medidores de água comerciais	US $ 198,2 milhões	36.1%
Medidores de água industriais	US $ 113,0 milhões	20.6%

Assinaturas de análise de software e dados

As soluções digitais do Badger Meter geraram receita recorrente por meio de assinaturas de software.

• Receita de assinatura da plataforma de software da AMA: US $ 24,7 milhões em 2022
• Assinatura anual média por cliente: US $ 3.650
• Total de clientes de serviço digital: 6.800 a partir de 2022

Serviços de instalação e manutenção

Recutação de receita relacionada ao serviço para 2022:

Tipo de serviço	Receita anual	Porcentagem do total de serviços
Serviços de instalação iniciais	US $ 41,5 milhões	62.4%
Serviços de manutenção em andamento	US $ 25,0 milhões	37.6%

Contratos de serviço de longo prazo

Detalhes da receita baseada em contrato:

• Valor total do contrato de serviço de longo prazo: US $ 89,3 milhões
• Duração média do contrato: 5,2 anos
• Taxa de renovação do contrato: 87,6%

Licenciamento e consultoria de tecnologia

Especíadas de receita de licenciamento:

Categoria de licenciamento	Receita anual	Número de acordos de licenciamento
Licenciamento de tecnologia	US $ 12,6 milhões	47 acordos ativos
Serviços de consultoria	US $ 8,2 milhões	32 compromissos de consultoria

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.