BADGER METER Business Summary

Badger Meter Inc. (BMI) operates a high-margin industrial technology business model centered on the measurement, control, and communication of water and other fluids. The company generates revenue through a mix of hardware sales—primarily mechanical and static (ultrasonic) water meters—and a rapidly expanding software-as-a-service (SaaS) layer via its BEACON® Advanced Metering Analytics (AMA) platform. Its operations are divided into two primary segments: Utility Water, which accounts for approximately 88% of net sales and focuses on municipal water distribution and wastewater management, and Flow Instrumentation, which serves commercial and industrial applications. As of February 2026, Badger Meter maintains a dominant position in the North American smart water market, where it operates within an oligopolistic landscape alongside direct competitors such as Sensus (a Xylem brand), Neptune Technology Group, and Mueller Water Products. BMI distinguishes itself through its "BlueEdge" suite, prioritizing cellular-based Advanced Metering Infrastructure (AMI) and real-time water quality monitoring over traditional radio-frequency solutions. The company was founded in 1905 by John J. Leach and has evolved into a technology-led organization under the leadership of Chairman, President, and CEO Kenneth C. Bockhorst, who joined in 2017 following executive roles at Actuant Corporation and IDEX Corporation. Effective January 1, 2026, the leadership team underwent a strategic realignment: Daniel R. Weltzien was promoted to VP, CFO, and Treasurer, bringing a pedigree from Deloitte and Actuant, while former CFO Robert A. Wrocklage transitioned to EVP of North America Municipal Utility to drive operational execution. Other key executives include Matthew L. Stuyvenberg, EVP of SaaS and International Utility, and Ed Callahan, who joined in early 2026 as VP of Engineering. The company’s Board of Directors features notable industry leaders, including Todd A. Adams (CEO of Zurn Elkay Water Solutions) and Tessa M. Myers (SVP at Rockwell Automation), reflecting a strong emphasis on industrial automation and digital transformation.