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Badger Meter, Inc. (BMI) is an innovator, manufacturer, marketer, and distributor of products that incorporate flow measurement, control, quality, and communication solutions. The company focuses on providing smart water solutions and flow instrumentation for utility and industrial markets. BMI's offerings include advanced metering infrastructure, software services, and various meters and sensors for water and fluid management.
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Utility Water - Develops and supplies water meters, radios, software technologies, and services for water utilities, including sensors for leak detection and water quality monitoring.
- Sub-products:
- Mechanical and ultrasonic water meters
- Cellular Advanced Metering Infrastructure (AMI) solutions
- ORION® Cellular endpoints
- BEACON® Software as a Service (SaaS)
- Sub-products:
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Flow Instrumentation - Provides meters, valves, and sensing instruments for measuring and controlling fluids like water, air, steam, and other liquids and gases, targeting industrial markets such as water/wastewater and HVAC.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kenneth C. Bockhorst ExecutiveBoard | Chairman, President, and CEO | Director at Mirion Technologies, Inc. | Joined BMI in October 2017 as COO, became President in April 2018, CEO in January 2019, and Chairman in January 2020. Has significant global operational and M&A experience. | View Report → |
Daniel R. Weltzien Executive | Vice President – Controller | None | Currently serving as VP-Controller since at least February 2023. No additional details about his career at BMI or external roles are available. | |
James F. Stern Executive | Executive Vice President, General Counsel, and Secretary | President of the Board of Governors of the Water Quality Association; Chair of the Milwaukee-based Water Council | Serving as EVP, General Counsel, and Secretary since 2007. Brings over 30 years of experience in management, corporate governance, and M&A. | |
Robert A. Wrocklage Executive | Senior Vice President – CFO | None | Joined BMI in August 2018 as VP-Finance, promoted to CFO in January 2019, and Senior VP-CFO in January 2020. Previously held financial leadership roles at Actuant Corporation. | |
Glen E. Tellock Board | Lead Outside Director | Director at Astec Industries and WEC Energy Group | Retired CEO of Lakeside Foods and The Manitowoc Company. Serves as Lead Outside Director at BMI, ensuring Board independence and governance. | |
Henry F. Brooks Board | Director | President – Power & Controls at Collins Aerospace | Joined BMI's Board in 2023. Brings 30 years of experience in aerospace, defense, and industrial sectors, with expertise in cybersecurity, M&A, and global operations. | |
James W. McGill Board | Director | Director at Powell Industries | Retired executive from Eaton Corporation. Joined BMI's Board and serves on the Compensation and Human Resources Committee and Corporate Governance and Sustainability Committee. | |
Melanie K. Cook Board | Director | Non-Executive Director at The Legacy Companies | Appointed to BMI's Board in February 2022. Former COO of GE Appliances, with expertise in supply chain, digitization, and diversity initiatives. | |
Tessa M. Myers Board | Director | SVP of Intelligent Devices at Rockwell Automation | Appointed to BMI's Board. Brings expertise in IoT, cybersecurity, and smart devices through her leadership roles at Rockwell Automation. | |
Xia Liu Board | Director | EVP and CFO at WEC Energy Group | Appointed to BMI's Board in August 2022. Brings expertise in finance and risk management, with significant experience in utility metering and accounting. |
- Given the strong sales growth over the past three years, are you anticipating a significant slowdown in 2025 to low or mid-single-digit growth, and how does this align with your long-term strategic growth expectations?
- Considering the resilience of your utility business even during challenging times, would a scenario of flat or declining sales growth in 2025 be surprising, and what factors could lead to such an outcome?
- Can you quantify the potential impact of recent hurricanes on your business in the Southeastern U.S., specifically how project delays in that region might influence your fourth-quarter and 2025 outlook?
- With gross margins reaching a record high this quarter, can you elaborate on the key drivers behind this improvement and discuss the sustainability of these margin levels going forward, especially considering potential mix variability?
- Your SaaS revenues increased approximately 35% this quarter; to what extent is this growth driven solely by meter deployments versus adoption of new services like leak detection under BlueEdge, and how do you plan to diversify and expand SaaS revenue streams beyond hardware attachment?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Hadronex, Inc. (d/b/a SmartCover Systems) | 2025 | Planned acquisition effective January 30, 2025 for approximately $185 million in cash, aimed at enhancing the BlueEdge suite with sewer line and lift station monitoring capabilities; expected to add long-term shareholder value without materially impacting financial statements. |
Telog/Unity Assets | 2024 | Completed acquisition effective January 1, 2024 for $3.0 million in cash, acquiring select remote water monitoring hardware and software assets including the Telog® product line and Unity Remote Monitoring software as a service; this deal had no material impact on the consolidated financial statements. |
Syrinix Ltd. | 2023 | Completed acquisition on January 1, 2023 for a total purchase price of $17.1 million, acquiring a range of assets including developed technology, customer relationships, and trademarks, along with associated receivables, inventories, and goodwill, as well as assuming certain liabilities. |
Recent press releases and 8-K filings for BMI.
- EPS increased by 31% YoY to $1.30 per share, reflecting robust earnings improvement.
- Reported $222.2M in sales with 13% YoY growth and a record operating margin of 22.2% for Q1 2025.
- Gross profit margins reached 42.9%, a 360 basis point improvement, driven by 25% growth in software sales.
- Achieved record free cash flow of $30M, up 60% YoY, underpinning operational resilience.
- Completed strategic SmartCover acquisition, integrating sewer monitoring capabilities into the BlueEdge water management suite.
- Management is addressing tariff uncertainties with targeted pricing adjustments to manage cost pressures amid global supply challenges.
- Form 8-K filing dated April 17, 2025 details these results along with an attached press release, with notice signed by SVP and CFO Robert A. Wrocklage.