Overview
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- TickerBMI on NYSE2
- IndustryTotalizing Fluid Meters & Counting Devices2
- HeadquartersMilwaukee, United States2
- Incorporated inWI3
- Business address4545 West Brown Deer Road, Milwaukee, Wi 532233
- Filer categoryLarge accelerated filer3
- Legal formBusiness Corporation2
- LEI5493002JENE20OGTUG202
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressC/O Corporation Service Company, 53717 Madison, United States2
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Badger Meter, Inc. (the Company) is a leading innovator, manufacturer and marketer of products incorporating flow measurement, quality, control and other system solutions serving markets worldwide. The Company was incorporated in 1905.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
41.7%Gross margin6
20.0%Operating margin6
15.5%Net margin6
10.9%Revenue growth, 20256
19.9%Return on equity6
$169.7MFree cash flow6
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 90% of the revenue BADGER METER INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $621.2M | $745.2M | $825.9M |
| Europe | $39.1M | $37.3M | $43.9M |
| Canada | $13.0M | $10.4M | $15.2M |
| Asia | $13.5M | $11.2M | $14.3M |
| Middle East | $10.4M | $16.8M | $11.0M |
| Other Geographical Areas | $2.2M | $2.0M | $3.6M |
| Mexico | $4.3M | $3.6M | $2.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue57¢$534.6M
- Research and development2¢$21.6M
- Selling, general and admin21¢$198.6M
- Income tax5¢$47.0M
- Profit15¢$141.6M
Out of $916.7M in revenue.6
Where each dollar of operating cash went, fiscal 2025
- Capital spending8¢$14.0M
- Dividends paid24¢$43.5M
- Share buybacks8¢$15.0M
- Kept or used elsewhere61¢$111.1M
Out of $183.7M of cash from operations.6
Financial statements
Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net sales | $916.7M | $826.6M | $703.6M |
| Cost of sales | $534.6M | $497.4M | $427.2M |
| Gross margin | $382.1M | $329.2M | $276.4M |
| Selling, engineering and administration | $198.6M | $171.2M | $158.4M |
| Operating earnings | $183.4M | $157.9M | $118.0M |
| Interest income, net | -$5.1M | -$8.6M | -$4.0M |
| Other pension and postretirement (income) costs | -$112.0K | $49.0K | $130.0K |
| Earnings before income taxes | $188.7M | $166.5M | $122.0M |
| Provision for income taxes | $47.0M | $41.6M | $29.4M |
| Net earnings | $141.6M | $124.9M | $92.6M |
| Basic | $4.82 | $4.26 | $3.16 |
| Diluted | $4.79 | $4.23 | $3.14 |
| Basic | 29.4M shares | 29.4M shares | 29.3M shares |
| Impact of dilutive securities | 171.0K shares | 178.0K shares | 172.0K shares |
| Diluted | 29.6M shares | 29.5M shares | 29.5M shares |
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net sales | $220.7M | $235.7M | $238.1M | $222.2M | $205.2M | $208.4M | $216.7M | $196.3M |
| Gross margin | $93.0M | $95.8M | $97.8M | $95.4M | $82.8M | $83.9M | $85.4M | $77.2M |
| Net earnings | $33.6M | $35.1M | $34.6M | $38.4M | $30.7M | $32.0M | $33.1M | $29.1M |
| Basic | $1.14 | $1.19 | $1.18 | $1.31 | $1.05 | $1.09 | $1.13 | $0.99 |
| Diluted | $1.14 | $1.19 | $1.17 | $1.30 | $1.04 | $1.08 | $1.12 | $0.99 |
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $226.0M | $295.3M | ||
| Receivables, net of allowance for doubtful accounts | $112.4M | $84.3M | ||
| Finished goods | $23.1M | $24.0M | ||
| Work in process | $29.2M | $36.7M | ||
| Raw materials | $99.6M | $82.7M | ||
| Total inventories | $151.9M | $143.4M | ||
| Prepaid expenses and other current assets | $16.8M | $17.1M | ||
| Total current assets | $507.1M | $540.1M | ||
| Land and improvements | $9.5M | $9.2M | ||
| Building and improvements | $75.0M | $71.5M | ||
| Machinery and equipment | $163.9M | $152.4M | ||
| Property, plant and equipment, at cost | $248.4M | $233.2M | ||
| Less accumulated depreciation | -$168.8M | -$158.9M | ||
| Net property, plant and equipment | $79.6M | $74.3M | ||
| Intangible assets, at cost less accumulated amortization | $118.5M | $45.1M | ||
| Other assets | $18.7M | $12.7M | ||
| Deferred income taxes | $14.1M | $32.5M | ||
| Goodwill | $235.6M | $111.8M | ||
| Total assets | $973.6M | $816.4M | ||
| Payables | $72.3M | $55.7M | ||
| Accrued compensation and employee benefits | $37.6M | $34.9M | ||
| Warranty and after-sale costs, current | $8.5M | $7.3M | ||
| Other current liabilities | $32.3M | $20.4M | ||
| Total current liabilities | $150.7M | $118.2M | ||
| Long-term deferred revenue | $72.8M | $64.2M | ||
| Deferred income taxes | $3.5M | $3.7M | ||
| Accrued non-pension postretirement benefits | $2.5M | $3.0M | ||
| Other accrued employee benefits | $6.7M | $6.9M | ||
| Warranty and after-sale costs, long-term | $13.1M | $9.4M | ||
| Other long-term liabilities | $11.1M | $4.8M | ||
| Total long-term liabilities | $109.6M | $92.0M | ||
| Common stock, $1 par, authorized 80,000,000 shares, issued 37,221,098 shares in 2025 and 2024 | $37.2M | $37.2M | ||
| Capital in excess of par value | $75.3M | $65.8M | ||
| Reinvested earnings | $645.9M | $547.8M | ||
| Accumulated other comprehensive loss | $6.5M | -$7.9M | ||
| Less: Treasury stock, at cost, 7,834,360 shares in 2025 and 7,810,158 shares in 2024 | -$51.6M | -$36.7M | ||
| Total shareholders equity | $713.3M | $606.2M | $516.5M | $442.4M |
| Total liabilities and shareholders equity | $973.6M | $816.4M | ||
| Common stock, par value (in dollars per share) | $1.00 | $1.00 | $1.00 | |
| Common stock, shares authorized (in shares) | 80.0M shares | 80.0M shares | ||
| Common stock, shares issued (in shares) | 37.2M shares | 37.2M shares | ||
| Treasury stock, shares (in shares) | 7.8M shares | 7.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $226.0M | $295.3M | ||
| Receivables, net of allowance for doubtful accounts | $112.4M | $84.3M | ||
| Finished goods | $23.1M | $24.0M | ||
| Work in process | $29.2M | $36.7M | ||
| Raw materials | $99.6M | $82.7M | ||
| Total inventories | $151.9M | $143.4M | ||
| Prepaid expenses and other current assets | $16.8M | $17.1M | ||
| Total current assets | $507.1M | $540.1M | ||
| Land and improvements | $9.5M | $9.2M | ||
| Building and improvements | $75.0M | $71.5M | ||
| Machinery and equipment | $163.9M | $152.4M | ||
| Property, plant and equipment, at cost | $248.4M | $233.2M | ||
| Less accumulated depreciation | -$168.8M | -$158.9M | ||
| Net property, plant and equipment | $79.6M | $74.3M | ||
| Intangible assets, at cost less accumulated amortization | $118.5M | $45.1M | ||
| Other assets | $18.7M | $12.7M | ||
| Deferred income taxes | $14.1M | $32.5M | ||
| Goodwill | $235.6M | $111.8M | ||
| Total assets | $973.6M | $816.4M | ||
| Payables | $72.3M | $55.7M | ||
| Accrued compensation and employee benefits | $37.6M | $34.9M | ||
| Warranty and after-sale costs, current | $8.5M | $7.3M | ||
| Other current liabilities | $32.3M | $20.4M | ||
| Total current liabilities | $150.7M | $118.2M | ||
| Long-term deferred revenue | $72.8M | $64.2M | ||
| Deferred income taxes | $3.5M | $3.7M | ||
| Accrued non-pension postretirement benefits | $2.5M | $3.0M | ||
| Other accrued employee benefits | $6.7M | $6.9M | ||
| Warranty and after-sale costs, long-term | $13.1M | $9.4M | ||
| Other long-term liabilities | $11.1M | $4.8M | ||
| Total long-term liabilities | $109.6M | $92.0M | ||
| Common stock, $1 par, authorized 80,000,000 shares, issued 37,221,098 shares in 2025 and 2024 | $37.2M | $37.2M | ||
| Capital in excess of par value | $75.3M | $65.8M | ||
| Reinvested earnings | $645.9M | $547.8M | ||
| Accumulated other comprehensive loss | $6.5M | -$7.9M | ||
| Less: Treasury stock, at cost, 7,834,360 shares in 2025 and 7,810,158 shares in 2024 | -$51.6M | -$36.7M | ||
| Total shareholders equity | $713.3M | $606.2M | $516.5M | $442.4M |
| Total liabilities and shareholders equity | $973.6M | $816.4M | ||
| Common stock, par value (in dollars per share) | $1.00 | $1.00 | $1.00 | |
| Common stock, shares authorized (in shares) | 80.0M shares | 80.0M shares | ||
| Common stock, shares issued (in shares) | 37.2M shares | 37.2M shares | ||
| Treasury stock, shares (in shares) | 7.8M shares | 7.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net earnings | $141.6M | $124.9M | $92.6M |
| Depreciation | $11.1M | $11.1M | $10.9M |
| Amortization | $23.5M | $21.1M | $17.2M |
| Deferred income taxes | -$854.0K | -$11.1M | -$9.7M |
| Noncurrent employee benefits | $136.0K | -$153.0K | -$338.0K |
| Stock-based compensation expense | $9.2M | $6.2M | $5.2M |
| Receivables | -$20.1M | -$1.4M | -$6.4M |
| Inventories | -$987.0K | $10.3M | -$32.5M |
| Payables | $14.4M | -$12.2M | $8.5M |
| Prepaid expenses and other assets | -$3.8M | -$15.3M | -$7.0M |
| Other liabilities | $9.5M | $21.5M | $31.5M |
| Total adjustments | $42.1M | $30.1M | $17.5M |
| Net cash provided by operations | $183.7M | $155.0M | $110.1M |
| Property, plant and equipment expenditures | -$14.0M | -$12.8M | -$12.0M |
| Acquisitions, net of cash acquired | -$184.0M | -$3.0M | -$17.1M |
| Net cash used for investing activities | -$198.1M | -$15.8M | -$29.1M |
| Dividends paid | -$43.5M | -$35.8M | -$29.1M |
| Proceeds from exercise of stock options | $554.0K | $751.0K | $967.0K |
| Repurchase of common stock for treasury stock | -$15.0M | $0 | $0 |
| Net cash used for financing activities | -$58.0M | -$35.1M | -$28.1M |
| Effect of foreign exchange rates on cash | $3.0M | -$597.0K | $828.0K |
| (Decrease) increase in cash and cash equivalents | -$69.3M | $103.5M | $53.7M |
| Income taxes | $48.8M | $56.0M | $38.9M |
| Interest | $0 | $0 | $0 |
| Property, plant and equipment acquired through operating lease | $5.5M | $2.3M | $830.0K |
| Property, plant and equipment accrued and unpaid | $0 | $364.0K | $450.0K |
No quarter-by-quarter statement was filed.
Corporate structure
BADGER METER INC sits at the top of its group. 12 entities, 10 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of BADGER METER INC
- State Street Corporation Filed SCHEDULE 13G on BADGER METER INC, latest May 12, 2026 (7 filings since Feb 10, 2022)
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on BADGER METER INC, latest Apr 29, 2026
- VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on BADGER METER INC, latest Apr 28, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on BADGER METER INC, latest Mar 26, 2026 (5 filings since Feb 9, 2022)
- BlackRock Filed SCHEDULE 13G/A on BADGER METER INC, latest Apr 30, 2025 (5 filings since Jan 25, 2022)
- Impax Asset Management Group Filed SC 13G on BADGER METER INC, latest Feb 14, 2022
- BADGER METER INC Milwaukee, Wisconsin, United States
- Badger Meter Austria Subsidiary · Austria
- Badger Meter Canada, Inc. Subsidiary · Canada
- Badger Meter Czech Republic, s.r.o. Subsidiary · Czechia
- Badger Meter de las Americas, SA de CV Subsidiary · Mexico
- Badger Meter de Mexico, SA de CV Subsidiary · Mexico
- Badger Meter France Subsidiary · France
- Badger Meter Spain Subsidiary · Spain
- Badger Meter Swiss, AG (a subsidiary of Badger Meter International, Inc.) Subsidiary · Switzerland
- Badger Meter UK Limited Subsidiary · United Kingdom
- D-Flow Technology AB Subsidiary · Luleå, Sweden
- Syrinix Limited Subsidiary · United Kingdom
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What BADGER METER INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Buildings and improvements | $75.0M6 Dec 31, 2025 | $71.5M6 Dec 31, 2024 | +4.8% |
| Machinery and equipment | $163.9M6 Dec 31, 2025 | $152.4M6 Dec 31, 2024 | +7.6% |
| Property and equipment, before depreciation | $248.4M6 Dec 31, 2025 | $233.2M6 Dec 31, 2024 | +6.5% |
| Accumulated depreciation | $168.8M6 Dec 31, 2025 | $158.9M6 Dec 31, 2024 | +6.2% |
| Property and equipment, net | $79.6M6 Dec 31, 2025 | $74.3M6 Dec 31, 2024 | +7.2% |
| Operating-lease assets (leased space) | $12.5M6 Dec 31, 2025 | $5.9M6 Dec 31, 2024 | +114.0% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $235.6M6 Dec 31, 2025 | $111.8M6 Dec 31, 2024 | +110.8% |
| Finite-lived intangibles, gross | $199.4M6 Dec 31, 2025 | $122.3M6 Dec 31, 2024 | +63.0% |
| Accumulated amortization | $80.9M6 Dec 31, 2025 | $77.3M6 Dec 31, 2024 | +4.7% |
| Finite-lived intangibles, net | $118.5M6 Dec 31, 2025 | $45.1M6 Dec 31, 2024 | +162.9% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $151.9M6 Dec 31, 2025 | $143.4M6 Dec 31, 2024 | +5.9% |
| Raw materials | $99.6M6 Dec 31, 2025 | $82.7M6 Dec 31, 2024 | +20.5% |
| Work in process | $29.2M6 Dec 31, 2025 | $36.7M6 Dec 31, 2024 | −20.3% |
| Finished goods | $23.1M6 Dec 31, 2025 | $24.0M6 Dec 31, 2024 | −3.9% |
Properties, in its own words
The Company has sales, development, distribution and manufacturing facilities and customer service offices as noted in Part I, Item 1 of this 2025 Annual Report on Form 10-K under the heading “Foreign Operations and Export Sales.” The principal facilities utilized by the Company at December 31, 2025 are listed below. The Company owns all such facilities except as noted. The Company believes that its facilities are generally well maintained and have sufficient capacity for its current needs.
Location · Principal Use · Approximate area (square feet)
The rest of Item 2
Milwaukee, Wisconsin, USA · Manufacturing and offices · 324,200
Racine, Wisconsin, USA · Manufacturing and offices · 134,300 · (1)
Nogales, Mexico · Manufacturing · 181,300
Leased facility. Lease term expires December 31, 2030, with a five year extension option.
Item 2 of the 10-K filed Feb 17, 2026.5
Leadership
Who has led BADGER METER INC, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerKenneth Bockhorst Jan 25, 2019 to now14
- Chief executive officerRichard A. Meeusen Jan 25, 2006 to Nov 2, 201815
- ChairKenneth Bockhorst Jan 24, 2020 to now16
- ChairRichard A. Meeusen Jan 25, 2006 to Nov 2, 201815
- PresidentKenneth Bockhorst Jan 25, 2019 to now14
- PresidentRichard A. Meeusen Jan 25, 2006 to Nov 2, 201815
- Chief financial officerDaniel R. Weltzien Feb 17, 2026 to now17
- Chief financial officerRobert Wrocklage Mar 5, 2019 to Feb 17, 202618
- Chief financial officerRichard E. Johnson Jan 23, 2008 to Nov 5, 201819
- Chief operating officerKenneth Bockhorst Oct 11, 2017 to Mar 6, 201820
Board members and other officers (42)
- VP-ControllerChristina M. Tarantino Jan 12, 2026 to now21
- VP-EngineeringEdward F. Callahan Feb 6, 2026 to now22
- VP-Global OperationsRichard Htwe Jan 3, 2023 to now23
- Vice President-Water QualityMatthew L. Stuyvenberg Jan 13, 2022 to now24
- VP-Global Flow and Intl WaterLars Bo Kristensen Dec 2, 2022 to Mar 4, 202425
- VP - Human ResourcesSheryl Hopkins Oct 21, 2020 to now26
- VP-Acctg & External RptgDaniel R. Weltzien Jan 3, 2019 to now27
- Sr. VP-AdminRichard E. Johnson Jan 25, 2019 to Feb 22, 201928
- VP-IR, Strategy & TreasurerKaren M. Bauer Jun 3, 2019 to now29
- VP-Global OperationsWilliam Parisen Jun 3, 2019 to Mar 7, 202230
- VP FinanceRobert Wrocklage Aug 16, 2018 to now31
- VP-Human ResourcesTrina G. Jashinsky Oct 26, 2016 to Mar 10, 202032
- VP-Business DevelopmentFred J. Begale Apr 29, 2009 to now33
- VP-MarketingKimberly K. Stoll Apr 29, 2009 to now34
- VP-Human ResourcesKristie J. Zahn Apr 29, 2009 to Nov 2, 201135
- Sr. VP-Admin.Ronald H. Dix Jan 23, 2008 to Jun 2, 200936
- VP-EngineeringGregory M. Gomez Feb 25, 2008 to Mar 7, 202237
- VP-ManufacturingRaymond G. Serdynski Feb 25, 2008 to Apr 24, 201938
- VP-ControllerBeverly L. P. Smiley Jan 25, 2006 to Jan 25, 201939
- VP-OperationsBryan L. Cieslak Jan 25, 2006 to Jan 29, 200740
- VP-Business DevelopmentDaniel D. Zandron Jan 25, 2006 to Jun 2, 200941
- VP-Sales, Mktg. & Engr.Dennis J. Webb Jan 25, 2006 to May 8, 201342
- VP-InternationalHorst Gras Feb 14, 2006 to Jun 3, 201943
- VP-Gen. Counsel and SecretaryWilliam R. A. Bergum Feb 22, 2006 to now44
- Board memberMelanie K. Cook Mar 1, 2022 to now45
- Board memberXia Liu Aug 1, 2022 to now46
- Board memberHenry F. Brooks Aug 26, 2021 to now47
- Board memberKenneth Bockhorst Jan 25, 2019 to Mar 5, 201914
- Board memberRichard A. Meeusen Jan 25, 2019 to Jun 14, 201948
- Board memberTessa M. Myers Mar 1, 2019 to now49
- Board memberGlen E. Tellock Feb 13, 2017 to now50
- Board memberTodd A. Adams Feb 13, 2017 to now51
- Board memberJames F. Stern Nov 14, 2016 to now52
- Board memberGail A. Lione Feb 17, 2012 to Jul 26, 202153
- Board memberGale E. Klappa Feb 17, 2010 to May 4, 202254
- Board memberTodd J. Teske Nov 6, 2009 to Apr 30, 201955
- Board memberRonald H. Dix Jan 25, 2006 to Jul 23, 200956
- Board memberJohn J. Stollenwerk Jan 31, 2006 to Jan 5, 201257
- Board memberAndrew J. Policano Feb 14, 2006 to Sep 7, 201758
- Board memberKenneth P. Manning Feb 14, 2006 to Apr 28, 200959
- Board memberThomas J. Fischer Feb 14, 2006 to Apr 30, 201960
- Board memberUlice Payne Jr. Feb 14, 2006 to Apr 28, 200961
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Badger Meter Austria Austria4
- Badger Meter Canada, Inc. Canada4
- Badger Meter Czech Republic, s.r.o. Czech Republic4
- Badger Meter France France4
- Badger Meter Spain Spain4
- Badger Meter Swiss, AG (a subsidiary of Badger Meter International, Inc.) Switzerland4
- Badger Meter UK Limited United Kingdom4
- Badger Meter de Mexico, SA de CV Mexico4
- Badger Meter de las Americas, SA de CV Mexico4
- D-Flow Technology, AB Sweden4
- Syrinix Limited United Kingdom4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Jul 22, 20268-K Results of operations62
- Jun 11, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation63
- May 21, 20268-K Regulation FD disclosure64
- Apr 28, 20268-K Bylaws or fiscal year changed; Shareholder vote; Other events65
- Apr 17, 20268-K Results of operations66
- Jan 28, 20268-K Results of operations67
- Dec 11, 20258-K Executive or director change68
- Oct 21, 20258-K Results of operations69
- Jul 22, 20258-K Results of operations70
- Apr 29, 20258-K Shareholder vote; Other events71
- Apr 17, 20258-K Results of operations72
- Jan 31, 20258-K Results of operations73
- Jan 25, 2019New chief executive Kenneth Bockhorst becomes CEO14
- Jan 25, 2006New chief executive Richard A. Meeusen becomes CEO15
Calendar
Coming up
- Oct 22, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $1.19 a share, on Oct 21, 2025.74
When it reported results
- Jul 22, 2026Reported quarterly or annual results62
- Apr 17, 2026Reported quarterly or annual results66
- Jan 28, 2026Reported quarterly or annual results67
- Oct 21, 2025Reported quarterly or annual results69
- Jul 22, 2025Reported quarterly or annual results70
- Apr 17, 2025Reported quarterly or annual results72
- Jan 31, 2025Reported quarterly or annual results73
- Oct 17, 2024Reported quarterly or annual results75
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
358 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 31 major events, 238 insider forms, 20 large holders, 49 other. The latest 20:
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Jul 31, 20264 EDGAR
- Jul 23, 202610-Q EDGAR
- Jul 22, 20268-K EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jun 22, 202611-K EDGAR
- Jun 11, 20268-K EDGAR
- May 28, 2026SD EDGAR
- May 21, 20268-K EDGAR
- May 12, 2026SCHEDULE 13G EDGAR
- May 4, 20264 EDGAR
- Apr 29, 2026SCHEDULE 13G EDGAR
- Apr 29, 20264 EDGAR
- Apr 29, 20264 EDGAR
- Apr 29, 20264 EDGAR
- Apr 29, 20264 EDGAR
- Apr 29, 20264 EDGAR
- Apr 29, 20264 EDGAR
The 358 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
46 open-market trades by officers, directors and large owners since October 2021: 9 buys and 37 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 30, 2026 | Callahan Edward F.VP-Engineering | Buy | 751 | $135.25 | $101.6K | Form 4 |
| Apr 23, 2026 | Wrocklage RobertEVP-N.A. Muncipal Utility | Buy | 1,000 | $122.35 | $122.3K | Form 4 |
| Apr 21, 2026 | Htwe RichardVP-Global Operations | Buy | 1,700 | $116.13 | $197.4K | Form 4 |
| Apr 21, 2026 | Tarantino Christina M.VP-Controller | Buy | 870 | $113.80 | $99.0K | Form 4 |
| Apr 21, 2026 | Callahan Edward F.VP-Engineering | Buy | 858 | $116.30 | $99.8K | Form 4 |
| Apr 21, 2026 | Bockhorst KennethChairman, President & CEO | Buy | 2,200 | $117.53 | $258.6K | Form 4 |
| Mar 6, 2026 | Stoll Kimberly KVP-Cust Serv & GM SmartCover | Sale | 143 | $144.50 | $20.7K | Form 4 |
| Mar 4, 2026 | Begale Fred JVP-Utility NPD | Sale | 2,064 | $150.00 | $309.6K | Form 4 |
| Mar 3, 2026 | Stoll Kimberly KVP-Cust Serv & GM SmartCover | Sale | 1,634 | $149.01 | $243.5K | Form 4 |
| Feb 27, 2026 | Stoll Kimberly KVP-Cust Serv & GM SmartCover | Sale | 148 | $150.38 | $22.3K | Form 4 |
| Feb 10, 2026 | Bockhorst KennethChairman, President & CEO | Buy | 3,300 | $152.42 | $503.0K | Form 4 |
| Feb 9, 2026 | Wrocklage RobertEVP-N.A. Muncipal Utility | Buy | 1,650 | $152.35 | $251.4K | Form 4 |
| Feb 5, 2026 | Htwe RichardVP-Global Operations | Buy | 3,370 | $148.71 | $501.2K | Form 4 |
| Mar 5, 2025 | Bauer Karen M.VP-IR, Strategy & Treasurer | Sale | 1,147 | $209.74 | $240.6K | Form 4 |
| Mar 5, 2025 | Bockhorst KennethChairman, President & CEO | Sale | 16,073 | $209.74 | $3.4M | Form 4 |
| Mar 5, 2025 | Stoll Kimberly KVP-Cust Serv & GM SmartCover | Sale | 1,376 | $209.74 | $288.6K | Form 4 |
| Mar 5, 2025 | BERGUM WILLIAM R AVP-Gen. Counsel and Secretary | Sale | 1,147 | $209.74 | $240.6K | Form 4 |
| Mar 5, 2025 | Begale Fred JVP-Utility NPD | Sale | 936 | $209.74 | $196.3K | Form 4 |
| Mar 4, 2025 | Bauer Karen M.VP-IR, Strategy & Treasurer | Sale | 208 | $209.50 | $43.6K | Form 4 |
| Mar 4, 2025 | Stoll Kimberly KVP-Cust Serv & GM SmartCover | Sale | 243 | $209.50 | $50.9K | Form 4 |
All 46 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- State Street CorporationSCHEDULE 13G, 7 filings Feb 10, 2022 to May 12, 202676
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 202677
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 28, 202678
- VANGUARD GROUP INCSCHEDULE 13G/A, 5 filings Feb 9, 2022 to Mar 26, 202679
- BlackRockSCHEDULE 13G/A, 5 filings Jan 25, 2022 to Apr 30, 202580
- Impax Asset Management GroupSC 13G, 1 filing Feb 14, 202281
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Kenneth C. Bockhorst | $880.0K | $5.9M82 | |
| 2025 | Robert A. Wrocklage | $500.0K | $2.0M82 | |
| 2025 | Sheryl L. Hopkins | $360.0K | $984.7K82 | |
| 2025 | Kimberly K. Stoll | $325.0K | $890.0K82 | |
| 2025 | William R. A. Bergum | $300.0K | $867.8K82 | |
| 2024 | ChairmanPresident & | $830.0K | $5.1M82 | |
| 2024 | Senior VicePresident - Chief | $450.0K | $1.8M82 | |
| 2024 | Vice President - Human | $330.0K | $924.8K82 | |
| 2024 | Vice President - Sales and | $310.0K | $832.7K82 | |
| 2023 | CEO | $750.0K | $4.5M82 | |
| 2023 | Financial Officer | $405.0K | $1.5M82 | |
| 2023 | Marketing | $290.0K | $760.2K82 | |
| 2023 | Resources | $285.0K | $715.4K82 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 4,892,342 | $725.9M | 0.0% | −59,540 |
| Vanguard Portfolio Management LLC | 2,504,823 | $371.7M | 0.0% | +53,172 |
| State Street Corp | 1,651,414 | $245.0M | 0.0% | +126,444 |
| Vanguard Capital Management LLC | 1,317,325 | $195.5M | 0.0% | +15,705 |
| Geode Capital Management, LLC | 1,008,392 | $149.6M | 0.0% | +69,561 |
| Impax Asset Management Group plc | 945,694 | $140.3M | 0.9% | New |
| First Trust Advisors LP | 771,864 | $114.5M | 0.1% | +211,508 |
| Morgan Stanley | 739,882 | $109.8M | 0.0% | +76,690 |
| Boston Trust Walden Corp | 728,961 | $108.2M | 0.8% | +198,792 |
| UBS Group AG | 629,411 | $93.4M | 0.0% | −228,763 |
| Amundi | 590,079 | $87.6M | 0.0% | +131,016 |
| Pictet Asset Management Holding SA | 574,477 | $85.2M | 0.1% | +180,133 |
| Dimensional Fund Advisors LP | 517,496 | $76.8M | 0.0% | −22,776 |
| Invesco Ltd. | 505,343 | $75.0M | 0.0% | −272,564 |
| Neuberger Berman Group LLC | 499,519 | $74.1M | 0.0% | +152,799 |
| Bank Of America Corp /de/ | 460,602 | $68.3M | 0.0% | +167,750 |
| Jpmorgan Chase & Co | 434,707 | $60.5M | 0.0% | −41,017 |
| Northern Trust Corp | 380,008 | $56.4M | 0.0% | +47,513 |
| Norges Bank | 374,295 | $55.5M | 0.0% | New |
| Charles Schwab Investment Management Inc | 335,404 | $49.8M | 0.0% | +15,840 |
| Marshall Wace, Llp | 312,146 | $46.3M | 0.0% | −194,544 |
| Goldman Sachs Group Inc | 311,866 | $46.3M | 0.0% | −152,957 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 280,713 | $41.6M | 0.0% | +16,843 |
| American Capital Management Inc | 258,243 | $38.3M | 1.7% | +72,402 |
| Fundsmith Investment Services Ltd. | 251,196 | $37.3M | 0.8% | +118,565 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Dec 18, 2024 | Markwayne Mullin, Senate | Sale | $15,001 - $50,000 | +74.0% | Report |
| Dec 18, 2024 | Markwayne Mullin, Senate | Sale | $1,001 - $15,000 | +74.0% | Report |
| Jan 4, 2024 | Markwayne Mullin, Senate | Buy | $1,001 - $15,000 | −82.6% | Report |
| Jan 4, 2024 | Markwayne Mullin, Senate | Buy | $1,001 - $15,000 | −82.6% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How BADGER METER INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARBADGER METER INC1
- CIK0000009092
- Employer ID (EIN)39-01432805
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inWisconsin5
- Fiscal year endsDecember 311
- Industry code (SIC)3824 Totalizing Fluid Meters & Counting Devices1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business address4545 West Brown Deer Road, Milwaukee, WI 532231
- Mailing address4545 W Brown Deer Rd, Milwaukee, WI 532231
- Phone41437157021
- Shares outstanding28,986,847 as of Jul 10, 202612
- Public float$7.2B as of Jun 30, 20255
- AuditorErnst & Young LLP, Milwaukee, Wisconsin PCAOB ID 42; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceFeb 9, 19941
- Filings2,172 in all: 4 (1,484), 8-K (163), SC 13G/A (116), 10-Q (95), 4/A (32), DEF 14A (32), 3 (31), 11-K (30)1
All 37 form types
10-K (26), SC 13G (21), 144 (19), SC 13D/A (15), SD (13), SC 13D (11), S-8 (8), ARS (7), 144/A (6), UPLOAD (6), 10-K405 (5), 5 (5), CORRESP (5), SCHEDULE 13G (5), 424B3 (4), 8-K/A (4), PRE 14A (4), PX14A6G (4), 8-A12B (3), DEFA14A (3), S-3 (3), SCHEDULE 13G/A (3), EFFECT (2), S-3ASR (2), 10-K405/A (1), 11-K/A (1), 25 (1), 3/A (1), CERTNYS (1)
- Latest filingsAnnual report (10-K) Feb 17, 2026
Quarterly report (10-Q) Jul 23, 2026
Proxy statement (DEF 14A) Mar 13, 2026
Latest 8-K (8-K) Jul 22, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock | BMI | New York Stock Exchange |
From the cover page of the 10-K filed Feb 17, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks BADGER METER INC names in Item 1A of its 10-K filed Feb 17, 2026: 22 risks under these headings, as written.5
- The inability to develop technologically advanced products and solutions could harm our future success.
- Failure to manufacture quality products could have a material adverse effect on our business.
- If our software products do not operate as intended, our business could be materially and adversely affected.
- Our role as a prime contractor brings certain risks that could have a material adverse effect on our business.
- If we are not able to protect our proprietary rights to our software and related products, our ability to market our software products could be hindered and our results of operations, financial position and cash flows could be materially and adversely affected.
- The inability to obtain adequate supplies of raw materials and component parts at reasonable prices could decrease our profit margins and negatively impact timely delivery to customers and could have a material adverse effect on our business, results of operations and financial condition.
- Economic conditions could cause a material adverse impact on our sales and results of operations.
- The imposition of significant tariffs or other trade barriers by the United States, or other foreign nations, may harm our sales, costs and results of operations.
- Geopolitical crisis, including terrorism or pandemics, could adversely affect our business.
- Risks related to foreign markets could decrease our profitability.
- An inability to attract and retain skilled employees could negatively impact our growth and decrease our profitability.
- Competitive pressures in the marketplace could decrease our revenues and profits.
The other 10 risks
- Global public health pandemics could have a material adverse effect on our business, results of operations and financial condition.
- Violations or alleged violations of laws that impose requirements for the conduct of the Company’s overseas operations, including the U.S. Foreign Corrupt Practices Act (FCPA) or other anti-corruption laws, trade sanctions and sanctioned parties restrictions could adversely affect our business.
- Changes in environmental or regulatory requirements, including climate change legislation, could entail additional expenses that could decrease our profitability.
- Economic impacts due to leadership or policy changes in the countries where we do business could negatively affect our profitability.
- Climate change, extreme weather and other natural phenomena could adversely affect our business.
- Failure to meet sustainability expectations or standards, or to achieve our sustainability goals, could adversely affect our business, results of operations and overall financial performance.
- Litigation against us could be costly, time-consuming to defend and could adversely affect our profitability.
- Disruptions and other damages to our information technology and other networks and operations, and breaches in data security or cybersecurity attacks could have a negative financial impact and damage our reputation.
- We use artificial intelligence occasionally in our business and in our products, and challenges with properly managing its use could result in reputational harm, competitive disadvantages, and adverse impacts to our results of operations, while also exposing us to potential legal or regulatory actions that could harm our business.
- Failure to successfully identify, complete and integrate acquired businesses or products could adversely affect our operations.
Legal proceedings
In the normal course of business, the Company is named in legal proceedings from time to time. There are currently no material legal proceedings pending with respect to the Company.
The Company is subject to contingencies related to environmental laws and regulations. Information about the Company's compliance with environmental regulations is included in Part I, Item 1 of this 2025 Annual Report on Form 10-K under the heading “Environmental Protection.”
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 4
- 5
- 6
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- 10
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- 13
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- 16SEC EDGARKenneth Bockhorst, Chair
- 17
- 18
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- 20
- 21
- 22SEC EDGAREdward F. Callahan, VP-Engineering
- 23SEC EDGARRichard Htwe, VP-Global Operations
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- 26SEC EDGARSheryl Hopkins, VP - Human Resources
- 27
- 28SEC EDGARRichard E. Johnson, Sr. VP-Admin
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- 30
- 31SEC EDGARRobert Wrocklage, VP Finance
- 32
- 33
- 34SEC EDGARKimberly K. Stoll, VP-Marketing
- 35SEC EDGARKristie J. Zahn, VP-Human Resources
- 36SEC EDGARRonald H. Dix, Sr. VP-Admin.
- 37SEC EDGARGregory M. Gomez, VP-Engineering
- 38
- 39SEC EDGARBeverly L. P. Smiley, VP-Controller
- 40SEC EDGARBryan L. Cieslak, VP-Operations
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- 42
- 43SEC EDGARHorst Gras, VP-International
- 44
- 45SEC EDGARMelanie K. Cook, Board member
- 46SEC EDGARXia Liu, Board member
- 47SEC EDGARHenry F. Brooks, Board member
- 48SEC EDGARRichard A. Meeusen, Board member
- 49SEC EDGARTessa M. Myers, Board member
- 50SEC EDGARGlen E. Tellock, Board member
- 51SEC EDGARTodd A. Adams, Board member
- 52SEC EDGARJames F. Stern, Board member
- 53SEC EDGARGail A. Lione, Board member
- 54SEC EDGARGale E. Klappa, Board member
- 55SEC EDGARTodd J. Teske, Board member
- 56SEC EDGARRonald H. Dix, Board member
- 57SEC EDGARJohn J. Stollenwerk, Board member
- 58SEC EDGARAndrew J. Policano, Board member
- 59SEC EDGARKenneth P. Manning, Board member
- 60SEC EDGARThomas J. Fischer, Board member
- 61SEC EDGARUlice Payne Jr., Board member
- 62SEC EDGARResults of operations
- 63
- 64SEC EDGARRegulation FD disclosure
- 65
- 66SEC EDGARResults of operations
- 67SEC EDGARResults of operations
- 68SEC EDGARExecutive or director change
- 69SEC EDGARResults of operations
- 70SEC EDGARResults of operations
- 71SEC EDGARShareholder vote; Other events
- 72SEC EDGARResults of operations
- 73SEC EDGARResults of operations
- 74NasdaqNasdaq calendar
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