Company Overview - Badger Meter specializes in flow measurement and analytics solutions for water utilities and industrial clients globally, with a revenue growth of 13% in the third quarter [1][10] - The company provides a range of products including mechanical and static water meters, radio and software technologies, and flow instrumentation [4][6] - Badger Meter's revenue is primarily generated from proprietary hardware, software, and cloud-based analytics, with opportunities for recurring service and technology upgrades [4][6] Financial Performance - As of November 25, 2025, Badger Meter's stock price was $182.60, reflecting a 16.5% decline over the past year, underperforming the S&P 500 by 30.1 percentage points [3] - The company's market capitalization stands at $5.3 billion, with a trailing twelve months (TTM) revenue of $901.11 million and a net income of $138.8 million [3] Recent Developments - Badger Meter's stock experienced a significant drop in July due to disappointing second-quarter results, and it has not fully recovered despite strong third-quarter performance [9][10] - The company announced an 18% increase in its annual dividend rate, indicating confidence in its financial health [10] - CEO Kenneth C. Bockhorst highlighted strong demand for the company's cellular AMI and BlueEdge™ smart water management solutions, despite facing macroeconomic and policy challenges [10] Market Position - Badger Meter is recognized as a leading provider of flow measurement and control technologies, leveraging its proprietary hardware and cloud-based analytics to support efficient resource management for water utilities and industrial clients [6] - The company serves a diverse customer base, including municipal water utilities, industrial markets, and original equipment manufacturers both in the U.S. and internationally [5][6]

Financial Performance - Sales reached $238 million, a 10% increase year-over-year, although 5% excluding SmartCover[7] - Operating margin decreased by 40 bps to 18.8%[7] - EPS grew by 4% year-over-year to $1.17 per share[7] - Free cash flow increased by 19% year-over-year to $41 million[7] - Gross margin improved by 170 bps to 41.1%[8] Business Segments - Utility water sales increased by 11% (6% excluding SmartCover)[8] - Flow instrumentation sales were essentially flat[8] Sustainability - The company reduced GHG emissions intensity by 55% since 2020[15] - The company reduced internal water usage intensity by 30%[15] - The company aims to reduce future GHG intensity by 30% using 2024 as the next baseline[15] Outlook - The company anticipates long-term shareholder value creation with favorable demand and industry dynamics[16]