TacticScaleWhat Badger Meter Does & How It Makes Money (BMI)
Updated October 2026 · reflects Badger Meter's latest reported financials
Water meter and flow measurement maker with smart utility software. It earns revenue mainly by selling metering hardware, endpoints, sensors and instruments to water utilities, industrial customers and OEMs, complemented by software, network-as-a-service connectivity and related support services.
How Badger Meter makes money
It earns revenue mainly by selling metering hardware, endpoints, sensors and instruments to water utilities, industrial customers and OEMs, complemented by software, network-as-a-service connectivity and related support services.
What Badger Meter does
Badger Meter, founded in 1905 and based in Milwaukee, Wisconsin, makes flow measurement, water quality, control and communication products. Its largest focus is municipal water utilities. For them it offers smart water meters, ORION cellular and mobile-read endpoints that send meter data, and BEACON, a secure cloud software suite that sets alerts for specific conditions and lets households view and manage their own water use. It also offers water quality instruments and high-frequency pressure and leak sensors that help utilities respond to burst pipes and leaks. A second business sells flow instruments, including meters, valves and sensors, that measure and control water, air, steam and other fluids. These go to equipment makers, which build them into their products as the main flow measurement device, and are also sold through manufacturers' representatives. End markets include water and wastewater, HVAC and corporate sustainability. Badger Meter also provides training, project management and technical support, so a utility can buy the hardware, connectivity, software and services from one supplier.
Products & services
- BEACON cloud software suite
- ORION Cellular endpoints
- ORION mobile read endpoints (AMR)
- Utility smart water meters
- Water quality monitoring sensors
- Pressure and leak detection sensors
What is Badger Meter worth?
On an owner-earnings DCF, Badger Meter's most-likely value is about $153 versus a recent price near $131 (16% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$61) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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