Badger Meter, Inc.

BMI

$136.02

+2.58%

N/A+$3.42

Industrials

Industrial - Machinery

NYSE

Negociación activa

Badger Meter, Inc. (BMI) provides a comprehensive range of solutions for flow measurement, quality assessment, control, and communication. Operating globally, the company ...

Cadena de suministro de BMI

Aguas arriba

Fundiciones, empaquetado, memoria, obleas, componentes y proveedores de insumos.

Aguas arriba

Brass/Bronze Castings Foundry (Single Source)

Tadiran Batteries (Saft Groupe / TotalEnergies)

Electronic Subassembly Manufacturer (Single Source)

Cellular Module Supplier (Qualcomm / Semtech-Sierra Wireless)

Resin/Plastic Supplier (Single Source)

Connector & Passive Components Supplier (Asia Sourced)

Copper & Scrap Metal Commodity Market

Semiconductor Foundry (TSMC / GlobalFoundries)

Brass/Bronze Castings Foundry (Single Source)

Supplier of precision brass and bronze castings for residential and commercial water meter housings (Model 25, Recordall series). Single-source dependency disclosed in 10-K.

Tadiran Batteries (Saft Groupe / TotalEnergies)

Unconfirmed

Supplier of lithium thionyl chloride (Li-SOCl2) long-life batteries for ORION cellular endpoints and AMR/AMI meter registers. Industry-standard for water metering applications.

Electronic Subassembly Manufacturer (Single Source)

Single-source supplier of certain proprietary electronic subassemblies used in ORION endpoints and meter registers. Identity not publicly disclosed per 10-K risk factors.

Cellular Module Supplier (Qualcomm / Semtech-Sierra Wireless)

NASDAQ:QCOM

Supplies LTE-M / NB-IoT cellular modem chipsets and modules integrated into ORION Cellular endpoints for AT&T/Verizon/T-Mobile network connectivity.

Resin/Plastic Supplier (Single Source)

Single-source supplier of engineered plastic resins used for meter register housings, covers, and non-metallic components. Supplier identity not publicly disclosed.

Aguas abajo

Clientes, distribuidores, OEM y canales que absorben la producción.

Aguas abajo

PACE Supply Corp.

Ferguson Enterprises (Ferguson plc)

National Meter, Inc.

Westech Industrial Ltd.

Utility Solutions & Automation, LLC

PRASA (Puerto Rico Aqueduct and Sewer Authority)

Core & Main, Inc.

NYSE:CNM

National distributor of water meters, AMI/AMR systems, and water infrastructure products to municipal utilities across the US. Major channel partner.

PACE Supply Corp.

Exclusive Badger Meter distributor for California and Hawaii. Distributes residential/commercial water meters and AMI technology. Strategic partnership announced 2026.

DNOW Inc.

NYSE:DNOW

Exclusive international distributor for Badger Meter industrial flow measurement products to oil & gas customers globally. Announced 2024 distribution agreement.

Ferguson Enterprises (Ferguson plc)

NYSE:FERG

Major national wholesale distributor of Badger Meter water meters and plumbing products across the US. Serves municipal and commercial contractor channels.

National Meter, Inc.

Wholly-owned distributor of Badger Meter products. Provides water metering solutions and local support primarily in the Southwestern US.

Comparables

Empresas cotizadas comparables y valores de seguimiento usados como representantes del análisis.

Comparables

Watts Water Technologies, Inc.

Mueller Water Products, Inc.

Itron, Inc.

NASDAQ:ITRI

Direct competitor in smart water metering and AMI/AMR technology. Similar customer base (municipal water utilities) and supply chain structure (electronic components, cellular modules, meters). Provides comparable exposure to smart water infrastructure trends.

Xylem Inc.

NYSE:XYL

Parent company of Sensus (Badger Meter's primary competitor in water meters). Also competes in water/wastewater treatment and smart metering. Provides broader water technology exposure including Sensus supply chain.

Roper Technologies, Inc.

NYSE:ROP

Parent company of Neptune Technology Group, the #3 US water meter manufacturer (after Badger Meter and Sensus). Exposure to same municipal water utility end-market and smart metering technology trends.

Watts Water Technologies, Inc.

NYSE:WTS

Competes in commercial and residential water flow control, plumbing, and water quality solutions. Similar end-market exposure and raw material sensitivities (brass, copper, plastics).

Mueller Water Products, Inc.

NYSE:MWA

Competes in water infrastructure (valves, hydrants, meters) with manufacturing exposure to brass/iron castings and municipal utility customers. Similar commodity input cost structures.

Geografía

Exposiciones regionales que pueden distorsionar la red de suministro.

Geografía

United States (domestic concentration)

China & Southeast Asia

Mexico (Nogales)

Municipal Water Utilities (US)

Connector & Passive Component Suppliers (Asia)

Badger Meter Nogales Manufacturing Plant

United States (domestic concentration)

Revenue concentration >90% in the US municipal water utility market. Limited international diversification despite global manufacturing footprint. Heavily dependent on US water infrastructure spending and municipal budgets.

Municipal Water Utilities (US)Core end-customer segment comprising majority of revenue

China & Southeast Asia

Electronic components (connectors, passives, certain PCBAs) sourced from China and SE Asia. Exposed to US-China trade tensions, tariffs, and geopolitical supply chain disruptions. Badger Meter flagged this in Q1 2025 earnings presentation.

Connector & Passive Component Suppliers (Asia)Sourcing exposure for electronic components

Mexico (Nogales)

Major manufacturing facility located in Nogales, Sonora, Mexico. Exposed to US-Mexico trade policy changes, border delays, and labor market conditions. Produces a significant share of water meters for the US market.

Badger Meter Nogales Manufacturing PlantCompany-owned manufacturing facility

Concentración

Exposiciones de concentración de clientes, proveedores o socios que pueden distorsionar la red de suministro.

Foundry

Critical

Single-source dependency on one brass/bronze casting foundry for critical water meter housings. Any disruption at this supplier would halt a significant portion of meter production. This risk has been disclosed consistently in SEC filings for over a decade.

Other

Critical

Single-source dependency for certain proprietary electronic subassemblies used in ORION endpoints and electronic meter registers. Dual-sourcing options are limited due to proprietary designs.

Other

High

Single-source dependency for certain engineered plastic resins used in non-metallic meter components and register housings.

Other

High

Copper/brass commodity price exposure. Copper is the primary raw material input for mechanical water meters (~75% of revenue). Price fluctuations directly impact gross margins.

Composición de ingresos

Cómo la composición de ingresos se traduce en apalancamiento y dependencia en la cadena de suministro.

Utility Water Solutions (meters, endpoints, communication tech)

75.0%

$0.7B

Drives demand for brass/bronze castings (meter housings), electronic subassemblies (ORION endpoints), lithium batteries, and cellular modules. Highest volume segment with longest supplier lead-time exposure.

Flow Instrumentation (industrial meters, valves, sensors)

12.0%

$0.1B

Requires precision-machined components, stainless steel and brass fittings, and specialty electronic sensors. Serves HVAC, chemical, oil & gas, and water treatment end-markets.

Software & SaaS (BEACON, EyeOnWater)

8.0%

$0.1B

Cloud infrastructure dependent (AWS/Azure), recurring high-margin revenue. Minimal physical supply chain but reliant on data center uptime and cybersecurity.

Water Quality & Wastewater Monitoring (s::can, SmartCover)

5.0%

$0.0B

Acquired technology (s::can 2020, SmartCover 2025). Requires optical sensors, chemical reagents, and IoT telemetry components. Growing segment via M&A.

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Badger Meter, Inc.

Cadena de suministro de BMI

Aguas arriba

Brass/Bronze Castings Foundry (Single Source)

Tadiran Batteries (Saft Groupe / TotalEnergies)

Electronic Subassembly Manufacturer (Single Source)

Cellular Module Supplier (Qualcomm / Semtech-Sierra Wireless)

Resin/Plastic Supplier (Single Source)

Connector & Passive Components Supplier (Asia Sourced)

Copper & Scrap Metal Commodity Market

Semiconductor Foundry (TSMC / GlobalFoundries)

Aguas abajo

Core & Main, Inc.

PACE Supply Corp.

DNOW Inc.

Ferguson Enterprises (Ferguson plc)

National Meter, Inc.

Westech Industrial Ltd.

Utility Solutions & Automation, LLC

PRASA (Puerto Rico Aqueduct and Sewer Authority)

View More

Comparables

Itron, Inc.

Xylem Inc.

Roper Technologies, Inc.

Watts Water Technologies, Inc.

Mueller Water Products, Inc.

Geografía

United States (domestic concentration)

China & Southeast Asia

Mexico (Nogales)

Cadena de suministro de BMI

Aguas arriba

Brass/Bronze Castings Foundry (Single Source)

Tadiran Batteries (Saft Groupe / TotalEnergies)

Electronic Subassembly Manufacturer (Single Source)

Cellular Module Supplier (Qualcomm / Semtech-Sierra Wireless)

Resin/Plastic Supplier (Single Source)

Connector & Passive Components Supplier (Asia Sourced)

Copper & Scrap Metal Commodity Market

Semiconductor Foundry (TSMC / GlobalFoundries)

Aguas abajo

Core & Main, Inc.

PACE Supply Corp.

DNOW Inc.

Ferguson Enterprises (Ferguson plc)

National Meter, Inc.

Westech Industrial Ltd.

Utility Solutions & Automation, LLC

PRASA (Puerto Rico Aqueduct and Sewer Authority)

View More

Comparables

Itron, Inc.

Xylem Inc.

Roper Technologies, Inc.

Watts Water Technologies, Inc.

Mueller Water Products, Inc.

Geografía

United States (domestic concentration)

China & Southeast Asia

Mexico (Nogales)