Description

Badger Meter’s Hidden 2027 Opportunity: Could UDlive Unlock High-Single-Digit Growth?

Badger Meter, Inc. reported third quarter 2026 sales of $235.9 million, consistent with the same period in 2025. Excluding $5.6 million in sales from the recently acquired UDlive, base sales declined 2% year-over-year but increased by 5% sequentially due to the ramp-up of previously awarded projects and solid underlying market demand. Utility water sales remained flat year-over-year but were down 3% excluding UDlive, reflecting project pacing effects. Flow instrumentation revenue grew 2% year-over-year, benefiting from broad demand in water applications and emerging interest from data center customers, although from a small revenue base. Operating profit increased 4% compared to last year, with operating margins improving by 60 basis points to 20.2%. Excluding UDlive, base operating margins expanded by 130 basis points to 20.9%. Gross margin rose 120 basis points to 41.9%, driven by a favorable structural mix, higher ultrasonic meter sales, and continued software-as-a-service growth.