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Badger Meter, Inc. director Xia Liu reported receipt of phantom stock units tied to the company's common stock on 10/01/2025. The filing shows two entries: an accrual of 89.62 phantom stock units valued at $178.54 per unit, recorded as payment for the Q4 2025 non-employee director retainer of $16,000, and an additional 18.215 phantom stock units credited as dividend equivalents on previously granted units. Following these transactions Ms. Liu beneficially owns a total of 3,207.777 phantom stock units, each economically equivalent to one share of common stock and payable in cash upon termination of her service as a director. The Form 4 was signed by an attorney-in-fact on behalf of Ms. Liu on 10/01/2025.
Todd A. Adams, a director of Badger Meter Inc. (BMI), received phantom stock units under the company’s director deferred compensation plan on 10/01/2025. The filing reports two entries of phantom stock activity: an accrual of units tied to his $16,000 Q4 2025 non-employee director retainer computed at the $178.54 closing price on 9/30/2025, and additional units from routine dividend-equivalent payments. Each phantom stock unit is the economic equivalent of one share of common stock and becomes payable in cash upon the reporting person’s termination of service as a director. Following the reported transactions the filing shows positions of 15,784.387 and 15,886.833 phantom stock units, held directly.
Badger Meter (BMI) Q2 2025 10-Q snapshot: Net sales rose 9.9% YoY to $238.1 million as utility-water demand, BEACON SaaS growth and the newly acquired SmartCover business ($10.6 million revenue) offset flat flow-instrumentation sales. Gross margin widened 170 bp to 41.1%, lifting operating earnings 8.1% to $44.9 million, though higher SmartCover amortisation and head-count drove SEA up 21%, trimming operating margin 40 bp to 18.8%.
Net earnings increased 4.6% to $34.6 million, or $1.17 diluted EPS. For the six-month period, revenue grew 11.5% to $460.3 million and EPS advanced 17% to $2.47 with gross margin at 42.0%.
Balance-sheet & cash-flow highlights: January’s $184 million cash purchase of SmartCover doubled goodwill to $235.7 million and reduced cash to $165.2 million (vs $295.3 million YE-24). Operating cash flow improved 34% YoY to $77.6 million, but free cash outflow followed acquisition spending and $20.0 million dividends. Shareholders’ equity climbed to $677.6 million; no long-term debt disclosed. Contract liabilities rose to $91.9 million, underpinning multi-year recurring SaaS revenue.
Key metrics:
- Utility-water sales: $212.2 m (+11.4%)
- Flow instrumentation sales: $25.9 m (-1.0%)
- Effective tax rate: 24.5%
- Dividend raised to $0.34/share
Management flags tariff/input-cost pressure but expects favorable mix (SaaS, ultrasonic meters) and SmartCover synergies to support margins.