<SEC-DOCUMENT>0001193125-25-228592.txt : 20251002
<SEC-HEADER>0001193125-25-228592.hdr.sgml : 20251002
<ACCEPTANCE-DATETIME>20251002170018
ACCESSION NUMBER:		0001193125-25-228592
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251001
FILED AS OF DATE:		20251002
DATE AS OF CHANGE:		20251002

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Liu Xia
		CENTRAL INDEX KEY:			0001644492
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06706
		FILM NUMBER:		251370367

	MAIL ADDRESS:	
		STREET 1:		231 W MICHIGAN STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53203

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BADGER METER INC
		CENTRAL INDEX KEY:			0000009092
		STANDARD INDUSTRIAL CLASSIFICATION:	TOTALIZING FLUID METERS & COUNTING DEVICES [3824]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				390143280
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4545 WEST BROWN DEER ROAD
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53223
		BUSINESS PHONE:		4143715702

	MAIL ADDRESS:	
		STREET 1:		4545 W BROWN DEER RD
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53223

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BADGER METER MANUFACTURING CO
		DATE OF NAME CHANGE:	19710729
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-10-01</periodOfReport>

    <issuer>
        <issuerCik>0000009092</issuerCik>
        <issuerName>BADGER METER INC</issuerName>
        <issuerTradingSymbol>BMI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001644492</rptOwnerCik>
            <rptOwnerName>Liu Xia</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4545 W. BROWN DEER ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MILWAUKEE</rptOwnerCity>
            <rptOwnerState>WI</rptOwnerState>
            <rptOwnerZipCode>53223</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-10-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>89.62</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>178.54</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>BMI Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>89.62</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3189.562</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-10-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>18.215</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>BMI Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>18.215</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3207.777</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable in cash upon the reporting person's termination of service as a director.</footnote>
        <footnote id="F2">The phantom stock units were accrued in Ms. Liu's Badger Meter, Inc. Director Deferred Compensation Plan account as payment for her 2025 Quarter 4 retainer paid to non-employee directors in the amount of $16,000. The phantom stock units were computed at $178.54, the 9/30/25 closing price of the Company's common stock as required by the plan.</footnote>
        <footnote id="F3">Includes phantom stock units acquired through routine dividend equivalent payments on previously granted phantom stock units, which acquisitions are exempt under Rule 16a-11.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ William R.A. Bergum, Attorney-in-Fact for Xia Liu</signatureName>
        <signatureDate>2025-10-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
