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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and BADGER METER INC (BMI). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $139.2M, roughly 1.7× ADMA BIOLOGICS, INC.). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs 14.3%, a 21.1% gap on every dollar of revenue. On growth, ADMA BIOLOGICS, INC. posted the faster year-over-year revenue change (18.4% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $34.6M). Over the past eight quarters, ADMA BIOLOGICS, INC.'s revenue compounded faster (30.4% CAGR vs 9.2%).
ADMA Biologics Inc. is a biopharmaceutical enterprise focused on the research, development, manufacturing and commercialization of specialty plasma-derived immunoglobulin therapies. It primarily operates in the United States, catering to patients with primary immunodeficiency and other immune-related disorders, healthcare providers and medical institutions across its core immune health therapeutic segment.
Badger Meter Inc. is a leading global provider of flow measurement and control solutions, serving water utilities, industrial, commercial, and residential customer segments. Its core offerings include smart water meters, IoT-enabled usage monitoring systems, and supporting software that help clients track resource consumption, cut waste, and boost operational efficiency, with key markets spanning North America, Europe, and the Asia-Pacific region.
ADMA vs BMI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $234.1M |
| Net Profit | $49.4M | $33.6M |
| Gross Margin | 63.8% | 39.7% |
| Operating Margin | 45.1% | 18.4% |
| Net Margin | 35.5% | 14.3% |
| Revenue YoY | 18.4% | 14.1% |
| Net Profit YoY | -55.9% | 9.3% |
| EPS (diluted) | $0.20 | $1.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $139.2M | $234.1M | ||
| Q3 25 | $134.2M | $222.2M | ||
| Q2 25 | $122.0M | $238.1M | ||
| Q1 25 | $114.8M | $222.2M | ||
| Q4 24 | $117.5M | $205.2M | ||
| Q3 24 | $119.8M | $208.4M | ||
| Q2 24 | $107.2M | $216.7M | ||
| Q1 24 | $81.9M | $196.3M |
| Q4 25 | $49.4M | $33.6M | ||
| Q3 25 | $36.4M | $35.1M | ||
| Q2 25 | $34.2M | $34.6M | ||
| Q1 25 | $26.9M | $38.4M | ||
| Q4 24 | $111.9M | $30.7M | ||
| Q3 24 | $35.9M | $32.0M | ||
| Q2 24 | $32.1M | $33.1M | ||
| Q1 24 | $17.8M | $29.1M |
| Q4 25 | 63.8% | 39.7% | ||
| Q3 25 | 56.3% | 43.1% | ||
| Q2 25 | 55.1% | 41.1% | ||
| Q1 25 | 53.2% | 42.9% | ||
| Q4 24 | 53.9% | 40.3% | ||
| Q3 24 | 49.8% | 40.2% | ||
| Q2 24 | 53.6% | 39.4% | ||
| Q1 24 | 47.8% | 39.3% |
| Q4 25 | 45.1% | 18.4% | ||
| Q3 25 | 38.0% | 20.7% | ||
| Q2 25 | 35.1% | 18.8% | ||
| Q1 25 | 30.4% | 22.2% | ||
| Q4 24 | 32.6% | 19.1% | ||
| Q3 24 | 33.1% | 19.5% | ||
| Q2 24 | 36.6% | 19.2% | ||
| Q1 24 | 26.7% | 18.6% |
| Q4 25 | 35.5% | 14.3% | ||
| Q3 25 | 27.1% | 15.8% | ||
| Q2 25 | 28.1% | 14.5% | ||
| Q1 25 | 23.4% | 17.3% | ||
| Q4 24 | 95.2% | 15.0% | ||
| Q3 24 | 30.0% | 15.4% | ||
| Q2 24 | 29.9% | 15.3% | ||
| Q1 24 | 21.7% | 14.8% |
| Q4 25 | $0.20 | $1.13 | ||
| Q3 25 | $0.15 | $1.19 | ||
| Q2 25 | $0.14 | $1.17 | ||
| Q1 25 | $0.11 | $1.30 | ||
| Q4 24 | $0.45 | $1.04 | ||
| Q3 24 | $0.15 | $1.08 | ||
| Q2 24 | $0.13 | $1.12 | ||
| Q1 24 | $0.08 | $0.99 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $87.6M | — |
| Total DebtLower is stronger | $72.1M | — |
| Stockholders' EquityBook value | $477.3M | $713.3M |
| Total Assets | $624.2M | $973.6M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | — | ||
| Q3 25 | $61.4M | — | ||
| Q2 25 | $90.3M | — | ||
| Q1 25 | $71.6M | — | ||
| Q4 24 | $103.1M | — | ||
| Q3 24 | $86.7M | — | ||
| Q2 24 | $88.2M | — | ||
| Q1 24 | $45.3M | — |
| Q4 25 | $72.1M | — | ||
| Q3 25 | $72.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $72.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $477.3M | $713.3M | ||
| Q3 25 | $431.2M | $702.5M | ||
| Q2 25 | $398.3M | $677.6M | ||
| Q1 25 | $373.4M | $641.7M | ||
| Q4 24 | $349.0M | $606.2M | ||
| Q3 24 | $231.9M | $591.2M | ||
| Q2 24 | $188.3M | $563.1M | ||
| Q1 24 | $153.7M | $535.6M |
| Q4 25 | $624.2M | $973.6M | ||
| Q3 25 | $568.7M | $978.3M | ||
| Q2 25 | $558.4M | $936.4M | ||
| Q1 25 | $510.6M | $899.6M | ||
| Q4 24 | $488.7M | $816.4M | ||
| Q3 24 | $390.6M | $802.9M | ||
| Q2 24 | $376.4M | $781.3M | ||
| Q1 24 | $350.9M | $743.5M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $35.6M | $54.8M |
| Free Cash FlowOCF − Capex | $34.6M | $50.8M |
| FCF MarginFCF / Revenue | 24.8% | 21.7% |
| Capex IntensityCapex / Revenue | 0.8% | 1.7% |
| Cash ConversionOCF / Net Profit | 0.72× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $54.8M | ||
| Q3 25 | $13.3M | $51.3M | ||
| Q2 25 | $21.1M | $44.6M | ||
| Q1 25 | $-19.7M | $33.0M | ||
| Q4 24 | $50.2M | $52.1M | ||
| Q3 24 | $25.0M | $45.1M | ||
| Q2 24 | $45.6M | $36.4M | ||
| Q1 24 | $-2.2M | $21.5M |
| Q4 25 | $34.6M | $50.8M | ||
| Q3 25 | $-1.1M | $48.2M | ||
| Q2 25 | $18.7M | $40.6M | ||
| Q1 25 | $-24.4M | $30.1M | ||
| Q4 24 | $47.5M | $47.4M | ||
| Q3 24 | $24.0M | $42.0M | ||
| Q2 24 | $43.6M | $34.1M | ||
| Q1 24 | $-4.6M | $18.8M |
| Q4 25 | 24.8% | 21.7% | ||
| Q3 25 | -0.8% | 21.7% | ||
| Q2 25 | 15.3% | 17.1% | ||
| Q1 25 | -21.2% | 13.5% | ||
| Q4 24 | 40.4% | 23.1% | ||
| Q3 24 | 20.0% | 20.1% | ||
| Q2 24 | 40.7% | 15.7% | ||
| Q1 24 | -5.6% | 9.6% |
| Q4 25 | 0.8% | 1.7% | ||
| Q3 25 | 10.7% | 1.4% | ||
| Q2 25 | 2.0% | 1.7% | ||
| Q1 25 | 4.1% | 1.3% | ||
| Q4 24 | 2.3% | 2.3% | ||
| Q3 24 | 0.9% | 1.5% | ||
| Q2 24 | 1.9% | 1.1% | ||
| Q1 24 | 2.9% | 1.4% |
| Q4 25 | 0.72× | 1.63× | ||
| Q3 25 | 0.36× | 1.46× | ||
| Q2 25 | 0.62× | 1.29× | ||
| Q1 25 | -0.73× | 0.86× | ||
| Q4 24 | 0.45× | 1.70× | ||
| Q3 24 | 0.70× | 1.41× | ||
| Q2 24 | 1.42× | 1.10× | ||
| Q1 24 | -0.12× | 0.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADMA
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
