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Side-by-side financial comparison of Automatic Data Processing (ADP) and BADGER METER INC (BMI). Click either name above to swap in a different company.
Automatic Data Processing is the larger business by last-quarter revenue ($5.4B vs $234.1M, roughly 22.9× BADGER METER INC). Automatic Data Processing runs the higher net margin — 19.8% vs 14.3%, a 5.5% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 6.2%). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 1.0%).
Automatic Data Processing, Inc. (ADP) is an American multinational provider of cloud-based human resources management, payroll processing, and professional employer organization (PEO) services, headquartered in Roseland, New Jersey.
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.
ADP vs BMI — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $234.1M |
| Net Profit | $1.1B | $33.6M |
| Gross Margin | 46.1% | 39.7% |
| Operating Margin | 25.8% | 18.4% |
| Net Margin | 19.8% | 14.3% |
| Revenue YoY | 6.2% | 14.1% |
| Net Profit YoY | 10.3% | 9.3% |
| EPS (diluted) | $2.62 | $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 | $5.4B | $234.1M | ||
| Q3 25 | $5.2B | $222.2M | ||
| Q2 25 | $5.1B | $238.1M | ||
| Q1 25 | $5.6B | $222.2M | ||
| Q4 24 | $5.0B | $205.2M | ||
| Q3 24 | $4.8B | $208.4M | ||
| Q2 24 | $4.8B | $216.7M | ||
| Q1 24 | $5.3B | $196.3M |
| Q4 25 | $1.1B | $33.6M | ||
| Q3 25 | $1.0B | $35.1M | ||
| Q2 25 | $910.7M | $34.6M | ||
| Q1 25 | $1.2B | $38.4M | ||
| Q4 24 | $963.2M | $30.7M | ||
| Q3 24 | $956.3M | $32.0M | ||
| Q2 24 | $829.3M | $33.1M | ||
| Q1 24 | $1.2B | $29.1M |
| Q4 25 | 46.1% | 39.7% | ||
| Q3 25 | 45.2% | 43.1% | ||
| Q2 25 | 45.1% | 41.1% | ||
| Q1 25 | 47.7% | 42.9% | ||
| Q4 24 | 45.7% | 40.3% | ||
| Q3 24 | 45.5% | 40.2% | ||
| Q2 24 | 44.8% | 39.4% | ||
| Q1 24 | 47.3% | 39.3% |
| Q4 25 | 25.8% | 18.4% | ||
| Q3 25 | 25.3% | 20.7% | ||
| Q2 25 | 23.2% | 18.8% | ||
| Q1 25 | 29.2% | 22.2% | ||
| Q4 24 | 25.0% | 19.1% | ||
| Q3 24 | 25.6% | 19.5% | ||
| Q2 24 | 22.8% | 19.2% | ||
| Q1 24 | 29.4% | 18.6% |
| Q4 25 | 19.8% | 14.3% | ||
| Q3 25 | 19.6% | 15.8% | ||
| Q2 25 | 17.8% | 14.5% | ||
| Q1 25 | 22.5% | 17.3% | ||
| Q4 24 | 19.1% | 15.0% | ||
| Q3 24 | 19.8% | 15.4% | ||
| Q2 24 | 17.4% | 15.3% | ||
| Q1 24 | 22.6% | 14.8% |
| Q4 25 | $2.62 | $1.13 | ||
| Q3 25 | $2.49 | $1.19 | ||
| Q2 25 | $2.23 | $1.17 | ||
| Q1 25 | $3.06 | $1.30 | ||
| Q4 24 | $2.35 | $1.04 | ||
| Q3 24 | $2.34 | $1.08 | ||
| Q2 24 | $2.01 | $1.12 | ||
| Q1 24 | $2.88 | $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 | $2.5B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $6.4B | $713.3M |
| Total Assets | $84.6B | $973.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | — | ||
| Q3 25 | $7.9B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $3.3B | — | ||
| Q1 24 | $3.3B | — |
| Q4 25 | $6.4B | $713.3M | ||
| Q3 25 | $6.4B | $702.5M | ||
| Q2 25 | $6.2B | $677.6M | ||
| Q1 25 | $5.9B | $641.7M | ||
| Q4 24 | $5.1B | $606.2M | ||
| Q3 24 | $5.3B | $591.2M | ||
| Q2 24 | $4.5B | $563.1M | ||
| Q1 24 | $4.6B | $535.6M |
| Q4 25 | $84.6B | $973.6M | ||
| Q3 25 | $54.3B | $978.3M | ||
| Q2 25 | $53.4B | $936.4M | ||
| Q1 25 | $56.4B | $899.6M | ||
| Q4 24 | $64.1B | $816.4M | ||
| Q3 24 | $49.5B | $802.9M | ||
| Q2 24 | $54.4B | $781.3M | ||
| Q1 24 | $64.2B | $743.5M |
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 | $1.1B | $54.8M |
| Free Cash FlowOCF − Capex | — | $50.8M |
| FCF MarginFCF / Revenue | — | 21.7% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | 1.07× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $54.8M | ||
| Q3 25 | $642.3M | $51.3M | ||
| Q2 25 | $1.4B | $44.6M | ||
| Q1 25 | $1.5B | $33.0M | ||
| Q4 24 | $1.2B | $52.1M | ||
| Q3 24 | $824.4M | $45.1M | ||
| Q2 24 | $1.3B | $36.4M | ||
| Q1 24 | $1.5B | $21.5M |
| Q4 25 | — | $50.8M | ||
| Q3 25 | — | $48.2M | ||
| Q2 25 | — | $40.6M | ||
| Q1 25 | — | $30.1M | ||
| Q4 24 | — | $47.4M | ||
| Q3 24 | — | $42.0M | ||
| Q2 24 | — | $34.1M | ||
| Q1 24 | — | $18.8M |
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | — | 13.5% | ||
| Q4 24 | — | 23.1% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 15.7% | ||
| Q1 24 | — | 9.6% |
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | 1.07× | 1.63× | ||
| Q3 25 | 0.63× | 1.46× | ||
| Q2 25 | 1.58× | 1.29× | ||
| Q1 25 | 1.22× | 0.86× | ||
| Q4 24 | 1.19× | 1.70× | ||
| Q3 24 | 0.86× | 1.41× | ||
| Q2 24 | 1.57× | 1.10× | ||
| Q1 24 | 1.26× | 0.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADP
| HCM | $2.2B | 42% |
| PEO Zero Margin Benefits Pass Throughs | $1.1B | 21% |
| HRO | $979.3M | 18% |
| Global | $709.3M | 13% |
| Interest On Funds Held For Clients | $308.6M | 6% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
