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Side-by-side financial comparison of Andersons, Inc. (ANDE) and BADGER METER INC (BMI). Click either name above to swap in a different company.
Andersons, Inc. is the larger business by last-quarter revenue ($329.5M vs $234.1M, roughly 1.4× BADGER METER INC). Andersons, Inc. runs the higher net margin — 20.5% vs 14.3%, a 6.1% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -2.4%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-77.1M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -1.8%).
The Andersons, Inc. is an American agribusiness established in 1947, that began as Andersons Truck Terminal (ATT) in the 1940s for the grain industry, headquartered in Maumee, Ohio. It is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors.
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.
ANDE vs BMI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $329.5M | $234.1M |
| Net Profit | $67.4M | $33.6M |
| Gross Margin | 70.3% | 39.7% |
| Operating Margin | 26.6% | 18.4% |
| Net Margin | 20.5% | 14.3% |
| Revenue YoY | -2.4% | 14.1% |
| Net Profit YoY | 49.6% | 9.3% |
| EPS (diluted) | — | $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 | $329.5M | $234.1M | ||
| Q3 25 | $295.8M | $222.2M | ||
| Q2 25 | $535.0M | $238.1M | ||
| Q1 25 | $370.8M | $222.2M | ||
| Q4 24 | $337.5M | $205.2M | ||
| Q3 24 | $231.9M | $208.4M | ||
| Q2 24 | $492.5M | $216.7M | ||
| Q1 24 | $341.4M | $196.3M |
| Q4 25 | $67.4M | $33.6M | ||
| Q3 25 | $20.1M | $35.1M | ||
| Q2 25 | $7.9M | $34.6M | ||
| Q1 25 | $284.0K | $38.4M | ||
| Q4 24 | $45.1M | $30.7M | ||
| Q3 24 | $27.4M | $32.0M | ||
| Q2 24 | $36.0M | $33.1M | ||
| Q1 24 | $5.6M | $29.1M |
| Q4 25 | 70.3% | 39.7% | ||
| Q3 25 | 57.8% | 43.1% | ||
| Q2 25 | 29.6% | 41.1% | ||
| Q1 25 | 41.2% | 42.9% | ||
| Q4 24 | 63.1% | 40.3% | ||
| Q3 24 | 76.4% | 40.2% | ||
| Q2 24 | 35.6% | 39.4% | ||
| Q1 24 | 37.6% | 39.3% |
| Q4 25 | 26.6% | 18.4% | ||
| Q3 25 | 8.7% | 20.7% | ||
| Q2 25 | 4.6% | 18.8% | ||
| Q1 25 | 0.9% | 22.2% | ||
| Q4 24 | 19.9% | 19.1% | ||
| Q3 24 | 26.8% | 19.5% | ||
| Q2 24 | 11.6% | 19.2% | ||
| Q1 24 | 4.1% | 18.6% |
| Q4 25 | 20.5% | 14.3% | ||
| Q3 25 | 6.8% | 15.8% | ||
| Q2 25 | 1.5% | 14.5% | ||
| Q1 25 | 0.1% | 17.3% | ||
| Q4 24 | 13.4% | 15.0% | ||
| Q3 24 | 11.8% | 15.4% | ||
| Q2 24 | 7.3% | 15.3% | ||
| Q1 24 | 1.6% | 14.8% |
| Q4 25 | — | $1.13 | ||
| Q3 25 | $0.59 | $1.19 | ||
| Q2 25 | $0.23 | $1.17 | ||
| Q1 25 | $0.01 | $1.30 | ||
| Q4 24 | $1.31 | $1.04 | ||
| Q3 24 | $0.80 | $1.08 | ||
| Q2 24 | $1.05 | $1.12 | ||
| Q1 24 | $0.16 | $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 | $98.3M | — |
| Total DebtLower is stronger | $560.0M | — |
| Stockholders' EquityBook value | $1.2B | $713.3M |
| Total Assets | $3.7B | $973.6M |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $98.3M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $561.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $560.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $608.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $713.3M | ||
| Q3 25 | $1.2B | $702.5M | ||
| Q2 25 | $1.4B | $677.6M | ||
| Q1 25 | $1.4B | $641.7M | ||
| Q4 24 | $1.4B | $606.2M | ||
| Q3 24 | $1.3B | $591.2M | ||
| Q2 24 | $1.3B | $563.1M | ||
| Q1 24 | $1.3B | $535.6M |
| Q4 25 | $3.7B | $973.6M | ||
| Q3 25 | $3.3B | $978.3M | ||
| Q2 25 | $3.4B | $936.4M | ||
| Q1 25 | $3.8B | $899.6M | ||
| Q4 24 | $4.1B | $816.4M | ||
| Q3 24 | $3.4B | $802.9M | ||
| Q2 24 | $3.3B | $781.3M | ||
| Q1 24 | $3.3B | $743.5M |
| Q4 25 | 0.45× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.45× | — | ||
| 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 | $-6.2M | $54.8M |
| Free Cash FlowOCF − Capex | $-77.1M | $50.8M |
| FCF MarginFCF / Revenue | -23.4% | 21.7% |
| Capex IntensityCapex / Revenue | 21.5% | 1.7% |
| Cash ConversionOCF / Net Profit | -0.09× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $-56.1M | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.2M | $54.8M | ||
| Q3 25 | $233.9M | $51.3M | ||
| Q2 25 | $299.3M | $44.6M | ||
| Q1 25 | $-350.0M | $33.0M | ||
| Q4 24 | $268.8M | $52.1M | ||
| Q3 24 | $-2.1M | $45.1M | ||
| Q2 24 | $304.4M | $36.4M | ||
| Q1 24 | $-239.6M | $21.5M |
| Q4 25 | $-77.1M | $50.8M | ||
| Q3 25 | $167.0M | $48.2M | ||
| Q2 25 | $250.5M | $40.6M | ||
| Q1 25 | $-396.6M | $30.1M | ||
| Q4 24 | $212.9M | $47.4M | ||
| Q3 24 | $-40.0M | $42.0M | ||
| Q2 24 | $275.8M | $34.1M | ||
| Q1 24 | $-266.4M | $18.8M |
| Q4 25 | -23.4% | 21.7% | ||
| Q3 25 | 56.5% | 21.7% | ||
| Q2 25 | 46.8% | 17.1% | ||
| Q1 25 | -106.9% | 13.5% | ||
| Q4 24 | 63.1% | 23.1% | ||
| Q3 24 | -17.2% | 20.1% | ||
| Q2 24 | 56.0% | 15.7% | ||
| Q1 24 | -78.0% | 9.6% |
| Q4 25 | 21.5% | 1.7% | ||
| Q3 25 | 22.6% | 1.4% | ||
| Q2 25 | 9.1% | 1.7% | ||
| Q1 25 | 12.6% | 1.3% | ||
| Q4 24 | 16.6% | 2.3% | ||
| Q3 24 | 16.3% | 1.5% | ||
| Q2 24 | 5.8% | 1.1% | ||
| Q1 24 | 7.8% | 1.4% |
| Q4 25 | -0.09× | 1.63× | ||
| Q3 25 | 11.61× | 1.46× | ||
| Q2 25 | 38.10× | 1.29× | ||
| Q1 25 | -1232.46× | 0.86× | ||
| Q4 24 | 5.96× | 1.70× | ||
| Q3 24 | -0.08× | 1.41× | ||
| Q2 24 | 8.46× | 1.10× | ||
| Q1 24 | -42.94× | 0.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANDE
| Specialty And Primary Nutrients | $137.1M | 42% |
| Premium Ingredients | $66.1M | 20% |
| Segment Reporting Reconciling Item Other | $63.2M | 19% |
| Other | $63.1M | 19% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
