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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) and BADGER METER INC (BMI). Click either name above to swap in a different company.
APOGEE ENTERPRISES, INC. is the larger business by last-quarter revenue ($351.4M vs $234.1M, roughly 1.5× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 4.7%, a 9.6% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 1.6%). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 2.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
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.
APOG vs BMI — Head-to-Head
Income Statement — Q4 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $234.1M |
| Net Profit | $16.6M | $33.6M |
| Gross Margin | 22.4% | 39.7% |
| Operating Margin | 7.3% | 18.4% |
| Net Margin | 4.7% | 14.3% |
| Revenue YoY | 1.6% | 14.1% |
| Net Profit YoY | 568.8% | 9.3% |
| EPS (diluted) | $0.78 | $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.
| Q1 26 | $351.4M | — | ||
| Q4 25 | $348.6M | $234.1M | ||
| Q3 25 | $358.2M | $222.2M | ||
| Q2 25 | $346.6M | $238.1M | ||
| Q1 25 | $345.7M | $222.2M | ||
| Q4 24 | $341.3M | $205.2M | ||
| Q3 24 | $342.4M | $208.4M | ||
| Q2 24 | $331.5M | $216.7M |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $33.6M | ||
| Q3 25 | $23.6M | $35.1M | ||
| Q2 25 | $-2.7M | $34.6M | ||
| Q1 25 | $2.5M | $38.4M | ||
| Q4 24 | $21.0M | $30.7M | ||
| Q3 24 | $30.6M | $32.0M | ||
| Q2 24 | $31.0M | $33.1M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | 39.7% | ||
| Q3 25 | 23.1% | 43.1% | ||
| Q2 25 | 21.7% | 41.1% | ||
| Q1 25 | 21.6% | 42.9% | ||
| Q4 24 | 26.1% | 40.3% | ||
| Q3 24 | 28.4% | 40.2% | ||
| Q2 24 | 29.8% | 39.4% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | 18.4% | ||
| Q3 25 | 7.5% | 20.7% | ||
| Q2 25 | 2.0% | 18.8% | ||
| Q1 25 | 1.8% | 22.2% | ||
| Q4 24 | 8.4% | 19.1% | ||
| Q3 24 | 12.3% | 19.5% | ||
| Q2 24 | 12.5% | 19.2% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | 14.3% | ||
| Q3 25 | 6.6% | 15.8% | ||
| Q2 25 | -0.8% | 14.5% | ||
| Q1 25 | 0.7% | 17.3% | ||
| Q4 24 | 6.1% | 15.0% | ||
| Q3 24 | 8.9% | 15.4% | ||
| Q2 24 | 9.4% | 15.3% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $1.13 | ||
| Q3 25 | $1.10 | $1.19 | ||
| Q2 25 | $-0.13 | $1.17 | ||
| Q1 25 | $0.12 | $1.30 | ||
| Q4 24 | $0.96 | $1.04 | ||
| Q3 24 | $1.40 | $1.08 | ||
| Q2 24 | $1.41 | $1.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $39.5M | — |
| Total DebtLower is stronger | $232.3M | — |
| Stockholders' EquityBook value | $511.8M | $713.3M |
| Total Assets | $1.1B | $973.6M |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | — | ||
| Q3 25 | $39.5M | — | ||
| Q2 25 | $32.8M | — | ||
| Q1 25 | $41.4M | — | ||
| Q4 24 | $43.9M | — | ||
| Q3 24 | $51.0M | — | ||
| Q2 24 | $30.4M | — |
| Q1 26 | $232.3M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $285.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $713.3M | ||
| Q3 25 | $500.2M | $702.5M | ||
| Q2 25 | $481.8M | $677.6M | ||
| Q1 25 | $487.9M | $641.7M | ||
| Q4 24 | $522.1M | $606.2M | ||
| Q3 24 | $506.4M | $591.2M | ||
| Q2 24 | $480.0M | $563.1M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $973.6M | ||
| Q3 25 | $1.2B | $978.3M | ||
| Q2 25 | $1.2B | $936.4M | ||
| Q1 25 | $1.2B | $899.6M | ||
| Q4 24 | $1.2B | $816.4M | ||
| Q3 24 | $917.1M | $802.9M | ||
| Q2 24 | $889.0M | $781.3M |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $122.5M | $54.8M |
| Free Cash FlowOCF − Capex | — | $50.8M |
| FCF MarginFCF / Revenue | — | 21.7% |
| Capex IntensityCapex / Revenue | 7.8% | 1.7% |
| Cash ConversionOCF / Net Profit | 7.37× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $54.8M | ||
| Q3 25 | $57.1M | $51.3M | ||
| Q2 25 | $-19.8M | $44.6M | ||
| Q1 25 | $30.0M | $33.0M | ||
| Q4 24 | $31.0M | $52.1M | ||
| Q3 24 | $58.7M | $45.1M | ||
| Q2 24 | $5.5M | $36.4M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $50.8M | ||
| Q3 25 | $52.4M | $48.2M | ||
| Q2 25 | $-26.9M | $40.6M | ||
| Q1 25 | $19.1M | $30.1M | ||
| Q4 24 | $22.0M | $47.4M | ||
| Q3 24 | $50.2M | $42.0M | ||
| Q2 24 | $-1.8M | $34.1M |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 21.7% | ||
| Q3 25 | 14.6% | 21.7% | ||
| Q2 25 | -7.8% | 17.1% | ||
| Q1 25 | 5.5% | 13.5% | ||
| Q4 24 | 6.4% | 23.1% | ||
| Q3 24 | 14.7% | 20.1% | ||
| Q2 24 | -0.5% | 15.7% |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 1.7% | ||
| Q3 25 | 1.3% | 1.4% | ||
| Q2 25 | 2.1% | 1.7% | ||
| Q1 25 | 3.2% | 1.3% | ||
| Q4 24 | 2.6% | 2.3% | ||
| Q3 24 | 2.5% | 1.5% | ||
| Q2 24 | 2.2% | 1.1% |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | 1.63× | ||
| Q3 25 | 2.41× | 1.46× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | 12.08× | 0.86× | ||
| Q4 24 | 1.48× | 1.70× | ||
| Q3 24 | 1.92× | 1.41× | ||
| Q2 24 | 0.18× | 1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Architectural Services | $127.1M | 36% |
| Architectural Metals | $110.0M | 31% |
| Architectural Glass | $67.4M | 19% |
| Performance Surfaces | $54.3M | 15% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
