vs
Side-by-side financial comparison of APPIAN CORP (APPN) 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 $202.9M, roughly 1.2× APPIAN CORP). BADGER METER INC runs the higher net margin — 14.3% vs -2.5%, a 16.9% gap on every dollar of revenue. On growth, APPIAN CORP posted the faster year-over-year revenue change (21.7% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $270.0K). Over the past eight quarters, APPIAN CORP's revenue compounded faster (16.4% CAGR vs 9.2%).
Appian Corporation is an American cloud computing and enterprise software company headquartered in McLean, Virginia, part of the Dulles Technology Corridor. The company sells a platform as a service (PaaS) for building enterprise software applications. It is focused on low-code development, process mining, business process management, and case management markets in North America, Europe, the Middle East and Southeast Asia.
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.
APPN vs BMI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $234.1M |
| Net Profit | $-5.1M | $33.6M |
| Gross Margin | 64.8% | 39.7% |
| Operating Margin | -0.3% | 18.4% |
| Net Margin | -2.5% | 14.3% |
| Revenue YoY | 21.7% | 14.1% |
| Net Profit YoY | 62.6% | 9.3% |
| EPS (diluted) | $-0.06 | $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 | $202.9M | $234.1M | ||
| Q3 25 | $187.0M | $222.2M | ||
| Q2 25 | $170.6M | $238.1M | ||
| Q1 25 | $166.4M | $222.2M | ||
| Q4 24 | $166.7M | $205.2M | ||
| Q3 24 | $154.1M | $208.4M | ||
| Q2 24 | $146.4M | $216.7M | ||
| Q1 24 | $149.8M | $196.3M |
| Q4 25 | $-5.1M | $33.6M | ||
| Q3 25 | $7.8M | $35.1M | ||
| Q2 25 | $-312.0K | $34.6M | ||
| Q1 25 | $-1.2M | $38.4M | ||
| Q4 24 | $-13.6M | $30.7M | ||
| Q3 24 | $-2.1M | $32.0M | ||
| Q2 24 | $-43.6M | $33.1M | ||
| Q1 24 | $-32.9M | $29.1M |
| Q4 25 | 64.8% | 39.7% | ||
| Q3 25 | 75.8% | 43.1% | ||
| Q2 25 | 74.3% | 41.1% | ||
| Q1 25 | 76.6% | 42.9% | ||
| Q4 24 | 67.8% | 40.3% | ||
| Q3 24 | 75.9% | 40.2% | ||
| Q2 24 | 73.1% | 39.4% | ||
| Q1 24 | 74.6% | 39.3% |
| Q4 25 | -0.3% | 18.4% | ||
| Q3 25 | 7.0% | 20.7% | ||
| Q2 25 | -6.4% | 18.8% | ||
| Q1 25 | -0.5% | 22.2% | ||
| Q4 24 | 3.0% | 19.1% | ||
| Q3 24 | -4.6% | 19.5% | ||
| Q2 24 | -26.8% | 19.2% | ||
| Q1 24 | -13.0% | 18.6% |
| Q4 25 | -2.5% | 14.3% | ||
| Q3 25 | 4.2% | 15.8% | ||
| Q2 25 | -0.2% | 14.5% | ||
| Q1 25 | -0.7% | 17.3% | ||
| Q4 24 | -8.2% | 15.0% | ||
| Q3 24 | -1.4% | 15.4% | ||
| Q2 24 | -29.8% | 15.3% | ||
| Q1 24 | -22.0% | 14.8% |
| Q4 25 | $-0.06 | $1.13 | ||
| Q3 25 | $0.10 | $1.19 | ||
| Q2 25 | $0.00 | $1.17 | ||
| Q1 25 | $-0.02 | $1.30 | ||
| Q4 24 | $-0.18 | $1.04 | ||
| Q3 24 | $-0.03 | $1.08 | ||
| Q2 24 | $-0.60 | $1.12 | ||
| Q1 24 | $-0.45 | $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 | $187.2M | — |
| Total DebtLower is stronger | $240.8M | — |
| Stockholders' EquityBook value | $-47.0M | $713.3M |
| Total Assets | $691.4M | $973.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | — | ||
| Q3 25 | $191.6M | — | ||
| Q2 25 | $184.8M | — | ||
| Q1 25 | $199.7M | — | ||
| Q4 24 | $159.9M | — | ||
| Q3 24 | $99.2M | — | ||
| Q2 24 | $120.8M | — | ||
| Q1 24 | $170.1M | — |
| Q4 25 | $240.8M | — | ||
| Q3 25 | $245.7M | — | ||
| Q2 25 | $245.6M | — | ||
| Q1 25 | $248.0M | — | ||
| Q4 24 | $250.4M | — | ||
| Q3 24 | $252.8M | — | ||
| Q2 24 | $254.0M | — | ||
| Q1 24 | $255.1M | — |
| Q4 25 | $-47.0M | $713.3M | ||
| Q3 25 | $-48.5M | $702.5M | ||
| Q2 25 | $-53.7M | $677.6M | ||
| Q1 25 | $-31.7M | $641.7M | ||
| Q4 24 | $-32.6M | $606.2M | ||
| Q3 24 | $-49.8M | $591.2M | ||
| Q2 24 | $-45.7M | $563.1M | ||
| Q1 24 | $-9.7M | $535.6M |
| Q4 25 | $691.4M | $973.6M | ||
| Q3 25 | $611.7M | $978.3M | ||
| Q2 25 | $590.7M | $936.4M | ||
| Q1 25 | $592.9M | $899.6M | ||
| Q4 24 | $621.0M | $816.4M | ||
| Q3 24 | $549.9M | $802.9M | ||
| Q2 24 | $554.6M | $781.3M | ||
| Q1 24 | $595.4M | $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 | $1.1M | $54.8M |
| Free Cash FlowOCF − Capex | $270.0K | $50.8M |
| FCF MarginFCF / Revenue | 0.1% | 21.7% |
| Capex IntensityCapex / Revenue | 0.4% | 1.7% |
| Cash ConversionOCF / Net Profit | — | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $54.8M | ||
| Q3 25 | $18.7M | $51.3M | ||
| Q2 25 | $-1.9M | $44.6M | ||
| Q1 25 | $45.0M | $33.0M | ||
| Q4 24 | $13.9M | $52.1M | ||
| Q3 24 | $-8.2M | $45.1M | ||
| Q2 24 | $-17.6M | $36.4M | ||
| Q1 24 | $18.9M | $21.5M |
| Q4 25 | $270.0K | $50.8M | ||
| Q3 25 | $18.1M | $48.2M | ||
| Q2 25 | $-3.1M | $40.6M | ||
| Q1 25 | $44.3M | $30.1M | ||
| Q4 24 | $13.4M | $47.4M | ||
| Q3 24 | $-8.6M | $42.0M | ||
| Q2 24 | $-18.3M | $34.1M | ||
| Q1 24 | $16.7M | $18.8M |
| Q4 25 | 0.1% | 21.7% | ||
| Q3 25 | 9.7% | 21.7% | ||
| Q2 25 | -1.8% | 17.1% | ||
| Q1 25 | 26.6% | 13.5% | ||
| Q4 24 | 8.0% | 23.1% | ||
| Q3 24 | -5.6% | 20.1% | ||
| Q2 24 | -12.5% | 15.7% | ||
| Q1 24 | 11.1% | 9.6% |
| Q4 25 | 0.4% | 1.7% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.7% | 1.7% | ||
| Q1 25 | 0.4% | 1.3% | ||
| Q4 24 | 0.3% | 2.3% | ||
| Q3 24 | 0.2% | 1.5% | ||
| Q2 24 | 0.5% | 1.1% | ||
| Q1 24 | 1.5% | 1.4% |
| Q4 25 | — | 1.63× | ||
| Q3 25 | 2.39× | 1.46× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 1.70× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.10× | ||
| Q1 24 | — | 0.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPN
| Subscriptions Software And Support | $162.3M | 80% |
| Professional Services | $40.6M | 20% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
