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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) 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 $164.3M, roughly 1.4× AMERICAN STATES WATER CO). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 14.3%, a 3.2% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 9.2%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
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.
AWR vs BMI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $234.1M |
| Net Profit | $28.7M | $33.6M |
| Gross Margin | 88.9% | 39.7% |
| Operating Margin | 27.4% | 18.4% |
| Net Margin | 17.5% | 14.3% |
| Revenue YoY | 14.8% | 14.1% |
| Net Profit YoY | 1.1% | 9.3% |
| EPS (diluted) | $0.74 | $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 | $164.3M | $234.1M | ||
| Q3 25 | $182.7M | $222.2M | ||
| Q2 25 | $163.1M | $238.1M | ||
| Q1 25 | $148.0M | $222.2M | ||
| Q4 24 | $143.1M | $205.2M | ||
| Q3 24 | $161.8M | $208.4M | ||
| Q2 24 | $155.3M | $216.7M | ||
| Q1 24 | $135.3M | $196.3M |
| Q4 25 | $28.7M | $33.6M | ||
| Q3 25 | $41.2M | $35.1M | ||
| Q2 25 | $33.7M | $34.6M | ||
| Q1 25 | $26.8M | $38.4M | ||
| Q4 24 | $28.4M | $30.7M | ||
| Q3 24 | $35.8M | $32.0M | ||
| Q2 24 | $31.9M | $33.1M | ||
| Q1 24 | $23.1M | $29.1M |
| Q4 25 | 88.9% | 39.7% | ||
| Q3 25 | 91.0% | 43.1% | ||
| Q2 25 | 92.1% | 41.1% | ||
| Q1 25 | 91.3% | 42.9% | ||
| Q4 24 | 92.4% | 40.3% | ||
| Q3 24 | 92.7% | 40.2% | ||
| Q2 24 | 89.6% | 39.4% | ||
| Q1 24 | 88.4% | 39.3% |
| Q4 25 | 27.4% | 18.4% | ||
| Q3 25 | 33.8% | 20.7% | ||
| Q2 25 | 31.3% | 18.8% | ||
| Q1 25 | 30.8% | 22.2% | ||
| Q4 24 | 27.0% | 19.1% | ||
| Q3 24 | 34.0% | 19.5% | ||
| Q2 24 | 33.3% | 19.2% | ||
| Q1 24 | 28.8% | 18.6% |
| Q4 25 | 17.5% | 14.3% | ||
| Q3 25 | 22.5% | 15.8% | ||
| Q2 25 | 20.7% | 14.5% | ||
| Q1 25 | 18.1% | 17.3% | ||
| Q4 24 | 19.9% | 15.0% | ||
| Q3 24 | 22.1% | 15.4% | ||
| Q2 24 | 20.5% | 15.3% | ||
| Q1 24 | 17.1% | 14.8% |
| Q4 25 | $0.74 | $1.13 | ||
| Q3 25 | $1.06 | $1.19 | ||
| Q2 25 | $0.87 | $1.17 | ||
| Q1 25 | $0.70 | $1.30 | ||
| Q4 24 | $0.75 | $1.04 | ||
| Q3 24 | $0.95 | $1.08 | ||
| Q2 24 | $0.85 | $1.12 | ||
| Q1 24 | $0.62 | $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 | $18.8M | — |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $713.3M |
| Total Assets | $2.7B | $973.6M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | — | ||
| Q3 25 | $26.1M | — | ||
| Q2 25 | $20.2M | — | ||
| Q1 25 | $21.2M | — | ||
| Q4 24 | $26.7M | — | ||
| Q3 24 | $16.5M | — | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $17.0M | — |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $713.3M | ||
| Q3 25 | $1.0B | $702.5M | ||
| Q2 25 | $972.5M | $677.6M | ||
| Q1 25 | $956.4M | $641.7M | ||
| Q4 24 | $920.1M | $606.2M | ||
| Q3 24 | $879.5M | $591.2M | ||
| Q2 24 | $833.5M | $563.1M | ||
| Q1 24 | $800.5M | $535.6M |
| Q4 25 | $2.7B | $973.6M | ||
| Q3 25 | $2.7B | $978.3M | ||
| Q2 25 | $2.6B | $936.4M | ||
| Q1 25 | $2.5B | $899.6M | ||
| Q4 24 | $2.5B | $816.4M | ||
| Q3 24 | $2.4B | $802.9M | ||
| Q2 24 | $2.3B | $781.3M | ||
| Q1 24 | $2.3B | $743.5M |
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| 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 | $27.7M | $54.8M |
| Free Cash FlowOCF − Capex | $-36.0M | $50.8M |
| FCF MarginFCF / Revenue | -21.9% | 21.7% |
| Capex IntensityCapex / Revenue | 38.8% | 1.7% |
| Cash ConversionOCF / Net Profit | 0.96× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $54.8M | ||
| Q3 25 | $92.4M | $51.3M | ||
| Q2 25 | $64.6M | $44.6M | ||
| Q1 25 | $45.1M | $33.0M | ||
| Q4 24 | $64.5M | $52.1M | ||
| Q3 24 | $63.7M | $45.1M | ||
| Q2 24 | $24.7M | $36.4M | ||
| Q1 24 | $45.8M | $21.5M |
| Q4 25 | $-36.0M | $50.8M | ||
| Q3 25 | $37.7M | $48.2M | ||
| Q2 25 | $13.7M | $40.6M | ||
| Q1 25 | $-22.5M | $30.1M | ||
| Q4 24 | $6.0M | $47.4M | ||
| Q3 24 | $-478.0K | $42.0M | ||
| Q2 24 | $-37.0M | $34.1M | ||
| Q1 24 | $-1.7M | $18.8M |
| Q4 25 | -21.9% | 21.7% | ||
| Q3 25 | 20.7% | 21.7% | ||
| Q2 25 | 8.4% | 17.1% | ||
| Q1 25 | -15.2% | 13.5% | ||
| Q4 24 | 4.2% | 23.1% | ||
| Q3 24 | -0.3% | 20.1% | ||
| Q2 24 | -23.8% | 15.7% | ||
| Q1 24 | -1.3% | 9.6% |
| Q4 25 | 38.8% | 1.7% | ||
| Q3 25 | 29.9% | 1.4% | ||
| Q2 25 | 31.2% | 1.7% | ||
| Q1 25 | 45.6% | 1.3% | ||
| Q4 24 | 40.9% | 2.3% | ||
| Q3 24 | 39.7% | 1.5% | ||
| Q2 24 | 39.8% | 1.1% | ||
| Q1 24 | 35.2% | 1.4% |
| Q4 25 | 0.96× | 1.63× | ||
| Q3 25 | 2.24× | 1.46× | ||
| Q2 25 | 1.92× | 1.29× | ||
| Q1 25 | 1.68× | 0.86× | ||
| Q4 24 | 2.27× | 1.70× | ||
| Q3 24 | 1.78× | 1.41× | ||
| Q2 24 | 0.78× | 1.10× | ||
| Q1 24 | 1.98× | 0.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
