vs
Side-by-side financial comparison of Axos Financial, Inc. (AX) and BADGER METER INC (BMI). Click either name above to swap in a different company.
Axos Financial, Inc. is the larger business by last-quarter revenue ($392.2M vs $234.1M, roughly 1.7× BADGER METER INC). Axos Financial, Inc. runs the higher net margin — 31.8% vs 14.3%, a 17.4% gap on every dollar of revenue. Over the past eight quarters, Axos Financial, Inc.'s revenue compounded faster (16.1% CAGR vs 9.2%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
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.
AX vs BMI — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $392.2M | $234.1M |
| Net Profit | $124.7M | $33.6M |
| Gross Margin | — | 39.7% |
| Operating Margin | — | 18.4% |
| Net Margin | 31.8% | 14.3% |
| Revenue YoY | — | 14.1% |
| Net Profit YoY | 18.5% | 9.3% |
| EPS (diluted) | $2.15 | $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 | $392.2M | — | ||
| Q4 25 | $385.1M | $234.1M | ||
| Q3 25 | $323.4M | $222.2M | ||
| Q2 25 | $321.4M | $238.1M | ||
| Q1 25 | $308.8M | $222.2M | ||
| Q4 24 | $307.9M | $205.2M | ||
| Q3 24 | $320.7M | $208.4M | ||
| Q2 24 | $290.9M | $216.7M |
| Q1 26 | $124.7M | — | ||
| Q4 25 | $128.4M | $33.6M | ||
| Q3 25 | $112.4M | $35.1M | ||
| Q2 25 | $110.7M | $34.6M | ||
| Q1 25 | $105.2M | $38.4M | ||
| Q4 24 | $104.7M | $30.7M | ||
| Q3 24 | $112.3M | $32.0M | ||
| Q2 24 | $104.9M | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 39.7% | ||
| Q3 25 | — | 43.1% | ||
| Q2 25 | — | 41.1% | ||
| Q1 25 | — | 42.9% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 40.2% | ||
| Q2 24 | — | 39.4% |
| Q1 26 | — | — | ||
| Q4 25 | 45.6% | 18.4% | ||
| Q3 25 | 46.3% | 20.7% | ||
| Q2 25 | 48.5% | 18.8% | ||
| Q1 25 | 47.9% | 22.2% | ||
| Q4 24 | 48.8% | 19.1% | ||
| Q3 24 | 49.6% | 19.5% | ||
| Q2 24 | 49.6% | 19.2% |
| Q1 26 | 31.8% | — | ||
| Q4 25 | 33.3% | 14.3% | ||
| Q3 25 | 34.7% | 15.8% | ||
| Q2 25 | 34.4% | 14.5% | ||
| Q1 25 | 34.1% | 17.3% | ||
| Q4 24 | 34.0% | 15.0% | ||
| Q3 24 | 35.0% | 15.4% | ||
| Q2 24 | 36.0% | 15.3% |
| Q1 26 | $2.15 | — | ||
| Q4 25 | $2.22 | $1.13 | ||
| Q3 25 | $1.94 | $1.19 | ||
| Q2 25 | $1.89 | $1.17 | ||
| Q1 25 | $1.81 | $1.30 | ||
| Q4 24 | $1.80 | $1.04 | ||
| Q3 24 | $1.93 | $1.08 | ||
| Q2 24 | $1.75 | $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 | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.1B | $713.3M |
| Total Assets | $29.2B | $973.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $312.7M | — | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | — | ||
| Q3 24 | $313.5M | — | ||
| Q2 24 | $325.7M | — |
| Q1 26 | $3.1B | — | ||
| Q4 25 | $2.9B | $713.3M | ||
| Q3 25 | $2.8B | $702.5M | ||
| Q2 25 | $2.7B | $677.6M | ||
| Q1 25 | $2.6B | $641.7M | ||
| Q4 24 | $2.5B | $606.2M | ||
| Q3 24 | $2.4B | $591.2M | ||
| Q2 24 | $2.3B | $563.1M |
| Q1 26 | $29.2B | — | ||
| Q4 25 | $28.2B | $973.6M | ||
| Q3 25 | $27.4B | $978.3M | ||
| Q2 25 | $24.8B | $936.4M | ||
| Q1 25 | $24.0B | $899.6M | ||
| Q4 24 | $23.7B | $816.4M | ||
| Q3 24 | $23.6B | $802.9M | ||
| Q2 24 | $22.9B | $781.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — |
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 | — | $54.8M |
| Free Cash FlowOCF − Capex | — | $50.8M |
| FCF MarginFCF / Revenue | — | 21.7% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | — | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $54.8M | ||
| Q3 25 | $118.4M | $51.3M | ||
| Q2 25 | $490.3M | $44.6M | ||
| Q1 25 | $73.7M | $33.0M | ||
| Q4 24 | $162.5M | $52.1M | ||
| Q3 24 | $70.8M | $45.1M | ||
| Q2 24 | $305.5M | $36.4M |
| Q1 26 | — | — | ||
| Q4 25 | $85.4M | $50.8M | ||
| Q3 25 | $109.3M | $48.2M | ||
| Q2 25 | $436.1M | $40.6M | ||
| Q1 25 | $65.1M | $30.1M | ||
| Q4 24 | $156.4M | $47.4M | ||
| Q3 24 | $53.0M | $42.0M | ||
| Q2 24 | $269.5M | $34.1M |
| Q1 26 | — | — | ||
| Q4 25 | 22.2% | 21.7% | ||
| Q3 25 | 33.8% | 21.7% | ||
| Q2 25 | 135.7% | 17.1% | ||
| Q1 25 | 21.1% | 13.5% | ||
| Q4 24 | 50.8% | 23.1% | ||
| Q3 24 | 16.5% | 20.1% | ||
| Q2 24 | 92.6% | 15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 1.7% | ||
| Q3 25 | 2.8% | 1.4% | ||
| Q2 25 | 16.9% | 1.7% | ||
| Q1 25 | 2.8% | 1.3% | ||
| Q4 24 | 2.0% | 2.3% | ||
| Q3 24 | 5.5% | 1.5% | ||
| Q2 24 | 12.4% | 1.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.81× | 1.63× | ||
| Q3 25 | 1.05× | 1.46× | ||
| Q2 25 | 4.43× | 1.29× | ||
| Q1 25 | 0.70× | 0.86× | ||
| Q4 24 | 1.55× | 1.70× | ||
| Q3 24 | 0.63× | 1.41× | ||
| Q2 24 | 2.91× | 1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
| Net Interest Income | $306.3M | 78% |
| Noninterest Income | $86.0M | 22% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
