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Side-by-side financial comparison of Axon Enterprise (AXON) and BADGER METER INC (BMI). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $234.1M, roughly 3.4× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 0.3%, a 14.0% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs 14.1%). Axon Enterprise produced more free cash flow last quarter ($155.4M vs $50.8M). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 9.2%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
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.
AXON vs BMI — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $234.1M |
| Net Profit | $2.7M | $33.6M |
| Gross Margin | 57.9% | 39.7% |
| Operating Margin | -6.3% | 18.4% |
| Net Margin | 0.3% | 14.3% |
| Revenue YoY | 38.9% | 14.1% |
| Net Profit YoY | -98.0% | 9.3% |
| EPS (diluted) | $0.02 | $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 | $796.7M | $234.1M | ||
| Q3 25 | $710.6M | $222.2M | ||
| Q2 25 | $668.5M | $238.1M | ||
| Q1 25 | $603.6M | $222.2M | ||
| Q4 24 | $573.4M | $205.2M | ||
| Q3 24 | $544.3M | $208.4M | ||
| Q2 24 | $504.1M | $216.7M | ||
| Q1 24 | $460.7M | $196.3M |
| Q4 25 | $2.7M | $33.6M | ||
| Q3 25 | $-2.2M | $35.1M | ||
| Q2 25 | $36.1M | $34.6M | ||
| Q1 25 | $88.0M | $38.4M | ||
| Q4 24 | $136.0M | $30.7M | ||
| Q3 24 | $67.0M | $32.0M | ||
| Q2 24 | $40.8M | $33.1M | ||
| Q1 24 | $133.2M | $29.1M |
| Q4 25 | 57.9% | 39.7% | ||
| Q3 25 | 60.1% | 43.1% | ||
| Q2 25 | 60.4% | 41.1% | ||
| Q1 25 | 60.6% | 42.9% | ||
| Q4 24 | 60.5% | 40.3% | ||
| Q3 24 | 60.8% | 40.2% | ||
| Q2 24 | 60.3% | 39.4% | ||
| Q1 24 | 56.4% | 39.3% |
| Q4 25 | -6.3% | 18.4% | ||
| Q3 25 | -0.3% | 20.7% | ||
| Q2 25 | -0.2% | 18.8% | ||
| Q1 25 | -1.5% | 22.2% | ||
| Q4 24 | -2.6% | 19.1% | ||
| Q3 24 | 4.4% | 19.5% | ||
| Q2 24 | 6.5% | 19.2% | ||
| Q1 24 | 3.5% | 18.6% |
| Q4 25 | 0.3% | 14.3% | ||
| Q3 25 | -0.3% | 15.8% | ||
| Q2 25 | 5.4% | 14.5% | ||
| Q1 25 | 14.6% | 17.3% | ||
| Q4 24 | 23.7% | 15.0% | ||
| Q3 24 | 12.3% | 15.4% | ||
| Q2 24 | 8.1% | 15.3% | ||
| Q1 24 | 28.9% | 14.8% |
| Q4 25 | $0.02 | $1.13 | ||
| Q3 25 | $-0.03 | $1.19 | ||
| Q2 25 | $0.44 | $1.17 | ||
| Q1 25 | $1.08 | $1.30 | ||
| Q4 24 | $1.68 | $1.04 | ||
| Q3 24 | $0.86 | $1.08 | ||
| Q2 24 | $0.53 | $1.12 | ||
| Q1 24 | $1.73 | $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 | $1.7B | — |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.2B | $713.3M |
| Total Assets | $7.0B | $973.6M |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $788.1M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $968.9M | — | ||
| Q1 24 | $964.1M | — |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $680.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.2B | $713.3M | ||
| Q3 25 | $3.0B | $702.5M | ||
| Q2 25 | $2.7B | $677.6M | ||
| Q1 25 | $2.6B | $641.7M | ||
| Q4 24 | $2.3B | $606.2M | ||
| Q3 24 | $2.1B | $591.2M | ||
| Q2 24 | $1.9B | $563.1M | ||
| Q1 24 | $1.8B | $535.6M |
| Q4 25 | $7.0B | $973.6M | ||
| Q3 25 | $6.7B | $978.3M | ||
| Q2 25 | $6.2B | $936.4M | ||
| Q1 25 | $6.1B | $899.6M | ||
| Q4 24 | $4.5B | $816.4M | ||
| Q3 24 | $4.0B | $802.9M | ||
| Q2 24 | $3.7B | $781.3M | ||
| Q1 24 | $3.6B | $743.5M |
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.29× | — | ||
| 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 | $217.2M | $54.8M |
| Free Cash FlowOCF − Capex | $155.4M | $50.8M |
| FCF MarginFCF / Revenue | 19.5% | 21.7% |
| Capex IntensityCapex / Revenue | 7.8% | 1.7% |
| Cash ConversionOCF / Net Profit | 79.14× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | $54.8M | ||
| Q3 25 | $60.0M | $51.3M | ||
| Q2 25 | $-91.7M | $44.6M | ||
| Q1 25 | $25.8M | $33.0M | ||
| Q4 24 | $250.2M | $52.1M | ||
| Q3 24 | $91.3M | $45.1M | ||
| Q2 24 | $82.8M | $36.4M | ||
| Q1 24 | $-15.9M | $21.5M |
| Q4 25 | $155.4M | $50.8M | ||
| Q3 25 | $33.4M | $48.2M | ||
| Q2 25 | $-114.7M | $40.6M | ||
| Q1 25 | $932.0K | $30.1M | ||
| Q4 24 | $225.4M | $47.4M | ||
| Q3 24 | $64.8M | $42.0M | ||
| Q2 24 | $71.4M | $34.1M | ||
| Q1 24 | $-32.1M | $18.8M |
| Q4 25 | 19.5% | 21.7% | ||
| Q3 25 | 4.7% | 21.7% | ||
| Q2 25 | -17.2% | 17.1% | ||
| Q1 25 | 0.2% | 13.5% | ||
| Q4 24 | 39.3% | 23.1% | ||
| Q3 24 | 11.9% | 20.1% | ||
| Q2 24 | 14.2% | 15.7% | ||
| Q1 24 | -7.0% | 9.6% |
| Q4 25 | 7.8% | 1.7% | ||
| Q3 25 | 3.7% | 1.4% | ||
| Q2 25 | 3.4% | 1.7% | ||
| Q1 25 | 4.1% | 1.3% | ||
| Q4 24 | 4.3% | 2.3% | ||
| Q3 24 | 4.9% | 1.5% | ||
| Q2 24 | 2.2% | 1.1% | ||
| Q1 24 | 3.5% | 1.4% |
| Q4 25 | 79.14× | 1.63× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | -2.54× | 1.29× | ||
| Q1 25 | 0.29× | 0.86× | ||
| Q4 24 | 1.84× | 1.70× | ||
| Q3 24 | 1.36× | 1.41× | ||
| Q2 24 | 2.03× | 1.10× | ||
| Q1 24 | -0.12× | 0.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
