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Side-by-side financial comparison of Bandwidth Inc. (BAND) 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 $208.8M, roughly 1.1× Bandwidth Inc.). BADGER METER INC runs the higher net margin — 14.3% vs 1.9%, a 12.4% gap on every dollar of revenue. On growth, Bandwidth Inc. posted the faster year-over-year revenue change (20.1% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-1.0M). Over the past eight quarters, Bandwidth Inc.'s revenue compounded faster (9.7% CAGR vs 9.2%).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
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.
BAND vs BMI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.8M | $234.1M |
| Net Profit | $4.0M | $33.6M |
| Gross Margin | 37.3% | 39.7% |
| Operating Margin | 60.5% | 18.4% |
| Net Margin | 1.9% | 14.3% |
| Revenue YoY | 20.1% | 14.1% |
| Net Profit YoY | 200.0% | 9.3% |
| EPS (diluted) | $-0.08 | $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 | $208.8M | — | ||
| Q4 25 | $207.7M | $234.1M | ||
| Q3 25 | $191.9M | $222.2M | ||
| Q2 25 | $180.0M | $238.1M | ||
| Q1 25 | $174.2M | $222.2M | ||
| Q4 24 | $210.0M | $205.2M | ||
| Q3 24 | $193.9M | $208.4M | ||
| Q2 24 | $173.6M | $216.7M |
| Q1 26 | $4.0M | — | ||
| Q4 25 | — | $33.6M | ||
| Q3 25 | $-1.2M | $35.1M | ||
| Q2 25 | $-4.9M | $34.6M | ||
| Q1 25 | $-3.7M | $38.4M | ||
| Q4 24 | — | $30.7M | ||
| Q3 24 | $413.0K | $32.0M | ||
| Q2 24 | $4.1M | $33.1M |
| Q1 26 | 37.3% | — | ||
| Q4 25 | 37.6% | 39.7% | ||
| Q3 25 | 38.5% | 43.1% | ||
| Q2 25 | 39.8% | 41.1% | ||
| Q1 25 | 41.0% | 42.9% | ||
| Q4 24 | 36.4% | 40.3% | ||
| Q3 24 | 37.7% | 40.2% | ||
| Q2 24 | 37.3% | 39.4% |
| Q1 26 | 60.5% | — | ||
| Q4 25 | -1.9% | 18.4% | ||
| Q3 25 | -1.0% | 20.7% | ||
| Q2 25 | -2.1% | 18.8% | ||
| Q1 25 | -2.7% | 22.2% | ||
| Q4 24 | -1.3% | 19.1% | ||
| Q3 24 | -0.5% | 19.5% | ||
| Q2 24 | -3.5% | 19.2% |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | 14.3% | ||
| Q3 25 | -0.6% | 15.8% | ||
| Q2 25 | -2.7% | 14.5% | ||
| Q1 25 | -2.1% | 17.3% | ||
| Q4 24 | — | 15.0% | ||
| Q3 24 | 0.2% | 15.4% | ||
| Q2 24 | 2.3% | 15.3% |
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $-0.10 | $1.13 | ||
| Q3 25 | $-0.04 | $1.19 | ||
| Q2 25 | $-0.16 | $1.17 | ||
| Q1 25 | $-0.13 | $1.30 | ||
| Q4 24 | $0.27 | $1.04 | ||
| Q3 24 | $0.01 | $1.08 | ||
| Q2 24 | $-0.17 | $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 | $47.3M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $405.7M | $713.3M |
| Total Assets | $984.2M | $973.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.3M | — | ||
| Q4 25 | $111.3M | — | ||
| Q3 25 | $80.4M | — | ||
| Q2 25 | $68.1M | — | ||
| Q1 25 | $41.7M | — | ||
| Q4 24 | $83.8M | — | ||
| Q3 24 | $79.9M | — | ||
| Q2 24 | $76.4M | — |
| Q1 26 | $405.7M | — | ||
| Q4 25 | $400.0M | $713.3M | ||
| Q3 25 | $392.7M | $702.5M | ||
| Q2 25 | $384.5M | $677.6M | ||
| Q1 25 | $345.4M | $641.7M | ||
| Q4 24 | $312.5M | $606.2M | ||
| Q3 24 | $336.6M | $591.2M | ||
| Q2 24 | $307.4M | $563.1M |
| Q1 26 | $984.2M | — | ||
| Q4 25 | $1.1B | $973.6M | ||
| Q3 25 | $1.0B | $978.3M | ||
| Q2 25 | $1.0B | $936.4M | ||
| Q1 25 | $964.4M | $899.6M | ||
| Q4 24 | $989.2M | $816.4M | ||
| Q3 24 | $1.0B | $802.9M | ||
| Q2 24 | $1.0B | $781.3M |
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 | $-1.0M | $50.8M |
| FCF MarginFCF / Revenue | -0.5% | 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 | $38.6M | $54.8M | ||
| Q3 25 | $22.2M | $51.3M | ||
| Q2 25 | $31.7M | $44.6M | ||
| Q1 25 | $-3.1M | $33.0M | ||
| Q4 24 | $36.5M | $52.1M | ||
| Q3 24 | $20.5M | $45.1M | ||
| Q2 24 | $24.4M | $36.4M |
| Q1 26 | $-1.0M | — | ||
| Q4 25 | — | $50.8M | ||
| Q3 25 | — | $48.2M | ||
| Q2 25 | — | $40.6M | ||
| Q1 25 | — | $30.1M | ||
| Q4 24 | — | $47.4M | ||
| Q3 24 | — | $42.0M | ||
| Q2 24 | — | $34.1M |
| Q1 26 | -0.5% | — | ||
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | — | 13.5% | ||
| Q4 24 | — | 23.1% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 15.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.63× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 1.70× | ||
| Q3 24 | 49.55× | 1.41× | ||
| Q2 24 | 6.03× | 1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAND
Segment breakdown not available.
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
