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Side-by-side financial comparison of BALCHEM CORP (BCPC) and BADGER METER INC (BMI). Click either name above to swap in a different company.
BALCHEM CORP is the larger business by last-quarter revenue ($270.7M vs $234.1M, roughly 1.2× BADGER METER INC). BALCHEM CORP runs the higher net margin — 14.9% vs 14.3%, a 0.5% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 8.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $33.8M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 7.5%).
Balchem Corp is a global specialty chemicals and nutritional ingredients provider that develops, manufactures and distributes application-specific products for human nutrition, animal health, pharmaceutical and industrial end markets, serving customers across North America, Europe and Asia Pacific.
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.
BCPC vs BMI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.7M | $234.1M |
| Net Profit | $40.3M | $33.6M |
| Gross Margin | — | 39.7% |
| Operating Margin | 20.5% | 18.4% |
| Net Margin | 14.9% | 14.3% |
| Revenue YoY | 8.1% | 14.1% |
| Net Profit YoY | 8.7% | 9.3% |
| EPS (diluted) | $1.25 | $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 | $270.7M | — | ||
| Q4 25 | $263.6M | $234.1M | ||
| Q3 25 | $267.6M | $222.2M | ||
| Q2 25 | $255.5M | $238.1M | ||
| Q1 25 | $250.5M | $222.2M | ||
| Q4 24 | $240.0M | $205.2M | ||
| Q3 24 | $239.9M | $208.4M | ||
| Q2 24 | $234.1M | $216.7M |
| Q1 26 | $40.3M | — | ||
| Q4 25 | $39.2M | $33.6M | ||
| Q3 25 | $40.3M | $35.1M | ||
| Q2 25 | $38.3M | $34.6M | ||
| Q1 25 | $37.1M | $38.4M | ||
| Q4 24 | $33.6M | $30.7M | ||
| Q3 24 | $33.8M | $32.0M | ||
| Q2 24 | $32.1M | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | 35.6% | 39.7% | ||
| Q3 25 | 35.7% | 43.1% | ||
| Q2 25 | 36.4% | 41.1% | ||
| Q1 25 | 35.2% | 42.9% | ||
| Q4 24 | 36.0% | 40.3% | ||
| Q3 24 | 35.6% | 40.2% | ||
| Q2 24 | 35.5% | 39.4% |
| Q1 26 | 20.5% | — | ||
| Q4 25 | 19.8% | 18.4% | ||
| Q3 25 | 20.4% | 20.7% | ||
| Q2 25 | 20.1% | 18.8% | ||
| Q1 25 | 20.4% | 22.2% | ||
| Q4 24 | 19.8% | 19.1% | ||
| Q3 24 | 20.0% | 19.5% | ||
| Q2 24 | 19.6% | 19.2% |
| Q1 26 | 14.9% | — | ||
| Q4 25 | 14.9% | 14.3% | ||
| Q3 25 | 15.1% | 15.8% | ||
| Q2 25 | 15.0% | 14.5% | ||
| Q1 25 | 14.8% | 17.3% | ||
| Q4 24 | 14.0% | 15.0% | ||
| Q3 24 | 14.1% | 15.4% | ||
| Q2 24 | 13.7% | 15.3% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.21 | $1.13 | ||
| Q3 25 | $1.24 | $1.19 | ||
| Q2 25 | $1.17 | $1.17 | ||
| Q1 25 | $1.13 | $1.30 | ||
| Q4 24 | $1.03 | $1.04 | ||
| Q3 24 | $1.03 | $1.08 | ||
| Q2 24 | $0.98 | $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 | $72.9M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $713.3M |
| Total Assets | $1.7B | $973.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $72.9M | — | ||
| Q4 25 | $74.6M | — | ||
| Q3 25 | $65.1M | — | ||
| Q2 25 | $65.4M | — | ||
| Q1 25 | $49.9M | — | ||
| Q4 24 | $49.5M | — | ||
| Q3 24 | $73.7M | — | ||
| Q2 24 | $63.7M | — |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $713.3M | ||
| Q3 25 | $1.3B | $702.5M | ||
| Q2 25 | $1.3B | $677.6M | ||
| Q1 25 | $1.2B | $641.7M | ||
| Q4 24 | $1.1B | $606.2M | ||
| Q3 24 | $1.2B | $591.2M | ||
| Q2 24 | $1.1B | $563.1M |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.7B | $973.6M | ||
| Q3 25 | $1.7B | $978.3M | ||
| Q2 25 | $1.7B | $936.4M | ||
| Q1 25 | $1.6B | $899.6M | ||
| Q4 24 | $1.6B | $816.4M | ||
| Q3 24 | $1.6B | $802.9M | ||
| Q2 24 | $1.6B | $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 | $40.1M | $54.8M |
| Free Cash FlowOCF − Capex | $33.8M | $50.8M |
| FCF MarginFCF / Revenue | 12.5% | 21.7% |
| Capex IntensityCapex / Revenue | 2.3% | 1.7% |
| Cash ConversionOCF / Net Profit | 0.99× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.1M | — | ||
| Q4 25 | $67.3M | $54.8M | ||
| Q3 25 | $65.6M | $51.3M | ||
| Q2 25 | $47.3M | $44.6M | ||
| Q1 25 | $36.5M | $33.0M | ||
| Q4 24 | $52.3M | $52.1M | ||
| Q3 24 | $51.3M | $45.1M | ||
| Q2 24 | $45.0M | $36.4M |
| Q1 26 | $33.8M | — | ||
| 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 | 12.5% | — | ||
| 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 | 2.3% | — | ||
| 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 | 0.99× | — | ||
| Q4 25 | 1.72× | 1.63× | ||
| Q3 25 | 1.63× | 1.46× | ||
| Q2 25 | 1.23× | 1.29× | ||
| Q1 25 | 0.98× | 0.86× | ||
| Q4 24 | 1.56× | 1.70× | ||
| Q3 24 | 1.52× | 1.41× | ||
| Q2 24 | 1.40× | 1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BCPC
Segment breakdown not available.
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
