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Side-by-side financial comparison of BLACKLINE, INC. (BL) 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 $183.2M, roughly 1.3× BLACKLINE, INC.). BADGER METER INC runs the higher net margin — 14.3% vs 2.7%, a 11.7% 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 $26.1M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 7.9%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
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.
BL vs BMI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $234.1M |
| Net Profit | $4.9M | $33.6M |
| Gross Margin | 75.2% | 39.7% |
| Operating Margin | 3.7% | 18.4% |
| Net Margin | 2.7% | 14.3% |
| Revenue YoY | 8.1% | 14.1% |
| Net Profit YoY | -91.3% | 9.3% |
| EPS (diluted) | $0.07 | $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 | $183.2M | $234.1M | ||
| Q3 25 | $178.3M | $222.2M | ||
| Q2 25 | $172.0M | $238.1M | ||
| Q1 25 | $166.9M | $222.2M | ||
| Q4 24 | $169.5M | $205.2M | ||
| Q3 24 | $165.9M | $208.4M | ||
| Q2 24 | $160.5M | $216.7M | ||
| Q1 24 | $157.5M | $196.3M |
| Q4 25 | $4.9M | $33.6M | ||
| Q3 25 | $5.3M | $35.1M | ||
| Q2 25 | $8.3M | $34.6M | ||
| Q1 25 | $6.1M | $38.4M | ||
| Q4 24 | $56.4M | $30.7M | ||
| Q3 24 | $17.2M | $32.0M | ||
| Q2 24 | $76.7M | $33.1M | ||
| Q1 24 | $10.8M | $29.1M |
| Q4 25 | 75.2% | 39.7% | ||
| Q3 25 | 75.1% | 43.1% | ||
| Q2 25 | 75.2% | 41.1% | ||
| Q1 25 | 75.5% | 42.9% | ||
| Q4 24 | 75.6% | 40.3% | ||
| Q3 24 | 75.2% | 40.2% | ||
| Q2 24 | 74.9% | 39.4% | ||
| Q1 24 | 75.2% | 39.3% |
| Q4 25 | 3.7% | 18.4% | ||
| Q3 25 | 4.3% | 20.7% | ||
| Q2 25 | 4.4% | 18.8% | ||
| Q1 25 | 2.1% | 22.2% | ||
| Q4 24 | 3.7% | 19.1% | ||
| Q3 24 | 5.0% | 19.5% | ||
| Q2 24 | 1.4% | 19.2% | ||
| Q1 24 | 1.1% | 18.6% |
| Q4 25 | 2.7% | 14.3% | ||
| Q3 25 | 3.0% | 15.8% | ||
| Q2 25 | 4.8% | 14.5% | ||
| Q1 25 | 3.6% | 17.3% | ||
| Q4 24 | 33.3% | 15.0% | ||
| Q3 24 | 10.4% | 15.4% | ||
| Q2 24 | 47.8% | 15.3% | ||
| Q1 24 | 6.9% | 14.8% |
| Q4 25 | $0.07 | $1.13 | ||
| Q3 25 | $0.09 | $1.19 | ||
| Q2 25 | $0.13 | $1.17 | ||
| Q1 25 | $0.10 | $1.30 | ||
| Q4 24 | $0.79 | $1.04 | ||
| Q3 24 | $0.27 | $1.08 | ||
| Q2 24 | $0.22 | $1.12 | ||
| Q1 24 | $0.17 | $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 | $390.0M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $713.3M |
| Total Assets | $1.8B | $973.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | — | ||
| Q3 25 | $419.9M | — | ||
| Q2 25 | $459.1M | — | ||
| Q1 25 | $479.5M | — | ||
| Q4 24 | $885.9M | — | ||
| Q3 24 | $725.3M | — | ||
| Q2 24 | $616.6M | — | ||
| Q1 24 | $331.4M | — |
| Q4 25 | $332.3M | $713.3M | ||
| Q3 25 | $328.3M | $702.5M | ||
| Q2 25 | $414.0M | $677.6M | ||
| Q1 25 | $417.9M | $641.7M | ||
| Q4 24 | $446.7M | $606.2M | ||
| Q3 24 | $367.9M | $591.2M | ||
| Q2 24 | $325.8M | $563.1M | ||
| Q1 24 | $279.8M | $535.6M |
| Q4 25 | $1.8B | $973.6M | ||
| Q3 25 | $1.7B | $978.3M | ||
| Q2 25 | $1.8B | $936.4M | ||
| Q1 25 | $1.8B | $899.6M | ||
| Q4 24 | $1.8B | $816.4M | ||
| Q3 24 | $1.7B | $802.9M | ||
| Q2 24 | $1.9B | $781.3M | ||
| Q1 24 | $2.1B | $743.5M |
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 | $26.7M | $54.8M |
| Free Cash FlowOCF − Capex | $26.1M | $50.8M |
| FCF MarginFCF / Revenue | 14.2% | 21.7% |
| Capex IntensityCapex / Revenue | 0.3% | 1.7% |
| Cash ConversionOCF / Net Profit | 5.46× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $54.8M | ||
| Q3 25 | $63.8M | $51.3M | ||
| Q2 25 | $32.3M | $44.6M | ||
| Q1 25 | $46.7M | $33.0M | ||
| Q4 24 | $43.8M | $52.1M | ||
| Q3 24 | $55.9M | $45.1M | ||
| Q2 24 | $40.7M | $36.4M | ||
| Q1 24 | $50.4M | $21.5M |
| Q4 25 | $26.1M | $50.8M | ||
| Q3 25 | $63.3M | $48.2M | ||
| Q2 25 | $31.4M | $40.6M | ||
| Q1 25 | $40.8M | $30.1M | ||
| Q4 24 | $43.0M | $47.4M | ||
| Q3 24 | $55.5M | $42.0M | ||
| Q2 24 | $40.0M | $34.1M | ||
| Q1 24 | $50.1M | $18.8M |
| Q4 25 | 14.2% | 21.7% | ||
| Q3 25 | 35.5% | 21.7% | ||
| Q2 25 | 18.2% | 17.1% | ||
| Q1 25 | 24.4% | 13.5% | ||
| Q4 24 | 25.4% | 23.1% | ||
| Q3 24 | 33.5% | 20.1% | ||
| Q2 24 | 24.9% | 15.7% | ||
| Q1 24 | 31.8% | 9.6% |
| Q4 25 | 0.3% | 1.7% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.6% | 1.7% | ||
| Q1 25 | 3.6% | 1.3% | ||
| Q4 24 | 0.4% | 2.3% | ||
| Q3 24 | 0.2% | 1.5% | ||
| Q2 24 | 0.4% | 1.1% | ||
| Q1 24 | 0.2% | 1.4% |
| Q4 25 | 5.46× | 1.63× | ||
| Q3 25 | 12.07× | 1.46× | ||
| Q2 25 | 3.90× | 1.29× | ||
| Q1 25 | 7.72× | 0.86× | ||
| Q4 24 | 0.78× | 1.70× | ||
| Q3 24 | 3.24× | 1.41× | ||
| Q2 24 | 0.53× | 1.10× | ||
| Q1 24 | 4.66× | 0.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
