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Side-by-side financial comparison of BADGER METER INC (BMI) and PATHWARD FINANCIAL, INC. (CASH). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($276.3M vs $234.1M, roughly 1.2× BADGER METER INC). PATHWARD FINANCIAL, INC. runs the higher net margin — 26.4% vs 14.3%, a 12.0% gap on every dollar of revenue. Over the past eight quarters, PATHWARD FINANCIAL, INC.'s revenue compounded faster (21.0% CAGR vs 9.2%).
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.
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
BMI vs CASH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $276.3M |
| Net Profit | $33.6M | $72.9M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | — |
| Net Margin | 14.3% | 26.4% |
| Revenue YoY | 14.1% | — |
| Net Profit YoY | 9.3% | — |
| EPS (diluted) | $1.13 | $3.35 |
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 | — | $276.3M | ||
| Q4 25 | $234.1M | $173.1M | ||
| Q3 25 | $222.2M | $186.7M | ||
| Q2 25 | $238.1M | $195.8M | ||
| Q1 25 | $222.2M | $274.8M | ||
| Q4 24 | $205.2M | $182.6M | ||
| Q3 24 | $208.4M | $179.5M | ||
| Q2 24 | $216.7M | $188.6M |
| Q1 26 | — | $72.9M | ||
| Q4 25 | $33.6M | $35.2M | ||
| Q3 25 | $35.1M | $38.8M | ||
| Q2 25 | $34.6M | $42.1M | ||
| Q1 25 | $38.4M | $75.0M | ||
| Q4 24 | $30.7M | $30.0M | ||
| Q3 24 | $32.0M | $33.5M | ||
| Q2 24 | $33.1M | $44.9M |
| 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 | 18.4% | 24.6% | ||
| Q3 25 | 20.7% | 25.9% | ||
| Q2 25 | 18.8% | 24.1% | ||
| Q1 25 | 22.2% | 33.2% | ||
| Q4 24 | 19.1% | 19.8% | ||
| Q3 24 | 19.5% | 20.9% | ||
| Q2 24 | 19.2% | 27.1% |
| Q1 26 | — | 26.4% | ||
| Q4 25 | 14.3% | 20.3% | ||
| Q3 25 | 15.8% | 20.8% | ||
| Q2 25 | 14.5% | 21.5% | ||
| Q1 25 | 17.3% | 27.3% | ||
| Q4 24 | 15.0% | 16.4% | ||
| Q3 24 | 15.4% | 18.7% | ||
| Q2 24 | 15.3% | 23.8% |
| Q1 26 | — | $3.35 | ||
| Q4 25 | $1.13 | $1.57 | ||
| Q3 25 | $1.19 | $1.69 | ||
| Q2 25 | $1.17 | $1.81 | ||
| Q1 25 | $1.30 | $3.14 | ||
| Q4 24 | $1.04 | $1.23 | ||
| Q3 24 | $1.08 | $1.34 | ||
| Q2 24 | $1.12 | $1.78 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $157.6M |
| Total DebtLower is stronger | — | $59.5M |
| Stockholders' EquityBook value | $713.3M | $850.7M |
| Total Assets | $973.6M | $7.1B |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $157.6M | ||
| Q4 25 | — | $331.2M | ||
| Q3 25 | — | $120.6M | ||
| Q2 25 | — | $258.3M | ||
| Q1 25 | — | $254.2M | ||
| Q4 24 | — | $597.4M | ||
| Q3 24 | — | $158.3M | ||
| Q2 24 | — | $298.9M |
| Q1 26 | — | $59.5M | ||
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $33.5M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $33.4M | ||
| Q4 24 | — | $33.4M | ||
| Q3 24 | — | $33.4M | ||
| Q2 24 | — | $33.3M |
| Q1 26 | — | $850.7M | ||
| Q4 25 | $713.3M | $854.5M | ||
| Q3 25 | $702.5M | $858.0M | ||
| Q2 25 | $677.6M | $819.0M | ||
| Q1 25 | $641.7M | $814.7M | ||
| Q4 24 | $606.2M | $758.3M | ||
| Q3 24 | $591.2M | $822.5M | ||
| Q2 24 | $563.1M | $748.4M |
| Q1 26 | — | $7.1B | ||
| Q4 25 | $973.6M | $7.6B | ||
| Q3 25 | $978.3M | $7.2B | ||
| Q2 25 | $936.4M | $7.2B | ||
| Q1 25 | $899.6M | $7.0B | ||
| Q4 24 | $816.4M | $7.6B | ||
| Q3 24 | $802.9M | $7.5B | ||
| Q2 24 | $781.3M | $7.5B |
| Q1 26 | — | 0.07× | ||
| Q4 25 | — | 0.04× | ||
| Q3 25 | — | 0.04× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.04× |
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 | $54.8M | $108.3M | ||
| Q3 25 | $51.3M | $303.7M | ||
| Q2 25 | $44.6M | $30.4M | ||
| Q1 25 | $33.0M | $188.3M | ||
| Q4 24 | $52.1M | $-71.7M | ||
| Q3 24 | $45.1M | $143.1M | ||
| Q2 24 | $36.4M | $113.2M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $104.1M | ||
| Q3 25 | $48.2M | $300.3M | ||
| Q2 25 | $40.6M | $27.7M | ||
| Q1 25 | $30.1M | $184.7M | ||
| Q4 24 | $47.4M | $-73.8M | ||
| Q3 24 | $42.0M | $138.8M | ||
| Q2 24 | $34.1M | $111.0M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 60.1% | ||
| Q3 25 | 21.7% | 160.9% | ||
| Q2 25 | 17.1% | 14.1% | ||
| Q1 25 | 13.5% | 67.2% | ||
| Q4 24 | 23.1% | -40.4% | ||
| Q3 24 | 20.1% | 77.3% | ||
| Q2 24 | 15.7% | 58.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 2.4% | ||
| Q3 25 | 1.4% | 1.8% | ||
| Q2 25 | 1.7% | 1.4% | ||
| Q1 25 | 1.3% | 1.3% | ||
| Q4 24 | 2.3% | 1.1% | ||
| Q3 24 | 1.5% | 2.4% | ||
| Q2 24 | 1.1% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 3.08× | ||
| Q3 25 | 1.46× | 7.83× | ||
| Q2 25 | 1.29× | 0.72× | ||
| Q1 25 | 0.86× | 2.51× | ||
| Q4 24 | 1.70× | -2.39× | ||
| Q3 24 | 1.41× | 4.27× | ||
| Q2 24 | 1.10× | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
