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Side-by-side financial comparison of BADGER METER INC (BMI) and Clean Energy Fuels Corp. (CLNE). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $117.6M, roughly 2.0× Clean Energy Fuels Corp.). BADGER METER INC runs the higher net margin — 14.3% vs -10.6%, a 24.9% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 0.0%). Over the past eight quarters, Clean Energy Fuels Corp.'s revenue compounded faster (9.5% 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.
Bloom Energy is an American public company that designs and manufactures solid oxide fuel cells (SOFCs) which independently produce electricity onsite for power generation in data centers, manufacturing, and other commercial sectors. Founded in 2001 and headquartered in San Jose, California; its fuel cell technology generates electricity through a chemical conversion process, which differs from most other power sources reliant on combustion, and can use natural gas, biogas or hydrogen as fuel...
BMI vs CLNE — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $117.6M |
| Net Profit | $33.6M | $-12.4M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | -2.5% |
| Net Margin | 14.3% | -10.6% |
| Revenue YoY | 14.1% | 0.0% |
| Net Profit YoY | 9.3% | — |
| EPS (diluted) | $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 | — | $117.6M | ||
| Q4 25 | $234.1M | $112.3M | ||
| Q3 25 | $222.2M | $106.1M | ||
| Q2 25 | $238.1M | $102.6M | ||
| Q1 25 | $222.2M | $103.8M | ||
| Q4 24 | $205.2M | $109.3M | ||
| Q3 24 | $208.4M | $104.9M | ||
| Q2 24 | $216.7M | $98.0M |
| Q1 26 | — | $-12.4M | ||
| Q4 25 | $33.6M | $-43.0M | ||
| Q3 25 | $35.1M | $-23.8M | ||
| Q2 25 | $34.6M | $-20.2M | ||
| Q1 25 | $38.4M | $-135.0M | ||
| Q4 24 | $30.7M | $-30.2M | ||
| Q3 24 | $32.0M | $-18.2M | ||
| Q2 24 | $33.1M | $-16.3M |
| 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 | — | -2.5% | ||
| Q4 25 | 18.4% | -9.5% | ||
| Q3 25 | 20.7% | -12.8% | ||
| Q2 25 | 18.8% | -9.0% | ||
| Q1 25 | 22.2% | -121.7% | ||
| Q4 24 | 19.1% | -11.8% | ||
| Q3 24 | 19.5% | -8.1% | ||
| Q2 24 | 19.2% | -5.7% |
| Q1 26 | — | -10.6% | ||
| Q4 25 | 14.3% | -38.3% | ||
| Q3 25 | 15.8% | -22.4% | ||
| Q2 25 | 14.5% | -19.7% | ||
| Q1 25 | 17.3% | -130.1% | ||
| Q4 24 | 15.0% | -27.6% | ||
| Q3 24 | 15.4% | -17.3% | ||
| Q2 24 | 15.3% | -16.6% |
| Q1 26 | — | — | ||
| Q4 25 | $1.13 | $-0.21 | ||
| Q3 25 | $1.19 | $-0.11 | ||
| Q2 25 | $1.17 | $-0.09 | ||
| Q1 25 | $1.30 | $-0.60 | ||
| Q4 24 | $1.04 | $-0.14 | ||
| Q3 24 | $1.08 | $-0.08 | ||
| Q2 24 | $1.12 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $70.8M |
| Total DebtLower is stronger | — | $54.0K |
| Stockholders' EquityBook value | $713.3M | $563.7M |
| Total Assets | $973.6M | $1.0B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $70.8M | ||
| Q4 25 | — | $156.1M | ||
| Q3 25 | — | $232.2M | ||
| Q2 25 | — | $240.8M | ||
| Q1 25 | — | $226.6M | ||
| Q4 24 | — | $217.5M | ||
| Q3 24 | — | $243.5M | ||
| Q2 24 | — | $249.3M |
| Q1 26 | — | $54.0K | ||
| Q4 25 | — | $226.8M | ||
| Q3 25 | — | $284.3M | ||
| Q2 25 | — | $277.9M | ||
| Q1 25 | — | $271.6M | ||
| Q4 24 | — | $265.4M | ||
| Q3 24 | — | $264.1M | ||
| Q2 24 | — | $263.0M |
| Q1 26 | — | $563.7M | ||
| Q4 25 | $713.3M | $559.4M | ||
| Q3 25 | $702.5M | $585.2M | ||
| Q2 25 | $677.6M | $590.8M | ||
| Q1 25 | $641.7M | $596.7M | ||
| Q4 24 | $606.2M | $713.3M | ||
| Q3 24 | $591.2M | $724.8M | ||
| Q2 24 | $563.1M | $723.0M |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $973.6M | $1.1B | ||
| Q3 25 | $978.3M | $1.1B | ||
| Q2 25 | $936.4M | $1.1B | ||
| Q1 25 | $899.6M | $1.1B | ||
| Q4 24 | $816.4M | $1.2B | ||
| Q3 24 | $802.9M | $1.2B | ||
| Q2 24 | $781.3M | $1.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.37× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | — | 0.36× |
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 | $13.1M | ||
| Q3 25 | $51.3M | $13.1M | ||
| Q2 25 | $44.6M | $35.9M | ||
| Q1 25 | $33.0M | $23.4M | ||
| Q4 24 | $52.1M | $21.9M | ||
| Q3 24 | $45.1M | $21.4M | ||
| Q2 24 | $36.4M | $18.8M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $6.5M | ||
| Q3 25 | $48.2M | $6.5M | ||
| Q2 25 | $40.6M | $30.9M | ||
| Q1 25 | $30.1M | $15.9M | ||
| Q4 24 | $47.4M | $10.3M | ||
| Q3 24 | $42.0M | $42.0K | ||
| Q2 24 | $34.1M | $4.8M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 5.8% | ||
| Q3 25 | 21.7% | 6.1% | ||
| Q2 25 | 17.1% | 30.2% | ||
| Q1 25 | 13.5% | 15.4% | ||
| Q4 24 | 23.1% | 9.5% | ||
| Q3 24 | 20.1% | 0.0% | ||
| Q2 24 | 15.7% | 4.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 5.9% | ||
| Q3 25 | 1.4% | 6.2% | ||
| Q2 25 | 1.7% | 4.8% | ||
| Q1 25 | 1.3% | 7.2% | ||
| Q4 24 | 2.3% | 10.5% | ||
| Q3 24 | 1.5% | 20.3% | ||
| Q2 24 | 1.1% | 14.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | — |
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% |
CLNE
| Product revenue | $102.9M | 88% |
| Service revenue | $14.7M | 12% |
