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Side-by-side financial comparison of BADGER METER INC (BMI) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $233.0M, roughly 1.0× CSW INDUSTRIALS, INC.). BADGER METER INC runs the higher net margin — 14.3% vs 4.4%, a 9.9% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $22.7M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 5.1%).
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.
BMI vs CSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $233.0M |
| Net Profit | $33.6M | $10.3M |
| Gross Margin | 39.7% | 39.7% |
| Operating Margin | 18.4% | 7.4% |
| Net Margin | 14.3% | 4.4% |
| Revenue YoY | 14.1% | 20.3% |
| Net Profit YoY | 9.3% | -61.9% |
| EPS (diluted) | $1.13 | $0.62 |
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 | $234.1M | $233.0M | ||
| Q3 25 | $222.2M | $277.0M | ||
| Q2 25 | $238.1M | $263.6M | ||
| Q1 25 | $222.2M | $230.5M | ||
| Q4 24 | $205.2M | $193.6M | ||
| Q3 24 | $208.4M | $227.9M | ||
| Q2 24 | $216.7M | $226.2M | ||
| Q1 24 | $196.3M | $210.9M |
| Q4 25 | $33.6M | $10.3M | ||
| Q3 25 | $35.1M | $40.7M | ||
| Q2 25 | $34.6M | $40.9M | ||
| Q1 25 | $38.4M | $35.1M | ||
| Q4 24 | $30.7M | $26.9M | ||
| Q3 24 | $32.0M | $36.1M | ||
| Q2 24 | $33.1M | $38.6M | ||
| Q1 24 | $29.1M | $31.8M |
| Q4 25 | 39.7% | 39.7% | ||
| Q3 25 | 43.1% | 43.0% | ||
| Q2 25 | 41.1% | 43.8% | ||
| Q1 25 | 42.9% | 44.2% | ||
| Q4 24 | 40.3% | 41.4% | ||
| Q3 24 | 40.2% | 45.6% | ||
| Q2 24 | 39.4% | 47.5% | ||
| Q1 24 | 39.3% | 44.4% |
| Q4 25 | 18.4% | 7.4% | ||
| Q3 25 | 20.7% | 20.5% | ||
| Q2 25 | 18.8% | 20.8% | ||
| Q1 25 | 22.2% | 19.5% | ||
| Q4 24 | 19.1% | 15.3% | ||
| Q3 24 | 19.5% | 22.6% | ||
| Q2 24 | 19.2% | 24.3% | ||
| Q1 24 | 18.6% | 21.0% |
| Q4 25 | 14.3% | 4.4% | ||
| Q3 25 | 15.8% | 14.7% | ||
| Q2 25 | 14.5% | 15.5% | ||
| Q1 25 | 17.3% | 15.2% | ||
| Q4 24 | 15.0% | 13.9% | ||
| Q3 24 | 15.4% | 15.8% | ||
| Q2 24 | 15.3% | 17.1% | ||
| Q1 24 | 14.8% | 15.1% |
| Q4 25 | $1.13 | $0.62 | ||
| Q3 25 | $1.19 | $2.41 | ||
| Q2 25 | $1.17 | $2.43 | ||
| Q1 25 | $1.30 | $2.05 | ||
| Q4 24 | $1.04 | $1.60 | ||
| Q3 24 | $1.08 | $2.26 | ||
| Q2 24 | $1.12 | $2.47 | ||
| Q1 24 | $0.99 | $2.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $40.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $1.1B |
| Total Assets | $973.6M | $2.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $40.2M | ||
| Q3 25 | — | $31.5M | ||
| Q2 25 | — | $38.0M | ||
| Q1 25 | — | $225.8M | ||
| Q4 24 | — | $213.8M | ||
| Q3 24 | — | $273.2M | ||
| Q2 24 | — | $18.9M | ||
| Q1 24 | — | $22.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $800.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $166.0M |
| Q4 25 | $713.3M | $1.1B | ||
| Q3 25 | $702.5M | $1.1B | ||
| Q2 25 | $677.6M | $1.1B | ||
| Q1 25 | $641.7M | $1.1B | ||
| Q4 24 | $606.2M | $1.0B | ||
| Q3 24 | $591.2M | $1.0B | ||
| Q2 24 | $563.1M | $650.2M | ||
| Q1 24 | $535.6M | $615.7M |
| Q4 25 | $973.6M | $2.3B | ||
| Q3 25 | $978.3M | $1.5B | ||
| Q2 25 | $936.4M | $1.5B | ||
| Q1 25 | $899.6M | $1.4B | ||
| Q4 24 | $816.4M | $1.4B | ||
| Q3 24 | $802.9M | $1.4B | ||
| Q2 24 | $781.3M | $1.1B | ||
| Q1 24 | $743.5M | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
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 | $28.9M |
| Free Cash FlowOCF − Capex | $50.8M | $22.7M |
| FCF MarginFCF / Revenue | 21.7% | 9.8% |
| Capex IntensityCapex / Revenue | 1.7% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.63× | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $28.9M | ||
| Q3 25 | $51.3M | $61.8M | ||
| Q2 25 | $44.6M | $60.6M | ||
| Q1 25 | $33.0M | $27.3M | ||
| Q4 24 | $52.1M | $11.6M | ||
| Q3 24 | $45.1M | $66.8M | ||
| Q2 24 | $36.4M | $62.7M | ||
| Q1 24 | $21.5M | $22.4M |
| Q4 25 | $50.8M | $22.7M | ||
| Q3 25 | $48.2M | $58.7M | ||
| Q2 25 | $40.6M | $57.7M | ||
| Q1 25 | $30.1M | $22.8M | ||
| Q4 24 | $47.4M | $8.5M | ||
| Q3 24 | $42.0M | $61.3M | ||
| Q2 24 | $34.1M | $59.6M | ||
| Q1 24 | $18.8M | $17.5M |
| Q4 25 | 21.7% | 9.8% | ||
| Q3 25 | 21.7% | 21.2% | ||
| Q2 25 | 17.1% | 21.9% | ||
| Q1 25 | 13.5% | 9.9% | ||
| Q4 24 | 23.1% | 4.4% | ||
| Q3 24 | 20.1% | 26.9% | ||
| Q2 24 | 15.7% | 26.3% | ||
| Q1 24 | 9.6% | 8.3% |
| Q4 25 | 1.7% | 2.6% | ||
| Q3 25 | 1.4% | 1.1% | ||
| Q2 25 | 1.7% | 1.1% | ||
| Q1 25 | 1.3% | 2.0% | ||
| Q4 24 | 2.3% | 1.6% | ||
| Q3 24 | 1.5% | 2.4% | ||
| Q2 24 | 1.1% | 1.4% | ||
| Q1 24 | 1.4% | 2.3% |
| Q4 25 | 1.63× | 2.81× | ||
| Q3 25 | 1.46× | 1.52× | ||
| Q2 25 | 1.29× | 1.48× | ||
| Q1 25 | 0.86× | 0.78× | ||
| Q4 24 | 1.70× | 0.43× | ||
| Q3 24 | 1.41× | 1.85× | ||
| Q2 24 | 1.10× | 1.62× | ||
| Q1 24 | 0.74× | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
