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Side-by-side financial comparison of BADGER METER INC (BMI) and DIODES INC (DIOD). Click either name above to swap in a different company.
DIODES INC is the larger business by last-quarter revenue ($391.6M vs $234.1M, roughly 1.7× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 2.6%, a 11.7% gap on every dollar of revenue. On growth, DIODES INC posted the faster year-over-year revenue change (15.4% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $12.4M). Over the past eight quarters, DIODES INC's revenue compounded faster (13.9% 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.
Diodes Incorporated is a global semiconductor manufacturer that designs, produces and supplies discrete, analog and mixed-signal semiconductor products. Its solutions serve key end markets including automotive, industrial, consumer electronics, personal computing and communications infrastructure, with a worldwide customer base.
BMI vs DIOD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $391.6M |
| Net Profit | $33.6M | $10.2M |
| Gross Margin | 39.7% | 31.1% |
| Operating Margin | 18.4% | 3.4% |
| Net Margin | 14.3% | 2.6% |
| Revenue YoY | 14.1% | 15.4% |
| Net Profit YoY | 9.3% | 23.8% |
| EPS (diluted) | $1.13 | $0.23 |
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 | $391.6M | ||
| Q3 25 | $222.2M | $392.2M | ||
| Q2 25 | $238.1M | $366.2M | ||
| Q1 25 | $222.2M | $332.1M | ||
| Q4 24 | $205.2M | $339.3M | ||
| Q3 24 | $208.4M | $350.1M | ||
| Q2 24 | $216.7M | $319.8M | ||
| Q1 24 | $196.3M | $302.0M |
| Q4 25 | $33.6M | $10.2M | ||
| Q3 25 | $35.1M | $14.3M | ||
| Q2 25 | $34.6M | $46.1M | ||
| Q1 25 | $38.4M | $-4.4M | ||
| Q4 24 | $30.7M | $8.2M | ||
| Q3 24 | $32.0M | $13.7M | ||
| Q2 24 | $33.1M | $8.0M | ||
| Q1 24 | $29.1M | $14.0M |
| Q4 25 | 39.7% | 31.1% | ||
| Q3 25 | 43.1% | 30.7% | ||
| Q2 25 | 41.1% | 31.5% | ||
| Q1 25 | 42.9% | 31.5% | ||
| Q4 24 | 40.3% | 32.7% | ||
| Q3 24 | 40.2% | 33.7% | ||
| Q2 24 | 39.4% | 33.6% | ||
| Q1 24 | 39.3% | 33.0% |
| Q4 25 | 18.4% | 3.4% | ||
| Q3 25 | 20.7% | 3.0% | ||
| Q2 25 | 18.8% | 2.6% | ||
| Q1 25 | 22.2% | 0.4% | ||
| Q4 24 | 19.1% | 3.5% | ||
| Q3 24 | 19.5% | 6.2% | ||
| Q2 24 | 19.2% | 1.2% | ||
| Q1 24 | 18.6% | 4.3% |
| Q4 25 | 14.3% | 2.6% | ||
| Q3 25 | 15.8% | 3.6% | ||
| Q2 25 | 14.5% | 12.6% | ||
| Q1 25 | 17.3% | -1.3% | ||
| Q4 24 | 15.0% | 2.4% | ||
| Q3 24 | 15.4% | 3.9% | ||
| Q2 24 | 15.3% | 2.5% | ||
| Q1 24 | 14.8% | 4.6% |
| Q4 25 | $1.13 | $0.23 | ||
| Q3 25 | $1.19 | $0.31 | ||
| Q2 25 | $1.17 | $0.99 | ||
| Q1 25 | $1.30 | $-0.10 | ||
| Q4 24 | $1.04 | $0.18 | ||
| Q3 24 | $1.08 | $0.30 | ||
| Q2 24 | $1.12 | $0.17 | ||
| Q1 24 | $0.99 | $0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $377.0M |
| Total DebtLower is stronger | — | $25.7M |
| Stockholders' EquityBook value | $713.3M | $1.9B |
| Total Assets | $973.6M | $2.4B |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $377.0M | ||
| Q3 25 | — | $386.4M | ||
| Q2 25 | — | $327.3M | ||
| Q1 25 | — | $343.9M | ||
| Q4 24 | — | $316.1M | ||
| Q3 24 | — | $319.3M | ||
| Q2 24 | — | $273.9M | ||
| Q1 24 | — | $276.0M |
| Q4 25 | — | $25.7M | ||
| Q3 25 | — | $24.9M | ||
| Q2 25 | — | $26.4M | ||
| Q1 25 | — | $20.5M | ||
| Q4 24 | — | $20.7M | ||
| Q3 24 | — | $22.2M | ||
| Q2 24 | — | $20.3M | ||
| Q1 24 | — | $20.9M |
| Q4 25 | $713.3M | $1.9B | ||
| Q3 25 | $702.5M | $1.9B | ||
| Q2 25 | $677.6M | $1.9B | ||
| Q1 25 | $641.7M | $1.8B | ||
| Q4 24 | $606.2M | $1.8B | ||
| Q3 24 | $591.2M | $1.8B | ||
| Q2 24 | $563.1M | $1.8B | ||
| Q1 24 | $535.6M | $1.7B |
| Q4 25 | $973.6M | $2.4B | ||
| Q3 25 | $978.3M | $2.5B | ||
| Q2 25 | $936.4M | $2.5B | ||
| Q1 25 | $899.6M | $2.4B | ||
| Q4 24 | $816.4M | $2.4B | ||
| Q3 24 | $802.9M | $2.4B | ||
| Q2 24 | $781.3M | $2.4B | ||
| Q1 24 | $743.5M | $2.4B |
| Q4 25 | — | 0.01× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 0.01× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | — | 0.01× |
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 | $38.1M |
| Free Cash FlowOCF − Capex | $50.8M | $12.4M |
| FCF MarginFCF / Revenue | 21.7% | 3.2% |
| Capex IntensityCapex / Revenue | 1.7% | 6.6% |
| Cash ConversionOCF / Net Profit | 1.63× | 3.74× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $137.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $38.1M | ||
| Q3 25 | $51.3M | $79.1M | ||
| Q2 25 | $44.6M | $41.5M | ||
| Q1 25 | $33.0M | $56.7M | ||
| Q4 24 | $52.1M | $81.8M | ||
| Q3 24 | $45.1M | $54.4M | ||
| Q2 24 | $36.4M | $14.4M | ||
| Q1 24 | $21.5M | $-31.1M |
| Q4 25 | $50.8M | $12.4M | ||
| Q3 25 | $48.2M | $62.8M | ||
| Q2 25 | $40.6M | $21.1M | ||
| Q1 25 | $30.1M | $40.8M | ||
| Q4 24 | $47.4M | $62.1M | ||
| Q3 24 | $42.0M | $39.4M | ||
| Q2 24 | $34.1M | $-3.5M | ||
| Q1 24 | $18.8M | $-51.5M |
| Q4 25 | 21.7% | 3.2% | ||
| Q3 25 | 21.7% | 16.0% | ||
| Q2 25 | 17.1% | 5.8% | ||
| Q1 25 | 13.5% | 12.3% | ||
| Q4 24 | 23.1% | 18.3% | ||
| Q3 24 | 20.1% | 11.2% | ||
| Q2 24 | 15.7% | -1.1% | ||
| Q1 24 | 9.6% | -17.1% |
| Q4 25 | 1.7% | 6.6% | ||
| Q3 25 | 1.4% | 4.2% | ||
| Q2 25 | 1.7% | 5.6% | ||
| Q1 25 | 1.3% | 4.8% | ||
| Q4 24 | 2.3% | 5.8% | ||
| Q3 24 | 1.5% | 4.3% | ||
| Q2 24 | 1.1% | 5.6% | ||
| Q1 24 | 1.4% | 6.7% |
| Q4 25 | 1.63× | 3.74× | ||
| Q3 25 | 1.46× | 5.54× | ||
| Q2 25 | 1.29× | 0.90× | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | 9.93× | ||
| Q3 24 | 1.41× | 3.95× | ||
| Q2 24 | 1.10× | 1.80× | ||
| Q1 24 | 0.74× | -2.22× |
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% |
DIOD
| Distributor | $253.1M | 65% |
| Direct Sales | $138.5M | 35% |
