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Side-by-side financial comparison of BADGER METER INC (BMI) and ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $158.8M, roughly 1.5× ESSENTIAL PROPERTIES REALTY TRUST, INC.). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs 14.3%, a 23.4% gap on every dollar of revenue. On growth, ESSENTIAL PROPERTIES REALTY TRUST, INC. posted the faster year-over-year revenue change (22.8% vs 14.1%). Over the past eight quarters, ESSENTIAL PROPERTIES REALTY TRUST, INC.'s revenue compounded faster (20.6% 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.
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
BMI vs EPRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $158.8M |
| Net Profit | $33.6M | $60.0M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 56.5% |
| Net Margin | 14.3% | 37.8% |
| Revenue YoY | 14.1% | 22.8% |
| Net Profit YoY | 9.3% | 6.5% |
| EPS (diluted) | $1.13 | $0.28 |
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 | — | $158.8M | ||
| Q4 25 | $234.1M | $149.9M | ||
| Q3 25 | $222.2M | $144.9M | ||
| Q2 25 | $238.1M | $137.1M | ||
| Q1 25 | $222.2M | $129.4M | ||
| Q4 24 | $205.2M | $119.7M | ||
| Q3 24 | $208.4M | $117.1M | ||
| Q2 24 | $216.7M | $109.3M |
| Q1 26 | — | $60.0M | ||
| Q4 25 | $33.6M | $68.1M | ||
| Q3 25 | $35.1M | $65.6M | ||
| Q2 25 | $34.6M | $63.2M | ||
| Q1 25 | $38.4M | $56.1M | ||
| Q4 24 | $30.7M | $55.4M | ||
| Q3 24 | $32.0M | $49.1M | ||
| Q2 24 | $33.1M | $51.5M |
| 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 | — | 56.5% | ||
| Q4 25 | 18.4% | 65.9% | ||
| Q3 25 | 20.7% | 64.7% | ||
| Q2 25 | 18.8% | 64.1% | ||
| Q1 25 | 22.2% | 61.6% | ||
| Q4 24 | 19.1% | 66.1% | ||
| Q3 24 | 19.5% | 59.7% | ||
| Q2 24 | 19.2% | 61.1% |
| Q1 26 | — | 37.8% | ||
| Q4 25 | 14.3% | 45.4% | ||
| Q3 25 | 15.8% | 45.3% | ||
| Q2 25 | 14.5% | 46.1% | ||
| Q1 25 | 17.3% | 43.4% | ||
| Q4 24 | 15.0% | 46.3% | ||
| Q3 24 | 15.4% | 42.0% | ||
| Q2 24 | 15.3% | 47.1% |
| Q1 26 | — | $0.28 | ||
| Q4 25 | $1.13 | $0.34 | ||
| Q3 25 | $1.19 | $0.33 | ||
| Q2 25 | $1.17 | $0.32 | ||
| Q1 25 | $1.30 | $0.29 | ||
| Q4 24 | $1.04 | $0.31 | ||
| Q3 24 | $1.08 | $0.27 | ||
| Q2 24 | $1.12 | $0.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $15.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $4.4B |
| Total Assets | $973.6M | $7.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $15.2M | ||
| Q4 25 | — | $60.2M | ||
| Q3 25 | — | $23.8M | ||
| Q2 25 | — | $20.8M | ||
| Q1 25 | — | $47.0M | ||
| Q4 24 | — | $40.7M | ||
| Q3 24 | — | $32.7M | ||
| Q2 24 | — | $23.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $713.3M | $4.2B | ||
| Q3 25 | $702.5M | $3.8B | ||
| Q2 25 | $677.6M | $3.8B | ||
| Q1 25 | $641.7M | $3.8B | ||
| Q4 24 | $606.2M | $3.6B | ||
| Q3 24 | $591.2M | $3.2B | ||
| Q2 24 | $563.1M | $3.2B |
| Q1 26 | — | $7.2B | ||
| Q4 25 | $973.6M | $6.9B | ||
| Q3 25 | $978.3M | $6.6B | ||
| Q2 25 | $936.4M | $6.3B | ||
| Q1 25 | $899.6M | $6.1B | ||
| Q4 24 | $816.4M | $5.8B | ||
| Q3 24 | $802.9M | $5.5B | ||
| Q2 24 | $781.3M | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.69× | ||
| Q2 24 | — | 0.59× |
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 | $381.1M | ||
| Q3 25 | $51.3M | $99.0M | ||
| Q2 25 | $44.6M | $99.8M | ||
| Q1 25 | $33.0M | $77.2M | ||
| Q4 24 | $52.1M | $308.5M | ||
| Q3 24 | $45.1M | $73.5M | ||
| Q2 24 | $36.4M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | — | ||
| Q3 25 | $48.2M | — | ||
| Q2 25 | $40.6M | — | ||
| Q1 25 | $30.1M | — | ||
| Q4 24 | $47.4M | — | ||
| Q3 24 | $42.0M | — | ||
| Q2 24 | $34.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | — | ||
| Q3 25 | 21.7% | — | ||
| Q2 25 | 17.1% | — | ||
| Q1 25 | 13.5% | — | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | 20.1% | — | ||
| Q2 24 | 15.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 5.60× | ||
| Q3 25 | 1.46× | 1.51× | ||
| Q2 25 | 1.29× | 1.58× | ||
| Q1 25 | 0.86× | 1.38× | ||
| Q4 24 | 1.70× | 5.57× | ||
| Q3 24 | 1.41× | 1.50× | ||
| Q2 24 | 1.10× | 1.57× |
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% |
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
