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Side-by-side financial comparison of BADGER METER INC (BMI) and ESCO TECHNOLOGIES INC (ESE). Click either name above to swap in a different company.
ESCO TECHNOLOGIES INC is the larger business by last-quarter revenue ($289.7M vs $234.1M, roughly 1.2× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 9.9%, a 4.4% gap on every dollar of revenue. On growth, ESCO TECHNOLOGIES INC posted the faster year-over-year revenue change (17.3% vs 14.1%). ESCO TECHNOLOGIES INC produced more free cash flow last quarter ($63.0M vs $50.8M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 7.8%).
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.
Esco is a Singaporean brand that develops, manufactures, and sells products and services for laboratories.
BMI vs ESE — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $289.7M |
| Net Profit | $33.6M | $28.7M |
| Gross Margin | 39.7% | 41.4% |
| Operating Margin | 18.4% | 13.2% |
| Net Margin | 14.3% | 9.9% |
| Revenue YoY | 14.1% | 17.3% |
| Net Profit YoY | 9.3% | 22.2% |
| EPS (diluted) | $1.13 | $1.11 |
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 | $289.7M | ||
| Q3 25 | $222.2M | $286.5M | ||
| Q2 25 | $238.1M | $296.3M | ||
| Q1 25 | $222.2M | $265.5M | ||
| Q4 24 | $205.2M | $247.0M | ||
| Q3 24 | $208.4M | $298.5M | ||
| Q2 24 | $216.7M | $260.8M | ||
| Q1 24 | $196.3M | $249.1M |
| Q4 25 | $33.6M | $28.7M | ||
| Q3 25 | $35.1M | $218.7M | ||
| Q2 25 | $34.6M | $26.1M | ||
| Q1 25 | $38.4M | $31.0M | ||
| Q4 24 | $30.7M | $23.5M | ||
| Q3 24 | $32.0M | $34.3M | ||
| Q2 24 | $33.1M | $29.2M | ||
| Q1 24 | $29.1M | $23.2M |
| Q4 25 | 39.7% | 41.4% | ||
| Q3 25 | 43.1% | 45.9% | ||
| Q2 25 | 41.1% | 41.2% | ||
| Q1 25 | 42.9% | 41.1% | ||
| Q4 24 | 40.3% | 39.8% | ||
| Q3 24 | 40.2% | 40.1% | ||
| Q2 24 | 39.4% | 39.6% | ||
| Q1 24 | 39.3% | 38.8% |
| Q4 25 | 18.4% | 13.2% | ||
| Q3 25 | 20.7% | 17.2% | ||
| Q2 25 | 18.8% | 11.2% | ||
| Q1 25 | 22.2% | 15.3% | ||
| Q4 24 | 19.1% | 11.4% | ||
| Q3 24 | 19.5% | 14.8% | ||
| Q2 24 | 19.2% | 14.3% | ||
| Q1 24 | 18.6% | 11.7% |
| Q4 25 | 14.3% | 9.9% | ||
| Q3 25 | 15.8% | 76.3% | ||
| Q2 25 | 14.5% | 8.8% | ||
| Q1 25 | 17.3% | 11.7% | ||
| Q4 24 | 15.0% | 9.5% | ||
| Q3 24 | 15.4% | 11.5% | ||
| Q2 24 | 15.3% | 11.2% | ||
| Q1 24 | 14.8% | 9.3% |
| Q4 25 | $1.13 | $1.11 | ||
| Q3 25 | $1.19 | $8.43 | ||
| Q2 25 | $1.17 | $1.01 | ||
| Q1 25 | $1.30 | $1.20 | ||
| Q4 24 | $1.04 | $0.91 | ||
| Q3 24 | $1.08 | $1.32 | ||
| Q2 24 | $1.12 | $1.13 | ||
| Q1 24 | $0.99 | $0.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $103.8M |
| Total DebtLower is stronger | — | $145.5M |
| Stockholders' EquityBook value | $713.3M | $1.6B |
| Total Assets | $973.6M | $2.4B |
| Debt / EquityLower = less leverage | — | 0.09× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $103.8M | ||
| Q3 25 | — | $101.3M | ||
| Q2 25 | — | $78.7M | ||
| Q1 25 | — | $57.4M | ||
| Q4 24 | — | $71.3M | ||
| Q3 24 | — | $66.0M | ||
| Q2 24 | — | $63.0M | ||
| Q1 24 | — | $59.4M |
| Q4 25 | — | $145.5M | ||
| Q3 25 | — | $186.0M | ||
| Q2 25 | — | $525.0M | ||
| Q1 25 | — | $88.0M | ||
| Q4 24 | — | $112.0M | ||
| Q3 24 | — | $122.0M | ||
| Q2 24 | — | $173.0M | ||
| Q1 24 | — | $191.0M |
| Q4 25 | $713.3M | $1.6B | ||
| Q3 25 | $702.5M | $1.5B | ||
| Q2 25 | $677.6M | $1.3B | ||
| Q1 25 | $641.7M | $1.3B | ||
| Q4 24 | $606.2M | $1.2B | ||
| Q3 24 | $591.2M | $1.2B | ||
| Q2 24 | $563.1M | $1.2B | ||
| Q1 24 | $535.6M | $1.2B |
| Q4 25 | $973.6M | $2.4B | ||
| Q3 25 | $978.3M | $2.4B | ||
| Q2 25 | $936.4M | $2.5B | ||
| Q1 25 | $899.6M | $1.8B | ||
| Q4 24 | $816.4M | $1.8B | ||
| Q3 24 | $802.9M | $1.8B | ||
| Q2 24 | $781.3M | $1.8B | ||
| Q1 24 | $743.5M | $1.8B |
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.07× | ||
| Q4 24 | — | 0.09× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.16× |
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 | $68.9M |
| Free Cash FlowOCF − Capex | $50.8M | $63.0M |
| FCF MarginFCF / Revenue | 21.7% | 21.7% |
| Capex IntensityCapex / Revenue | 1.7% | 2.0% |
| Cash ConversionOCF / Net Profit | 1.63× | 2.40× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $239.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $68.9M | ||
| Q3 25 | $51.3M | $109.9M | ||
| Q2 25 | $44.6M | $73.7M | ||
| Q1 25 | $33.0M | $24.1M | ||
| Q4 24 | $52.1M | $34.2M | ||
| Q3 24 | $45.1M | $72.1M | ||
| Q2 24 | $36.4M | $36.2M | ||
| Q1 24 | $21.5M | $10.5M |
| Q4 25 | $50.8M | $63.0M | ||
| Q3 25 | $48.2M | $97.8M | ||
| Q2 25 | $40.6M | $64.9M | ||
| Q1 25 | $30.1M | $14.0M | ||
| Q4 24 | $47.4M | $29.0M | ||
| Q3 24 | $42.0M | $60.9M | ||
| Q2 24 | $34.1M | $27.6M | ||
| Q1 24 | $18.8M | $2.0M |
| Q4 25 | 21.7% | 21.7% | ||
| Q3 25 | 21.7% | 34.1% | ||
| Q2 25 | 17.1% | 21.9% | ||
| Q1 25 | 13.5% | 5.3% | ||
| Q4 24 | 23.1% | 11.7% | ||
| Q3 24 | 20.1% | 20.4% | ||
| Q2 24 | 15.7% | 10.6% | ||
| Q1 24 | 9.6% | 0.8% |
| Q4 25 | 1.7% | 2.0% | ||
| Q3 25 | 1.4% | 4.2% | ||
| Q2 25 | 1.7% | 3.0% | ||
| Q1 25 | 1.3% | 3.8% | ||
| Q4 24 | 2.3% | 2.1% | ||
| Q3 24 | 1.5% | 3.8% | ||
| Q2 24 | 1.1% | 3.3% | ||
| Q1 24 | 1.4% | 3.4% |
| Q4 25 | 1.63× | 2.40× | ||
| Q3 25 | 1.46× | 0.50× | ||
| Q2 25 | 1.29× | 2.83× | ||
| Q1 25 | 0.86× | 0.78× | ||
| Q4 24 | 1.70× | 1.46× | ||
| Q3 24 | 1.41× | 2.10× | ||
| Q2 24 | 1.10× | 1.24× | ||
| Q1 24 | 0.74× | 0.45× |
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% |
ESE
| US Government | $98.0M | 34% |
| Utility Solutions Group | $87.5M | 30% |
| RF Shielding And Test | $58.3M | 20% |
| Commercial | $45.8M | 16% |
| Related Party | $1.3M | 0% |
