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Side-by-side financial comparison of BADGER METER INC (BMI) and FIRST COMMONWEALTH FINANCIAL CORP (FCF). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $133.7M, roughly 1.8× FIRST COMMONWEALTH FINANCIAL CORP). FIRST COMMONWEALTH FINANCIAL CORP runs the higher net margin — 28.1% vs 14.3%, a 13.7% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 13.0%). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 5.5%).
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.
First Commonwealth Financial Corp is a Pennsylvania-based regional financial services holding company. It offers consumer and commercial banking products, loans, wealth management, and insurance services for individuals, small and mid-sized enterprises across central and western Pennsylvania and Ohio.
BMI vs FCF — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $133.7M |
| Net Profit | $33.6M | $37.5M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | — |
| Net Margin | 14.3% | 28.1% |
| Revenue YoY | 14.1% | 13.0% |
| Net Profit YoY | 9.3% | 14.8% |
| EPS (diluted) | $1.13 | $0.37 |
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 | — | $133.7M | ||
| Q4 25 | $234.1M | $137.9M | ||
| Q3 25 | $222.2M | $136.0M | ||
| Q2 25 | $238.1M | $131.0M | ||
| Q1 25 | $222.2M | $118.0M | ||
| Q4 24 | $205.2M | $120.4M | ||
| Q3 24 | $208.4M | $121.2M | ||
| Q2 24 | $216.7M | $120.2M |
| Q1 26 | — | $37.5M | ||
| Q4 25 | $33.6M | $44.9M | ||
| Q3 25 | $35.1M | $41.3M | ||
| Q2 25 | $34.6M | $33.4M | ||
| Q1 25 | $38.4M | $32.7M | ||
| Q4 24 | $30.7M | $35.8M | ||
| Q3 24 | $32.0M | $32.1M | ||
| Q2 24 | $33.1M | $37.1M |
| 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 | — | — | ||
| Q4 25 | 18.4% | 40.9% | ||
| Q3 25 | 20.7% | 38.1% | ||
| Q2 25 | 18.8% | 32.1% | ||
| Q1 25 | 22.2% | 34.8% | ||
| Q4 24 | 19.1% | 37.1% | ||
| Q3 24 | 19.5% | 33.4% | ||
| Q2 24 | 19.2% | 38.7% |
| Q1 26 | — | 28.1% | ||
| Q4 25 | 14.3% | 32.5% | ||
| Q3 25 | 15.8% | 30.4% | ||
| Q2 25 | 14.5% | 25.5% | ||
| Q1 25 | 17.3% | 27.7% | ||
| Q4 24 | 15.0% | 29.8% | ||
| Q3 24 | 15.4% | 26.5% | ||
| Q2 24 | 15.3% | 30.9% |
| Q1 26 | — | $0.37 | ||
| Q4 25 | $1.13 | $0.44 | ||
| Q3 25 | $1.19 | $0.39 | ||
| Q2 25 | $1.17 | $0.32 | ||
| Q1 25 | $1.30 | $0.32 | ||
| Q4 24 | $1.04 | $0.35 | ||
| Q3 24 | $1.08 | $0.31 | ||
| Q2 24 | $1.12 | $0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | $154.9M |
| Stockholders' EquityBook value | $713.3M | $1.6B |
| Total Assets | $973.6M | $12.3B |
| Debt / EquityLower = less leverage | — | 0.10× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $154.9M | ||
| Q4 25 | — | $261.7M | ||
| Q3 25 | — | $262.1M | ||
| Q2 25 | — | $262.4M | ||
| Q1 25 | — | $262.7M | ||
| Q4 24 | — | $263.0M | ||
| Q3 24 | — | $136.3M | ||
| Q2 24 | — | $136.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $713.3M | $1.6B | ||
| Q3 25 | $702.5M | $1.5B | ||
| Q2 25 | $677.6M | $1.5B | ||
| Q1 25 | $641.7M | $1.4B | ||
| Q4 24 | $606.2M | $1.4B | ||
| Q3 24 | $591.2M | $1.4B | ||
| Q2 24 | $563.1M | $1.4B |
| Q1 26 | — | $12.3B | ||
| Q4 25 | $973.6M | $12.3B | ||
| Q3 25 | $978.3M | $12.3B | ||
| Q2 25 | $936.4M | $12.2B | ||
| Q1 25 | $899.6M | $11.8B | ||
| Q4 24 | $816.4M | $11.6B | ||
| Q3 24 | $802.9M | $12.0B | ||
| Q2 24 | $781.3M | $11.6B |
| Q1 26 | — | 0.10× | ||
| Q4 25 | — | 0.17× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | — | 0.10× |
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 | $187.5M | ||
| Q3 25 | $51.3M | $49.5M | ||
| Q2 25 | $44.6M | $30.4M | ||
| Q1 25 | $33.0M | $55.9M | ||
| Q4 24 | $52.1M | $129.5M | ||
| Q3 24 | $45.1M | $53.6M | ||
| Q2 24 | $36.4M | $22.7M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $171.5M | ||
| Q3 25 | $48.2M | — | ||
| Q2 25 | $40.6M | — | ||
| Q1 25 | $30.1M | — | ||
| Q4 24 | $47.4M | $113.9M | ||
| Q3 24 | $42.0M | — | ||
| Q2 24 | $34.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 124.3% | ||
| Q3 25 | 21.7% | — | ||
| Q2 25 | 17.1% | — | ||
| Q1 25 | 13.5% | — | ||
| Q4 24 | 23.1% | 94.6% | ||
| Q3 24 | 20.1% | — | ||
| Q2 24 | 15.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 11.7% | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.3% | 12.9% | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 4.18× | ||
| Q3 25 | 1.46× | 1.20× | ||
| Q2 25 | 1.29× | 0.91× | ||
| Q1 25 | 0.86× | 1.71× | ||
| Q4 24 | 1.70× | 3.61× | ||
| Q3 24 | 1.41× | 1.67× | ||
| Q2 24 | 1.10× | 0.61× |
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% |
FCF
Segment breakdown not available.
