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Side-by-side financial comparison of BADGER METER INC (BMI) and Forestar Group Inc. (FOR). Click either name above to swap in a different company.
Forestar Group Inc. is the larger business by last-quarter revenue ($273.0M vs $234.1M, roughly 1.2× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 5.6%, a 8.7% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 9.0%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-157.1M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -9.6%).
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.
Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and...
BMI vs FOR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $273.0M |
| Net Profit | $33.6M | $15.4M |
| Gross Margin | 39.7% | 20.1% |
| Operating Margin | 18.4% | 7.6% |
| Net Margin | 14.3% | 5.6% |
| Revenue YoY | 14.1% | 9.0% |
| Net Profit YoY | 9.3% | -6.7% |
| EPS (diluted) | $1.13 | $0.30 |
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 | $273.0M | ||
| Q3 25 | $222.2M | $670.5M | ||
| Q2 25 | $238.1M | $390.5M | ||
| Q1 25 | $222.2M | $351.0M | ||
| Q4 24 | $205.2M | $250.4M | ||
| Q3 24 | $208.4M | $551.3M | ||
| Q2 24 | $216.7M | $318.4M | ||
| Q1 24 | $196.3M | $333.8M |
| Q4 25 | $33.6M | $15.4M | ||
| Q3 25 | $35.1M | $86.9M | ||
| Q2 25 | $34.6M | $32.9M | ||
| Q1 25 | $38.4M | $31.6M | ||
| Q4 24 | $30.7M | $16.5M | ||
| Q3 24 | $32.0M | $81.5M | ||
| Q2 24 | $33.1M | $38.7M | ||
| Q1 24 | $29.1M | $45.0M |
| Q4 25 | 39.7% | 20.1% | ||
| Q3 25 | 43.1% | 22.3% | ||
| Q2 25 | 41.1% | 20.4% | ||
| Q1 25 | 42.9% | 22.6% | ||
| Q4 24 | 40.3% | 22.0% | ||
| Q3 24 | 40.2% | 23.9% | ||
| Q2 24 | 39.4% | 22.5% | ||
| Q1 24 | 39.3% | 24.9% |
| Q4 25 | 18.4% | 7.6% | ||
| Q3 25 | 20.7% | 16.9% | ||
| Q2 25 | 18.8% | 11.2% | ||
| Q1 25 | 22.2% | 11.6% | ||
| Q4 24 | 19.1% | 8.7% | ||
| Q3 24 | 19.5% | 19.7% | ||
| Q2 24 | 19.2% | 16.2% | ||
| Q1 24 | 18.6% | 17.6% |
| Q4 25 | 14.3% | 5.6% | ||
| Q3 25 | 15.8% | 13.0% | ||
| Q2 25 | 14.5% | 8.4% | ||
| Q1 25 | 17.3% | 9.0% | ||
| Q4 24 | 15.0% | 6.6% | ||
| Q3 24 | 15.4% | 14.8% | ||
| Q2 24 | 15.3% | 12.2% | ||
| Q1 24 | 14.8% | 13.5% |
| Q4 25 | $1.13 | $0.30 | ||
| Q3 25 | $1.19 | $1.70 | ||
| Q2 25 | $1.17 | $0.65 | ||
| Q1 25 | $1.30 | $0.62 | ||
| Q4 24 | $1.04 | $0.32 | ||
| Q3 24 | $1.08 | $1.59 | ||
| Q2 24 | $1.12 | $0.76 | ||
| Q1 24 | $0.99 | $0.89 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $211.7M |
| Total DebtLower is stronger | — | $793.2M |
| Stockholders' EquityBook value | $713.3M | $1.8B |
| Total Assets | $973.6M | $3.2B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $211.7M | ||
| Q3 25 | — | $379.2M | ||
| Q2 25 | — | $189.2M | ||
| Q1 25 | — | $174.3M | ||
| Q4 24 | — | $132.0M | ||
| Q3 24 | — | $481.2M | ||
| Q2 24 | — | $359.2M | ||
| Q1 24 | — | $416.2M |
| Q4 25 | — | $793.2M | ||
| Q3 25 | — | $802.7M | ||
| Q2 25 | — | $872.8M | ||
| Q1 25 | — | $872.5M | ||
| Q4 24 | — | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | — | $706.1M | ||
| Q1 24 | — | $705.7M |
| Q4 25 | $713.3M | $1.8B | ||
| Q3 25 | $702.5M | $1.8B | ||
| Q2 25 | $677.6M | $1.7B | ||
| Q1 25 | $641.7M | $1.6B | ||
| Q4 24 | $606.2M | $1.6B | ||
| Q3 24 | $591.2M | $1.6B | ||
| Q2 24 | $563.1M | $1.5B | ||
| Q1 24 | $535.6M | $1.5B |
| Q4 25 | $973.6M | $3.2B | ||
| Q3 25 | $978.3M | $3.1B | ||
| Q2 25 | $936.4M | $3.1B | ||
| Q1 25 | $899.6M | $3.0B | ||
| Q4 24 | $816.4M | $3.0B | ||
| Q3 24 | $802.9M | $2.8B | ||
| Q2 24 | $781.3M | $2.7B | ||
| Q1 24 | $743.5M | $2.6B |
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.48× |
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 | $-157.0M |
| Free Cash FlowOCF − Capex | $50.8M | $-157.1M |
| FCF MarginFCF / Revenue | 21.7% | -57.5% |
| Capex IntensityCapex / Revenue | 1.7% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.63× | -10.19× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $93.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $-157.0M | ||
| Q3 25 | $51.3M | $256.3M | ||
| Q2 25 | $44.6M | $15.8M | ||
| Q1 25 | $33.0M | $-19.8M | ||
| Q4 24 | $52.1M | $-450.0M | ||
| Q3 24 | $45.1M | $119.2M | ||
| Q2 24 | $36.4M | $-61.7M | ||
| Q1 24 | $21.5M | $-59.2M |
| Q4 25 | $50.8M | $-157.1M | ||
| Q3 25 | $48.2M | $255.6M | ||
| Q2 25 | $40.6M | $15.0M | ||
| Q1 25 | $30.1M | $-20.5M | ||
| Q4 24 | $47.4M | — | ||
| Q3 24 | $42.0M | $118.4M | ||
| Q2 24 | $34.1M | $-62.3M | ||
| Q1 24 | $18.8M | $-59.8M |
| Q4 25 | 21.7% | -57.5% | ||
| Q3 25 | 21.7% | 38.1% | ||
| Q2 25 | 17.1% | 3.8% | ||
| Q1 25 | 13.5% | -5.8% | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | 20.1% | 21.5% | ||
| Q2 24 | 15.7% | -19.6% | ||
| Q1 24 | 9.6% | -17.9% |
| Q4 25 | 1.7% | 0.0% | ||
| Q3 25 | 1.4% | 0.1% | ||
| Q2 25 | 1.7% | 0.2% | ||
| Q1 25 | 1.3% | 0.2% | ||
| Q4 24 | 2.3% | 0.0% | ||
| Q3 24 | 1.5% | 0.1% | ||
| Q2 24 | 1.1% | 0.2% | ||
| Q1 24 | 1.4% | 0.2% |
| Q4 25 | 1.63× | -10.19× | ||
| Q3 25 | 1.46× | 2.95× | ||
| Q2 25 | 1.29× | 0.48× | ||
| Q1 25 | 0.86× | -0.63× | ||
| Q4 24 | 1.70× | -27.27× | ||
| Q3 24 | 1.41× | 1.46× | ||
| Q2 24 | 1.10× | -1.59× | ||
| Q1 24 | 0.74× | -1.32× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
