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Side-by-side financial comparison of BADGER METER INC (BMI) and JFrog Ltd (FROG). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $145.3M, roughly 1.6× JFrog Ltd). BADGER METER INC runs the higher net margin — 14.3% vs -10.5%, a 24.8% gap on every dollar of revenue. On growth, JFrog Ltd posted the faster year-over-year revenue change (25.2% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $49.9M). Over the past eight quarters, JFrog Ltd's revenue compounded faster (20.4% 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.
JFrog Ltd is a global DevOps technology provider that delivers end-to-end software release, artifact management, and security solutions. It serves clients across tech, finance, retail, and manufacturing sectors, helping teams streamline development and delivery workflows for cloud, on-premises, and hybrid infrastructure.
BMI vs FROG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $145.3M |
| Net Profit | $33.6M | $-15.2M |
| Gross Margin | 39.7% | 77.9% |
| Operating Margin | 18.4% | -14.7% |
| Net Margin | 14.3% | -10.5% |
| Revenue YoY | 14.1% | 25.2% |
| Net Profit YoY | 9.3% | 34.4% |
| EPS (diluted) | $1.13 | $-0.13 |
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 | $145.3M | ||
| Q3 25 | $222.2M | $136.9M | ||
| Q2 25 | $238.1M | $127.2M | ||
| Q1 25 | $222.2M | $122.4M | ||
| Q4 24 | $205.2M | $116.1M | ||
| Q3 24 | $208.4M | $109.1M | ||
| Q2 24 | $216.7M | $103.0M | ||
| Q1 24 | $196.3M | $100.3M |
| Q4 25 | $33.6M | $-15.2M | ||
| Q3 25 | $35.1M | $-16.4M | ||
| Q2 25 | $34.6M | $-21.7M | ||
| Q1 25 | $38.4M | $-18.5M | ||
| Q4 24 | $30.7M | $-23.2M | ||
| Q3 24 | $32.0M | $-22.9M | ||
| Q2 24 | $33.1M | $-14.3M | ||
| Q1 24 | $29.1M | $-8.8M |
| Q4 25 | 39.7% | 77.9% | ||
| Q3 25 | 43.1% | 77.4% | ||
| Q2 25 | 41.1% | 76.3% | ||
| Q1 25 | 42.9% | 75.3% | ||
| Q4 24 | 40.3% | 75.4% | ||
| Q3 24 | 40.2% | 75.0% | ||
| Q2 24 | 39.4% | 78.8% | ||
| Q1 24 | 39.3% | 79.5% |
| Q4 25 | 18.4% | -14.7% | ||
| Q3 25 | 20.7% | -15.8% | ||
| Q2 25 | 18.8% | -20.4% | ||
| Q1 25 | 22.2% | -18.8% | ||
| Q4 24 | 19.1% | -21.9% | ||
| Q3 24 | 19.5% | -27.4% | ||
| Q2 24 | 19.2% | -18.6% | ||
| Q1 24 | 18.6% | -16.6% |
| Q4 25 | 14.3% | -10.5% | ||
| Q3 25 | 15.8% | -12.0% | ||
| Q2 25 | 14.5% | -17.0% | ||
| Q1 25 | 17.3% | -15.1% | ||
| Q4 24 | 15.0% | -20.0% | ||
| Q3 24 | 15.4% | -21.0% | ||
| Q2 24 | 15.3% | -13.9% | ||
| Q1 24 | 14.8% | -8.8% |
| Q4 25 | $1.13 | $-0.13 | ||
| Q3 25 | $1.19 | $-0.14 | ||
| Q2 25 | $1.17 | $-0.19 | ||
| Q1 25 | $1.30 | $-0.16 | ||
| Q4 24 | $1.04 | $-0.21 | ||
| Q3 24 | $1.08 | $-0.21 | ||
| Q2 24 | $1.12 | $-0.13 | ||
| Q1 24 | $0.99 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $704.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $887.4M |
| Total Assets | $973.6M | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $704.4M | ||
| Q3 25 | — | $651.1M | ||
| Q2 25 | — | $611.7M | ||
| Q1 25 | — | $563.5M | ||
| Q4 24 | — | $522.0M | ||
| Q3 24 | — | $467.8M | ||
| Q2 24 | — | $591.3M | ||
| Q1 24 | — | $579.6M |
| Q4 25 | $713.3M | $887.4M | ||
| Q3 25 | $702.5M | $859.4M | ||
| Q2 25 | $677.6M | $826.5M | ||
| Q1 25 | $641.7M | $800.0M | ||
| Q4 24 | $606.2M | $773.5M | ||
| Q3 24 | $591.2M | $756.2M | ||
| Q2 24 | $563.1M | $721.4M | ||
| Q1 24 | $535.6M | $707.8M |
| Q4 25 | $973.6M | $1.3B | ||
| Q3 25 | $978.3M | $1.3B | ||
| Q2 25 | $936.4M | $1.2B | ||
| Q1 25 | $899.6M | $1.2B | ||
| Q4 24 | $816.4M | $1.1B | ||
| Q3 24 | $802.9M | $1.1B | ||
| Q2 24 | $781.3M | $1.0B | ||
| Q1 24 | $743.5M | $997.1M |
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 | $50.7M |
| Free Cash FlowOCF − Capex | $50.8M | $49.9M |
| FCF MarginFCF / Revenue | 21.7% | 34.3% |
| Capex IntensityCapex / Revenue | 1.7% | 0.6% |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $142.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $50.7M | ||
| Q3 25 | $51.3M | $30.2M | ||
| Q2 25 | $44.6M | $36.1M | ||
| Q1 25 | $33.0M | $28.8M | ||
| Q4 24 | $52.1M | $49.1M | ||
| Q3 24 | $45.1M | $27.6M | ||
| Q2 24 | $36.4M | $16.7M | ||
| Q1 24 | $21.5M | $17.5M |
| Q4 25 | $50.8M | $49.9M | ||
| Q3 25 | $48.2M | $28.8M | ||
| Q2 25 | $40.6M | $35.5M | ||
| Q1 25 | $30.1M | $28.1M | ||
| Q4 24 | $47.4M | $48.5M | ||
| Q3 24 | $42.0M | $26.7M | ||
| Q2 24 | $34.1M | $16.0M | ||
| Q1 24 | $18.8M | $16.6M |
| Q4 25 | 21.7% | 34.3% | ||
| Q3 25 | 21.7% | 21.0% | ||
| Q2 25 | 17.1% | 27.9% | ||
| Q1 25 | 13.5% | 23.0% | ||
| Q4 24 | 23.1% | 41.8% | ||
| Q3 24 | 20.1% | 24.5% | ||
| Q2 24 | 15.7% | 15.5% | ||
| Q1 24 | 9.6% | 16.6% |
| Q4 25 | 1.7% | 0.6% | ||
| Q3 25 | 1.4% | 1.0% | ||
| Q2 25 | 1.7% | 0.5% | ||
| Q1 25 | 1.3% | 0.5% | ||
| Q4 24 | 2.3% | 0.5% | ||
| Q3 24 | 1.5% | 0.9% | ||
| Q2 24 | 1.1% | 0.7% | ||
| Q1 24 | 1.4% | 0.8% |
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | — | ||
| Q1 24 | 0.74× | — |
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% |
FROG
Segment breakdown not available.
