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Side-by-side financial comparison of BADGER METER INC (BMI) and Gaming & Leisure Properties, Inc. (GLPI). Click either name above to swap in a different company.
Gaming & Leisure Properties, Inc. is the larger business by last-quarter revenue ($420.0M vs $234.1M, roughly 1.8× BADGER METER INC). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 14.3%, a 42.7% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 6.3%). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 5.0%).
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.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
BMI vs GLPI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $420.0M |
| Net Profit | $33.6M | $239.4M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 79.4% |
| Net Margin | 14.3% | 57.0% |
| Revenue YoY | 14.1% | 6.3% |
| Net Profit YoY | 9.3% | 40.5% |
| EPS (diluted) | $1.13 | — |
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.
| Q1 26 | — | $420.0M | ||
| Q4 25 | $234.1M | $407.0M | ||
| Q3 25 | $222.2M | $397.6M | ||
| Q2 25 | $238.1M | $394.9M | ||
| Q1 25 | $222.2M | $395.2M | ||
| Q4 24 | $205.2M | $389.6M | ||
| Q3 24 | $208.4M | $385.3M | ||
| Q2 24 | $216.7M | $380.6M |
| Q1 26 | — | $239.4M | ||
| Q4 25 | $33.6M | $275.4M | ||
| Q3 25 | $35.1M | $241.2M | ||
| Q2 25 | $34.6M | $151.4M | ||
| Q1 25 | $38.4M | $165.2M | ||
| Q4 24 | $30.7M | $223.6M | ||
| Q3 24 | $32.0M | $184.7M | ||
| Q2 24 | $33.1M | $208.3M |
| 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 | — | 79.4% | ||
| Q4 25 | 18.4% | 89.3% | ||
| Q3 25 | 20.7% | 84.8% | ||
| Q2 25 | 18.8% | 61.3% | ||
| Q1 25 | 22.2% | 65.5% | ||
| Q4 24 | 19.1% | 79.1% | ||
| Q3 24 | 19.5% | 70.4% | ||
| Q2 24 | 19.2% | 77.1% |
| Q1 26 | — | 57.0% | ||
| Q4 25 | 14.3% | 67.6% | ||
| Q3 25 | 15.8% | 60.7% | ||
| Q2 25 | 14.5% | 38.4% | ||
| Q1 25 | 17.3% | 41.8% | ||
| Q4 24 | 15.0% | 57.4% | ||
| Q3 24 | 15.4% | 47.9% | ||
| Q2 24 | 15.3% | 54.7% |
| Q1 26 | — | — | ||
| Q4 25 | $1.13 | $0.96 | ||
| Q3 25 | $1.19 | $0.85 | ||
| Q2 25 | $1.17 | $0.54 | ||
| Q1 25 | $1.30 | $0.60 | ||
| Q4 24 | $1.04 | $0.79 | ||
| Q3 24 | $1.08 | $0.67 | ||
| Q2 24 | $1.12 | $0.77 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $274.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $5.0B |
| Total Assets | $973.6M | $13.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $274.5M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $560.8M | ||
| Q3 24 | — | $560.8M | ||
| Q2 24 | — | $560.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $7.2B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $6.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $7.7B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $713.3M | $4.6B | ||
| Q3 25 | $702.5M | $4.6B | ||
| Q2 25 | $677.6M | $4.6B | ||
| Q1 25 | $641.7M | $4.2B | ||
| Q4 24 | $606.2M | $4.3B | ||
| Q3 24 | $591.2M | $4.3B | ||
| Q2 24 | $563.1M | $4.1B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | $973.6M | $12.9B | ||
| Q3 25 | $978.3M | $12.8B | ||
| Q2 25 | $936.4M | $12.5B | ||
| Q1 25 | $899.6M | $12.1B | ||
| Q4 24 | $816.4M | $13.1B | ||
| Q3 24 | $802.9M | $12.7B | ||
| Q2 24 | $781.3M | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.56× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.74× | ||
| Q2 24 | — | 1.60× |
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 | $1.1B | ||
| Q3 25 | $51.3M | $240.3M | ||
| Q2 25 | $44.6M | $293.4M | ||
| Q1 25 | $33.0M | $252.5M | ||
| Q4 24 | $52.1M | $1.1B | ||
| Q3 24 | $45.1M | $270.4M | ||
| Q2 24 | $36.4M | $252.1M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | — | ||
| Q3 25 | $48.2M | $183.0M | ||
| Q2 25 | $40.6M | $272.3M | ||
| Q1 25 | $30.1M | $239.6M | ||
| Q4 24 | $47.4M | $1.1B | ||
| Q3 24 | $42.0M | $261.5M | ||
| Q2 24 | $34.1M | $245.0M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | — | ||
| Q3 25 | 21.7% | 46.0% | ||
| Q2 25 | 17.1% | 69.0% | ||
| Q1 25 | 13.5% | 60.6% | ||
| Q4 24 | 23.1% | 275.3% | ||
| Q3 24 | 20.1% | 67.9% | ||
| Q2 24 | 15.7% | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | 14.4% | ||
| Q2 25 | 1.7% | 5.3% | ||
| Q1 25 | 1.3% | 3.3% | ||
| Q4 24 | 2.3% | 0.0% | ||
| Q3 24 | 1.5% | 2.3% | ||
| Q2 24 | 1.1% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 4.10× | ||
| Q3 25 | 1.46× | 1.00× | ||
| Q2 25 | 1.29× | 1.94× | ||
| Q1 25 | 0.86× | 1.53× | ||
| Q4 24 | 1.70× | 4.80× | ||
| Q3 24 | 1.41× | 1.46× | ||
| Q2 24 | 1.10× | 1.21× |
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% |
GLPI
Segment breakdown not available.
