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Side-by-side financial comparison of BADGER METER INC (BMI) and WARRIOR MET COAL, INC. (HCC). Click either name above to swap in a different company.
WARRIOR MET COAL, INC. is the larger business by last-quarter revenue ($458.6M vs $234.1M, roughly 2.0× BADGER METER INC). WARRIOR MET COAL, INC. runs the higher net margin — 15.8% vs 14.3%, a 1.4% gap on every dollar of revenue. On growth, WARRIOR MET COAL, INC. posted the faster year-over-year revenue change (52.1% vs 14.1%). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 7.5%).
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.
Warrior Met Coal, Inc. (ticker HCC) is a U.S.-headquartered mining enterprise that produces and distributes high-grade metallurgical coal, a key raw material for steel production. It serves steel manufacturers and industrial clients across core markets including North America, Europe, and Asia.
BMI vs HCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $458.6M |
| Net Profit | $33.6M | $72.3M |
| Gross Margin | 39.7% | 36.7% |
| Operating Margin | 18.4% | 17.3% |
| Net Margin | 14.3% | 15.8% |
| Revenue YoY | 14.1% | 52.1% |
| Net Profit YoY | 9.3% | — |
| EPS (diluted) | $1.13 | $1.37 |
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 | — | $458.6M | ||
| Q4 25 | $234.1M | $384.0M | ||
| Q3 25 | $222.2M | $328.6M | ||
| Q2 25 | $238.1M | $297.5M | ||
| Q1 25 | $222.2M | $299.9M | ||
| Q4 24 | $205.2M | $297.5M | ||
| Q3 24 | $208.4M | $327.7M | ||
| Q2 24 | $216.7M | $396.5M |
| Q1 26 | — | $72.3M | ||
| Q4 25 | $33.6M | $23.0M | ||
| Q3 25 | $35.1M | $36.6M | ||
| Q2 25 | $34.6M | $5.6M | ||
| Q1 25 | $38.4M | $-8.2M | ||
| Q4 24 | $30.7M | $1.1M | ||
| Q3 24 | $32.0M | $41.8M | ||
| Q2 24 | $33.1M | $70.7M |
| Q1 26 | — | 36.7% | ||
| Q4 25 | 39.7% | 29.5% | ||
| Q3 25 | 43.1% | 27.1% | ||
| Q2 25 | 41.1% | 23.9% | ||
| Q1 25 | 42.9% | 18.1% | ||
| Q4 24 | 40.3% | 23.1% | ||
| Q3 24 | 40.2% | 29.3% | ||
| Q2 24 | 39.4% | 34.1% |
| Q1 26 | — | 17.3% | ||
| Q4 25 | 18.4% | 9.0% | ||
| Q3 25 | 20.7% | 6.3% | ||
| Q2 25 | 18.8% | 2.6% | ||
| Q1 25 | 22.2% | -5.8% | ||
| Q4 24 | 19.1% | -1.4% | ||
| Q3 24 | 19.5% | 11.9% | ||
| Q2 24 | 19.2% | 17.9% |
| Q1 26 | — | 15.8% | ||
| Q4 25 | 14.3% | 6.0% | ||
| Q3 25 | 15.8% | 11.1% | ||
| Q2 25 | 14.5% | 1.9% | ||
| Q1 25 | 17.3% | -2.7% | ||
| Q4 24 | 15.0% | 0.4% | ||
| Q3 24 | 15.4% | 12.7% | ||
| Q2 24 | 15.3% | 17.8% |
| Q1 26 | — | $1.37 | ||
| Q4 25 | $1.13 | $0.43 | ||
| Q3 25 | $1.19 | $0.70 | ||
| Q2 25 | $1.17 | $0.11 | ||
| Q1 25 | $1.30 | $-0.16 | ||
| Q4 24 | $1.04 | $0.02 | ||
| Q3 24 | $1.08 | $0.80 | ||
| Q2 24 | $1.12 | $1.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $233.2M |
| Total DebtLower is stronger | — | $154.4M |
| Stockholders' EquityBook value | $713.3M | — |
| Total Assets | $973.6M | $2.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $233.2M | ||
| Q4 25 | — | $300.0M | ||
| Q3 25 | — | $336.3M | ||
| Q2 25 | — | $383.3M | ||
| Q1 25 | — | $454.9M | ||
| Q4 24 | — | $491.5M | ||
| Q3 24 | — | $583.2M | ||
| Q2 24 | — | $709.0M |
| Q1 26 | — | $154.4M | ||
| Q4 25 | — | $154.3M | ||
| Q3 25 | — | $154.1M | ||
| Q2 25 | — | $153.9M | ||
| Q1 25 | — | $153.8M | ||
| Q4 24 | — | $153.6M | ||
| Q3 24 | — | $153.5M | ||
| Q2 24 | — | $153.3M |
| Q1 26 | — | — | ||
| Q4 25 | $713.3M | $2.1B | ||
| Q3 25 | $702.5M | $2.1B | ||
| Q2 25 | $677.6M | $2.1B | ||
| Q1 25 | $641.7M | $2.1B | ||
| Q4 24 | $606.2M | $2.1B | ||
| Q3 24 | $591.2M | $2.1B | ||
| Q2 24 | $563.1M | $2.0B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $973.6M | $2.8B | ||
| Q3 25 | $978.3M | $2.7B | ||
| Q2 25 | $936.4M | $2.6B | ||
| Q1 25 | $899.6M | $2.6B | ||
| Q4 24 | $816.4M | $2.6B | ||
| Q3 24 | $802.9M | $2.6B | ||
| Q2 24 | $781.3M | $2.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.07× | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× |
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 | $76.1M | ||
| Q3 25 | $51.3M | $104.7M | ||
| Q2 25 | $44.6M | $37.5M | ||
| Q1 25 | $33.0M | $10.9M | ||
| Q4 24 | $52.1M | $54.2M | ||
| Q3 24 | $45.1M | $62.2M | ||
| Q2 24 | $36.4M | $147.0M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | — | ||
| Q3 25 | $48.2M | — | ||
| Q2 25 | $40.6M | — | ||
| Q1 25 | $30.1M | — | ||
| Q4 24 | $47.4M | — | ||
| Q3 24 | $42.0M | — | ||
| Q2 24 | $34.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | — | ||
| Q3 25 | 21.7% | — | ||
| Q2 25 | 17.1% | — | ||
| Q1 25 | 13.5% | — | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | 20.1% | — | ||
| Q2 24 | 15.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 3.31× | ||
| Q3 25 | 1.46× | 2.86× | ||
| Q2 25 | 1.29× | 6.70× | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | 47.68× | ||
| Q3 24 | 1.41× | 1.49× | ||
| Q2 24 | 1.10× | 2.08× |
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% |
HCC
| Sales | $448.5M | 98% |
| Other revenues | $10.1M | 2% |
