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Side-by-side financial comparison of BADGER METER INC (BMI) and HCI Group, Inc. (HCI). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($242.9M vs $234.1M, roughly 1.0× BADGER METER INC). HCI Group, Inc. runs the higher net margin — 35.0% vs 14.3%, a 20.7% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 12.2%). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 8.5%).
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.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
BMI vs HCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $242.9M |
| Net Profit | $33.6M | $85.0M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | — |
| Net Margin | 14.3% | 35.0% |
| Revenue YoY | 14.1% | 12.2% |
| Net Profit YoY | 9.3% | 14.6% |
| EPS (diluted) | $1.13 | $5.45 |
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 | — | $242.9M | ||
| Q4 25 | $234.1M | $246.2M | ||
| Q3 25 | $222.2M | $216.3M | ||
| Q2 25 | $238.1M | $221.9M | ||
| Q1 25 | $222.2M | $216.4M | ||
| Q4 24 | $205.2M | $161.9M | ||
| Q3 24 | $208.4M | $175.3M | ||
| Q2 24 | $216.7M | $206.2M |
| Q1 26 | — | $85.0M | ||
| Q4 25 | $33.6M | $97.7M | ||
| Q3 25 | $35.1M | $65.5M | ||
| Q2 25 | $34.6M | $66.2M | ||
| Q1 25 | $38.4M | $69.7M | ||
| Q4 24 | $30.7M | $2.6M | ||
| Q3 24 | $32.0M | $5.7M | ||
| Q2 24 | $33.1M | $54.1M |
| 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% | 58.5% | ||
| Q3 25 | 20.7% | 41.9% | ||
| Q2 25 | 18.8% | 42.5% | ||
| Q1 25 | 22.2% | 46.4% | ||
| Q4 24 | 19.1% | 3.6% | ||
| Q3 24 | 19.5% | 8.0% | ||
| Q2 24 | 19.2% | 36.9% |
| Q1 26 | — | 35.0% | ||
| Q4 25 | 14.3% | 39.7% | ||
| Q3 25 | 15.8% | 30.3% | ||
| Q2 25 | 14.5% | 29.8% | ||
| Q1 25 | 17.3% | 32.2% | ||
| Q4 24 | 15.0% | 1.6% | ||
| Q3 24 | 15.4% | 3.2% | ||
| Q2 24 | 15.3% | 26.2% |
| Q1 26 | — | $5.45 | ||
| Q4 25 | $1.13 | $7.29 | ||
| Q3 25 | $1.19 | $4.90 | ||
| Q2 25 | $1.17 | $5.18 | ||
| Q1 25 | $1.30 | $5.35 | ||
| Q4 24 | $1.04 | $0.32 | ||
| Q3 24 | $1.08 | $0.52 | ||
| Q2 24 | $1.12 | $4.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.0B |
| Total DebtLower is stronger | — | $31.7M |
| Stockholders' EquityBook value | $713.3M | $1.1B |
| Total Assets | $973.6M | $2.6B |
| Debt / EquityLower = less leverage | — | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.0B | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $987.9M | ||
| Q2 25 | — | $947.2M | ||
| Q1 25 | — | $754.5M | ||
| Q4 24 | — | $532.5M | ||
| Q3 24 | — | $518.8M | ||
| Q2 24 | — | $445.8M |
| Q1 26 | — | $31.7M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $713.3M | $1.0B | ||
| Q3 25 | $702.5M | $821.8M | ||
| Q2 25 | $677.6M | $758.6M | ||
| Q1 25 | $641.7M | $522.7M | ||
| Q4 24 | $606.2M | $453.3M | ||
| Q3 24 | $591.2M | $455.3M | ||
| Q2 24 | $563.1M | $447.3M |
| Q1 26 | — | $2.6B | ||
| Q4 25 | $973.6M | $2.5B | ||
| Q3 25 | $978.3M | $2.3B | ||
| Q2 25 | $936.4M | $2.4B | ||
| Q1 25 | $899.6M | $2.3B | ||
| Q4 24 | $816.4M | $2.2B | ||
| Q3 24 | $802.9M | $2.0B | ||
| Q2 24 | $781.3M | $1.9B |
| Q1 26 | — | 0.03× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $444.4M | ||
| Q3 25 | $51.3M | $26.7M | ||
| Q2 25 | $44.6M | $145.0M | ||
| Q1 25 | $33.0M | $162.0M | ||
| Q4 24 | $52.1M | $331.8M | ||
| Q3 24 | $45.1M | $104.1M | ||
| Q2 24 | $36.4M | $-29.0M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $440.8M | ||
| Q3 25 | $48.2M | $25.9M | ||
| Q2 25 | $40.6M | $144.5M | ||
| Q1 25 | $30.1M | $160.3M | ||
| Q4 24 | $47.4M | $327.8M | ||
| Q3 24 | $42.0M | $103.2M | ||
| Q2 24 | $34.1M | $-30.1M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 179.0% | ||
| Q3 25 | 21.7% | 12.0% | ||
| Q2 25 | 17.1% | 65.1% | ||
| Q1 25 | 13.5% | 74.1% | ||
| Q4 24 | 23.1% | 202.5% | ||
| Q3 24 | 20.1% | 58.9% | ||
| Q2 24 | 15.7% | -14.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 1.5% | ||
| Q3 25 | 1.4% | 0.4% | ||
| Q2 25 | 1.7% | 0.2% | ||
| Q1 25 | 1.3% | 0.8% | ||
| Q4 24 | 2.3% | 2.5% | ||
| Q3 24 | 1.5% | 0.5% | ||
| Q2 24 | 1.1% | 0.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 4.55× | ||
| Q3 25 | 1.46× | 0.41× | ||
| Q2 25 | 1.29× | 2.19× | ||
| Q1 25 | 0.86× | 2.32× | ||
| Q4 24 | 1.70× | 128.41× | ||
| Q3 24 | 1.41× | 18.33× | ||
| Q2 24 | 1.10× | -0.54× |
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% |
HCI
Segment breakdown not available.
