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Side-by-side financial comparison of BADGER METER INC (BMI) and H2O AMERICA (HTO). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $199.4M, roughly 1.2× H2O AMERICA). BADGER METER INC runs the higher net margin — 14.3% vs 8.1%, a 6.2% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% 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.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
BMI vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $199.4M |
| Net Profit | $33.6M | $16.2M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 16.6% |
| Net Margin | 14.3% | 8.1% |
| Revenue YoY | 14.1% | 1.5% |
| Net Profit YoY | 9.3% | -29.2% |
| EPS (diluted) | $1.13 | $0.45 |
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.
| Q4 25 | $234.1M | $199.4M | ||
| Q3 25 | $222.2M | $243.5M | ||
| Q2 25 | $238.1M | $197.8M | ||
| Q1 25 | $222.2M | $164.9M | ||
| Q4 24 | $205.2M | $196.5M | ||
| Q3 24 | $208.4M | $216.7M | ||
| Q2 24 | $216.7M | $173.1M | ||
| Q1 24 | $196.3M | $150.0M |
| Q4 25 | $33.6M | $16.2M | ||
| Q3 25 | $35.1M | $45.1M | ||
| Q2 25 | $34.6M | $24.7M | ||
| Q1 25 | $38.4M | $16.6M | ||
| Q4 24 | $30.7M | $22.9M | ||
| Q3 24 | $32.0M | $38.7M | ||
| Q2 24 | $33.1M | $20.7M | ||
| Q1 24 | $29.1M | $11.7M |
| 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 24 | 39.3% | — |
| Q4 25 | 18.4% | 16.6% | ||
| Q3 25 | 20.7% | 26.5% | ||
| Q2 25 | 18.8% | 22.2% | ||
| Q1 25 | 22.2% | 21.8% | ||
| Q4 24 | 19.1% | 22.2% | ||
| Q3 24 | 19.5% | 26.9% | ||
| Q2 24 | 19.2% | 23.4% | ||
| Q1 24 | 18.6% | 18.6% |
| Q4 25 | 14.3% | 8.1% | ||
| Q3 25 | 15.8% | 18.5% | ||
| Q2 25 | 14.5% | 12.5% | ||
| Q1 25 | 17.3% | 10.0% | ||
| Q4 24 | 15.0% | 11.7% | ||
| Q3 24 | 15.4% | 17.8% | ||
| Q2 24 | 15.3% | 12.0% | ||
| Q1 24 | 14.8% | 7.8% |
| Q4 25 | $1.13 | $0.45 | ||
| Q3 25 | $1.19 | $1.27 | ||
| Q2 25 | $1.17 | $0.71 | ||
| Q1 25 | $1.30 | $0.49 | ||
| Q4 24 | $1.04 | $0.70 | ||
| Q3 24 | $1.08 | $1.17 | ||
| Q2 24 | $1.12 | $0.64 | ||
| Q1 24 | $0.99 | $0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $713.3M | $1.5B |
| Total Assets | $973.6M | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $11.3M | ||
| Q2 25 | — | $19.8M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $11.1M | ||
| Q3 24 | — | $4.0M | ||
| Q2 24 | — | $22.8M | ||
| Q1 24 | — | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $713.3M | $1.5B | ||
| Q3 25 | $702.5M | $1.5B | ||
| Q2 25 | $677.6M | $1.5B | ||
| Q1 25 | $641.7M | $1.4B | ||
| Q4 24 | $606.2M | $1.4B | ||
| Q3 24 | $591.2M | $1.3B | ||
| Q2 24 | $563.1M | $1.3B | ||
| Q1 24 | $535.6M | $1.2B |
| Q4 25 | $973.6M | $5.1B | ||
| Q3 25 | $978.3M | $5.0B | ||
| Q2 25 | $936.4M | $4.8B | ||
| Q1 25 | $899.6M | $4.7B | ||
| Q4 24 | $816.4M | $4.7B | ||
| Q3 24 | $802.9M | $4.6B | ||
| Q2 24 | $781.3M | $4.4B | ||
| Q1 24 | $743.5M | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $63.5M |
| Free Cash FlowOCF − Capex | $50.8M | — |
| FCF MarginFCF / Revenue | 21.7% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.63× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $63.5M | ||
| Q3 25 | $51.3M | $77.3M | ||
| Q2 25 | $44.6M | $60.8M | ||
| Q1 25 | $33.0M | $43.2M | ||
| Q4 24 | $52.1M | $41.5M | ||
| Q3 24 | $45.1M | $53.5M | ||
| Q2 24 | $36.4M | $49.3M | ||
| Q1 24 | $21.5M | $51.2M |
| 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 24 | $18.8M | — |
| 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 24 | 9.6% | — |
| 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 24 | 1.4% | — |
| Q4 25 | 1.63× | 3.92× | ||
| Q3 25 | 1.46× | 1.71× | ||
| Q2 25 | 1.29× | 2.47× | ||
| Q1 25 | 0.86× | 2.61× | ||
| Q4 24 | 1.70× | 1.81× | ||
| Q3 24 | 1.41× | 1.39× | ||
| Q2 24 | 1.10× | 2.38× | ||
| Q1 24 | 0.74× | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
