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Side-by-side financial comparison of BADGER METER INC (BMI) and INSTEEL INDUSTRIES INC (IIIN). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $159.9M, roughly 1.5× INSTEEL INDUSTRIES INC). BADGER METER INC runs the higher net margin — 14.3% vs 4.7%, a 9.6% gap on every dollar of revenue. On growth, INSTEEL INDUSTRIES INC posted the faster year-over-year revenue change (23.3% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-2.2M). Over the past eight quarters, INSTEEL INDUSTRIES INC's revenue compounded faster (12.0% 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.
Insteel Industries Inc is a leading U.S. manufacturer of steel reinforcing products including welded wire reinforcement and steel fibers. It primarily serves non-residential construction, infrastructure, and precast concrete segments across North America, delivering high-performance reinforcement solutions for various construction projects.
BMI vs IIIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $159.9M |
| Net Profit | $33.6M | $7.6M |
| Gross Margin | 39.7% | 11.3% |
| Operating Margin | 18.4% | 6.0% |
| Net Margin | 14.3% | 4.7% |
| Revenue YoY | 14.1% | 23.3% |
| Net Profit YoY | 9.3% | 602.4% |
| EPS (diluted) | $1.13 | $0.39 |
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 | $159.9M | ||
| Q3 25 | $222.2M | $177.4M | ||
| Q2 25 | $238.1M | $179.9M | ||
| Q1 25 | $222.2M | $160.7M | ||
| Q4 24 | $205.2M | $129.7M | ||
| Q3 24 | $208.4M | $134.3M | ||
| Q2 24 | $216.7M | $145.8M | ||
| Q1 24 | $196.3M | $127.4M |
| Q4 25 | $33.6M | $7.6M | ||
| Q3 25 | $35.1M | $14.6M | ||
| Q2 25 | $34.6M | $15.2M | ||
| Q1 25 | $38.4M | $10.2M | ||
| Q4 24 | $30.7M | $1.1M | ||
| Q3 24 | $32.0M | $4.7M | ||
| Q2 24 | $33.1M | $6.6M | ||
| Q1 24 | $29.1M | $6.9M |
| Q4 25 | 39.7% | 11.3% | ||
| Q3 25 | 43.1% | 16.1% | ||
| Q2 25 | 41.1% | 17.1% | ||
| Q1 25 | 42.9% | 15.3% | ||
| Q4 24 | 40.3% | 7.3% | ||
| Q3 24 | 40.2% | 9.1% | ||
| Q2 24 | 39.4% | 10.6% | ||
| Q1 24 | 39.3% | 12.3% |
| Q4 25 | 18.4% | 6.0% | ||
| Q3 25 | 20.7% | 10.8% | ||
| Q2 25 | 18.8% | 11.0% | ||
| Q1 25 | 22.2% | 8.3% | ||
| Q4 24 | 19.1% | 1.1% | ||
| Q3 24 | 19.5% | 4.5% | ||
| Q2 24 | 19.2% | 6.0% | ||
| Q1 24 | 18.6% | 7.0% |
| Q4 25 | 14.3% | 4.7% | ||
| Q3 25 | 15.8% | 8.2% | ||
| Q2 25 | 14.5% | 8.4% | ||
| Q1 25 | 17.3% | 6.4% | ||
| Q4 24 | 15.0% | 0.8% | ||
| Q3 24 | 15.4% | 3.5% | ||
| Q2 24 | 15.3% | 4.5% | ||
| Q1 24 | 14.8% | 5.4% |
| Q4 25 | $1.13 | $0.39 | ||
| Q3 25 | $1.19 | $0.74 | ||
| Q2 25 | $1.17 | $0.78 | ||
| Q1 25 | $1.30 | $0.52 | ||
| Q4 24 | $1.04 | $0.06 | ||
| Q3 24 | $1.08 | $0.24 | ||
| Q2 24 | $1.12 | $0.34 | ||
| Q1 24 | $0.99 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $15.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $358.8M |
| Total Assets | $973.6M | $456.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.6M | ||
| Q3 25 | — | $38.6M | ||
| Q2 25 | — | $53.7M | ||
| Q1 25 | — | $28.4M | ||
| Q4 24 | — | $36.0M | ||
| Q3 24 | — | $111.5M | ||
| Q2 24 | — | $97.7M | ||
| Q1 24 | — | $83.9M |
| Q4 25 | $713.3M | $358.8M | ||
| Q3 25 | $702.5M | $371.5M | ||
| Q2 25 | $677.6M | $356.2M | ||
| Q1 25 | $641.7M | $341.4M | ||
| Q4 24 | $606.2M | $331.6M | ||
| Q3 24 | $591.2M | $350.9M | ||
| Q2 24 | $563.1M | $346.0M | ||
| Q1 24 | $535.6M | $340.6M |
| Q4 25 | $973.6M | $456.1M | ||
| Q3 25 | $978.3M | $462.6M | ||
| Q2 25 | $936.4M | $471.9M | ||
| Q1 25 | $899.6M | $421.9M | ||
| Q4 24 | $816.4M | $404.7M | ||
| Q3 24 | $802.9M | $422.6M | ||
| Q2 24 | $781.3M | $414.6M | ||
| Q1 24 | $743.5M | $397.2M |
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 | $-701.0K |
| Free Cash FlowOCF − Capex | $50.8M | $-2.2M |
| FCF MarginFCF / Revenue | 21.7% | -1.4% |
| Capex IntensityCapex / Revenue | 1.7% | 0.9% |
| Cash ConversionOCF / Net Profit | 1.63× | -0.09× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $439.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $-701.0K | ||
| Q3 25 | $51.3M | $-17.0M | ||
| Q2 25 | $44.6M | $28.5M | ||
| Q1 25 | $33.0M | $-3.3M | ||
| Q4 24 | $52.1M | $19.0M | ||
| Q3 24 | $45.1M | $16.2M | ||
| Q2 24 | $36.4M | $18.8M | ||
| Q1 24 | $21.5M | $1.4M |
| Q4 25 | $50.8M | $-2.2M | ||
| Q3 25 | $48.2M | $-18.7M | ||
| Q2 25 | $40.6M | $26.9M | ||
| Q1 25 | $30.1M | $-5.5M | ||
| Q4 24 | $47.4M | $16.3M | ||
| Q3 24 | $42.0M | $14.5M | ||
| Q2 24 | $34.1M | $15.5M | ||
| Q1 24 | $18.8M | $-580.0K |
| Q4 25 | 21.7% | -1.4% | ||
| Q3 25 | 21.7% | -10.6% | ||
| Q2 25 | 17.1% | 15.0% | ||
| Q1 25 | 13.5% | -3.5% | ||
| Q4 24 | 23.1% | 12.6% | ||
| Q3 24 | 20.1% | 10.8% | ||
| Q2 24 | 15.7% | 10.7% | ||
| Q1 24 | 9.6% | -0.5% |
| Q4 25 | 1.7% | 0.9% | ||
| Q3 25 | 1.4% | 1.0% | ||
| Q2 25 | 1.7% | 0.9% | ||
| Q1 25 | 1.3% | 1.4% | ||
| Q4 24 | 2.3% | 2.1% | ||
| Q3 24 | 1.5% | 1.3% | ||
| Q2 24 | 1.1% | 2.2% | ||
| Q1 24 | 1.4% | 1.5% |
| Q4 25 | 1.63× | -0.09× | ||
| Q3 25 | 1.46× | -1.17× | ||
| Q2 25 | 1.29× | 1.88× | ||
| Q1 25 | 0.86× | -0.32× | ||
| Q4 24 | 1.70× | 17.56× | ||
| Q3 24 | 1.41× | 3.48× | ||
| Q2 24 | 1.10× | 2.86× | ||
| Q1 24 | 0.74× | 0.20× |
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% |
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
