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Side-by-side financial comparison of BADGER METER INC (BMI) and IMAX CORP (IMAX). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $125.2M, roughly 1.9× IMAX CORP). BADGER METER INC runs the higher net margin — 14.3% vs 0.5%, a 13.8% gap on every dollar of revenue. On growth, IMAX CORP posted the faster year-over-year revenue change (35.1% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $28.0M). Over the past eight quarters, IMAX CORP's revenue compounded faster (25.8% 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.
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
BMI vs IMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $125.2M |
| Net Profit | $33.6M | $637.0K |
| Gross Margin | 39.7% | 57.6% |
| Operating Margin | 18.4% | 19.3% |
| Net Margin | 14.3% | 0.5% |
| Revenue YoY | 14.1% | 35.1% |
| Net Profit YoY | 9.3% | -88.0% |
| EPS (diluted) | $1.13 | $0.02 |
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 | $125.2M | ||
| Q3 25 | $222.2M | $106.7M | ||
| Q2 25 | $238.1M | $91.7M | ||
| Q1 25 | $222.2M | $86.7M | ||
| Q4 24 | $205.2M | $92.7M | ||
| Q3 24 | $208.4M | $91.5M | ||
| Q2 24 | $216.7M | $89.0M | ||
| Q1 24 | $196.3M | $79.1M |
| Q4 25 | $33.6M | $637.0K | ||
| Q3 25 | $35.1M | $20.7M | ||
| Q2 25 | $34.6M | $11.3M | ||
| Q1 25 | $38.4M | $2.3M | ||
| Q4 24 | $30.7M | $5.3M | ||
| Q3 24 | $32.0M | $13.9M | ||
| Q2 24 | $33.1M | $3.6M | ||
| Q1 24 | $29.1M | $3.3M |
| Q4 25 | 39.7% | 57.6% | ||
| Q3 25 | 43.1% | 63.1% | ||
| Q2 25 | 41.1% | 58.5% | ||
| Q1 25 | 42.9% | 61.4% | ||
| Q4 24 | 40.3% | 52.2% | ||
| Q3 24 | 40.2% | 55.8% | ||
| Q2 24 | 39.4% | 49.4% | ||
| Q1 24 | 39.3% | 59.3% |
| Q4 25 | 18.4% | 19.3% | ||
| Q3 25 | 20.7% | 27.2% | ||
| Q2 25 | 18.8% | 15.6% | ||
| Q1 25 | 22.2% | 19.3% | ||
| Q4 24 | 19.1% | 10.3% | ||
| Q3 24 | 19.5% | 21.2% | ||
| Q2 24 | 19.2% | 3.2% | ||
| Q1 24 | 18.6% | 15.3% |
| Q4 25 | 14.3% | 0.5% | ||
| Q3 25 | 15.8% | 19.4% | ||
| Q2 25 | 14.5% | 12.3% | ||
| Q1 25 | 17.3% | 2.7% | ||
| Q4 24 | 15.0% | 5.7% | ||
| Q3 24 | 15.4% | 15.2% | ||
| Q2 24 | 15.3% | 4.0% | ||
| Q1 24 | 14.8% | 4.1% |
| Q4 25 | $1.13 | $0.02 | ||
| Q3 25 | $1.19 | $0.37 | ||
| Q2 25 | $1.17 | $0.20 | ||
| Q1 25 | $1.30 | $0.04 | ||
| Q4 24 | $1.04 | $0.09 | ||
| Q3 24 | $1.08 | $0.26 | ||
| Q2 24 | $1.12 | $0.07 | ||
| Q1 24 | $0.99 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $151.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $337.9M |
| Total Assets | $973.6M | $894.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.2M | ||
| Q3 25 | — | $143.1M | ||
| Q2 25 | — | $109.3M | ||
| Q1 25 | — | $97.1M | ||
| Q4 24 | — | $100.6M | ||
| Q3 24 | — | $104.5M | ||
| Q2 24 | — | $91.6M | ||
| Q1 24 | — | $81.0M |
| Q4 25 | $713.3M | $337.9M | ||
| Q3 25 | $702.5M | $349.5M | ||
| Q2 25 | $677.6M | $320.4M | ||
| Q1 25 | $641.7M | $299.5M | ||
| Q4 24 | $606.2M | $299.5M | ||
| Q3 24 | $591.2M | $289.4M | ||
| Q2 24 | $563.1M | $267.2M | ||
| Q1 24 | $535.6M | $258.8M |
| Q4 25 | $973.6M | $894.0M | ||
| Q3 25 | $978.3M | $889.6M | ||
| Q2 25 | $936.4M | $868.6M | ||
| Q1 25 | $899.6M | $848.3M | ||
| Q4 24 | $816.4M | $830.4M | ||
| Q3 24 | $802.9M | $847.6M | ||
| Q2 24 | $781.3M | $827.4M | ||
| Q1 24 | $743.5M | $824.1M |
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 | $29.4M |
| Free Cash FlowOCF − Capex | $50.8M | $28.0M |
| FCF MarginFCF / Revenue | 21.7% | 22.3% |
| Capex IntensityCapex / Revenue | 1.7% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.63× | 46.11× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $118.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $29.4M | ||
| Q3 25 | $51.3M | $67.5M | ||
| Q2 25 | $44.6M | $23.2M | ||
| Q1 25 | $33.0M | $7.0M | ||
| Q4 24 | $52.1M | $11.5M | ||
| Q3 24 | $45.1M | $35.3M | ||
| Q2 24 | $36.4M | $35.0M | ||
| Q1 24 | $21.5M | $-11.0M |
| Q4 25 | $50.8M | $28.0M | ||
| Q3 25 | $48.2M | $64.8M | ||
| Q2 25 | $40.6M | $20.9M | ||
| Q1 25 | $30.1M | $5.3M | ||
| Q4 24 | $47.4M | $6.9M | ||
| Q3 24 | $42.0M | $34.2M | ||
| Q2 24 | $34.1M | $33.5M | ||
| Q1 24 | $18.8M | $-12.1M |
| Q4 25 | 21.7% | 22.3% | ||
| Q3 25 | 21.7% | 60.7% | ||
| Q2 25 | 17.1% | 22.8% | ||
| Q1 25 | 13.5% | 6.1% | ||
| Q4 24 | 23.1% | 7.4% | ||
| Q3 24 | 20.1% | 37.3% | ||
| Q2 24 | 15.7% | 37.6% | ||
| Q1 24 | 9.6% | -15.3% |
| Q4 25 | 1.7% | 1.1% | ||
| Q3 25 | 1.4% | 2.6% | ||
| Q2 25 | 1.7% | 2.6% | ||
| Q1 25 | 1.3% | 1.9% | ||
| Q4 24 | 2.3% | 5.0% | ||
| Q3 24 | 1.5% | 1.2% | ||
| Q2 24 | 1.1% | 1.8% | ||
| Q1 24 | 1.4% | 1.4% |
| Q4 25 | 1.63× | 46.11× | ||
| Q3 25 | 1.46× | 3.27× | ||
| Q2 25 | 1.29× | 2.06× | ||
| Q1 25 | 0.86× | 2.99× | ||
| Q4 24 | 1.70× | 2.16× | ||
| Q3 24 | 1.41× | 2.54× | ||
| Q2 24 | 1.10× | 9.78× | ||
| Q1 24 | 0.74× | -3.35× |
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% |
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
