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Side-by-side financial comparison of BADGER METER INC (BMI) and INDEPENDENT BANK CORP (INDB). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $212.5M, roughly 1.1× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs 14.3%, a 21.1% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 14.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $50.8M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% 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.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
BMI vs INDB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $212.5M |
| Net Profit | $33.6M | $75.3M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | — |
| Net Margin | 14.3% | 35.5% |
| Revenue YoY | 14.1% | 46.9% |
| Net Profit YoY | 9.3% | 50.6% |
| EPS (diluted) | $1.13 | $1.51 |
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 | $212.5M | ||
| Q3 25 | $222.2M | $203.3M | ||
| Q2 25 | $238.1M | $147.5M | ||
| Q1 25 | $222.2M | $145.5M | ||
| Q4 24 | $205.2M | $144.7M | ||
| Q3 24 | $208.4M | $141.7M | ||
| Q2 24 | $216.7M | $137.9M | ||
| Q1 24 | $196.3M | $137.4M |
| Q4 25 | $33.6M | $75.3M | ||
| Q3 25 | $35.1M | $34.3M | ||
| Q2 25 | $34.6M | $51.1M | ||
| Q1 25 | $38.4M | $44.4M | ||
| Q4 24 | $30.7M | $50.0M | ||
| Q3 24 | $32.0M | $42.9M | ||
| Q2 24 | $33.1M | $51.3M | ||
| Q1 24 | $29.1M | $47.8M |
| 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% | — | ||
| Q3 25 | 20.7% | 21.8% | ||
| Q2 25 | 18.8% | 44.6% | ||
| Q1 25 | 22.2% | 39.3% | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 19.5% | 39.0% | ||
| Q2 24 | 19.2% | 48.1% | ||
| Q1 24 | 18.6% | 45.5% |
| Q4 25 | 14.3% | 35.5% | ||
| Q3 25 | 15.8% | 16.8% | ||
| Q2 25 | 14.5% | 34.6% | ||
| Q1 25 | 17.3% | 30.5% | ||
| Q4 24 | 15.0% | 34.6% | ||
| Q3 24 | 15.4% | 30.3% | ||
| Q2 24 | 15.3% | 37.2% | ||
| Q1 24 | 14.8% | 34.8% |
| Q4 25 | $1.13 | $1.51 | ||
| Q3 25 | $1.19 | $0.69 | ||
| Q2 25 | $1.17 | $1.20 | ||
| Q1 25 | $1.30 | $1.04 | ||
| Q4 24 | $1.04 | $1.18 | ||
| Q3 24 | $1.08 | $1.01 | ||
| Q2 24 | $1.12 | $1.21 | ||
| Q1 24 | $0.99 | $1.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $3.6B |
| Total Assets | $973.6M | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $713.3M | $3.6B | ||
| Q3 25 | $702.5M | $3.5B | ||
| Q2 25 | $677.6M | $3.1B | ||
| Q1 25 | $641.7M | $3.0B | ||
| Q4 24 | $606.2M | $3.0B | ||
| Q3 24 | $591.2M | $3.0B | ||
| Q2 24 | $563.1M | $2.9B | ||
| Q1 24 | $535.6M | $2.9B |
| Q4 25 | $973.6M | $24.9B | ||
| Q3 25 | $978.3M | $25.0B | ||
| Q2 25 | $936.4M | $20.0B | ||
| Q1 25 | $899.6M | $19.9B | ||
| Q4 24 | $816.4M | $19.4B | ||
| Q3 24 | $802.9M | $19.4B | ||
| Q2 24 | $781.3M | $19.4B | ||
| Q1 24 | $743.5M | $19.3B |
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 | $78.9M |
| Free Cash FlowOCF − Capex | $50.8M | $75.5M |
| FCF MarginFCF / Revenue | 21.7% | 35.5% |
| Capex IntensityCapex / Revenue | 1.7% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.63× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $78.9M | ||
| Q3 25 | $51.3M | $52.2M | ||
| Q2 25 | $44.6M | $106.7M | ||
| Q1 25 | $33.0M | $13.3M | ||
| Q4 24 | $52.1M | $42.9M | ||
| Q3 24 | $45.1M | $70.2M | ||
| Q2 24 | $36.4M | $65.6M | ||
| Q1 24 | $21.5M | $51.1M |
| Q4 25 | $50.8M | $75.5M | ||
| Q3 25 | $48.2M | $49.7M | ||
| Q2 25 | $40.6M | $102.5M | ||
| Q1 25 | $30.1M | $11.3M | ||
| Q4 24 | $47.4M | $36.5M | ||
| Q3 24 | $42.0M | $64.4M | ||
| Q2 24 | $34.1M | $61.9M | ||
| Q1 24 | $18.8M | $46.7M |
| Q4 25 | 21.7% | 35.5% | ||
| Q3 25 | 21.7% | 24.4% | ||
| Q2 25 | 17.1% | 69.5% | ||
| Q1 25 | 13.5% | 7.8% | ||
| Q4 24 | 23.1% | 25.2% | ||
| Q3 24 | 20.1% | 45.4% | ||
| Q2 24 | 15.7% | 44.9% | ||
| Q1 24 | 9.6% | 34.0% |
| Q4 25 | 1.7% | 1.6% | ||
| Q3 25 | 1.4% | 1.2% | ||
| Q2 25 | 1.7% | 2.9% | ||
| Q1 25 | 1.3% | 1.4% | ||
| Q4 24 | 2.3% | 4.4% | ||
| Q3 24 | 1.5% | 4.1% | ||
| Q2 24 | 1.1% | 2.7% | ||
| Q1 24 | 1.4% | 3.2% |
| Q4 25 | 1.63× | 1.05× | ||
| Q3 25 | 1.46× | 1.52× | ||
| Q2 25 | 1.29× | 2.09× | ||
| Q1 25 | 0.86× | 0.30× | ||
| Q4 24 | 1.70× | 0.86× | ||
| Q3 24 | 1.41× | 1.64× | ||
| Q2 24 | 1.10× | 1.28× | ||
| Q1 24 | 0.74× | 1.07× |
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% |
INDB
Segment breakdown not available.
