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Side-by-side financial comparison of BADGER METER INC (BMI) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $234.1M, roughly 1.2× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 4.8%, a 9.5% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $10.9M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 4.4%).
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.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
BMI vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $274.5M |
| Net Profit | $33.6M | $13.3M |
| Gross Margin | 39.7% | 36.1% |
| Operating Margin | 18.4% | 1.2% |
| Net Margin | 14.3% | 4.8% |
| Revenue YoY | 14.1% | 17.1% |
| Net Profit YoY | 9.3% | 69.8% |
| EPS (diluted) | $1.13 | $0.30 |
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 | $274.5M | ||
| Q3 25 | $222.2M | $250.8M | ||
| Q2 25 | $238.1M | $250.7M | ||
| Q1 25 | $222.2M | $227.8M | ||
| Q4 24 | $205.2M | $234.3M | ||
| Q3 24 | $208.4M | $233.1M | ||
| Q2 24 | $216.7M | $257.6M | ||
| Q1 24 | $196.3M | $252.0M |
| Q4 25 | $33.6M | $13.3M | ||
| Q3 25 | $35.1M | $7.5M | ||
| Q2 25 | $34.6M | $6.6M | ||
| Q1 25 | $38.4M | $3.8M | ||
| Q4 24 | $30.7M | $7.8M | ||
| Q3 24 | $32.0M | $-233.6M | ||
| Q2 24 | $33.1M | $20.2M | ||
| Q1 24 | $29.1M | $24.1M |
| Q4 25 | 39.7% | 36.1% | ||
| Q3 25 | 43.1% | 39.5% | ||
| Q2 25 | 41.1% | 37.3% | ||
| Q1 25 | 42.9% | 39.4% | ||
| Q4 24 | 40.3% | 38.6% | ||
| Q3 24 | 40.2% | 23.2% | ||
| Q2 24 | 39.4% | 37.3% | ||
| Q1 24 | 39.3% | 38.7% |
| Q4 25 | 18.4% | 1.2% | ||
| Q3 25 | 20.7% | 3.1% | ||
| Q2 25 | 18.8% | 0.0% | ||
| Q1 25 | 22.2% | 0.8% | ||
| Q4 24 | 19.1% | 6.0% | ||
| Q3 24 | 19.5% | -108.7% | ||
| Q2 24 | 19.2% | 4.7% | ||
| Q1 24 | 18.6% | 7.6% |
| Q4 25 | 14.3% | 4.8% | ||
| Q3 25 | 15.8% | 3.0% | ||
| Q2 25 | 14.5% | 2.6% | ||
| Q1 25 | 17.3% | 1.6% | ||
| Q4 24 | 15.0% | 3.3% | ||
| Q3 24 | 15.4% | -100.2% | ||
| Q2 24 | 15.3% | 7.8% | ||
| Q1 24 | 14.8% | 9.6% |
| Q4 25 | $1.13 | $0.30 | ||
| Q3 25 | $1.19 | $0.18 | ||
| Q2 25 | $1.17 | $0.16 | ||
| Q1 25 | $1.30 | $0.09 | ||
| Q4 24 | $1.04 | $0.27 | ||
| Q3 24 | $1.08 | $-5.33 | ||
| Q2 24 | $1.12 | $0.45 | ||
| Q1 24 | $0.99 | $0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $2.1B |
| Total Assets | $973.6M | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $839.3M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $899.6M | ||
| Q1 25 | — | $926.9M | ||
| Q4 24 | — | $930.2M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $713.3M | $2.1B | ||
| Q3 25 | $702.5M | $2.1B | ||
| Q2 25 | $677.6M | $2.1B | ||
| Q1 25 | $641.7M | $2.1B | ||
| Q4 24 | $606.2M | $2.0B | ||
| Q3 24 | $591.2M | $2.1B | ||
| Q2 24 | $563.1M | $2.3B | ||
| Q1 24 | $535.6M | $2.3B |
| Q4 25 | $973.6M | $2.4B | ||
| Q3 25 | $978.3M | $2.4B | ||
| Q2 25 | $936.4M | $2.4B | ||
| Q1 25 | $899.6M | $2.3B | ||
| Q4 24 | $816.4M | $2.3B | ||
| Q3 24 | $802.9M | $2.4B | ||
| Q2 24 | $781.3M | $2.5B | ||
| Q1 24 | $743.5M | $2.6B |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $50.8M | $10.9M |
| FCF MarginFCF / Revenue | 21.7% | 4.0% |
| Capex IntensityCapex / Revenue | 1.7% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.63× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $28.8M | ||
| Q3 25 | $51.3M | $35.3M | ||
| Q2 25 | $44.6M | $-2.2M | ||
| Q1 25 | $33.0M | $13.4M | ||
| Q4 24 | $52.1M | $73.8M | ||
| Q3 24 | $45.1M | $66.1M | ||
| Q2 24 | $36.4M | $53.5M | ||
| Q1 24 | $21.5M | $54.6M |
| Q4 25 | $50.8M | $10.9M | ||
| Q3 25 | $48.2M | $14.6M | ||
| Q2 25 | $40.6M | $-17.6M | ||
| Q1 25 | $30.1M | $-11.4M | ||
| Q4 24 | $47.4M | $50.6M | ||
| Q3 24 | $42.0M | $43.0M | ||
| Q2 24 | $34.1M | $29.2M | ||
| Q1 24 | $18.8M | $26.5M |
| Q4 25 | 21.7% | 4.0% | ||
| Q3 25 | 21.7% | 5.8% | ||
| Q2 25 | 17.1% | -7.0% | ||
| Q1 25 | 13.5% | -5.0% | ||
| Q4 24 | 23.1% | 21.6% | ||
| Q3 24 | 20.1% | 18.4% | ||
| Q2 24 | 15.7% | 11.3% | ||
| Q1 24 | 9.6% | 10.5% |
| Q4 25 | 1.7% | 6.5% | ||
| Q3 25 | 1.4% | 8.3% | ||
| Q2 25 | 1.7% | 6.1% | ||
| Q1 25 | 1.3% | 10.9% | ||
| Q4 24 | 2.3% | 9.9% | ||
| Q3 24 | 1.5% | 9.9% | ||
| Q2 24 | 1.1% | 9.4% | ||
| Q1 24 | 1.4% | 11.1% |
| Q4 25 | 1.63× | 2.17× | ||
| Q3 25 | 1.46× | 4.73× | ||
| Q2 25 | 1.29× | -0.34× | ||
| Q1 25 | 0.86× | 3.58× | ||
| Q4 24 | 1.70× | 9.44× | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | 2.65× | ||
| Q1 24 | 0.74× | 2.27× |
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% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
