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Side-by-side financial comparison of BADGER METER INC (BMI) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $219.1M, roughly 1.1× Iridium Communications Inc.). BADGER METER INC runs the higher net margin — 14.3% vs 9.9%, a 4.5% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 1.9%). 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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
BMI vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $219.1M |
| Net Profit | $33.6M | $21.6M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 23.2% |
| Net Margin | 14.3% | 9.9% |
| Revenue YoY | 14.1% | 1.9% |
| Net Profit YoY | 9.3% | — |
| EPS (diluted) | $1.13 | — |
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.
| Q1 26 | — | $219.1M | ||
| Q4 25 | $234.1M | $212.9M | ||
| Q3 25 | $222.2M | $226.9M | ||
| Q2 25 | $238.1M | $216.9M | ||
| Q1 25 | $222.2M | $214.9M | ||
| Q4 24 | $205.2M | $213.0M | ||
| Q3 24 | $208.4M | $212.8M | ||
| Q2 24 | $216.7M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $33.6M | $24.9M | ||
| Q3 25 | $35.1M | $37.1M | ||
| Q2 25 | $34.6M | $22.0M | ||
| Q1 25 | $38.4M | $30.4M | ||
| Q4 24 | $30.7M | $36.3M | ||
| Q3 24 | $32.0M | $24.4M | ||
| Q2 24 | $33.1M | $32.3M |
| Q1 26 | — | — | ||
| 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 26 | — | 23.2% | ||
| Q4 25 | 18.4% | 25.9% | ||
| Q3 25 | 20.7% | 30.9% | ||
| Q2 25 | 18.8% | 23.2% | ||
| Q1 25 | 22.2% | 28.1% | ||
| Q4 24 | 19.1% | 24.5% | ||
| Q3 24 | 19.5% | 25.8% | ||
| Q2 24 | 19.2% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 14.3% | 11.7% | ||
| Q3 25 | 15.8% | 16.4% | ||
| Q2 25 | 14.5% | 10.1% | ||
| Q1 25 | 17.3% | 14.2% | ||
| Q4 24 | 15.0% | 17.1% | ||
| Q3 24 | 15.4% | 11.5% | ||
| Q2 24 | 15.3% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $1.13 | $0.24 | ||
| Q3 25 | $1.19 | $0.35 | ||
| Q2 25 | $1.17 | $0.20 | ||
| Q1 25 | $1.30 | $0.27 | ||
| Q4 24 | $1.04 | $0.30 | ||
| Q3 24 | $1.08 | $0.21 | ||
| Q2 24 | $1.12 | $0.27 |
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 | — |
| Total Assets | $973.6M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $96.5M | ||
| Q3 25 | — | $88.5M | ||
| Q2 25 | — | $79.3M | ||
| Q1 25 | — | $50.9M | ||
| Q4 24 | — | $93.5M | ||
| Q3 24 | — | $159.6M | ||
| Q2 24 | — | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $713.3M | $462.6M | ||
| Q3 25 | $702.5M | $450.5M | ||
| Q2 25 | $677.6M | $473.6M | ||
| Q1 25 | $641.7M | $518.4M | ||
| Q4 24 | $606.2M | $576.6M | ||
| Q3 24 | $591.2M | $663.8M | ||
| Q2 24 | $563.1M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $973.6M | $2.5B | ||
| Q3 25 | $978.3M | $2.6B | ||
| Q2 25 | $936.4M | $2.6B | ||
| Q1 25 | $899.6M | $2.6B | ||
| Q4 24 | $816.4M | $2.7B | ||
| Q3 24 | $802.9M | $2.8B | ||
| Q2 24 | $781.3M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | $50.8M | — |
| FCF MarginFCF / Revenue | 21.7% | — |
| Capex IntensityCapex / Revenue | 1.7% | 13.7% |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $54.8M | $108.6M | ||
| Q3 25 | $51.3M | $100.8M | ||
| Q2 25 | $44.6M | $129.6M | ||
| Q1 25 | $33.0M | $61.1M | ||
| Q4 24 | $52.1M | $104.8M | ||
| Q3 24 | $45.1M | $118.6M | ||
| Q2 24 | $36.4M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $75.1M | ||
| Q3 25 | $48.2M | $79.2M | ||
| Q2 25 | $40.6M | $108.9M | ||
| Q1 25 | $30.1M | $36.5M | ||
| Q4 24 | $47.4M | $80.5M | ||
| Q3 24 | $42.0M | $100.0M | ||
| Q2 24 | $34.1M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 35.3% | ||
| Q3 25 | 21.7% | 34.9% | ||
| Q2 25 | 17.1% | 50.2% | ||
| Q1 25 | 13.5% | 17.0% | ||
| Q4 24 | 23.1% | 37.8% | ||
| Q3 24 | 20.1% | 47.0% | ||
| Q2 24 | 15.7% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 1.7% | 15.7% | ||
| Q3 25 | 1.4% | 9.5% | ||
| Q2 25 | 1.7% | 9.5% | ||
| Q1 25 | 1.3% | 11.4% | ||
| Q4 24 | 2.3% | 11.4% | ||
| Q3 24 | 1.5% | 8.7% | ||
| Q2 24 | 1.1% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 4.37× | ||
| Q3 25 | 1.46× | 2.71× | ||
| Q2 25 | 1.29× | 5.90× | ||
| Q1 25 | 0.86× | 2.01× | ||
| Q4 24 | 1.70× | 2.88× | ||
| Q3 24 | 1.41× | 4.85× | ||
| Q2 24 | 1.10× | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
