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Side-by-side financial comparison of BADGER METER INC (BMI) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $208.9M, roughly 1.1× iRhythm Holdings, Inc.). BADGER METER INC runs the higher net margin — 14.3% vs 2.7%, a 11.7% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $14.5M). Over the past eight quarters, iRhythm Holdings, Inc.'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.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
BMI vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $208.9M |
| Net Profit | $33.6M | $5.6M |
| Gross Margin | 39.7% | 70.9% |
| Operating Margin | 18.4% | 1.1% |
| Net Margin | 14.3% | 2.7% |
| Revenue YoY | 14.1% | 27.1% |
| Net Profit YoY | 9.3% | 518.5% |
| EPS (diluted) | $1.13 | $0.18 |
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 | $208.9M | ||
| Q3 25 | $222.2M | $192.9M | ||
| Q2 25 | $238.1M | $186.7M | ||
| Q1 25 | $222.2M | $158.7M | ||
| Q4 24 | $205.2M | $164.3M | ||
| Q3 24 | $208.4M | $147.5M | ||
| Q2 24 | $216.7M | $148.0M | ||
| Q1 24 | $196.3M | $131.9M |
| Q4 25 | $33.6M | $5.6M | ||
| Q3 25 | $35.1M | $-5.2M | ||
| Q2 25 | $34.6M | $-14.2M | ||
| Q1 25 | $38.4M | $-30.7M | ||
| Q4 24 | $30.7M | $-1.3M | ||
| Q3 24 | $32.0M | $-46.2M | ||
| Q2 24 | $33.1M | $-20.1M | ||
| Q1 24 | $29.1M | $-45.7M |
| Q4 25 | 39.7% | 70.9% | ||
| Q3 25 | 43.1% | 71.1% | ||
| Q2 25 | 41.1% | 71.2% | ||
| Q1 25 | 42.9% | 68.8% | ||
| Q4 24 | 40.3% | 70.0% | ||
| Q3 24 | 40.2% | 68.8% | ||
| Q2 24 | 39.4% | 69.9% | ||
| Q1 24 | 39.3% | 66.3% |
| Q4 25 | 18.4% | 1.1% | ||
| Q3 25 | 20.7% | -4.4% | ||
| Q2 25 | 18.8% | -10.0% | ||
| Q1 25 | 22.2% | -20.5% | ||
| Q4 24 | 19.1% | -2.5% | ||
| Q3 24 | 19.5% | -34.1% | ||
| Q2 24 | 19.2% | -15.5% | ||
| Q1 24 | 18.6% | -28.9% |
| Q4 25 | 14.3% | 2.7% | ||
| Q3 25 | 15.8% | -2.7% | ||
| Q2 25 | 14.5% | -7.6% | ||
| Q1 25 | 17.3% | -19.3% | ||
| Q4 24 | 15.0% | -0.8% | ||
| Q3 24 | 15.4% | -31.3% | ||
| Q2 24 | 15.3% | -13.6% | ||
| Q1 24 | 14.8% | -34.6% |
| Q4 25 | $1.13 | $0.18 | ||
| Q3 25 | $1.19 | $-0.16 | ||
| Q2 25 | $1.17 | $-0.44 | ||
| Q1 25 | $1.30 | $-0.97 | ||
| Q4 24 | $1.04 | $-0.03 | ||
| Q3 24 | $1.08 | $-1.48 | ||
| Q2 24 | $1.12 | $-0.65 | ||
| Q1 24 | $0.99 | $-1.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $152.7M |
| Total Assets | $973.6M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $583.8M | ||
| Q3 25 | — | $565.2M | ||
| Q2 25 | — | $545.5M | ||
| Q1 25 | — | $520.6M | ||
| Q4 24 | — | $535.6M | ||
| Q3 24 | — | $522.0M | ||
| Q2 24 | — | $561.5M | ||
| Q1 24 | — | $569.1M |
| Q4 25 | $713.3M | $152.7M | ||
| Q3 25 | $702.5M | $121.9M | ||
| Q2 25 | $677.6M | $103.7M | ||
| Q1 25 | $641.7M | $86.7M | ||
| Q4 24 | $606.2M | $90.9M | ||
| Q3 24 | $591.2M | $71.8M | ||
| Q2 24 | $563.1M | $99.2M | ||
| Q1 24 | $535.6M | $90.3M |
| Q4 25 | $973.6M | $1.0B | ||
| Q3 25 | $978.3M | $995.2M | ||
| Q2 25 | $936.4M | $964.0M | ||
| Q1 25 | $899.6M | $926.1M | ||
| Q4 24 | $816.4M | $931.4M | ||
| Q3 24 | $802.9M | $909.7M | ||
| Q2 24 | $781.3M | $919.2M | ||
| Q1 24 | $743.5M | $909.8M |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $50.8M | $14.5M |
| FCF MarginFCF / Revenue | 21.7% | 6.9% |
| Capex IntensityCapex / Revenue | 1.7% | 5.6% |
| Cash ConversionOCF / Net Profit | 1.63× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $26.2M | ||
| Q3 25 | $51.3M | $34.9M | ||
| Q2 25 | $44.6M | $27.7M | ||
| Q1 25 | $33.0M | $-7.9M | ||
| Q4 24 | $52.1M | $19.2M | ||
| Q3 24 | $45.1M | $24.3M | ||
| Q2 24 | $36.4M | $11.8M | ||
| Q1 24 | $21.5M | $-52.0M |
| Q4 25 | $50.8M | $14.5M | ||
| Q3 25 | $48.2M | $20.1M | ||
| Q2 25 | $40.6M | $17.3M | ||
| Q1 25 | $30.1M | $-17.3M | ||
| Q4 24 | $47.4M | $12.4M | ||
| Q3 24 | $42.0M | $15.5M | ||
| Q2 24 | $34.1M | $3.4M | ||
| Q1 24 | $18.8M | $-61.8M |
| Q4 25 | 21.7% | 6.9% | ||
| Q3 25 | 21.7% | 10.4% | ||
| Q2 25 | 17.1% | 9.3% | ||
| Q1 25 | 13.5% | -10.9% | ||
| Q4 24 | 23.1% | 7.5% | ||
| Q3 24 | 20.1% | 10.5% | ||
| Q2 24 | 15.7% | 2.3% | ||
| Q1 24 | 9.6% | -46.8% |
| Q4 25 | 1.7% | 5.6% | ||
| Q3 25 | 1.4% | 7.7% | ||
| Q2 25 | 1.7% | 5.6% | ||
| Q1 25 | 1.3% | 5.9% | ||
| Q4 24 | 2.3% | 4.2% | ||
| Q3 24 | 1.5% | 6.0% | ||
| Q2 24 | 1.1% | 5.7% | ||
| Q1 24 | 1.4% | 7.4% |
| Q4 25 | 1.63× | 4.70× | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | — | ||
| Q1 24 | 0.74× | — |
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% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
