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Side-by-side financial comparison of BADGER METER INC (BMI) and James River Group Holdings, Inc. (JRVR). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $167.7M, roughly 1.4× James River Group Holdings, Inc.). James River Group Holdings, Inc. runs the higher net margin — 19.1% vs 14.3%, a 4.8% gap on every dollar of revenue. On growth, James River Group Holdings, Inc. posted the faster year-over-year revenue change (32.4% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-23.6M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -8.7%).
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.
James River Corporation was an American pulp and paper company based in Richmond, Virginia, once the largest paper manufacturer in the world.
BMI vs JRVR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $167.7M |
| Net Profit | $33.6M | $32.1M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 14.6% |
| Net Margin | 14.3% | 19.1% |
| Revenue YoY | 14.1% | 32.4% |
| Net Profit YoY | 9.3% | 149.5% |
| EPS (diluted) | $1.13 | $0.59 |
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 | $167.7M | ||
| Q3 25 | $222.2M | $172.7M | ||
| Q2 25 | $238.1M | $174.8M | ||
| Q1 25 | $222.2M | $172.3M | ||
| Q4 24 | $205.2M | $126.7M | ||
| Q3 24 | $208.4M | $191.5M | ||
| Q2 24 | $216.7M | $188.3M | ||
| Q1 24 | $196.3M | $201.1M |
| Q4 25 | $33.6M | $32.1M | ||
| Q3 25 | $35.1M | $1.0M | ||
| Q2 25 | $34.6M | $4.8M | ||
| Q1 25 | $38.4M | $9.6M | ||
| Q4 24 | $30.7M | $-64.8M | ||
| Q3 24 | $32.0M | $-39.4M | ||
| Q2 24 | $33.1M | $7.6M | ||
| Q1 24 | $29.1M | $15.4M |
| 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% | 14.6% | ||
| Q3 25 | 20.7% | 1.5% | ||
| Q2 25 | 18.8% | 4.2% | ||
| Q1 25 | 22.2% | 9.3% | ||
| Q4 24 | 19.1% | -57.0% | ||
| Q3 24 | 19.5% | -27.1% | ||
| Q2 24 | 19.2% | 10.7% | ||
| Q1 24 | 18.6% | 16.4% |
| Q4 25 | 14.3% | 19.1% | ||
| Q3 25 | 15.8% | 0.6% | ||
| Q2 25 | 14.5% | 2.7% | ||
| Q1 25 | 17.3% | 5.6% | ||
| Q4 24 | 15.0% | -51.1% | ||
| Q3 24 | 15.4% | -20.6% | ||
| Q2 24 | 15.3% | 4.0% | ||
| Q1 24 | 14.8% | 7.7% |
| Q4 25 | $1.13 | $0.59 | ||
| Q3 25 | $1.19 | $-0.02 | ||
| Q2 25 | $1.17 | $0.06 | ||
| Q1 25 | $1.30 | $0.16 | ||
| Q4 24 | $1.04 | $-2.44 | ||
| Q3 24 | $1.08 | $-1.10 | ||
| Q2 24 | $1.12 | $0.13 | ||
| Q1 24 | $0.99 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $260.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $538.2M |
| Total Assets | $973.6M | $4.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $260.9M | ||
| Q3 25 | — | $238.8M | ||
| Q2 25 | — | $220.0M | ||
| Q1 25 | — | $279.4M | ||
| Q4 24 | — | $362.3M | ||
| Q3 24 | — | $359.8M | ||
| Q2 24 | — | $672.5M | ||
| Q1 24 | — | $305.5M |
| Q4 25 | $713.3M | $538.2M | ||
| Q3 25 | $702.5M | $503.6M | ||
| Q2 25 | $677.6M | $492.6M | ||
| Q1 25 | $641.7M | $484.5M | ||
| Q4 24 | $606.2M | $460.9M | ||
| Q3 24 | $591.2M | $530.3M | ||
| Q2 24 | $563.1M | $541.8M | ||
| Q1 24 | $535.6M | $539.5M |
| Q4 25 | $973.6M | $4.9B | ||
| Q3 25 | $978.3M | $5.0B | ||
| Q2 25 | $936.4M | $5.0B | ||
| Q1 25 | $899.6M | $4.9B | ||
| Q4 24 | $816.4M | $5.0B | ||
| Q3 24 | $802.9M | $5.0B | ||
| Q2 24 | $781.3M | $4.7B | ||
| Q1 24 | $743.5M | $5.3B |
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 | $-18.8M |
| Free Cash FlowOCF − Capex | $50.8M | $-23.6M |
| FCF MarginFCF / Revenue | 21.7% | -14.1% |
| Capex IntensityCapex / Revenue | 1.7% | 2.9% |
| Cash ConversionOCF / Net Profit | 1.63× | -0.59× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $-17.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $-18.8M | ||
| Q3 25 | $51.3M | $34.3M | ||
| Q2 25 | $44.6M | $25.2M | ||
| Q1 25 | $33.0M | $-51.5M | ||
| Q4 24 | $52.1M | $-247.1M | ||
| Q3 24 | $45.1M | $-269.9M | ||
| Q2 24 | $36.4M | $-8.7M | ||
| Q1 24 | $21.5M | $24.1M |
| Q4 25 | $50.8M | $-23.6M | ||
| Q3 25 | $48.2M | $33.7M | ||
| Q2 25 | $40.6M | $24.7M | ||
| Q1 25 | $30.1M | $-52.7M | ||
| Q4 24 | $47.4M | $-252.0M | ||
| Q3 24 | $42.0M | $-270.8M | ||
| Q2 24 | $34.1M | $-9.3M | ||
| Q1 24 | $18.8M | $23.3M |
| Q4 25 | 21.7% | -14.1% | ||
| Q3 25 | 21.7% | 19.5% | ||
| Q2 25 | 17.1% | 14.1% | ||
| Q1 25 | 13.5% | -30.6% | ||
| Q4 24 | 23.1% | -198.9% | ||
| Q3 24 | 20.1% | -141.4% | ||
| Q2 24 | 15.7% | -4.9% | ||
| Q1 24 | 9.6% | 11.6% |
| Q4 25 | 1.7% | 2.9% | ||
| Q3 25 | 1.4% | 0.4% | ||
| Q2 25 | 1.7% | 0.3% | ||
| Q1 25 | 1.3% | 0.7% | ||
| Q4 24 | 2.3% | 3.9% | ||
| Q3 24 | 1.5% | 0.4% | ||
| Q2 24 | 1.1% | 0.3% | ||
| Q1 24 | 1.4% | 0.4% |
| Q4 25 | 1.63× | -0.59× | ||
| Q3 25 | 1.46× | 33.61× | ||
| Q2 25 | 1.29× | 5.29× | ||
| Q1 25 | 0.86× | -5.38× | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | -1.14× | ||
| Q1 24 | 0.74× | 1.56× |
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% |
JRVR
| Excess And Surplus Lines | $156.7M | 93% |
| Specialty Admitted Insurance | $10.9M | 7% |
