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Side-by-side financial comparison of BADGER METER INC (BMI) and Koppers Holdings Inc. (KOP). Click either name above to swap in a different company.
Koppers Holdings Inc. is the larger business by last-quarter revenue ($432.7M vs $234.1M, roughly 1.8× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 6.9%, a 7.5% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -9.3%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $28.5M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -6.7%).
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.
Koppers is a global chemical and materials company based in Pittsburgh, Pennsylvania, United States. Its headquarters is an art-deco 1920s skyscraper, the Koppers Tower.
BMI vs KOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $432.7M |
| Net Profit | $33.6M | $29.7M |
| Gross Margin | 39.7% | 25.6% |
| Operating Margin | 18.4% | 11.5% |
| Net Margin | 14.3% | 6.9% |
| Revenue YoY | 14.1% | -9.3% |
| Net Profit YoY | 9.3% | 391.2% |
| EPS (diluted) | $1.13 | $1.44 |
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 | $432.7M | ||
| Q3 25 | $222.2M | $485.3M | ||
| Q2 25 | $238.1M | $504.8M | ||
| Q1 25 | $222.2M | $456.5M | ||
| Q4 24 | $205.2M | $477.0M | ||
| Q3 24 | $208.4M | $554.3M | ||
| Q2 24 | $216.7M | $563.2M | ||
| Q1 24 | $196.3M | $497.6M |
| Q4 25 | $33.6M | $29.7M | ||
| Q3 25 | $35.1M | $23.8M | ||
| Q2 25 | $34.6M | $16.4M | ||
| Q1 25 | $38.4M | $-13.9M | ||
| Q4 24 | $30.7M | $-10.2M | ||
| Q3 24 | $32.0M | $22.8M | ||
| Q2 24 | $33.1M | $26.8M | ||
| Q1 24 | $29.1M | $13.0M |
| Q4 25 | 39.7% | 25.6% | ||
| Q3 25 | 43.1% | 24.1% | ||
| Q2 25 | 41.1% | 22.6% | ||
| Q1 25 | 42.9% | 23.2% | ||
| Q4 24 | 40.3% | 17.5% | ||
| Q3 24 | 40.2% | 21.9% | ||
| Q2 24 | 39.4% | 21.6% | ||
| Q1 24 | 39.3% | 19.3% |
| Q4 25 | 18.4% | 11.5% | ||
| Q3 25 | 20.7% | 10.7% | ||
| Q2 25 | 18.8% | 7.7% | ||
| Q1 25 | 22.2% | 5.9% | ||
| Q4 24 | 19.1% | 1.3% | ||
| Q3 24 | 19.5% | 9.0% | ||
| Q2 24 | 19.2% | 10.2% | ||
| Q1 24 | 18.6% | 7.0% |
| Q4 25 | 14.3% | 6.9% | ||
| Q3 25 | 15.8% | 4.9% | ||
| Q2 25 | 14.5% | 3.2% | ||
| Q1 25 | 17.3% | -3.0% | ||
| Q4 24 | 15.0% | -2.1% | ||
| Q3 24 | 15.4% | 4.1% | ||
| Q2 24 | 15.3% | 4.8% | ||
| Q1 24 | 14.8% | 2.6% |
| Q4 25 | $1.13 | $1.44 | ||
| Q3 25 | $1.19 | $1.17 | ||
| Q2 25 | $1.17 | $0.81 | ||
| Q1 25 | $1.30 | $-0.68 | ||
| Q4 24 | $1.04 | $-0.47 | ||
| Q3 24 | $1.08 | $1.09 | ||
| Q2 24 | $1.12 | $1.25 | ||
| Q1 24 | $0.99 | $0.59 |
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 | — | $928.3M |
| Stockholders' EquityBook value | $713.3M | $574.0M |
| Total Assets | $973.6M | $1.9B |
| Debt / EquityLower = less leverage | — | 1.62× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $928.3M | ||
| Q3 25 | — | $932.9M | ||
| Q2 25 | — | $977.5M | ||
| Q1 25 | — | $989.0M | ||
| Q4 24 | — | $939.5M | ||
| Q3 24 | — | $989.4M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $877.6M |
| Q4 25 | $713.3M | $574.0M | ||
| Q3 25 | $702.5M | $545.6M | ||
| Q2 25 | $677.6M | $526.8M | ||
| Q1 25 | $641.7M | $498.0M | ||
| Q4 24 | $606.2M | $488.7M | ||
| Q3 24 | $591.2M | $532.3M | ||
| Q2 24 | $563.1M | $509.2M | ||
| Q1 24 | $535.6M | $505.8M |
| Q4 25 | $973.6M | $1.9B | ||
| Q3 25 | $978.3M | $1.9B | ||
| Q2 25 | $936.4M | $1.9B | ||
| Q1 25 | $899.6M | $1.9B | ||
| Q4 24 | $816.4M | $1.9B | ||
| Q3 24 | $802.9M | $2.0B | ||
| Q2 24 | $781.3M | $1.9B | ||
| Q1 24 | $743.5M | $1.8B |
| Q4 25 | — | 1.62× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.99× | ||
| Q4 24 | — | 1.92× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.74× |
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 | $45.1M |
| Free Cash FlowOCF − Capex | $50.8M | $28.5M |
| FCF MarginFCF / Revenue | 21.7% | 6.6% |
| Capex IntensityCapex / Revenue | 1.7% | 3.8% |
| Cash ConversionOCF / Net Profit | 1.63× | 1.52× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $67.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $45.1M | ||
| Q3 25 | $51.3M | $49.6M | ||
| Q2 25 | $44.6M | $50.5M | ||
| Q1 25 | $33.0M | $-22.7M | ||
| Q4 24 | $52.1M | $74.7M | ||
| Q3 24 | $45.1M | $29.8M | ||
| Q2 24 | $36.4M | $27.2M | ||
| Q1 24 | $21.5M | $-12.3M |
| Q4 25 | $50.8M | $28.5M | ||
| Q3 25 | $48.2M | $37.6M | ||
| Q2 25 | $40.6M | $38.4M | ||
| Q1 25 | $30.1M | $-37.0M | ||
| Q4 24 | $47.4M | $56.1M | ||
| Q3 24 | $42.0M | $14.4M | ||
| Q2 24 | $34.1M | $10.1M | ||
| Q1 24 | $18.8M | $-38.6M |
| Q4 25 | 21.7% | 6.6% | ||
| Q3 25 | 21.7% | 7.7% | ||
| Q2 25 | 17.1% | 7.6% | ||
| Q1 25 | 13.5% | -8.1% | ||
| Q4 24 | 23.1% | 11.8% | ||
| Q3 24 | 20.1% | 2.6% | ||
| Q2 24 | 15.7% | 1.8% | ||
| Q1 24 | 9.6% | -7.8% |
| Q4 25 | 1.7% | 3.8% | ||
| Q3 25 | 1.4% | 2.5% | ||
| Q2 25 | 1.7% | 2.4% | ||
| Q1 25 | 1.3% | 3.1% | ||
| Q4 24 | 2.3% | 3.9% | ||
| Q3 24 | 1.5% | 2.8% | ||
| Q2 24 | 1.1% | 3.0% | ||
| Q1 24 | 1.4% | 5.3% |
| Q4 25 | 1.63× | 1.52× | ||
| Q3 25 | 1.46× | 2.08× | ||
| Q2 25 | 1.29× | 3.08× | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | 1.31× | ||
| Q2 24 | 1.10× | 1.01× | ||
| Q1 24 | 0.74× | -0.95× |
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% |
KOP
| Other | $127.8M | 30% |
| Railroad Treated Products | $119.0M | 28% |
| Utility Poles | $79.8M | 18% |
| Pitch And Related Products | $74.1M | 17% |
| Carbon Black Feedstock And Distillates | $14.4M | 3% |
| Railroad Infrastructure Products And Services | $9.9M | 2% |
| Phthalic Anhydride Naphthalene And Other Chemicals | $7.7M | 2% |
