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Side-by-side financial comparison of BADGER METER INC (BMI) and MASIMO CORP (MASI). Click either name above to swap in a different company.
MASIMO CORP is the larger business by last-quarter revenue ($371.5M vs $234.1M, roughly 1.6× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs -27.0%, a 41.4% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -26.4%). MASIMO CORP produced more free cash flow last quarter ($50.9M vs $50.8M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -17.7%).
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.
Masimo Corporation is an American health technology and consumer electronics company headquartered in Irvine, California. The company develops patient monitoring devices, non-invasive sensors, and related software platforms used in hospital and home settings. Masimo has also operated in the consumer audio and wearable device markets.
BMI vs MASI — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $371.5M |
| Net Profit | $33.6M | $-100.4M |
| Gross Margin | 39.7% | 62.1% |
| Operating Margin | 18.4% | 22.5% |
| Net Margin | 14.3% | -27.0% |
| Revenue YoY | 14.1% | -26.4% |
| Net Profit YoY | 9.3% | -1124.5% |
| EPS (diluted) | $1.13 | $-1.84 |
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 | — | ||
| Q3 25 | $222.2M | $371.5M | ||
| Q2 25 | $238.1M | $370.9M | ||
| Q1 25 | $222.2M | $372.0M | ||
| Q4 24 | $205.2M | $600.7M | ||
| Q3 24 | $208.4M | $504.6M | ||
| Q2 24 | $216.7M | $496.3M | ||
| Q1 24 | $196.3M | $492.8M |
| Q4 25 | $33.6M | — | ||
| Q3 25 | $35.1M | $-100.4M | ||
| Q2 25 | $34.6M | $51.3M | ||
| Q1 25 | $38.4M | $-170.7M | ||
| Q4 24 | $30.7M | $-349.6M | ||
| Q3 24 | $32.0M | $9.8M | ||
| Q2 24 | $33.1M | $16.0M | ||
| Q1 24 | $29.1M | $18.9M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.1% | 62.1% | ||
| Q2 25 | 41.1% | 62.9% | ||
| Q1 25 | 42.9% | 62.9% | ||
| Q4 24 | 40.3% | 40.7% | ||
| Q3 24 | 40.2% | 52.2% | ||
| Q2 24 | 39.4% | 51.3% | ||
| Q1 24 | 39.3% | 49.0% |
| Q4 25 | 18.4% | — | ||
| Q3 25 | 20.7% | 22.5% | ||
| Q2 25 | 18.8% | 17.4% | ||
| Q1 25 | 22.2% | 21.0% | ||
| Q4 24 | 19.1% | -59.8% | ||
| Q3 24 | 19.5% | 6.0% | ||
| Q2 24 | 19.2% | 5.7% | ||
| Q1 24 | 18.6% | 6.9% |
| Q4 25 | 14.3% | — | ||
| Q3 25 | 15.8% | -27.0% | ||
| Q2 25 | 14.5% | 13.8% | ||
| Q1 25 | 17.3% | -45.9% | ||
| Q4 24 | 15.0% | -58.2% | ||
| Q3 24 | 15.4% | 1.9% | ||
| Q2 24 | 15.3% | 3.2% | ||
| Q1 24 | 14.8% | 3.8% |
| Q4 25 | $1.13 | — | ||
| Q3 25 | $1.19 | $-1.84 | ||
| Q2 25 | $1.17 | $0.94 | ||
| Q1 25 | $1.30 | $-3.12 | ||
| Q4 24 | $1.04 | $-6.54 | ||
| Q3 24 | $1.08 | $0.18 | ||
| Q2 24 | $1.12 | $0.29 | ||
| 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 | — | $312.3M |
| Total DebtLower is stronger | — | $559.1M |
| Stockholders' EquityBook value | $713.3M | $810.0M |
| Total Assets | $973.6M | $1.8B |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $312.3M | ||
| Q2 25 | — | $149.6M | ||
| Q1 25 | — | $130.8M | ||
| Q4 24 | — | $177.6M | ||
| Q3 24 | — | $158.5M | ||
| Q2 24 | — | $129.6M | ||
| Q1 24 | — | $157.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | $559.1M | ||
| Q2 25 | — | $613.7M | ||
| Q1 25 | — | $651.0M | ||
| Q4 24 | — | $765.2M | ||
| Q3 24 | — | $772.6M | ||
| Q2 24 | — | $781.6M | ||
| Q1 24 | — | $876.0M |
| Q4 25 | $713.3M | — | ||
| Q3 25 | $702.5M | $810.0M | ||
| Q2 25 | $677.6M | $1.0B | ||
| Q1 25 | $641.7M | $946.4M | ||
| Q4 24 | $606.2M | $1.1B | ||
| Q3 24 | $591.2M | $1.5B | ||
| Q2 24 | $563.1M | $1.4B | ||
| Q1 24 | $535.6M | $1.4B |
| Q4 25 | $973.6M | — | ||
| Q3 25 | $978.3M | $1.8B | ||
| Q2 25 | $936.4M | $2.4B | ||
| Q1 25 | $899.6M | $2.3B | ||
| Q4 24 | $816.4M | $2.6B | ||
| Q3 24 | $802.9M | $3.1B | ||
| Q2 24 | $781.3M | $2.9B | ||
| Q1 24 | $743.5M | $3.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.64× |
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 | $56.8M |
| Free Cash FlowOCF − Capex | $50.8M | $50.9M |
| FCF MarginFCF / Revenue | 21.7% | 13.7% |
| Capex IntensityCapex / Revenue | 1.7% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $191.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | — | ||
| Q3 25 | $51.3M | $56.8M | ||
| Q2 25 | $44.6M | $69.4M | ||
| Q1 25 | $33.0M | $31.1M | ||
| Q4 24 | $52.1M | $50.5M | ||
| Q3 24 | $45.1M | $25.6M | ||
| Q2 24 | $36.4M | $74.5M | ||
| Q1 24 | $21.5M | $45.8M |
| Q4 25 | $50.8M | — | ||
| Q3 25 | $48.2M | $50.9M | ||
| Q2 25 | $40.6M | $65.6M | ||
| Q1 25 | $30.1M | $28.5M | ||
| Q4 24 | $47.4M | $46.0M | ||
| Q3 24 | $42.0M | $16.9M | ||
| Q2 24 | $34.1M | $66.9M | ||
| Q1 24 | $18.8M | $37.6M |
| Q4 25 | 21.7% | — | ||
| Q3 25 | 21.7% | 13.7% | ||
| Q2 25 | 17.1% | 17.7% | ||
| Q1 25 | 13.5% | 7.7% | ||
| Q4 24 | 23.1% | 7.7% | ||
| Q3 24 | 20.1% | 3.3% | ||
| Q2 24 | 15.7% | 13.5% | ||
| Q1 24 | 9.6% | 7.6% |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | 1.6% | ||
| Q2 25 | 1.7% | 1.0% | ||
| Q1 25 | 1.3% | 0.7% | ||
| Q4 24 | 2.3% | 0.7% | ||
| Q3 24 | 1.5% | 1.7% | ||
| Q2 24 | 1.1% | 1.5% | ||
| Q1 24 | 1.4% | 1.7% |
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | 1.35× | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | 2.61× | ||
| Q2 24 | 1.10× | 4.66× | ||
| Q1 24 | 0.74× | 2.42× |
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% |
MASI
Segment breakdown not available.
