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Side-by-side financial comparison of BADGER METER INC (BMI) and Merchants Bancorp (MBIN). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $175.2M, roughly 1.3× Merchants Bancorp). Merchants Bancorp runs the higher net margin — 38.6% vs 14.3%, a 24.3% gap on every dollar of revenue. Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 4.8%).
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.
Ameris Bancorp is an American bank holding company headquartered in Atlanta, Georgia. Through its bank subsidiary, Ameris Bank, the company operates full-service branches in Georgia, Alabama, Florida, North Carolina and South Carolina, and mortgage-only locations in Georgia, Alabama, Florida, North Carolina, South Carolina, Virginia, Maryland, and Tennessee. The company offers online and mobile banking options for both consumers and businesses.
BMI vs MBIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $175.2M |
| Net Profit | $33.6M | $67.7M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | — |
| Net Margin | 14.3% | 38.6% |
| Revenue YoY | 14.1% | — |
| Net Profit YoY | 9.3% | 16.3% |
| EPS (diluted) | $1.13 | $1.25 |
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 | — | $175.2M | ||
| Q4 25 | $234.1M | $185.3M | ||
| Q3 25 | $222.2M | $171.1M | ||
| Q2 25 | $238.1M | $179.2M | ||
| Q1 25 | $222.2M | $145.9M | ||
| Q4 24 | $205.2M | $193.8M | ||
| Q3 24 | $208.4M | $149.6M | ||
| Q2 24 | $216.7M | $159.5M |
| Q1 26 | — | $67.7M | ||
| Q4 25 | $33.6M | — | ||
| Q3 25 | $35.1M | $54.7M | ||
| Q2 25 | $34.6M | $38.0M | ||
| Q1 25 | $38.4M | $58.2M | ||
| Q4 24 | $30.7M | — | ||
| Q3 24 | $32.0M | $61.3M | ||
| Q2 24 | $33.1M | $76.4M |
| 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 | — | — | ||
| Q4 25 | 18.4% | 39.9% | ||
| Q3 25 | 20.7% | 37.8% | ||
| Q2 25 | 18.8% | 27.3% | ||
| Q1 25 | 22.2% | 52.4% | ||
| Q4 24 | 19.1% | 66.0% | ||
| Q3 24 | 19.5% | 54.4% | ||
| Q2 24 | 19.2% | 62.2% |
| Q1 26 | — | 38.6% | ||
| Q4 25 | 14.3% | — | ||
| Q3 25 | 15.8% | 32.0% | ||
| Q2 25 | 14.5% | 21.2% | ||
| Q1 25 | 17.3% | 39.9% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 15.4% | 41.0% | ||
| Q2 24 | 15.3% | 47.9% |
| Q1 26 | — | $1.25 | ||
| Q4 25 | $1.13 | $1.28 | ||
| Q3 25 | $1.19 | $0.97 | ||
| Q2 25 | $1.17 | $0.60 | ||
| Q1 25 | $1.30 | $0.93 | ||
| Q4 24 | $1.04 | $1.84 | ||
| Q3 24 | $1.08 | $1.17 | ||
| Q2 24 | $1.12 | $1.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $83.2M |
| Total DebtLower is stronger | — | $32.0M |
| Stockholders' EquityBook value | $713.3M | $2.3B |
| Total Assets | $973.6M | $20.3B |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $83.2M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.3B | ||
| Q4 25 | $713.3M | $2.3B | ||
| Q3 25 | $702.5M | $2.2B | ||
| Q2 25 | $677.6M | $2.2B | ||
| Q1 25 | $641.7M | $2.2B | ||
| Q4 24 | $606.2M | $2.2B | ||
| Q3 24 | $591.2M | $1.9B | ||
| Q2 24 | $563.1M | $1.9B |
| Q1 26 | — | $20.3B | ||
| Q4 25 | $973.6M | $19.4B | ||
| Q3 25 | $978.3M | $19.4B | ||
| Q2 25 | $936.4M | $19.1B | ||
| Q1 25 | $899.6M | $18.8B | ||
| Q4 24 | $816.4M | $18.8B | ||
| Q3 24 | $802.9M | $18.7B | ||
| Q2 24 | $781.3M | $18.2B |
| Q1 26 | — | 0.01× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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% | — |
| 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 | $-341.2M | ||
| Q3 25 | $51.3M | $29.8M | ||
| Q2 25 | $44.6M | $-121.2M | ||
| Q1 25 | $33.0M | $148.0M | ||
| Q4 24 | $52.1M | $-835.3M | ||
| Q3 24 | $45.1M | $-492.6M | ||
| Q2 24 | $36.4M | $51.1M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $-362.2M | ||
| Q3 25 | $48.2M | $24.0M | ||
| Q2 25 | $40.6M | $-125.7M | ||
| Q1 25 | $30.1M | $141.2M | ||
| Q4 24 | $47.4M | $-853.7M | ||
| Q3 24 | $42.0M | $-497.2M | ||
| Q2 24 | $34.1M | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | -195.5% | ||
| Q3 25 | 21.7% | 14.0% | ||
| Q2 25 | 17.1% | -70.1% | ||
| Q1 25 | 13.5% | 96.8% | ||
| Q4 24 | 23.1% | -440.6% | ||
| Q3 24 | 20.1% | -332.4% | ||
| Q2 24 | 15.7% | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 11.3% | ||
| Q3 25 | 1.4% | 3.4% | ||
| Q2 25 | 1.7% | 2.5% | ||
| Q1 25 | 1.3% | 4.7% | ||
| Q4 24 | 2.3% | 9.5% | ||
| Q3 24 | 1.5% | 3.0% | ||
| Q2 24 | 1.1% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | 0.54× | ||
| Q2 25 | 1.29× | -3.19× | ||
| Q1 25 | 0.86× | 2.54× | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | -8.04× | ||
| Q2 24 | 1.10× | 0.67× |
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% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
